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Three banks, Silvergate, Silicon Valley Bank and Signature collapsed within a span of a few days. That increased demand for United States government bonds, which sent the yield on the 2-year Treasury tumbling to 4.06%, a fall of 100 basis points since March 8.
This was the largest 3-day decline since Oct. 22, 1987, following the stock market crash, when the yield fell 117 points.
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