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10-year Treasury yield falls below 0.7% as coronavirus shutdowns set to drag on

Long-maturity Treasury yields fell on Monday as fears mount that worldwide shutdowns resulting from the coronavirus pandemic could continue for months.

The yield on the benchmark 10-year Treasury note dropped 6 basis points to around 0.66% while the yield on the 30-year Treasury bond was down at 1.24%. Bond prices rise as yields fall.

President Donald Trump on Sunday extended nationwide social distancing guidelines until April 30, reversing previous claims that the U.S. open for business by Easter.

Global markets look set for another volatile week as confirmed cases of the virus worldwide surpass 723,000 worldwide as of the early hours of Monday, according to data compiled by Johns Hopkins University.

More than 143,000 cases have now been confirmed in the U.S., resulting in more than 2,500 deaths.

Meanwhile, Wall Street’s attention remains attuned to moves by central banks and governments, which are scrambling to find new monetary and fiscal measures in the hopes of shoring up economies.

Auctions will be held Monday for $51 billion of 13-week Treasury bills and $42 billion of 26-week bills.

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