Sovereign debt yields are falling in all too many G20 countries as the outlook for the economy and central bank target interest rates undergo a very serious review; this is because all too many have been consistently wrong in their forecasts and wrong in their assessment of the current situation. March 2019 has seen one of the biggest ever, both absolute and relative, drop in the rates on (especially long-dated) US Treasuries. Benchmark 10-year US TNotes yield 2.35 per cent, equal to the Fed Funds target mid-point, and likewise New Zealand ones at 1.75 per cent.
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