Remember, most people lose half their IQ when they take a job such as this one." Now I will turn to the main topic of my discussion, the low level of global real interest rates, an important and distinguishing feature of the current global economic environment.
In the United States, the yield on 10-year Treasury bonds is near all-time lows, with the same being true in the euro area, the United Kingdom, and Japan (figure 1). Yields have also declined in many emerging markets, with interest rates falling almost 400 basis points in Korea since the financial crisis and by a similar amount in Israel.