U.S. Treasuries Lead Rally in Long-Dated Bonds on Haven Demand

Five-year note’s yield falls to record, approaching 0.25%
U.K. two- and five-year yields also reach all-time lows

A statue of Albert Gallatin, former U.S. Treasury secretary, stands outside the Treasury building in Washington, D.C.Photographer: Andrew Harrer/Bloomberg

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By Dana El Baltaji and Emily Barrett

July 10, 2020 at 11:20 AM UTC

Updated on

July 10, 2020 at 2:26 PM UTC

This article is for subscribers only.

Investors rushed for the safety of U.S. Treasuries, anticipating economic fallout from the rising number of coronavirus infections worldwide.

The benchmark 10-year yield fell to 0.568%, its lowest level since April 22, the five-year to a record low 0.256%. U.K. two- and five-year yields also made record lows. Long-dated yields led the move in Treasuries, though, and outpaced declines in comparable German and U.K. yields. The U.S. 30-year yield slid to 1.246%, shrinking its margin over the five-year yield to less than 100 basis points for the first time since mid-May.