Read the following article (abridged) from the Financial Times and explain briefly why "government debt prices rallied sharply" and "S&P 500 index of blue-chip stocks [fell] 0.9 per cent." (Maximum 120 words)

Government bonds rally as weak business surveys darken outlook Wall Street equities slide after reports show contraction in US and eurozone business activity Central banks continue to tighten monetary policy \& Wolfgang Rattay/Reuters Naomi Rovnick and Harriet Clarfelt in London and Nicholas Megaw in New York JULY 23 2022 Government debt prices rallied sharply on Friday while Wall Street stocks dropped after disappointing business surveys on both sides of the Atlantic intensified investor fears about the global economic outlook. The yield on the benchmark 10-year Treasury note fell 0.14 percentage points to 2.77 per cent after a closely watched survey signalled a contraction in business activity in July. Yields fall when prices rise. S\&P Global's composite purchasing managers' index fell from 52.3 in June to 47.5 in July, falling below the 50 level that indicates expansion for the first time since June 2020. The decline was driven by particularly weak reports from respondents in the services sector, and heightened concerns that the Federal Reserve's efforts to fight inflation by aggressively rising interest rates are pushing the US economy toward recession. "The Fed has made it very clear that price stability is their number one goal and they almost have to target recession in order to bring down inflation," said Seema Shah, chief strategist at Principal Global Investors. The result also knocked equities, with the S\&P 500 index of blue-chip stocks falling 0.9 per cent