The 10-year U.S. Treasury yield fell to a record low of 1.3171 per cent on Tuesday as investors sought shelter amid concern that the global spread of the coronavirus is threatening supply chains critical to economic growth.

The benchmark rate for global borrowing fell as much as 5.3 basis points, extending its year-to-date decline to around 60 basis points. The 30-year yield, which set a fresh all-time low Friday, extended its decline to as low as 1.79 per cent.

The previous record low for the 10-year, 1.318 per cent, was reached in July 2016 in a rally led by U.K. gilts following the Brexit vote in June.

As stocks tumbled worldwide, other haven bond markets also have rallied. German and Dutch 30-year yields turned negative on Monday for the first time since October.

Meanwhile, Wall Street is increasingly betting that the Federal Reserve may have to cut rates again as jitters over the virus roil financial markets.