Treasuries Feel Global Pull of Sub-Zero Yields on Virus Concerns
- Italy two-year yield below -0.5%, Japan 10-year rate at zero
- Treasury five-year real yield matches lowest level on record
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Bond yields worldwide gravitated toward zero and below amid concern the spread of the coronavirus delta variant will derail the global economic recovery.
On Wednesday, the U.S. five-year real yield reached a record low, while the benchmark 10-year nominal yield hit its lowest level in five months after a weaker-than-expected report on company job growth before remarks from Federal Reserve official Richard Clarida helped spur a partial rebound.