10-year Treasury Yield Plumbs Fresh 16-month Low

Treasury prices rallied in early trade on Thursday, sending the 10-year Treasury note yield to a new 16-month low. The yield, which falls as prices rise, was down 5 basis points on the day at 2.282%, its lowest since June 2013, according to Tradeweb. On Wednesday, the Federal Reserve released the minutes of its September policy meeting, which showed central bankers' concerns about the degree to which the global slowdown might hinder the U.S.'s recovery. That triggered a rally in U.S. government debt in the prior session. Strategists also said some of Thursday's move was attributed to traders who were closing out short positions by buying back into the market.