At 1:30 pm EST, the US 30-year bond was up nearly 2 percentage points and the 10-year note up almost a full percentage point in price. At 2.11%, the 10-year yield is down to where it stood on Nov 9, the day after the U.S. election.

Oil is also falling. At $44.74, West Texas Intermediate crude is back to where it was on November 29. All the European indices except for the German DAX are now down on the day, with big declines in resource, energy and financial companies leading the Eurostoxx declines.

US indices are little changed on the day, with big declines in the energy sector balanced by gains in homebuilding, home appliances and housewares. The US market evidently figures that an ill wind will blow somebody good, namely homeowners who stand to benefit from lower mortgage yields.