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Global Bond Rally Near `Panic' Level With Japan Yield Below Zero

  • U.S. 10-year yields touch one-year low as equities slump
  • Fed Chair Yellen begins testimony to Congress on Wednesday
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Searching the Bond Market For Clues on Rates

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Worldwide gains in sovereign bonds sent Japan’s benchmark 10-year yield below zero for the first time and have guided U.S. Treasuries to the best start to a year since 1988 as investors seeking the safest assets gorge on government debt.

Yields on Treasury 10-year notes touched the lowest in a year while those on short-dated German securities slid to a record, as U.S. stocks followed shares in Europe and Asia lower. Volatility in Treasuries reached the highest since September as the U.S. sold $24 billion in three-year debt at the lowest yield in almost two years.