US treasury prices rice rallied pushing the yield on the benchmark 10-year Treasury note to a 1-month low, as investors cheered Federal Reserve Chairwoman Janet Yellen’s cautious stance in raising interest rates. The yield hit a low of 1.80%, before recovering slightly to trade around 1.821% ahead of the US ADP payrolls release. The downside pressure was felt more in the 2-yr treasury yield and rightfully so since it represents short-term rate hike bets. The yield dropped to 0.776% and now trades around 0.784%. Increased demand for US Treasury yield amid negative yields in Europe and Japan is also keeping yields under pressure. For more information, read our latest forex news.