Tariff shock drove yields to new 2025 lows, back to October levels, as investors sought save havens amid recession fears and uncertainty about how trade wars will impact the global economy.

Treasury yield, the global borrowing benchmark, was a touch softer early Wednesday, trading only a few basis points above its lowest level since October. Investors increasingly have moved into government bonds in recent weeks,

Thursday's aggressive rally in U.S. government debt, driven by President Donald Trump's announcement on tariffs Wednesday, was most prominent in what's known as the belly of the Treasury curve, which captures intermediate-term securities.

Bond yields are plummeting on the tariff news. The U.S. 10-year Treasury note now yields just 4.06%. It was only a few months ago that investors were worried about stubborn inflation pressures potenti