Here is the state of the US Yield Curve during a pre-open with deflation in the air and global markets upset. The curve is rising this morning as yields drop. It’s obviously a risk ‘OFF’ picture.

They couldn’t wait to fly out of short-term Treasuries (risk ‘ON’) on Friday’s ‘Jobs’ hype and today they are going right back in. Like nearly everything else in the casino, it’s hyper frenetic in T bond land.

10, 5 & 2 year yields from Bloomberg