The long-term rate-indicative 10-year Treasury yield slipped below its previous 52-week low of 1.7% early Wednesday morning, signaling downward pressure on rates.
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As of about 9:30 a.m. Wednesday, the benchmark yield had dropped as low as 1.65%.
The yield had been hovering near 1.7% but had not fallen below it until Wednesday morning, when renewed worries about Spain’s fiscal concerns were upsetting the market.
Indicators of European financial conditions and the markets’ alternating views of them as negative or positive have been key factors in causing yields and rates to swing back and forth near record lows for some time.
