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JPMorgan Says Real Yields Are Negative for $31 Trillion of Bonds

A man looks out of a window to the offices of JPMorgan Chase & Co. in the Canary Wharf business and shopping district in London.
A man looks out of a window to the offices of JPMorgan Chase & Co. in the Canary Wharf business and shopping district in London.Photographer: Simon Dawson/Bloomberg

JPMorgan Chase & Co. says the stockpile of developed sovereign debt with a negative yields adjusted for inflation has doubled over the past two years to $31 trillion.

As the Federal Reserve prepares to let prices run hotter to fix the pandemic-hit labor market, the Wall Street bank has a message for investors: Get used to it.