Government yields below key rates

CFA Level III
#1

How do peeps,

Was wondering if anyone would be able to explain the following gifs to me as it feels like the tectonic plates of finance are shifting;

  1. EURO ZONE

The yield on Germany’s 10-year Bund fell below the ECB’s overnight deposit rate for the first time ever; https://fingfx.thomsonreuters.com/gfx/mkt/12/2983/2958/ezcurve.gif

  1. UNITED STATES

The 10-year Treasury yield falling below the upper bound of the Fed’s interest rate band for the first time in 11 years; https://fingfx.thomsonreuters.com/gfx/mkt/12/2985/2960/us.gif

  1. UNITED KINGDOM

The yield on the 10-year gilt falling below the Bank of England’s policy rate;

https://fingfx.thomsonreuters.com/gfx/mkt/12/2987/2962/UKcurve.gif

These have been sourced from a Reuters article called ’The Incredible Disappearing Bond Yields’.

Appreciate any insight.

Best,

Terry