The price of U.S. Treasuries experiences a V-shaped reversal as investors digest America losing its final AAA credit rating.

On Monday afternoon in New York, the yield on the 10-year U.S. Treasury benchmark fell by approximately 2.0 basis points, hitting a daily low of 4.4533%. It then continued to fluctuate and rose to 4.5624% by 21:03 Beijing time before giving up gains and turning lower. The yield on the 2-year U.S. Treasury fell by 2.72 basis points, closing at 3.9723%, and traded in a range of 3.9615% to 4.0378% during the day.