US 10-year Treasury yield dives below 4% after 6 months

By Ovunc Kutlu

ISTANBUL (AA) - The 10-year US Treasury yield plummeted Thursday below the 4% level for the first time in six months.

The benchmark 10-year Treasury yield was at 3.982% at 2.50 p.m. EDT with a daily decline of 3%. It stood at its lowest level since Feb. 2.

The steep decline comes a day after the Federal Reserve Chairman Jerome Powell stated Wednesday that rising confidence on inflation and a solid labor market could put the September rate cut on the table for the central bank.

"If we do get the (macroeconomic) data that we hope to get, then a reduction in our policy rate could be on the table at the September meeting," he said.

The 2-year Treasury yield, meanwhile, was at 4.185% for a 3.5% daily decrease, and the 30-year Treasury yield was down 2.15% to 4.274% at the time.