Yields on 10- and 30-year U.S. Treasuries fell to records after bonds surged around the world, a move Mohamed El-Erian says points to slower economic growth ahead.

The 30-year bond yield dropped as much as nine basis points to an unprecedented 2.1914 percent, while benchmark 10-year yields slid to 1.3784 percent.

“It’s a global benchmark,” said Yusuke Ito, the senior investor in Tokyo at Mizuho Asset Management Co. Ltd., which oversees about $49 billion. “It’s very important.”

Yields are plunging to record-low levels from the U.S. and Japan to the U.K. amid concern Britain’s decision to leave the European Union will curb the global economy. The U.S. has an advantage because its bonds offer a premium over what investors can get in most of Europe or in Japan.

Bonds are pointing to slower growth and more dovish central banks, El-Erian, the chief economic adviser at Allianz SE and a Bloomberg View columnist, wrote on Twitter this week.

Japanese benchmark yields extended their push below zero as some economists predicted the central bank will add to its record stimulus program following its next meeting July 29. Taiwan’s 10-year yield dropped to a record.

“In the Tokyo market, there’s no interest rate, and there’s turmoil in the euro area,” said Yoshiyuki Suzuki, the head of fixed income in Tokyo at Fukoku Mutual Life Insurance Co., which has $63.4 billion in assets. “Money is escaping to the Treasury market.”