The yield curve is spiking up today with nominal yields falling, but if it has anything to do with this new Ukraine stuff it is meaningless as a risk ‘off’ indicator.  Anyway, here’s the view of the herds jumping into short-term Treasury instruments.

10, 5 & 2 year yields from Bloomberg

Here is the big picture view of 10’s vs. 2’s as of yesterday’s close.  As you can see, it is burrowing southward on the big picture with its combined message of no inflation and no systemic risk… That’s what it says as of 11:00 Eastern US time on Wed. the 1st of October, anyway.