The 10-year Treasury yield hit a new all-time low of 0.318% amid a historic flight to bonds.
The benchmark 10-year Treasury yield resumed its historic slide on Monday as investors continued to punish risk assets like stocks in favor of the safety of bonds between an all-out oil price war and contagion fears surrounding the coronavirus.briefly touched an all-time low of 0.318% in overnight trading, adding another 30 basis points to an unprecedented fall in the key interest rate. That rate was above 1.5% as recently as mid-February.
The 10-year yield, in particular, holds outsized importance in the U.S. economy for its use as a benchmark for mortgage rates and auto loans. Thealso hit a record low of 0.702%, breaching the 1% threshold for the first time in history. Bond yields fall as their prices rise. Around 7:30 a.m. ET, the yield on the benchmark 10-year Treasury note was at 0.426%. The yield on the 30-year Treasury bond was at 0.858%.
The fast-spreading coronavirus kept investors on edge for weeks as the outbreak has the potential to disrupt global supply chains and tip the economy into a recession. As of Sunday, global cases of the infectionAdding to the stress is a shocking all-out oil price war after OPEC talks collapsed last week.for April, in a sudden U-turn from previous attempts to support the oil market as the coronavirus hammers global demand.
Last week, OPEC recommended additional production cuts of 1.5 million barrels per day starting in April to help support prices, but cartel ally
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