US 10-year Treasury yields are down by 5.5 bps to 2.157%
That's the weakest level for 10-year yields since 11 September 2017. Meanwhile, we're also seeing European bond yields hit fresh lows with German 10-year bund yields touching a record low of -0.206% as the risk-off mood continues to gather pace.
The bright side in all of this, if you really want to try to look at it, is that US equity futures are "only" down by ~1% so far. That's only a mild decline compared to where we were at the start of the European morning, when losses were around 0.8%.
That said, the drop is global bond yields is definitely something alarming and it will no doubt gain more attention in North American trading later. Once again, look out for yen pairs as they will be the most reactive among the major currencies bloc in times like these.
