Investors overseeing trillions of dollars are plowing money into US government debt like never before, in a wave that’s only gaining strength as the spreading Covid-19 casts doubt on the global growth outlook.

Evidence of the insatiable demand can be found across the fixed-income universe. Pensions, which have been ramping up bond allocations for more than a decade after a change in regulations, now hold a record amount of longerdated Treasuries.

Bond mutual funds saw a historic inflow of money last year, with no sign of a slowdown. Even hedge funds have piled in.

The wall of cash is a boon to American taxpayers as the federal deficit swells. It’s keeping Treasury yields, a benchmark for global borrowing, near all-time lows.


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