The yield on the 10-year U.S. Treasury note has tumbled to 2.4555%, a new low for 2014.
We've previously discussed all the factors that have led to the recent bond rally: fears that the European Central Bank will lower interest rates, making Europe's bonds relatively less appealing; overseas demand for U.S. debt; and short covering among those who thought yields would rise.
Here's the chart:
Marketwatch