As the Russian invasion of Ukraine continues, we are seeing flows continue to flow back into bonds - with markets also perhaps getting less certain about rate hike cycle prospects in general. Treasuries are seeing fresh bids in European morning trade and that has seen 10-year yields slump to a one-month low of 1.758%.
The only minor optimistic point in this is that the yield curve is at least steepening a little with 2s-10s now at around 42 bps, as compared to around 36 bps at one point last week. But a week of change doesn't make for a shift in the trend in that regard so we'll see.
