US Treasury yields on one-, two- and three-month maturities all turned negative as investors continued to favor short-term debt that functions like cash. “What you are seeing today is an example of a flight-to-safety on a massive scale,” Kathy Jones, chief fixed income strategist at Charles Schwab, told the Financial Times, cited by Axios. The US is the first major economy in which government bond yields have turned negative before the country’s central bank announced it would enact policy to push them below zero.
