[Epoch Times] As key Wall Street indexes extended their losing streak on Feb. 27, experts pointed to a growing concern among investors that the effects of broken global supply chains due to the novel coronavirus (COVID-19) may be greater than previously thought."COVID-19 brought the production and transportation of many goods to a near standstill from which they have not yet recovered, and at a time when pandemic concerns are still rising," said Allen Sukholitsky, chief macro strategist at Xallarap Advisory.
He told The Epoch Times in an email that concerns over broken supply chains are one reason investors are fleeing risky assets.
"Quarantines. Closed borders and ports. Suspended flights and freight," he said, adding that "equities are reacting to the implied impact of almost 80,000 confirmed cases of COVID-19."
"Records are being broken across asset classes," he said.
The benchmark 10-year Treasury note, viewed as a haven bet in times of crisis, hit a record-low yield of around 1.24 percent Feb. 27, while the 30-year Treasury bond set a new all-time low last week. Bond yields move in the opposite direction to prices, with falling yields a sign of capital fleeing to a safe harbor.