Traders work on the floor of the New York Stock Exchange.
Brandon McDermid | Reuters
The 30-year bond yield dropped to a record low in the Asian trading hours on Thursday, breaking the 2% level for the first time, according to Reuters.
This came just a day after the 30-year bond hit record lows Wednesday, amid fears of the market after closely monitored yields on the 10-year note and the 2-year reverse.
After dipping to levels below 2%, the yield on the 30-year government bond last was 1
"The rates are very low by recent standards, but it still makes sense to have some exposure in US cash, given the highly uncertain prospects. In addition, the US dollar remains attractive compared to developed market partners," they wrote in a note. on Thursday, strategists at Singapore-based DBS Bank.
"Investors should also bear in mind that the rally in the bond market seems stretched. The situation with the length of overweight is vulnerable to any good news that has been severely lacking in recent months," the strategists comment.
Commenting on a recent inversion of a major yield curve in the US, former Federal Reserve Chairman Janet Yellen said Wednesday that "this time may be a less good signal."
"The reason for this is that there are a number of factors other than market expectations for the future path of interest rates that drive down long-term returns," Yellen tells Fox Business Network.
Long-term yields weaken this month as concerns over US-China trade and GDP growth, coupled with expectations of weaker inflation and more aggressive central bank action, send traders in search of safer investments.