Wall Street dives, Treasury yields tumble as bank worries spread

At last glance, financial markets are pricing in a 42.5% chance of a 50-bps rate hike and a 57.5% chance of a smaller, 25-bps increase to the fed funds target rate at the conclusion of the March 21-22 monetary policy meeting.

The Dow Jones Industrial Average fell 345.22 points, or 1.07%, to 31,909.64, the S&P 500 lost 56.73 points, or 1.45%, to 3,861.59, and the Nasdaq Composite dropped 199.47 points, or 1.76%, to 11,138.89. US Treasury yields dropped for the second straight day as risk-averse investors sought safe haven amid brewing troubles in the financial sector.

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