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• 10-year treasury notes plummet to 1.859 %
• 30-year treasury yields slide to 2.231 %
The treasury yield in the United States dropped Thursday as the Russia-Ukraine war intensified.
The yield on the benchmark 10-year Treasury notes dropped to 1.859 %. The 30-year Treasury yield little changed to 2.231 %. Yields move in the opposite direction of prices, and one basis point equals 0.01 %.
The Treasury yield fall was exacerbated by rising tensions between Russia and Ukraine. The Russian invasion of Ukraine is already in its second week. According to reports, the city of Kherson is under the hands of both sides. Despite Russian attempts to take control of Kyiv, the capital of Ukraine it remains under Ukrainian authority.
Following the announcement of Russia's war on Ukraine, global markets plummeted.
In a congressional hearing on Wednesday, Federal Reserve Chairman Jerome Powell said despite the "very uncertain" impact of the crisis in Ukraine, interest rate rises are expected to begin this month. He also stated that the Fed will make headway in reducing its balance sheet, but that no plan would be finalized.
Powel signaled that the central bank would favor a 25-basis-point rise rather than a larger 50-basis-point increase, when the Fed meets for its two-day meeting on March 16.
Oil prices continue to surge on Thursday due to significant interruptions in Russian crude supplies.
Brent crude, the global standard, hit a record high of $119.84 per barrel, the highest level since May 2012. West Texas Intermediate crude futures touched a high of $116.57 a barrel, the most since September 2008.
Meanwhile, U.S private companies added 475,000 jobs in February as the economy recovers omicron variant, ADP report said. The Labor Department's jobless claim report is due out at 8:30 am ET.