The returns investors expect to earn after inflation on the world’s most important government bonds have reached a record low in a fall that has had sweeping implications across global markets.
The real yield on 10-year US Treasuries fell further below zero on Monday as growing anxiety over the outlook for economic growth added fuel to a recent rally in bond markets.
The real yield — which measures the returns investors can expect once inflation is taken into account — sank to minus 1.127 per cent as a stock market sell-off drove Asia investors into the safety of government debt.
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