The yield on the 30-year Treasury bond dropped to a record low in the morning of Asian trading hours on Thursday, breaching the 2% level for its first time, according to Reuters.
That came just a day after the 30-year Treasury bond touched record lows on Wednesday, amid market fears after the closely watched yields on the 10-year Treasury note and the 2-year inverted.
After dipping to levels below 2%, the yield on the 30-year Treasury bond was last at 1.9689%. Still, that was higher than the yields on 30-year bonds elsewhere globally. The yield on the 30-year Japanese government bond was at 0.15%, while the rate of the 30-year German bund was at -0.201%.
"Rates are very low by recent standards, but it still makes sense to have some exposure in US Treasuries given the highly uncertain outlook. Moreover, USD rates remain attractive compared to developed market peers," strategists at Singapore's DBS Bank wrote in a Thursday note.
"Investors should also bear in mind that the bond market rally looks stretched. An overweight duration stance is vulnerable to any good news that has been sorely lacking in recent months," the strategists said.
"The reason for that is there are a number of factors other than market expectations about the future path of interest rates that are pushing down long-term yields," Yellen said on Fox Business Network.
Long-term yields have swooned this month as worries about U.S.-China trade developments and GDP growth — coupled with expectations for lackluster inflation and more aggressive central bank action — have sent traders in search of safer investments.
— CNBC's Maggie Fitzgerald contributed to this report.