A requiem for negative government-bond yields

AS INFLATION SURGES and central banks start to reverse the ultra-easy monetary policies that defined the past 14 years in financial markets, one of the starkest signs of the period of cheap money is fading away. The pool of negative-yielding bonds is evaporating.Less than three years ago, as much as 40% of global government debt offered negative yields. Today that share has fallen below 10%. Much of it is concentrated in very short-term European and Japanese debt, the first of which is not long for this world, if market expectations for interest-rate rises in the euro area are to be believed. The volume of negative-yielding corporate bonds, an especially eye-popping element of recent financial history, is close to zero.