The 10-year US Treasury yield hit a record low and stocks tumbled after an emergency rate reduction by the Federal Reserve failed to ease fears that the spread of the coronavirus would push the economy into a recession.
The Fed cut its policy rate 50 basis points to 1-1.25 per cent on Tuesday after bond yields had been grinding lower for days, but investors responded by turning up the heat on the US central bank to do even more to soften the blow from the outbreak.
The 10-year Treasury yield dropped 16bp to 0.999 per cent, falling below 1 per cent for the first time. The yield on the policy-sensitive two-year note slid 20bp to 0.705 per cent. Yields fall when prices rise.
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