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U.S. 10-year Treasury yield falls to lowest on record

Fears about Europe’s debt crisis are pushing the yield on the 10-year Treasury note to its lowest point on records dating back nearly 50 years as investors seek safety.

The rally in Treasury prices was sparked in part by the unexpected resignation of a key European Central Bank official. The bank said its top economist left for personal reasons. Traders took his departure as a signal that there are no clear plans to stabilize the region’s economy or prevent a default by Greece.

Just after 2 p.m., the 10-year yield is 1.93 percent, down from 1.99 percent late Thursday. Its price rose 44 cents per $100 invested. Bond yields fall as their prices rise.

The yield fell to 1.9054 around noon, the lowest since the St. Louis Fed started keeping daily records in 1962.

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