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Europe is slowing. Need proof?

Look no further than recent moves in 10-year yields in Germany and Switzerland.

The yield on the German Bund is in ZIRP (zero interest rate policy) territory at 0.06%. Meanwhile, Switzerland went NIRP (negative interest rate policy) earlier this year with its 10-year yield sitting at -0.35%.

Translation? It’s a good time to be a bond bull in Europe.

“People in Europe are well-aware of the developing European recession,” McCullough explains in the clip above from The Macro Show. “This is why bond bulls have been getting paid.”

Watch the full clip above for more.

McCullough: ZIRP & NIRP Getting Nasty In Europe - early look