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U.S. Treasury notes leaped on Friday a strong "safe-haven" bid after the results of the U.K. referendum on European Union (EU) membership stunned global markets.
The U.K. people voted by 51.9 percent to quit the 28-country union, shocking markets that had priced in a win for "remain."
Benchmark 10-year Treasury notes rallied to yield 1.5702 percent Friday, having closed the previous trading session at 1.74 percent. The benchmark yield also hit a low of 1.4006, its lowest level since July 26, 2012.
Two-year notes also surged, last yielding 0.6407 percent, after hitting its lowest level since April 2015.
Thirty-year bonds rallied to yield 2.4229 percent, down from 2.56 percent. The price and yield of a bond move inversely.
"Market reaction has been predictable, inevitable and damaging," Grant Lewis, head of research at Daiwa Capital Markets Europe, said in a note on Friday.
At around 3:30 a.m. ET on Friday, U.K. Prime Minister David Cameron, who campaigned for "remain," announced his intention to resign by October.
U.K. Gilts gained, with 10-year notes rallying to yield 1.084 percent, down from a close of 1.38 percent.
German bunds — a so-called safe haven asset akin to Treasurys — also rallied, with 10-year notes back in negative territory, yielding -0.04 percent.