10-Year US Treasury Yield Falls 10bps to 5.09% as Stock Selloff Lifts Haven Demand

This is a classic risk-off rotation: the move is being driven by equity weakness rather than by any shift in the rates outlook, which matters because haven flows can reverse as quickly as they arrive. The fact that the dollar is softening alongside the Treasury rally suggests the bid is for duration specifically, not for US assets broadly — a distinction that separates a genuine growth scare from a simple currency hedge. Whether the stock selloff deepens or stabilizes is the open question; absent that, the yield move looks tactical rather than a repricing of the policy path.