NEW YORK (AP) -- Treasury yields are sinking as worries about Spain's economy send traders into the safety of U.S. government debt.
The surge in demand Monday briefly pushed the 10-year Treasury yield to an all-time low of 1.40 percent. When bond prices climb, yields fall.
Spanish government borrowing costs shot up Monday following news over the weekend that many regional governments would likely need support from the central government. The Spanish government is already struggling to rescue its banks as its economy shrinks.
Treasury yields slowly crept up during the trading day. In Monday afternoon trading, the 10-year yield is at 1.44 percent, down from 1.46 percent late Friday. Its price is up 21.8 cents for every $100 invested.
The yield on the two-year note slipped to 0.20 percent from 0.21 percent.