Treasury yields sink to record lows

NEW YORK — Weak economic reports are driving Treasury prices higher and pushing yields to record lows.

The yield on the 10-year Treasury briefly dipped below 2 percent Thursday, after a report on manufacturing from the Philadelphia Federal Reserve dropped to levels last seen in March 2009. The regional survey showed a steep fall in new orders, shipments and number of employees this month.

In afternoon trading, the 10-year Treasury is up 62.5 cents for every $100 invested. Its yield fell to 2.10 percent from 2.16 percent late Wednesday. The yield is widely used as a benchmark for interest rates on loans to consumers and corporations. The yield on the 30-year bond dropped to 3.48 percent from 3.56 percent.

The Fed survey followed news that first-time claims for unemployment benefits rose last week.