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U.S. Treasury yields were down sharply early Wednesday following the announcement of a two-week ceasefire in the Middle East conflict.

Yields on the 10-year U.S. Treasury

note — the benchmark for government borrowing —plummeted more than 10 basis points to 4.2399%

Shorter- and longer-dated yields were also scythed as investors piled into U.S. bonds. The yield on the 2-year Treasury