Can the ECB do More for Longer with Negative Yields?
Japan’s 20-year government bond yield dropped past zero for the first time as ultra-low yields worldwide failed to deter investors from rushing to buy the safest assets. U.S. Treasuries advanced for a fourth day as 10- and 30-year year yields renewed record lows, with the fallout from the shock U.K. vote to leave the European Union clouding the outlook for global growth. Benchmark 10-year Japanese and Australian sovereign note yields also slid to unprecedented levels. Almost $10 trillion of securities in the Bloomberg Global Developed Sovereign Bond Index yield less than zero, up from about $9 trillion a week ago. Jefferies International Chief Euro Economist David Owen discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."