Traders aren't convinced that Lagarde will move away from Draghi's dovish monetary policy stance
That and ongoing concerns about the health of the global economy is continuing to drive bond yields lower in the European morning. 10-year bund yields just hit a fresh record low and are joined by record lows in French, Netherlands, Belgium and Spanish yields as well.
Of note, Belgium 10-year bond yields are the latest to join the "under 0%" club. In turn, the sentiment here is driving US Treasury yields to session lows as well with 10-year yields down by 3.3 bps to 1.94%. Meanwhile, 30-year Treasury yields are down by 2.5 bps to 2.476%, the lowest level since October 2016.
The mood in the bond market is keeping the yen underpinned as we begin the session with USD/JPY holding lower at 107.62 currently.
