Mark this day on your calendar, folks. Today the longest Treasury maturity traded at a lower yield than the shortest.
One month yield: 2.08%
Thirty year yield: 1.98%
This also marks the all time lowest yield for the long bond, and the first time ever under 2%.
All the more remarkable considering that Treasury supply is also in all time record territory, with government borrowing running at a trillion dollar annual pace. Yet investors are paying up as if bidding for the last bond in the world.