NEW YORK (AP) — Bond traders are hitting the panic button.
The 30-year Treasury bond's interest rate is down 0.8 percent to 2.56 percent, its lowest level since December 2008, when it was in the grips of the financial crisis. The benchmark 10-year Treasury note hit a low of 1.46 percent, a level not seen in the last century.
The key culprit: a weakening U.S. economy just as Europe is falling apart and Asia is slowing. The U.S. government said Friday that employers created only 69,000 jobs in May, the fewest in a year.
"It's a precarious situation," said Kim Rupert, managing director of global fixed income analysis at research firm Action Economics.
Prices for the 30-year Treasury bond soared $1.71 for every $100 traded, while the 10-year note rose 72 cents.