The yield on the two-year Treasury note plunged in its biggest one-day slump in decades, while tech stocks rebounded from last week’s rout as the collapse of Silicon Valley Bank reverberated across trading desks.
The two-year yield dropped by more than a half-percentage point, logging the biggest three-day retreat since Black Monday of October 1987, as investors poured into haven assets. The dollar erased its gains for the year on Monday. Traders will soon turn their attention back to Tuesday’s consumer price index report, which could drive further bets on the Federal Reserve’s next move.
