10-Yr Yield Closes on YTD Low Amid Flight to Safety

Yields on U.S. Treasuries declined on Thursday, with the 10-yr closing at a year-to-date low of 2.777%. The decline was tied to a flight to quality after a sell-off in emerging-market currencies intensified, said Bloomberg. The decline was triggered by weak manufacturing data out of China and accelerated after Argentine devalued its peso.

Global equity markets declined and gold advanced.

iShares 20+ Year Treasury Bond ETF (NYSE: TLT) gained 1.4%.

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