Treasury yields plummeted on Tuesday amid renewed fears of continued fallout from U.S. regional banks plus an economic slowdown. The 10-year yield dropped 13.4 basis points to 3.439%, while the 30-year rate fell 8.7 basis points to 3.729% during afternoon trading. They were headed for their biggest one-day drops since March 17, just days after rolling fallout from banks pushed bond volatility to its highest since the 2008 financial crisis. The policy-sensitive 2-year rate dropped 17.6 basis points to 3.961% as all three major U.S. stock indexes fell.
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