EFTA Document EFTA01377065

CIO Insights August 2016 Fixed Income 12 Negative yields After the June 24 Brexit vote, more bond yields turned negative Switzerland Germany Japan Sweden Netherlands France Spain Italy 1yr 2 3 4 5 6 7 8 9 n NS slinia F=4.110 =NM at =NM Ma pie swum United Kingdom Nom United States Past performance is not indicative of future returns difficulties meeting liabilities may be some of the more obvious consequences. The lesson? As monetary policy continues to kee