The yield on the 30-year Treasury bond dropped to an all-time low as investors around the globe reassessed the potential economic costs of the coronavirus outbreak.

Bond yields fall as price rise so the record low yield indicates a jump in demand for long-dated U.S. Treasury bonds. On Friday, the yield on 30-year Treasuries fell to 1.885 percent, below the previous ebb of 1.9039 percent, before bouncing back above the nadir.

Yields fell on the entire complex of Treasury bonds, from 3-month to 30-year. The ten-year yield fell to its lowest level since before the election of Donald Trump.

Some Treasury yields are inverted once again, with the 3-month yield above the 10-year. That has often been a signal of a looming recession. But the signals are mixed because the closely watched gap between the two-year and 10-year remains positive.

Market signals increasingly indicate that traders think the Federal Reserve will cut rates this year despite statements from several Fed officials indicating otherwise. The market in Fed Funds futures currently implies a greater than 80 percent chance that the Fed will cut at least once by September.