US 10-year yield will break below 1 percent, CIO says

Expect U.S. Treasury yields to keep hitting new record lows, Rebecca Patterson, chief investment officer at Bessemer Trust, said Monday.

"It feels to me the U.S. 10-year [yield], I don't know when, but I think we're going to break 1 percent," Patterson told CNBC's "Squawk Box." "The question is when. Does it happen sooner because we have bigger consequences of Brexit and Italian banks … that causes a flight to safety? Or does it happen later, over the next two-to-three years, when we eventually get the next recession?"

The U.S. 10-year yield hit a fresh record low, near 1.33 percent late Thursday, following other sovereign yields lower, as the United Kingdom's vote to leave the European Union has plagued the markets with uncertainty, leading investors to buy so-called safe-haven investments.

US 10-year yield in past 3 monthsSource: FactSet

"It's crazy what we're seeing. The entire Swiss yield curve is negative," Patterson said. "We're likely going to see over the next three weeks the Bank of England easing, Japan easing."

Brexit has also taken its toll on several major currencies, especially the British pound. Sterling fell to a fresh 31-year low overnight against the dollar, near $1.27.

The Japanese , traditionally considered a safe-haven currency, has soared. On Wednesday, the yen gained 1.2 percent versus the dollar to trade near 100.50.

"A strong yen is a huge problem for Japan, especially since we're in this type of global environment and inflation is so low and with the Chinese aggressively devaluing the currency, it makes it more difficult for [Japan] to compete," Kathy Lien, director of foreign exchange strategy at B.K. Asset Management, said in another "Squawk Box" interview.