Safety Trading

I say
We can go where we want to
To a place they will never find
And we can act like we come
From out of this world
And leave the real one far behind
--Men Without Hats

Although domestic equity markets haven't surrendered much in the face of coronavirus and other current crises, govies are acting like the safety trade is on.

Ten yr yields have broken their multi-month uptrend in a hurry. They're now eyeing the repo madness lows of last Sept at ~ 1.45%.