US 30-year hits record low below 2%

• The US 30-year yield is trading below 2% for the first time on record. 
• The Treasury yield curve has inverted for the first time in over a decade. 

The yield on the 30-year US Treasury note has dropped below 2% for the first time on record.

As of writing, the yield is seen at 1.996%, down 3.6 basis points on the day. On a year-to-date basis, the yield is down more than 100 basis points.

The 30-year yield has dropped below 2% a day after the 10-year yield fell below the two-year yield, inverting the yield curve for the first time since 2007. As of writing, the 10-year yield is seen at 1.56% and the two-year yield stands at 1.57%. 

Yield curve inversions are known to precede economic recessions.