Volatility was extreme and the VIX soared to levels unseen since the financial crisis, with many analysts now expecting an imminent rate cut, with markets pricing -0.25% fed funds in July, meaning the US central bank is expected to go into the negative territory, for the first time ever.
Panic was everywhere and investors and traders were rushing out of the markets as the latest Saudi Arabia - Russia oil war game resulted in the biggest oil plunge in 30 years as both oil benchmarks were down 30% today. Wau.
This extreme move resulted in many margin calls and many energy companies will most likely default soon, with their bonds plunging notably.
The 10-year US yield cratered and halved again in one day, plunging from 0.8% to 0.4%, before recovering some ground.