Jun 24, 2019

James Grant: negatively-yielding bonds at record $12.5 trillion

Accommodative signals from the European Central Bank on Tuesday pushed the yield on a host of securities below zero, including the not-quite blue-chip Bulgarian government three-year notes.  Some $12.5 trillion of securities worldwide are priced to yield less than nothing, an all-time record.

~ James Grant, "Bad Actors: Hamilton Pans Central Bankers," Barron's, June 24, 2019

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