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U.S. Treasury prices rallied Wednesday as concerns over global growth and abandoned corporate-deal pursuits sent investors into haven assets. In early New York trading, benchmark 10-year notes rose 11/32 in price to yield 2.442%, according to Tradeweb. That tests its 2014 low of 2.401% hit in May. The 30-year bond advanced 23/32 to yield 3.241%.

Bond yields fall when prices rise.

Wednesday’s gains extended an August rally that started after last week’s U.S. employment report showed fewer jobs added in July than expected. Concerns about geopolitical tensions between Russia and Ukraine also boosted demand for haven bonds, while abandoned acquisition pursuits in the corporate space sapped optimism in the U.S. stock market.

“The theme we encounter is risk-off as evidenced by the price behavior in stocks and high yield,” said David Ader, a government bond strategist at CRT Capital Group. “Even without the scary geopolitical stress, there were ample reasons for the risk markets to suffer and Treasurys and sovereigns more generally to improve.”

U.S. stocks fell, along with European equity markets. Germany’s 10-year bond yield fell 0.07 percentage point to a record low 1.10%, as data showed that German factory orders unexpectedly fell in June, while Italy’s economy contracted in the second quarter.

Without much U.S. economic data Wednesday, bond traders said flows in Treasurys will be largely dictated by the mood in equities. Weighing on the market was news that 21st Century Fox withdrew its bid for Time Warner Inc. and Sprint ended its long-anticipated pursuit of T-Mobile US Inc.

A major correction in stocks would likely help boost Treasury prices, further delaying the persistent rise in yields that many expected to happen this year. While many bond analysts maintain forecasts for the 10-year yield to reach 3% by year-end, the note has struggled to break away from the 2.5% level since early May.

Aside from geopolitical and stock-market influences, bond investors are also closely watching the Federal Reserve’s policy stance. The central bank is on course to end it bond-buying program by fall, but maintains a near-zero policy rate, which has kept any selloff in Treasurys in check.

The latest policy statement on July 30 showed a Fed that was still inclined to keep rates low until it sees more inflation and sustainable U.S. economic growth. Bond investors say wage growth is the vital turning point that could lead to broader inflation and the long-awaited rise in yields.