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The yield on the two-year treasury yield hit 16-day lows earlier today, possibly on the back of dovish Fed and dismal US data.  

As of writing, the two-year yield is trading at 2.48 prcent, having hit a low of 2.46 percent – a level last seen on Feb. 11. Meanwhile, the 10-year yield is trading at 2.64 percent.  

The yields came under pressure after yesterday after the US data showed housing starts fell at a seasonally adjusted annualiosed rate of 11.2 percent in December.  

Further, Fed’s Powell, during his Congressional testimony, reiterated “patience” on interest rate hikes, adding to the downside pressures around yields.  

Looking forward, the focus is on the immediate support at 2.44 percent, which if breached, could yield a deeper drop to January lows near 2.36 percent.