Fixed-income isn’t what it used to be. As the Wall Street Journal reports, the total amount of global government bonds that bear negative yields—meaning it costs you to have the government hold your money—has now climbed to a massive $13 trillion.
This figure is likely to grow as yields continue to plumb the depths of negative territory, giving global investors little choice but to seek income elsewhere.
For some, it’s corporate debt. But even these securities have fallen significantly since the start of the year, many below zero.