Treasurys are surging as stocks get slammed

Getty Images

A trader signals an offer in the Standard & Poors 500 stock index futures pit at the CME Group February 20, 2009 in Chicago, Illinois.

• Treasurys are surging as stocks come under pressure.
• Yields in the belly of the curve are down about 10 basis points.
• Treasury yields were recently rising amid Fed concerns of a pickup in inflation and the jobs report showing wages were rising faster than expected.

US Treasurys are surging as heavy selling has pushed the Dow Jones industrial average down more than 1,500 points. Traders are rushing into the safety of bonds amid the selling, pushing yields in the belly of the Treasury curve down more than 10 basis points. Here's a look at the scoreboard as of 3:13 p.m. ET:

• 2-year -8.3 bps @ 2.058%
• 3-year -10 bps @ 2.223%
• 5-year -10.3 bps @ 2.486%
• 7-year -10 bps @ 2.665%
• 10-year -8.3bps @ 2.758%
• 30-year -5.4 bps @ 3.032%

Selling over the past couple of sessions ran the benchmark 10-year yield up to 2.85%, it highest since January 2014. Last week, the Fed hinted it saw inflation reaching its 2% target over the medium term and the jobs report showed wages were picking up a bit faster than expected. That caused some on Wall Street to suggest the Fed could hike rates four times this year instead of the three that was expected.