- The 10-year Treasury yield has plunged a full 21 basis points to 1.53% after the U.K. voted to leave the EU. It's the largest one-session decline since the panicky late summer of 2011. TLT +3%, TBT -6% premarket
- Short-term interest rate futures have now begun pricing in a rate cut, with the Oct. 2016 Fed Fund contract at 99.67 three basis points higher than the July contract.
- The German 10-year Bund yield is down a whopping 17 basis points to negative 0.07%. The U.K. 10-year Gilt yield is off 30 basis points to 1.07%.
- Yields on the periphery are headed the opposite way - the Italian 10-year is up 14 bps to 1.45%, and Spain is up 12 bps to 1.6%.
- The 10-year JGB yield is down 5.6 bps to negative 0.196%.
- Previously: Futures down sharply as Europe crashes post-Brexit (June 24)
- ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL