It was the biggest one day move since November 2008, according to Jefferies. The yield was around 2.087 percent in late Asian trade.
Before this week's volatility, credit investors considered core government bonds their least favored investment, according to Morgan Stanley's quarterly global credit investor survey. Of those surveyed, 49 percent expected the 10-year yield would be between 2.25-2.75 percent within six months and 46 percent expected it between 2.75-3.25 percent.
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Ip isn't alone in thinking the move likely isn't a trend. For one thing, analysts just don't believe U.S. interest rates can head much lower, especially with the end of the Fed's quantitative easing bond buying program set for the next several weeks.
"A further decline in rates led by Fed expectations is limited," Priya Misra, a rates strategist at Bank of America-Merrill Lynch, said in a note Wednesday, noting the market is already pricing in a "neutral' fed funds rate of 2.1 percent, the lowest since last year's taper tantrum when the first expected interest rate hike was expected to be 20 months away instead of current expectations for around 12 months.
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"The Fed's threshold to restart QE is very high due to a worsening cost/benefit picture. It will require a real risk of deflation and/or recession. In the absence of QE, the market rarely has pushed out the timing of the first Fed hike for more than a year," she said. But even if the market pushes the expected timing out another two months, it's likely to only translate into a 6 basis point move in the 10-year Treasury, she said.