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Treasuries spike higher after internet outage spooks markets

Ten-year Treasury yields fell as much as three basis points to 1.54%.
Image: Shutterstock

US Treasuries led global bonds higher after outages across several global websites spurred demand for haven assets.

Ten-year Treasury yields fell as much as three basis points to 1.54%, the lowest level in over a month, before paring the drop. Websites including the New York Times, Bloomberg News and Reddit were unavailable after services from content-delivery network Fastly Inc. went down on Tuesday.

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Other bond markets followed the move, with German and British bonds also rallying.

“It seems to be being blamed on tech issues rather than a cyber attack,” said Patrick O’Donnell, a money manager at Aberdeen Standard Investments. “Either way, US fixed income had been trading quite well anyway and I imagine that’ll continue.”

© 2021 Bloomberg

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