Anyone who questions when I began warning that interest rates would go negative, well that day has arrived. Investors are now paying Germany to park their money. At the first auction of six-month German Treasury bills after the recent ECB rate cut, investors had to make do with a negative yield of 0.0934 percent on Monday. That’s a new record. Investors may therefore not as usual get money from the federal government for loans, but have to pay Germany money just to hold their cash.
