Bloomberg reports that now that 10-year Treasury yields have sunk to a record low, Wall Street analysts see plenty of scope for even lower rates -- possibly much lower, depending on the severity of the economic hit from the coronavirus.

The global borrowing benchmark touched 1.3055% Tuesday as investors sought the safety of U.S. government debt amid plummeting stocks. The rate breached the previous all-time low set in 2016. Thirty-year yields also fell to unprecedented levels, and traders ramped up bets that the Federal Reserve will ease policy by mid-year to support the economy.

Yields can continue sliding as long as investors pile into safe assets to offset riskier holdings, said Jim Caron, fixed-income money manager at Morgan Stanley Investment Management. Bank of America Corp. strategists Paul Ciana and Bruno Braizinha say the 10-year is certain to hit 1.25% by the end of June, while FHN Financial's Chris Low points to a worst-case scenario that may send it below 1% later this year.

"The market is at a turning point," Braizinha said in an interview. If more virus cases are reported and weak economic data come in, "we can reach the 1.25% level relatively quickly."