Global Bonds Extend Gains on Increased Demand for Havens

Global bonds extended a rally Thursday as weaker-than-expected economic data from the US to Australia bolstered demand for the world’s safest assets. 

Ten-year Treasury yields fell five basis points to 3.32%, extending Wednesday’s 18 basis point drop after softer-than-anticipated retail sales and producer prices. The five-year Treasury yield, seen as particularly sensitive to the path of monetary policy, fell below its closely watched 200-day moving average for the first time since 2021.

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