Following the inversion of the U.S. Treasury yield curve, developed market government bond yields are all moving lower as investors seek safe havens.

What's happening: German 10-year bond yields fell below zero for the first time since 2016. Japan's 10-year yield is near -0.10, the lowest since 2016. Australia's 10-year bond yield fell to an all-time low of 1.772% and New Zealand's 10-year bond also hit its lowest level on record.

U.S. 10-year bond yields have fallen more than 15 basis points since last week's Fed meeting and are more than 30 basis points below their early March levels, notes Deutsche Bank.

  • Marc Chandler, chief market strategist at Bannockburn Global Forex, points out that German, French, Italian and Spanish yields recently have fallen 25–35 basis points, while Portuguese and Australian bond yields have fallen around 45 basis points and 50 basis points, respectively.
  • "The sharp decline in interest rates is a significant development," Chandler said in a note to clients. 

Go deeper: It appears nothing can move long-dated U.S. Treasury yields higher

Go deeper

Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 1:30 p.m. ET: 20,412,501 — Total deaths: 744,649— Total recoveries: 12,629,465Map.
  2. U.S.: Total confirmed cases as of 1:30 p.m. ET: 5,163,509 — Total deaths: 164,994 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi on state of coronavirus stimulus talks: "It's a chasm"
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America is flying blind on its coronavirus response.
  6. Education: Gallup: America's confidence in public school system jumps to highest level since 2004.

Pelosi on state of coronavirus stimulus talks: "It's a chasm"

Democrats and the Trump administration remain "miles apart" on negotiations over a coronavirus stimulus deal, House Speaker Nancy Pelosi (D-Calif.) said on Wednesday.

Driving the news, via Axios' Dion Rabouin: Congress' failure to renew enhanced unemployment measures for millions of Americans at the end of July is already affecting consumer spending patterns, holding down retail purchases and foot traffic, economists at Deutsche Bank say.

3 hours ago - World

U.S. threatens to veto UN peacekeeping in Lebanon over Hezbollah concerns

Peacekeepers with Lebanese troops in southern Lebanon. Photo: Jalaa Marey/AFP via Getty

The Trump administration is threatening to veto a resolution to extend the UN's long-standing peacekeeping mission in southern Lebanon if its mandate isn't changed, Israeli and U.S. officials tell me.

Why it matters: The U.S. is the main funder of the UN Interim Force in Lebanon (UNIFIL), which has an annual budget of $250 million. The veto threat is a tactical move, and part of a broader effort to put pressure on Iran and its proxy in Lebanon, Hezbollah.