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Living in a Negative Interest-Rate World

Wells Fargo Investment Institute - October 31, 2019

Key Insights

  • Currently, we can observe two types of negative interest rates in developed markets: negative policy rates driven by central banks and the negative yield to maturity of several bonds.
  • Negative yielding debt now comprises more than 20% of the Bloomberg Barclays Global Aggregate Index. While negative yields have been seen in many developed markets overseas, investors have wondered whether the U.S. could face negative domestic fixed-income rates ahead.
  • Negative interest rates have had a major impact on the banking sector in Europe and Japan, and bank investors also are focused on this question.
  • We do not believe that negative interest rates are a near-term risk for U.S. fixed-income markets. We do believe that investors should consider different global investment strategies in today’s negative- and low-yield environment. We outline these strategies in this report.

Download the report (PDF)