US 10-year yields break 0.70%

The bottom is falling out

Everyone is buying bonds as fast as they can. US 10-year yields are at a fresh low, down 22 basis points to 0.69%.

This is a pure ‘freak out’ at this point and the bond market is usually right.

Bloomberg highlights that the US credit market fear gauge has surged the most since at least 2011.

Meanwhile, European stocks are at the lows of the day.