US Treasury yields fall below 5% as AI fears drive bond buying
US 10-year Treasury yields dropped below 5% amid renewed market concerns over artificial intelligence prospects. The US dollar index remained nearly flat at 101.64, while the yen weakened against the dollar, falling to 156.79. Bond buying surged as investors sought safe-haven assets.
The US dollar moved little in late New York trading, but US Treasury yields fell as renewed market worries over the outlook for artificial intelligence drove safe-haven buying in bonds, according to RTHK.
The US dollar index stood at 101.64 at the New York close, down about 0.04 per cent. The euro fell about 0.2 per cent against the dollar, trading at US$1.1213. Sterling was nearly flat at US$1.3396.
The dollar weakened against the yen, dropping to as low as 156.70 yen. It closed down nearly 0.9 per cent at 156.79 yen.
Meanwhile, the US 10-year Treasury yield fell below 5 per cent, dropping more than 18 basis points to around 4.96 per cent. The 30-year yield fell more than 15 basis points to above 5.28 per cent. The two-year yield dropped more than 17 basis points to around 4.64 per cent.