Treasury yields slide as investors flee to safety of bonds amid tech rout

The benchmark 10-year Treasury yield last fell more than 13 basis points to 5.056%, as did the 30-year Treasury bond yield to 5.385%. The 2-year Treasury note yield was more than 5 basis points lower to 4.745%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

That comes on the heels of the latest consumer price index that came in hotter than expected. The measure of goods and services costs across the U.S. economy rose 0.6% monthly and 3.7% on an annual basis. The consensus forecast was for gains of 0.6% and 3.6%, respectively.

Investors rotated into bonds amid a broader flight to safety, as growing fears of higher inflation and interest rates, as well as their effect on the AI spending boom, had investors dumping shares of the highest-flying technology companies.

Correction: A previous version of this article misstated how traders are pricing the Fed’s next interest rate decision.