# Negative interest rate on bond yield

In Black-Scholes model $$r$$ is defined as risk-free interest rate. What I have understood is that risk-free comes from the yields on sale of government bonds. What does that mean if the interest rate(fed fund rate) are negative? Does the yield on government bonds then also go negative? I understand the price of the bond will go up, but is that yield correlated with the fed fund rate?