The 10-year Treasury yield fell to a record low on Tuesday as coronavirus fears raised concerns about global economic growth and sent investors scrambling into the safety of U.S. government bonds.

The yield on the benchmark 10-year Treasury note fell about more than 6 basis points to 1.312% during morning trading, below its previous record low of 1.325% set on July 6, 2016 in the aftermath of the United Kingdom's Brexit vote.

The yield on the 30-year Treasury bond tumbled more than 3 basis points to a new all-time low of 1.798%. The long-duration rate has plunged about 40 basis points this year. Bond yields fall as prices rise.

A sharp rise in cases of the new coronavirus in Italy, South Korea and the Middle East sparked fears of a global pandemic that will slow the world economy. U.S. health officials said that Americans should "prepare for the expectation that this is going to be bad," sending investors running for cover.

"Should it devolve into an outright pandemic where you can expect to see more material diminution of economic activity, if not even conjure up a heightened risk of recession, then why shouldn't the 10-year yield break through even a 1-handle," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

The Centers for Disease Control and Prevention said the coronavirus is "likely" to continue to spread throughout the U.S. and outlined what schools and businesses should do if the disease becomes an epidemic. Total confirmed cases globally have surged to more than 80,200 and at least 2,704 people have died of the coronavirus.