The World Is Finding a Plausible Alternative to Treasuries (1)

In the first rush for safe havens in years, global investors are finding there are credible alternatives to US Treasury bonds.

Yields on the benchmark 10-year Treasury have tumbled about 40 basis points this year, briefly falling below 4% in the past couple of days on President Donald Trump’s barrage of tariffs that economists say raise the risk of a recession.

In contrast, comparable rates in both Europe and Japan — which have also tumbled amid the risk aversion — remain up this year. In Germany, the 10-year bund at 2.66% reflects the prospect of a flood of bond issuance ...