Global government bond yields saw mostly double-digit increases in March, amid increased volatility fuelled by the COVID-19 pandemic and its unprecedented impact on financial markets. However, there were three notable exceptions to the widespread bond market sell-off.
In the U.S., the mid-yield on the 10-year Treasury dropped almost 43 basis points to close the month at 0.70%, ranging from a low of 0.50% on March 9 to a high of 1.25% on March 18. As the pandemic rocked financial markets, the Federal Reserve aggressively cut the federal funds target range to 0.0-0.25%, and expanded lending