Defcon 1.

Defcon 1.

Rates went into something like Defcon 1 on Friday, as bond yields absolutely plunged with global equities, and dollar-funding stress started to bleed over. Fear is in the driver's seat with a death grip on the steering wheel and is mashing the pedal to the proverbial metal. 10-year US yields tumbled 21bps at one juncture to 0.70% - and no, that is not a typo. 2-year yields plunged 15bps, to 0.45%. I'm running out of superlatives to describe this situation, but suffice to say that if something
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