Chart of the week: irrational exuberance over junk bonds

The yield on a widely watched index of European junk bonds has hit record lows (reflecting soaring prices), slipping below the dividend yield on the MSCI Europe equity index.

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It feels like 1998, says John Authers on the Financial Times website. A sign of irrational exuberance is the rush into risky assets in Europe. The yield on a widely watched index of European junk bonds has hit record lows (reflecting soaring prices), slipping below the dividend yield on the MSCI Europe equity index.

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