Recession fears, First Republic’s first-quarter results send Treasury yields even lower in U.S. trading, led by 2-year rate

The 2-year Treasury yield fell 9 basis points to 4.048% Tuesday morning on growing recession risks and worse-than-expected first-quarter results from First Republic Bank. Yields on 1-year bills through the 30-year bond were all lower, as investors piled into the safety of government debt. Meanwhile, the rate on the 3-month bills rose to 5.078%, amid a selloff in the underlying maturity on debt-ceiling fears.

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