10-year Treasury yield briefly hits all-time low under 0.7% as flight to bonds continues

The global flight to the safety government debt continued on Friday as investors piled into U.S. Treasurys and sent the yield on the 10-year note to record lows.
The yield on the benchmark 10-year Treasury note sank to 0.695% around 4:45 a.m. ET, breaking below 0.7% for the first time ever, according to Tradeweb data. As of the latest reading, however, the 10-year yield had moved off those lows to 0.72%.
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The plunge in yields came amid an exodus from stocks as disruptions to businesses around the world on the back of the coronavirus outbreak heighten fears of a global slowdown.
“It’s a brave new world of 0-handles and we’ve now taken to referencing 10-year yields in basis point terms. 1.0%, thanks for the memories,” wrote Ian Lyngen, head of rates strategy at BMO Capital Markets.
Read more: CNBC.