A sudden awakening in markets that risk is a real thing - no matter how much liquidity central banks puke into the financial system - has sparked a massive drop in Treasury yields (and stocks have started to catch down to that reality)...

And as Nomura's head of cross-strategy Charlie McElligott notes, this morning sees this getting worse fast...

The 2020 resumption of the "Everything Duration" rally violently escalates to start the week as the Coronavirus contagion snowballs, with the already brutal short-squeeze in USTs experienced last week now blowing through stop-losses (10Y yields tagging1.60 earlier) and seeing UST futures across the curve at best levels since Fall '19, with risk-assets sharply lower (Crude -3.0%) on negative global growth impact fears.