The yield on the benchmark 10-year Treasury has declined to its lowest level since August of this year as data continues to show that the U.S. economy is slowing down.
The 10-year Treasury yield, which is used to set mortgage and credit card interest rates, has fallen to 4.171% as data showed fewer than expected U.S. job openings in October.
The yield on the 10-year bond is now at its lowest level since August 31, when it closed at 4.09%.
Lower bond yields are good for investors as they raise the value of bonds held in portfolios. Prices and yields move in opposite directions.
Lower yields also make stocks more attractive and can reduce borrowing costs for people seeking mortgages and other loans.
The 10-year Treasury yield has been steadily declining since hitting a peak on Oct. 19 of 4.987%.
Inflation data has helped to lower Treasury yields in America. In October, consumer prices in the U.S. rose 3.2% from a year ago, down from 3.7% in September and a peak of 9.1% in June 2022.
Expectations are that the U.S. Federal Reserve is now done raising interest rates. Futures traders are betting that there’s a 65% chance the American central bank will cut interest rates for the first time in March 2024.