Compared to other government bonds – Yes! The attached chart shows the U.S. 10-year Treasury yield compared to the 10-year government bonds of France, Germany, Japan and Switzerland. While U.S. interest rates have fallen dramatically, European interest rates have fallen even farther and faster. One stunning example of how far this trend has gone is the Swiss 10-year Government Bond, which now has a negative interest rate! So the next time you think U.S. Treasury yields can’t go lower, remember, U.S. Treasuries are like the prettiest girl at the party for global investors looking for liquidity, quality and yield.

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