Long duration Treasury note prices rallied, pushing the yields lower after China data reignited fears of slowdown in world’s second largest economy and triggered a flight to safety. At the time of writing, the yield on the benchmark 10-yr Treasury note was down more than 7 basis points at 1.827%. The 30-yr yield was down almost 8 basis points at 2.624%. Long duration treasury notes are more sensitive to the risk-on/risk-off. Meanwhile, 2-yr Treasury note, which mimics short-term rate hike expectations, was down more than 3 basis points at 0.874%. Moreover, the financial market instability acts as a roadblock in Fed’s plans to hike rates. Consequently, 2-yr Treasury note also took a hit. China data released earlier today showed imports tanked 13.8% y/y in Feb. Exports tanked 25.4% y/y as well. For more information, read our latest forex news.