Update: US 10-Year Yields Fall Further

This morning, I wrote how benchmark 10-year yields fell to record lows, which you can readhere. Currently, yields have continued to fall and just breached the 1.63% level to the downside. The low in yields was just around 1.6290, and this further sell-off is coinciding with the global risk-off sentiment. The EUR/USD has fallen to multi-year lows and stocks are following suit. Other currencies are following suit, with apparent Yen and Dollar strength and weakness in most other currencies. Commodities are getting whacked, with oil suffering a severe breakdown today. Copper is down over 2% and Spanish yields have blown out 21 bps today and crossed the 6.5% mark again. All in all, it's a battlefield out there.