Markets fear a global recession. The old reliable 30-year bond just hit an all-time low.

The 30-year treasury bond just hit an all-time low. While the Dow slumped 800 points Wednesday, the 30-year bond dropped under 2% for the first time in history.

We witnessed a drop to 1.991% during Asian trade. It’s also the first time that the entire Treasury yield curve has dropped under the official benchmark interest rate.

On Wednesday, the 2-10 Treasury yield curve inverted for the first time since 2007.

What Does the Yield Inversion Mean?

We have witnessed five such yield curve inversions over the last 41 years.

According to Credit Suisse, an economic recession has followed each yield curve inversion. The average time the event happened before a recession has been 22 months.

With that in mind, the S&P 500 has experienced an average uptick of 15% during the 18 months that follow a yield curve inversion.

How the 30-Year Treasury Bond Stacks Up

Despite falling under 2%, the 30-year bond is still paying out better than most developed nations’ treasuries. Here’s a recap of notable long-term bonds on Thursday morning (7:30 a.m.):

• Australia 30-Y: 1.453%
• Austria 30-Y: 0.15%
• Canada 30-Y: 1.356%
• Denmark 20-Y: -0.46%
• France 30-Y: 0.434%
• Germany 30-Y: -0.228%
• Ireland 30-Y: 0.70%
• Japan 30-Y: 0.165%
• Netherlands: -0.223%
• South Korea: 1.202%
• Switzerland: -0.617%
• United Kingdom: 0.991%