Rates desk
Global government bond yields
Highest 10-year
4.91%
Lowest 10-year
2.80%
Spread across markets
2.11
Markets covered
6
Inverted curves
0
Policy rates published
5
Every curve
Same maturities, six issuers- United States4.72%
- Euro area3.20%
- Germany3.26%
- United Kingdom4.91%
- Japan2.80%
- Canada3.55%
Ten-year yields
Past year- United States4.72%
- Germany3.26%
- United Kingdom4.91%
- Canada3.72%
Japan appears in the curve above but not here: its ministry publishes only the current month at this endpoint.
Every market, every maturity
With policy rate and curve slope| Market | 2Y | 5Y | 10Y | 20Y | 30Y | 10Y level | Slope |
|---|---|---|---|---|---|---|---|
| United Kingdom | — | 4.44 | 4.91 | 5.43 | — | +0.48 | |
| United States | 4.25 | 4.41 | 4.72 | 5.25 | 5.25 | +0.47 | |
| Canada | 2.83 | 3.17 | 3.55 | — | 3.96 | +0.72 | |
| Germany | 2.79 | 2.90 | 3.26 | — | 3.80 | +0.47 | |
| Euro area | 2.72 | 2.86 | 3.20 | — | 3.65 | +0.48 | |
| Japan | 1.61 | 2.09 | 2.80 | 3.67 | 3.93 | +1.19 |
Yields are percentages a year. Slope is the ten-year less the two-year, or the five-year where no two-year is published. Every figure comes from the issuer or its central bank; spreads and slopes are our own subtraction of those published figures.
Policy rates
Set by each central bankBank Rate
Effective federal funds rate
Deposit facility rate
ECB deposit facility
Target for the overnight rate
What the market expects
Two-year yield against the policy rateTwo-year government debt yields roughly what markets expect the policy rate to average over those two years. When it sits below the current setting, investors are collectively positioned for cuts.
Reading these together
These curves are close cousins rather than identical twins. The United States publishes a par yield curve, Germany a fitted zero curve, the United Kingdom nominal par gilt yields, Japan compound JGB yields and Canada benchmark bond yields. Differences of a few basis points between markets can come from construction alone.
A government paying more than another is not a verdict on its creditworthiness. It mostly reflects different policy rates, different inflation and different demand for that government’s debt — and each is borrowing in its own currency, which is the larger part of why the levels differ at all.
Germany carries no policy rate of its own; the European Central Bank sets one rate for the whole euro area, shown here against both.
Sources
One publisher per marketUnited States
U.S. Department of the Treasury
Par yield curve
Euro area
ECB statistics
AAA-rated central government spot yields
Germany
Deutsche Bundesbank
Svensson-fitted zero curve on listed federal securities
United Kingdom
Bank of England
Nominal par gilt yields
Japan
Japan Ministry of Finance
JGB compound yields
Canada
Bank of Canada
Benchmark bond yields