U.S. Treasury 30-Year Yield’s 59-Basis-Point Drop Set a Record
- It’s biggest drop in intraday data going back to 1998
- Next steepest in the past 21 years was in November 2008
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Monday’s Treasuries rally produced the biggest intraday decline in 30-year yields since at least October 1998, when Bloomberg data begin recording daily highs and lows. The rate fell as much as 59 basis points to a record low 0.699%, its first time trading under 1%.
The next biggest drop -- 47 basis points in November 2008 as U.S. stocks plunged during the financial crisis -- was from 3.905%. Of the 10 steepest intraday declines, one occurred last week and four were in 2008 or 2009. The U.K. Brexit vote in June 2016 and the Treasury’s surprise suspension of 30-year issuance on Oct. 31, 2001, caused two others.