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Global Yields Drop From Multi-Year Highs as Recession Fears Grow

  • US 10-year yield falls to 3.13% after rising to 3.5% last week
  • Aussie bonds head for best week in a decade; kiwi bonds rally
Updated on

Government bonds extended a global rally as swirling concern that Federal Reserve interest-rate hikes will push the US into recession sent investors scurrying for the safety of sovereign debt.

US 10-year yields slipped as much as three basis points to 3.13% in early Asian trading after tumbling by 12 basis points on Wednesday when traders cut back bets on the size of Federal Reserve interest-rate hikes. Yields had jumped to 3.50% last week, the highest since April 2011.