Negative Rates Could Happen in America, Too

Everyone is reading this new Joachim Fels piece at PIMCO today about the fact that there are now $15 trillion worth of negative-yielding sovereign bonds around the world, something that just a few years ago would have seemed wholly inconceivable based on what we thought we understood about human nature, risk, the mechanics of the financial system and behavioral economics.
In countries from Asia to Europe, investors are ch…

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