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BOND MARKETS WEEKLY – Bond yield is a very rare commodity

BOND MARKETS WEEKLY – Bond yield is a very rare commodity

As today's chart from Bank of America shows, from a global perspective, bond yields are a very rare commodity. Approximately 20% of all bonds today bear a negative yield to maturity. This means that if investors hold these bonds until their maturity, they will certainly...

BOND MARKETS WEEKLY – Financial repression on developed markets

BOND MARKETS WEEKLY – Financial repression on developed markets

Financial repression is a term that describes the fact that on many developed markets, real bond yields to maturity, i.e. nominal yields less inflation, are negative. The consequence of this fact is that holders of government bonds achieve negative returns in real terms and by...

CHART OF THE WEEK – Mother of all bubbles

CHART OF THE WEEK – Mother of all bubbles

We believe that US technology stocks are in the biggest bubble in history. One of the widely used valuation indicators is the ratio of the market capitalization of the MSCI USA Information Technology stock index to US nominal GDP. During the technological bubble at the turn of...

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