US 10-year yield treasury hits lowest since Oct. 10

• Treasury yields tumble as bonds draw haven bids amid Coronavirus scare. 
• The 10-year has shed over 20 basis points in the last four days and has hit 3.5-month lows. 

The US 10-year treasury yield fell to over three-month lows on Monday as the government bonds drew haven bids amid the coronavirus scare. 

The benchmark yield fell by 10 basis points to 1.596%, the lowest reading since Oct.10. That was the fourth straight decline. Notably, the 10-year yield has dropped by more than 20 basis points in the last four trading days. 

The death toll in China due to the coronavirus rose to 80, officials said on Sunday, while adding that there had been more than 2,700 confirmed cases of the deadly pneumonia-like virus. 

Macro data released on Monday did little to help stave off the decline in yields. The US New home sales fell unexpectedly in December to a seasonally adjusted annual rate of 694,000 units.

Looking forward, increasing concerns about the economic impact of the fast-spreading coronavirus will likely keep yields under pressure. The World Health Organization (WHO) is worried about the emergency-like situation in China as the virus is spreading fast within the country. The international body, however, feels it is not a global emergency yet.