NEW YORK (AP) — Treasury prices climbed as more signs of strain emerged in the European banking system.
The price of the benchmark 10-year Treasury note rose 75 cents per $100 invested. Its yield fell to 1.93 percent from 2 percent late Tuesday.
News that European lenders parked a record amount of cash with the European Central Bank rather than lend it to each other got investors worried. Also the yield on Italy's 10-year government bond was still dangerously high at 6.97 percent, even after two successful auctions of short-term debt.
The latest worries about Europe kept demand strong for Treasurys. Trading was quiet in the holiday-shortened week.
The yield on the 30-year bond fell to 2.92 percent from 3.03 percent as its price rose $2.19 per $100 invested.