Silver Rises Over 120% YTD 
Treasury markets experienced a significant rally Monday as investors fled to safe-haven assets following a tech sector rout sparked by DeepSeek’s AI announcement.
The 10-year Treasury yield fell 12 basis points to 4.50%, while the policy-sensitive two-year yield dropped to a one-month low of 4.17%. The market reaction reflects deeper concerns about U.S. technological leadership and potentially overvalued tech stocks, drawing parallels to the dot-com era unwind.
Traditional safe-haven currencies also strengthened considerably, with the Japanese yen gaining 1.5% against the dollar and the Swiss franc rising 1%. The market turbulence comes at a crucial time, just ahead of the Federal Reserve’s policy meeting and amid uncertainty over President Trump’s trade policies.
Traders have fully priced in two Fed rate cuts for the year, though the central bank is expected to hold rates steady this week as it navigates inflation concerns and policy uncertainties. The bond rally extended globally, with European sovereign debt also gaining as investors reassessed risk exposures.
