But short-maturity yields rise in a session dominated by expectations for the November jobs report.
Surprise! Yesterday was only the beginning for the Treasury market.
Bond market participants didn't think he had it in him.
In his first comments on monetary policy since October, the Fed Chairman held out hope for interest rate cuts. The stock market loved the news.
A rally that was based on optimism the Fed will lower interest rates in the next several months was undone by rising stock prices and lukewarm words from the Fed.
Most yields rise in response to the rally in the Nasdaq, but hope lives that the Fed will cut rates.
An extremely weak report on the state of the manufacturing sector also gave bond investors reason to hope that the Fed will lower interest rates.
Yields move to new lows for the year as investors bank on even slower economic growth ahead.
Despite being at a four-year low, economists predicted a much larger downward revision to the indicator.