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10-year Treasury yield falls below 0.8% as investors remain on edge about the coronavirus

Long-maturity Treasury yields fell as investors remained on edge after the U.S. has overtaken China for the most corononavirus cases worldwide. 

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at 0.77%, while the yield on the 30-year Treasury bond was down at 1.36%.

The U.S. now has the most confirmed cases of coronavirus in the world, with 85,991 as of Friday morning, resulting in 1,296 deaths, according to data compiled by Johns Hopkins University.

President Donald Trump held a phone call with Chinese leader Xi Jinping, saying the two countries are “working closely together” to fight the pandemic. Meanwhile, UK Prime Minister Boris Johnson has tested positive for the coronavirus.

Rates have held relatively steady despite record-breaking levels of initial jobless numbers out of the U.S. on Thursday, with 3.28 million Americans filing unemployment claims.

After the Senate passed a historic $2 trillion relief package, investors may be hoping for further stimulus measures as the full economic ramifications of the pandemic become clear.

There are no Treasury auctions scheduled for Friday.

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