It appears the search for a safe-haven has left Biotechs and FANGs as investors' flight to quality sparks a bid under bonds & bullion. US Treasury yields are tumbling with 10Y and 30Y near the low close from mid-February's "flash-crash" lows.
7Y yields are outperforming for now and 2Y underperforming
And with aggregate speculative positioning still notably short...
We suspect there is a lot more pain to come as The Fed folds to China's pressure.