Treasury yields climb off historic lows as markets attempt to stabilize

CNBC reports that U.S. government debt prices were lower on Tuesday morning as investors make a tentative re-entry into risk assets following Monday's mass sell-off.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at 0.672% having hit a record low of 0.318% on Monday. The yield on the 30-year Treasury bond was also up at 1.104%.

The historic flight to bonds seen in recent days started with concern over the global spread of the new coronavirus, which has now infected at least 110,029 people worldwide and caused at least 3,817 deaths, according to the latest World Health Organization (WHO) figures.

This risk-off sentiment was compounded by plunging oil prices on Monday as the 14 oil-exporting countries of OPEC and ally Russia seemingly entered a price war after failing to agree a deal on production cuts.

However, pre-market data is pointing to an attempted stock market recovery on Tuesday after President Donald Trump floated the idea of a "payroll tax cut or relief" to offset the coronavirus impact, following a 2,000 point plunge for the Dow Jones industrial average and the worst day for the S&P 500 since the financial crisis.