Andrea Wong

“We get very nervous when the stock price index goes to high P/E, we ought to be somewhat nervous when the bond rate does the same,” the former Fed chairman says.

Treasuries surged, pushing yields to the lowest in more than three years, as a persistent rout in global financial markets pushed investors into the safest assets.

The dollar fell as revised data showed the U.S. economy shrank for the first time in three years, increasing the case for the Federal Reserve to maintain record-low borrowing costs to stimulate growth.

The dollar snapped six weeks of declines against the euro, the longest losing streak in more than six years, as the Federal Reserve signaled it’s moving toward raising interest rates.