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U.S. 2-year yields hit all-time low

U.S. 2-year yields hit all-time low ( 10_YEAR 2_YEAR EURUSD USDJPY UUP UDN FXE FXY BND TBT TLT DXY ) (by Deborah Levine)

NEW YORK (MarketWatch) -- Investors seeking the safest of the safe havens - short-term Treasury notes - pushed 2-year yields back to their lowest levels on record on Thursday. Yields on 2-year notes (2_year) , which move inversely to prices, fell 1 basis points to 0.38% in recent trading. In earlier U.S. action, the yield fell to 0.30%, setting a new low. The previous record was set in November, with 2-year yields touching 0.31% just after the Fed announced it would buy an additional $600 billion in Treasury bonds, a program that's been dubbed its second round of quantitative easing, or QE2. As for technical guidance on how much yields can fall further, "who knows, charts don't provide much guidance in uncharted territory, but let's say round numbers and the [interest rate on excess reserves paid by the Federal Reserve] of 25 basis points will be the likely target," said Richard Gilhooly, U.S. director of interest-rate strategy at TD Securities.