Treasuries experience volatile swings as markets react to crises.

The yield on the 2-year Treasury has fallen around 100 basis points since Wednesday, marking the largest three-day decline since the aftermath of the 1987 stock crash. The collapse of Silicon Valley Bank and subsequent government backstop of the banking system has caused investors to flock to government bonds and other traditionally safer assets, causing Treasury yields to tumble. The financial shock has also caused investors to rethink how aggressive the Federal Reserve will continue to be with rate hikes, with Goldman Sachs no longer thinking the Fed will hike rates. The market is anticipating that by the end of the year, the central bank will lop off 0.75 percentage point in cuts, taking the rate down to a target range of 4%-4.25%.