The yield for the longest-dated Treasury bond fell to its lowest level in history.
Investors said the $22 trillion U.S. government debt market hit this key milestone on a combination of factors including the growing world of negative-yielding government bonds, expectations for Fed easing spurred by rising recession concerns, and the absence of inflation pressures.
The 30-year Treasury bond yield TMUBMUSD30Y, -4.19% fell to 2.06% on Wednesday, following a relentless rally in long-term government bonds in the past few weeks. The 30-year yield pushed below its previous all-time low set in July 2016, when it touched 2.09% after the U.K. voted to leave the European Union. Debt prices move in the opposite direction of yields.
