, Columnist
Think Real Yields Can't Go Lower? Think Again
Forget about tapering: The economy may need another $12 trillion of asset purchases just to keep ticking over.
Get used to a sub-zero world, investors.
Photographer: JUSTIN TALLIS/AFP/Getty Images
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More round numbers and more esoteric records. On Wednesday, the real 10-year Treasury yield (the nominal yield minus the inflation breakeven) dropped below minus 0.9% and briefly dipped under the previous all-time low set in December 2012 (marked in the chart). Meanwhile the nominal 10-year yield fell below 0.6%.