US 10-yr treasury yield recovered after Yellen testimony

The benchmark 10-yr treasury yield recovered sharply from the low of 1.53%; a level last seen in July 2012 after Yellen maintained the fed is more likely to raise rates gradually this year.

The risk-off in the financial markets and the resulting flight to safety pushed the yields lower across the globe. The 10-yr yield tested the all time low of 1.53%; set in July 2012 before recovering sharply to trade at 1.683%; up 4 basis points on the day today.

Meanwhile, the 2-yr treasury yield, which mimics rate hike bets, trades largely unchanged on the day around 0.653%.