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. “This is why bond bulls have been getting paid.”

Watch the full clip above for more.