independent: Market turmoil sends investors fleeing into Treasuries

Investors stampeded into US government debt yesterday, viewing it as the only safe haven from a new round of losses in the rest of the credit markets and another plunge by stock markets around the world.
Unprecedented demand sent interest rates on a whole range of US Treasuries to record low levels, in a flight to quality that surpassed even the effects of the mid-September panic.
By contrast, corporate bonds, mortgage securities and other debt instruments continued to plunge in value, amid growing concerns that a global recession will lead to a new wave of defaults and losses.