Chart of the day: German 10-year yields

Here’s a Bloomberg chart of the yield on 10-year German bonds since reunification. The overall trend is down, most precipitously since 2009. (Hat tip Scott)

P.S. – it seems this chart is from Andy Lees of UBS. He says:

Reuters highlighting that German 10 year yields fell as low as 2.395% today, but more importantly for the first time since at least 1957 German 10 year real yields were negative. My Bloomberg chart only goes back to the early 1990’s and only shows the real yield at this moment which is about 1bpt. Again this clearly highlights the stresses in the system as preserving capital starts again to become more important than making any return on it, ie a clear debt deflation story re-emerging that equities seem oblivious to just at the moment. Clearly at some stage QE3 will come along and fill the monetary void but until then cash is looking King once again.

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