U.S. benchmark 10-year Treasury yields on Tuesday slid below 1% for the first ti...
NEW YORK - U.S. benchmark 10-year Treasury yields on Tuesday slid below 1% for the first time, after the Federal Reserve slashed interest rates by half a percentage point in an emergency move to ease the economic fallout from the fast-spreading coronavirus.
In a statement, the central bank said it was cutting rates by 50 basis points to a target range of 1.00% to 1.25%. “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity,” it said. “Maybe part of this is the fact that it’s sinking in that the coronavirus is very real and may have ramifications for the U.S. economy, aside from the global economy. And we don’t yet understand the magnitude of it all,” she added.
On the short end of the curve, U.S. two-year yields fell to 0.712% from Monday’s 0.878% US2YT=RR. They touched 0.628%, the lowest in nearly four years.“The Fed kind of botched the operation here. They didn’t need to cut rates because it wouldn’t do anything to prevent the virus from spreading,” said Kim Rupert, managing director of global fixed income at Action Economics in San Francisco.“Once again, the Fed gave into the market and I think this has unnerved investors.
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Implied yield on U.S. 10-Year treasury futures trading below 1% for first timeThe implied yield on U.S. 10-Year Treasury futures traded below 1% for the first...
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