(Bloomberg) -- The U.S. 10-year yield fell to the lowest level since 2017 as global bonds advanced and trade concerns weighed on riskier assets.
The rally gained extra impetus following weaker-than-expected U.S. manufacturing data, with the 10-year rate dropping as much as much as 5.7 basis points to 2.3256%.
Yields tumbled across the curve with the the 30-year rate sliding to as little as 2.7611% and the 5-year benchmark also breaching its March lows. Bonds in Europe also rallied, while the fed funds futures market showed increased odds of a rate cut by the U.S. central bank this year.
To contact the reporter on this story: Benjamin Purvis in New York at bpurvis@bloomberg.net
To contact the editors responsible for this story: Paul Dobson at pdobson2@bloomberg.net, Elizabeth Stanton
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