Treasury yields continued to plummet Monday morning, as the global bloodbath in stocks fueled demand for safe assets like government bonds.
The yield on the 10-year Treasury, -4.21% fell below 2% for the first time in nearly four months. It dropped 7.4 basis points Monday morning at 1.976%, its lowest point since April 28. The move comes on top of last week’s tumble of 14.4 basis points — a sizable move for Treasurys and the largest weekly decline since March 20.
More broadly, the 10-year yield has plunged more than 53 basis points since June 10, when it reached its highest point this year at 2.478%.
Treasury yields fall when prices rise and vice versa.
Among other maturities, the yield on the two-year note, -11.15% lost 6.5 basis points on Monday to 0.564% to its lowest point since July 9. Last week, it dropped 10 basis points, the largest weekly decline since June 19.
The 30-year yield, -2.26% slid 7.4 basis points to 2.670%, its lowest level since April 27. The yield has plunged 57 basis points since June.