Traders pushed U.S. government debt to the best start to a year in two decades on speculation the Federal Reserve will cut interest rates by as much as a half-percentage point Jan. 30. Volatility in Treasuries reached the highest in a decade this week as policy makers slashed their target in an emergency move, while stocks had the longest slide since 2002.
The 10-year note yield dropped 14 basis points today to 3.57 percent. The yield touched 3.29 percent this week, the lowest since June 2003, as investors sought shelter from falling stocks. The note's rally is the longest since 2006.