By Dhara Ranasinghe and Michael Ovaska | REUTERS GRAPHICS
The pool of government bonds with yields below zero, which stood at more than $13 trillion in the wake of Britain's shock decision to leave the European Union, has steadily fallen in recent months.
At the same time, financial markets reflect a growing perception that ultra-easy monetary policy will be scaled back, while inflation expectations are at multi-month highs -- signs perhaps that an era of negative yields is nearing an end.
Borrowing costs globally have soared as stronger data and the economic policies of U.S. President-elect Donald Trump spark a reassessment of future inflation and economic growth, raising the question of whether an era of ultra-low yields has now reached a turning point.
By Dhara Ranasinghe and Michael Ovaska | REUTERS GRAPHICS