U.S. Treasury yields fell sharply on Thursday as the White House decision to impose a 30-day ban on travel from Europe to the U.S. sparked selling across global equities, spurring inflows into haven assets like government paper.
The 10-year Treasury note yield fell 12.2 basis points to 0.700%, while the 2-year note rate was down 7.1 basis points to 0.425%. The 30-year bond yield tumbled 9.7 basis points to 1.218%. …
Stocks sold off overnight after President Donald Trump announced a ban on travel from Europe to the U.S. by foreign nationals to stem the spread of the COVID-19 outbreak, adding to worries that the move could hurt cross-border economic activity. Analysts say the U.S. government will need to enact more aggressive and targeted fiscal stimulus measures to arrest the economic damage from the coronavirus epidemic.
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