The trading week has started and it’s risk off.  Markets in Asia and Europe are getting slammed on renewed fears that Greece and Spain may not meet its debt obligations.

This has sent investors and traders into low-risk asset classes like US Treasury securities.  The US 10-year Treasury note yield sank to 1.40% earlier today.

Here’s chart of the 10-year note from Bank of America’s Michael Hartnett.  It shows that the borrowing costs have never been this low.