Bond prices reached new depths on Thursday as wary investors disposed large volume of government bonds in virus-inflicted market. The sharp decline prompted central banks to heighten support for debt.
Australian 10-year bond surpassed 50 basis points to 1.647% despite the initial scheme of Reserve Bank of Australia to reduce interest rates and implement monetary easing. The 10-year U.S. Treasuries increased up to 0.35% and was monitored at 1.245% from its previous session.
Bonds greatly suffered due to economic slump mainly from travel restrictions, market inactivity, and a threat of recession far worse than the 2008 financial crisis. Setbacks faced by inequities and currency markets urged majority of investors to withdraw from safe-haven bonds in order to offset losses and to support fiat currencies.
Brokerage companies decided to restrict trading as records showed red trading sessions. Brokers deemed it necessary as market orders suffered from lack of demand and market swings have gone wilder for traders.