Treasurys spiked and their yields plunged on Thursday as part of the stunning global-market reaction to the EU referendum result.
The yield on the benchmark 10-year Treasury note fell towards a record low, by as many as 26 basis points to as low as 1.477%. The drop was the most since at least October 2011.
Three major British television networks called the final result for a “Leave” vote just before midnight in New York.
And so as several analysts warned ahead of the vote, we’re seeing an unprecedented risk-off reaction in markets as traders realize that a vote to leave the EU is a reality.
Other treasury yields across the curve were tanking, with the 30-year down 20 basis point to 2.357%.
Meanwhile, S&P 500 futures were down more than 4.8% while Dow futures were off 3.7%. The pound suffered its worst drop ever, falling 9% against the pound.