Flag breaks lower
Everything is bid today including bonds. That's pushed yields below a consolidation pattern near 1.10%. On the day, 10-year yields are down 4.2 bps to 1.043%.
Normally, that would be bad for equities and the US dollar. Today is a bit of a discombobulated day in markets through and it's not exactly 'risk off'.
USD/JPY jumped higher at the equity open but it's given it back now as this bond move extends.
If you're looking for some sanity in this market, bonds are often a good place to find it. Though a fall below 1.0% will probably seen as another reason to buy stocks and gold.
