Navigating the negative-yield universe [Quarterly Perspectives]Contributor Global Markets Insights Strategy Team
The ECB puts the eurozone at the centre of the story
The relentless pursuit of economic growth–and higher inflation–by central banks in recent years has driven yields to record lows across most of the developed world. Now, lack of inflation–or outright deflation in Europe–reduced investor risk appetite and de-risking from institutions such as pension funds have made the problem even worse, as shown in the chart below.
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