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US Treasury yields fall amid fears of slower global growth

U.S. government debt yields fell on Thursday as fears of a slowdown in global growth spooked investors across Wall Street.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, fell three basis points 2.675 percent, while the yield on the 30-year Treasury bond was also lower at 3.022 percent.

U.S. Markets Overview: Treasurys chart

The Federal Reserve's Jerome Powell said Wednesday that the biggest challenges to the U.S. economy are sluggish productivity and a widening wealth gap. The chair of the Fed spoke at a town hall in Washington D.C. and asked for more political action to address income inequality.

The European Commission revised downward its growth outlook for the euro zone this year as global trade tensions and among headwinds undermine the bloc's largest economies. The Commission sees euro zone growth slowing to 1.3 percent this year from 1.9 percent in 2018.

Global growth fears contributed to the stock market's sharp downturn in December as investors fled to safer investments.