Yield on 10-year US Treasury bond falls below 1% for 1st time

The yield on the 10-year US Treasury bond sank below one per cent for the first time on Tuesday as investors sought secure assets amid fears the coronavirus will cause a recession.

The drop in yield came after the Federal Reserve surprised markets by cutting interest rates in order to boost the economy.

Treasury bonds are among the refuge-type assets that tend to attract buyers during periods of uncertainty.