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U.S. government debt yields added to the week's steep losses on Friday as bond traders lost confidence in the strength of the U.S. and global economies just days after the Federal Reserve downgraded its own forecast.
The recent downturn in long-term debt yields exacerbated inversion of the Treasury yield curve, the plot of interest rates at a set point in time of bonds having equal credit quality but differing maturity dates.
At 8:30 a.m. ET, the yield on the benchmark 10-year Treasury note fell to 2.474 percent, off lows around 2.469 percent, its lowest level since January 2018. The 30-year yield fell to 2.913 percent while the yield on the 2-year Treasury held at 2.47 percent.
The Friday moves add to steep losses on the week for U.S. Treasury yields. The 10-year rate is on track to finish the week about 13 basis points below where it traded on Monday. The 30-year yield is down about 10 basis over the same period.
Bond traders said the sizable move in Treasury yields shows both how much inflation expectations and economic growth expectations have receded over the past six months.
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