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

Ted Cruz defends GOP's expected return to prioritizing national debt

Sen. Ted Cruz (R-Texas) told "Axios on HBO" on Monday that he wishes reining in the national debt was a higher priority for President Trump.

Why it matters: Trump pledged during the 2016 campaign to reduce the national debt and eliminate it entirely within eight years, though he also deemed himself "the king of debt" and said there were some priorities that required spending. In the fiscal year that ended in September, the deficit reached a record $3.1 trillion.

Federal judge blocks DOJ from defending Trump in Carroll rape defamation case

E. Jean Carroll in Warwick, New York. Photo: Eva Deitch for The Washington Post via Getty Images

A federal judge on Tuesday dismissed the Justice Department's attempted intervention on behalf of President Trump in writer E. Jean Carroll's defamation lawsuit against him, after she accused him of raping her in a dressing room in the mid-1990s.

Catch up quick: The agency argued that Trump was "acting within the scope of his office" as president when he said in 2019 that Carroll was "lying" about her claim.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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