The 10-year Treasury yield fell on Monday as investors’ concerns on the economic outlook rise amid a global stock market-selloff.
At 3:52 p.m. ET, the yield on the 10-year Treasury slipped 3 basis points at 3.765%, its lowest level since June 2023. Meanwhile, the 2-year Treasury yield was marginally higher at 3.875%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
The yield curves on the 2-year Treasury and 10-year Treasury briefly normalized Monday morning, with the spreads turning positive, before re-inverting.
Yields briefly rebounded on Monday before inching lower again, after fresh economic data showed the U.S. services sector grew at a faster-than-expected pace in July. The ISM services index recorded a 51.4% reading for the month, representing the share of purchase managers reporting expansion. That is up from 48.8% in June and better than the Dow Jones estimate for 50.9%.
The services index offered some positive economic news to counter fears of a looming recession on the …