The spread between the 2-year Treasury note yield TMUBMUSD02Y, -3.22% and the 10-year note yield TMUBMUSD10Y, -5.72% touched its flattest level since 2007, amid a searing rally in long-dated government paper on Monday. A widely-watched gauge of the yield curve by market participants, the 2-year/10-year spread narrowed to 6 basis points, according to FactSet data. This comes as the 10-year Treasury note yield has nearly halved since it reached a multiyear peak of 3.
25% in last October, with the benchmark rate trading at 1.65% on Monday. Debt prices move in the opposite direction of yields. A flatter yield curve can indicate investor worries that monetary policy remains too tight.
The past week has been unbelievably brutal for longer term rates
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