The flight to safety on global markets is turning into a stampede, as skittish investors pour so much money into safe government bonds that yields in many countries have plunged to the lowest levels seen to date.
On Wednesday, the mania for bonds swept up countries as diverse as Germany, the United States, Britain, Canada and Switzerland. Yields on bellwether U.S. 10-year Treasuries sank to 1.62 per cent in late trading, while comparable German bonds, known as bunds, sagged to 1.27 per cent. Both are record lows. Canada and Britain also benefited, with their key government bond yields falling to 1.79 per cent and 1.64 per cent, respectively.