U.S. government debt prices edged higher on Monday as traders sought safety in less-risky assets.
The yield on the benchmark 10-year Treasury note sank to 2.783 percent, while the yield on the 30-year Treasury bond slipped to 3.023 percent. Bond yields move inversely to prices. Financial markets will close early on Monday due to the Christmas holiday.
Stocks stateside were hit with a steep plunge Friday, with the Dow Jones Industrial Average suffering its worst week since October 2008, the Nasdaq Composite sliding into a bear market and the S&P 500 not far off falling into bear market territory itself. Futures pointed to marginal gains in equities on Monday.
Concerns around a potential slowdown in global economic growth appeared to intensify following the Federal Reserve's decision last week to raise interest rates for the fourth time this year. Fed Chairman Jerome Powell signaled at the central bank's latest monetary policy meeting that it would continue to unwind its balance sheet at the current pace. Some traders worry the Fed may be tightening too fast.