The yield on the benchmark 10-year U.S. Treasury note fell below 1% for the first time on record Tuesday as investors looked to buy safer assets after the Federal Reserve moved sooner than expected to cut interest rates.
In recent trading, the 10-year yield was 0.993%, according to Tradeweb, compared with 1.085% Monday. Its previous record intraday low of 1.031% was set Monday.
Yields, which fall when bond prices rise, were slightly above their levels from Monday but took a sharp turn downward shortly after the Fed announced it was cutting its key policy rate by half a percentage point—its first between-meeting move since the financial crisis.
The move in yields mirrored the one in stocks, which fell shortly after the Fed’s announcement and extended declines after Fed Chairman Jerome Powell acknowledged the limits of the central bank’s actions in a news conference.
Federal Reserve Chairman Jerome Powell, speaking Tuesday, acknowledged the limits of the central bank’s actions.
Photo: Andrew Harrer/Bloomberg NewsWrite to Sam Goldfarb at sam.goldfarb@wsj.com
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2020-03-03 18:50:00Z
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