This week, the yield on 10-year Treasuries reached an all-time low, below 1.40%. The decrease in US long-term interest rates is generalised: the yield on Baa-rated corporate bonds is down by almost 130 bp since early 2016, with 30-year mortgage rates down 70 basis points.
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In Europe, interest rates have remained at historically low levels ever since the 2008 subprime...