US 10-yr treasury yield tanks ten basis points

The yield on the benchmark 10-year Treasury note in the US fell more than ten basis points as increased odds of Trump victory led to a spike in the safe haven demand for the treasuries.

At the time of writing, the yield on the 10-yr note was down 10 basis points at 1.76%.

The yield on the 2-yr note, which mimics short-term rate hike bets, was down 11 basis points at 0.74%. The drop in the yields is also due to the fact that a potential Trump victory and the resulting financial market instability could force the Fed to delay the rate hike.