Talk about adding insult to injury. If you buy a 5-year US Treasury note, you’re only gonna get a yield of about 1.9%. If you buy a credit default swap to protect yourself against Uncle Sam going toes-up, you’ll have to pay a record 96.6 bp. Same story across the eurozone as CDS hit all-time highs. Germany is at 87.2 bp for 5 years, Reuters reports.

The market is assuming risk in some markets, but hedging it in others.