Long-dated U.S. bond yields fell to their lowest levels in almost two months on Friday, while posting their second straight week of declines, on growing concerns the economy could tip into recession.
What’s happening
The yield on the 2-year Treasury note
TMUBMUSD02Y,
2.990%
declined 10.6 basis points to 2.989% from 3.095% as of Thursday afternoon. That’s the lowest since July 6, based on 3 p.m. levels according to Dow Jones Market Data. The yield is down 14.6 basis points this week.
The yield on the 10-year Treasury note
TMUBMUSD10Y,
2.758%
dropped 12.7 basis points to 2.781% from 2.908% on Thursday. The yield is down 14.8 basis points this week.
The yield on the 30-year Treasury bond
TMUBMUSD30Y,
2.975%
fell 7.5 basis points to 2.996% from 3.071% in the prior session. The yield is down 9.7 basis points this week.
It was the lowest levels for the 10- and 30-year rates since May 27.
What’s driving markets Data released on Friday showed worrisome deterioration in the economy. The U.S. services purchasing managers index fell to a 26-month low of 47 in July from 51.6 in the prior month, bas …