The U.S. Treasury 30-year bond yield slumped below 2% for the first time on Thursday as fears of a global recession gripped financial markets and drove investors towards the safety of government debt.

The 30-year yield extended its sharp overnight slide and hit a record low 1.991% in Asian trade. The fall below the 2% threshold has taken the entire Treasury yield curve below official interest rates.

The two-year/10-year Treasury yield curve inverted for the first time in 12 years on Wednesday. The inversion, which has historically signaled a looming recession, triggered extensive flight-to-safety into government securities, exacerbating the fall in bond yields.