The flight to safety amid risk-off and falling Fed and BOE rate hike bets pushed the treasury yields lower. The UK Gilt yields dropped as well, with the benchmark 10-yr yield hitting record low of 1.320%. Across the pond, the 10-yr treasury yield fell to 1.625%; the lowest since May 2013. Banking stocks across Europe tanked, driving the major index lower by at least 3%. The investors, running for cover, are pouring their money into traditional safe havens like government bonds, Gold and Japanese Yen. For more information, read our latest forex news.