, a move that has preceded every recession over the past 50 years. However, a recession does not happen right away, taking on average up to two years to materialize.
Government bonds in Europe and Japan are not the only fixed-income instruments producing negative yields these days, with negative-yielding corporate debt, in a continuing sign of global financial displacement. While negative yields on the government side have been around for a while, negative-yielding corporate debt, though, is a relatively new thing, rising from just $20 billion in January, according to market researcher Jim Bianco.