The yield on the long bond dropped to a six-year low yesterday, fueled by follow-through activity from last week and a burst of short covering at the end of the day.

The 30-year bond finished the session up 3/4 point and yielding 7.21%. That was the lowest yield since July 1986, when the long bond hit 7.12%, according to Chris Rupkey, a financial economist at Mitsubishi Bank.

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