Never before has holding bonds denominated in national currencies been more risky and less rewarding. That may seem like a provocative statement, but it’s not hyperbole. It’s the reality investors around the world now face.
Sovereign debt issued by Western governments sport record-low yields – in some cases, negative yields! Earlier this year the yield on the U.S. 30-year Treasury dipped to an all-time low of 2.25%. Meanwhile, despite talk of rate hikes to come, the Federal Reserve continues to keep short-term rates near zero.
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