With real sovereign yields in emerging markets high, relative to a flattening U.S. yield curve, the data suggests investors are ignoring political risks that have been exposed by events like last week's failed coup in Turkey, even if they're doing so through gritted teeth.
Moreso from Negative yielding European bonds
Capital Flight
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”