10Y US Treasury yields are down 8bps overnight, accelerating in the last hour to 1.62% (as 30Y yields crash below Effective Fed Funds rates) and stocks are starting to catch down...

Source: Bloomberg

Stocks have started to tumble after a low volume ramp overnight

As the yield curve collapses...

Source: Bloomberg

But Stocks have a long way to fall yet to catch down to bonds' reality...

Source: Bloomberg

And gold is seeing safe-haven binds...