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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

24 mins ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.

The perils of organizing underground

Illustration: Aïda Amer/Axios

Researchers see one bright spot as far-right extremists turn to private and encrypted online platforms: Friction.

Between the lines: For fringe organizers, those platforms may provide more security than open social networks, but they make it harder to recruit new members.