by Jeff Cox
The coronavirus crisis has brought another first to U.S. financial markets — negative yields on government debt.
Yields on both the one-month and three-month Treasury bills dipped below zero Wednesday, a week and a half after the Federal Reserve cuts its benchmark rate to near-zero and as investors have flocked to the safety of fixed income amid general market turmoil.
The U.S. now joins large swaths of Europe and Japan that also have negative-yielding debt.
In Germany, the move was even more prevalent, with all government fixed income instruments except the 30-year bond carrying rates below zero. Denmark, France and Sweden are among other European nations also in the category.