There’s Less Panic, But Bond Yields Just Sank to Record Lows Again
- Benchmarks in U.S., Germany and Italy have never been this low
- But stocks are rising, suggesting fear isn’t the main catalyst
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Bonds continued their unrelenting rally on Wednesday, and although there’s no whiff of the panic that swept through markets late last week, the surge nonetheless drove benchmark yields down to unprecedented levels.
The rate on 30-year U.S. Treasuries sank to a record low of 1.90%. German and Italian benchmarks also sank to levels never seen before.