Treasuries Recap 27 November 2021

Concerns about a new coronavirus variant on Friday drove the sharpest rally in short-dated U.S. Treasuries since the pandemic took hold, as investors scurried for safe-haven assets and pared some of their bets on rate hikes through next year.

Ten-year yields were also down 12 bps, the biggest drop since February this year, to around 1.53% and five year yields tumbled 14 bps to around 1.19%. Bond yields fall when prices rise.