The massive bid in Treasuries/bunds is giving life to the yen.

US 10-year yields are down 4 bps to 2.44% in the past hour

A few theories floating around for the bid:

  1. Risk aversion talk of Russian sanctions
  2. Chatter that Draghi will open the door to ECB sovereign QE tomorrow
  3. Eurozone worries after the soft German PMI
  4. A second case of ebola in the US Officials have now backed away from this claim
  5. Technical buying
  6. Rebalancing into Treasuries to start the quarter
  7. PIMCO-related flows
US 10 year yields

US 10 year yields