Companies will be forced to divert money away from developing new products and expanding their businesses. Local governments will have less cash to build new roads, parks and bridges. And retirees will have less money available to spend.
Academics will spend years debating the pros and cons of unconventional monetary policies that led to such low long-term yields. It's a complicated debate, with legitimate points on both sides. But in this one pocket of the world, there are some deleterious effects that will linger for a long time.
This article was provided by Bloomberg News.