The 10-year yield fell to a record low on Tuesday as concerns about the global economic impact of the coronavirus sent investors running for safety, as evidenced by the Dow's worst two-day point loss in history.
The U.S. Centers for Disease Control and Prevention has warned Americans to prepare for the virus to arrive stateside, suggesting a pandemic is inevitable. New coronavirus cases have emerged across Europe, most recently in Austria, Switzerland and Spain, while the virus spread south in Italy to take the country's death toll to 11, with new cases surpassing 320.
South Korea has reported 169 new cases of the virus, taking its total to 1,146 with 11 fatalities, while a U.S. soldier stationed in the country has also tested positive. Total confirmed cases globally have surpassed 80,200 with at least 2,704 deaths. January new home sales data is due at 10 a.m. ET, while an auction for $41 billion in 5-year Treasury notes is scheduled for 1 p.m. ET.
All Treasury bond yields are below the Federal Reserve's 2% targeted rate of inflation. Like Warren Buffett said earlier this week, it makes absolutely no sense.
A 1.34% yield for lending the US government money for 10 years hardly seems worth it. By contrast, stocks still provide a substantially better return of cash with the S&P 500 dividend yield standing at 1.90% and multiple sectors offering up an average of almost 3% or better.
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