The global bond market is witnessing history: The value of world negative-yielding bonds fell to 28 billion in October, near the lowest in 11 years. Negative-yielding bonds are those where the holder loses money if the bond is held to maturity. This marks a rapid decline from the 18 TRILLION worth of negative-yielding debt recorded in December 2020. This comes as central banks have ended ultra-loose monetary policy of near-zero and negative interest rates over the last few years. The most recent was the Bank of Japan, which raised rates by 20 basis points from -0.1% in March 2024. The era of negative rates is over.(The Kobeissi Letter)