US treasury yields tumble amid ongoing Russia-Ukraine crisis

• 10-year treasury notes plummet to 1.88 %

• 30-year treasury yields slide to 2.20 %

The treasury yield in the United States dropped early Thursday after Russia’s invasion of Ukraine.

The yield on the benchmark 10-year Treasury notes dropped to 1.88 %. The 30-year Treasury yield ticked down to 2.20 %. Yields move in the opposite direction of prices, and one basis point equals 0.01 %.

The Treasury yield fall was exacerbated by rising tensions between Russia and Ukraine.  Russian President Vladimir Putin launched an attack on Ukraine early Thursday local time. The order comes only days after Putin sent soldiers into two separatist territories in eastern Ukraine. 

Read more: Wall Street’s stocks slump as Putin makes inroads in Ukraine

According to NBC News, explosions were heard in Kyiv, Ukraine's capital. 

Treasury rates fell as investors raced to government bonds as a safer asset, while gold rose to its highest level in over a year. 

Following the announcement of Russia's war on Ukraine, global markets plummeted.

Read more: US jobless claims slide to 232,000 amid strong labor market

Oil Prices

Oil prices soared as the Russian troops marched into the troubled Ukrainian regions with world benchmark Brent crude topping $100 per barrel for the first time since 2014.

Brent crude climbed more than 6.9 % to trade at $103.47 a barrel. WTI advanced 5.4% to $97.04 per barrel.

Read more: US mortgage applications plunge to lowest since 2019

Meanwhile, Bitcoin, the world's largest cryptocurrency fell more than 8% to $34,702.18, its lowest level in a month. 

Ether, the second-largest cryptocurrency in terms of market capitalization slumped more than 8 % to $2,378.21.