Bloomberg reports that the real yield on U.S. 10-year debt fell to a record low as concerns grew over the outlook for economic growth. The rate, which strips out inflation, fell five basis points to minus 1.127%.

“We are in a regime of growth deceleration in the U.S., as the recovery becomes more mature and broad based, at the same time as inflationary pressures build. The Fed has to look through these pressures, and if anything as supply chain disruption presents downside risks to growth, may actually turn more dovish in the coming months.” - said Peter Chatwell, head of multi-asset strategy at Mizuho International Plc.