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Steepest drop in 10-year yield since S&P downgrade of US

Traders work on the floor of the New York Stock Exchange (NYSE) on August 05, 2019 in New York City. T
Spencer Platt | Getty Images News | Getty Images

The 10-year Treasury yield is having its steepest drop since late-July to early-August 2011 — the days surrounding Standard & Poor's downgrade of the nation's credit rating.

The precipitous drop is reminiscent in timing, duration and magnitude of the steep drop during the 10-day period in 2011.

During the last 9 sessions, the 10-year yield has lost more than 40 basis points and was right around 2% before the drop. In comparison, back in 2011, the 10-year yield lost about 80 basis points over 10 sessions and was right around 3% before the steep drop.