Treasuries rose for a second day after European Central Bank President Mario Draghi cut inflation and economic-growth forecasts for the euro area and said increased monetary stimulus will be considered next year.

U.S. yields dropped as the ECB reduced inflation forecasts to 0.5% from 0.6% this year and 0.7% from 1.1% in 2015. It cut gross domestic product forecasts to 0.8% from 0.9% this year and 1% from 1.6% in 2015. Demand for U.S. government debt increased amid concern a slowing global economy may restrain U.S. growth.

“We’re seeing some of the effects of Draghi’s suggestion there’s likely to be further unconventional measures supportive of euro-area growth, and reversing severe disinflationary effects they are seeing now,” said Christopher Sullivan, who oversees $2.3 billion as chief investment officer at United Nations Federal Credit Union in New York.

Benchmark Treasury 10-year yields fell one basis point, or 0.01percentage point, to 2.27% as of 9:05 a.m. New York time, according to Bloomberg Bond Trader data. The price of the 2.25% note due in November 2024 was 99 27/32.