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Chart of the Week
Finally, Positive News
Western major central banks have embarked on one of the fastest monetary policy tightening cycles in recent history. As a result, the rise in long-term interest rates has been both broad and steep. A year ago, around one quarter of all global government debt had a negative nominal yield. Today, fixed income investors can receive positive income from sovereign bonds almost everywhere, with the sole exception of Japan.
Source: Bloomberg, GIR, Goldman Sachs Asset Management.