Investors have fled to safety in U.S. Treasury bonds after a sharp selloff in tech stocks.
The benchmark 10-year Treasury yield sank below 5 percent on Oct. 22 for the first time since Sept. 22, falling about 18 basis points to 4.97 percent.
Yields were down across the board. The 30-year yield tumbled 12 basis points to below 5.32 percent, the lowest since Sept. 30. The 2-year, which generally tracks Federal Reserve policy expectations, fell to a five-week low of 4.68 percent.
“What is happening is a rotation of capital and a flight to quality,” Russell Thompsons, chief investment officer at Hilbert Group, said in a note emailed to The Epoch Times….