Interest rates on US, German and UK government bonds have fallen to all-time lows. Yields on 10-year US Treasuries are below 2 per cent, the lowest recorded since the Federal Reserve began publishing market data in 1953. Yields on the inflation-protected 10-year Treasuries are zero. These are almost incomprehensible levels, whose implications are profoundly negative. Only the anticipation of negligible demand for capital and negligible inflation – could drive rates this low. Tuesday’s International Monetary Fund report is quite correct: America and Europe are on the verge of recession.
美国、德国和英国的国债利率都已跌至历史最低水平。10年期美国国债收益率不到2%，创下自美联储(FED) 1953年开始发布市场数据以来的新低。10年期通胀保值国债收益率为零。这几乎是不可想象的收益率水平，带有深刻的负面含义。只有当市场预期资本需求和通胀水平将不值一提时，利率才可能被推低至如此水平。国际货币基金组织(IMF)周二的报告非常正确：美国和欧洲正处在manbetx20客户端下载 衰退的边缘。