Bond yields are tumbling. A little after 7:00 a.m. ET, the yield on the 10-year Treasury note fell to 2.2787%, the lowest level since June 2013. This is according to data from Bloomberg.
This is down from a high of 2.3356% earlier today.
This comes after Wednesday release for the Federal Open Market Minutes in which Fed members expressed concerns over the strengthening of the dollar, the risk of slowing inflation, and the deterioration of global economic growth.
The tone was interpreted as dovish, which implies the Fed will keep interest rates at low levels for longer.
The minutes ignited a massive stock market rally as well as a global rally in bonds. Spain’s 10-year yield fell to an all-time low of 2.03%. Austria’s fell to 1.074%,
Here’s a chart of the 10-year Treasury yield from Bloomberg.com.
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