The world's richest nations are borrowing for free.

Taken together, the average 10-year bond yield of the U.S.,Japan, and Germany has dropped below 1 percent for the first timeever, according to Steven Englander, global head of G-10foreign-exchange strategy at Citigroup Inc.

That's not good news. The rock-bottom rates, which fall belowzero when inflation is taken into account, show “that investorsthink we are going nowhere for a long time,” Englander wrote in areport yesterday.

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