10-year Treasury yields down by another 3 bps to 1.23%
It has been a wild first two months of the year for the rates market, as US 10-year yields have now dropped by nearly 70 bps since the end of last year.
The coronavirus outbreak is looking to be a rather unprecedented event in the market as the impact on the world is so difficult to quantify amid how interlinked every country and business is in the world today.
If you told anyone at the end of 2019 that Treasury yields will see record lows within Q1 2020, you'd be laughed off by almost everyone in the market.
It is amazing what a few weeks can do and that shows you the potential ramifications regarding this whole situation so long as governments around the world continue to take it as seriously as they are now - if not even more so.
For USD/JPY, it has been a bit of a reality check after the recent breakout to the topside:
