As of December 30, 2024, the major economy with the highest yield on 10-year government bonds was Turkey, with a yield of 27.38 percent. This is due to the risks investors take when investing in Turkey, notably due to high inflation rates potentially eradicating any profits made when using a foreign currency to investing in securities denominated in Turkish lira. Of the major developed economies, United States had one the highest yield on 10-year government bonds at this time with 4.59 percent, while Switzerland had the lowest at 0.27 percent. How does inflation influence the yields of government bonds? Inflation reduces purchasing power over time. Due to this, investors seek higher returns to offset the anticipated decrease in purchasing power resulting from rapid price rises. In countries with high inflation, government bond yields often incorporate investor expectations and risk premiums, resulting in comparatively higher rates offered by these bonds. Why are government bond rates significant? Government bond rates are an important indicator of financial markets, serving as a benchmark for borrowing costs, interest rates, and investor sentiment. They affect the cost of government borrowing, influence the price of various financial instruments, and serve as a reflection of expectations regarding inflation and economic growth. For instance, in financial analysis and investing, people often use the 10-year U.S. government bond rates as a proxy for the longer-term risk-free rate.

In August 2024, the average yield on ten-year government bonds in the United States was equal to 3.87 percent. This was the highest of the selected developed economies considered in this statistic. The countries with the lowest yield were Germany and Japan, with 2.24 and 0.88 percent respectively. Bonds and yields – additional information The bond yield indicates the level of return that the investor can expect from a given type of bond. The government of Italy, for instance, offered the investors 3.63 percent yield on ten-year government bonds for borrowing their money in August 2024. In the United States, government needs are also financed by selling various debt instruments such as Treasury bills, notes, bonds and savings bonds to investors. The largest holders of U.S. debt are Federal Reserve and Government accounts in the United States. The major foreign holders of the United States treasury securities are Japan, Mainland China, and the United Kingdom.

US 10 Year Note Bond Yield was 4.34 percent on Wednesday March 26, according to over-the-counter interbank yield quotes for this government bond maturity. US 10 Year Treasury Bond Note Yield - values, historical data, forecasts and news - updated on March of 2025.

Graph and download economic data for Market Yield on U.S. Treasury Securities at 1-Month Constant Maturity, Quoted on an Investment Basis (DGS1MO) from 2001-07-31 to 2025-03-25 about 1-month, bills, maturity, Treasury, interest rate, interest, rate, and USA.

In January 2020, prior to the onset of the global coronavirus (COVID-19) pandemic, three of the seven largest economies by GDP had negative yields for two-year government bonds (Japan, Germany and France). With the onset of the pandemic, two-year bond yields in these countries actually rose slightly - in contrast to the other major economies, where yields fell over this period. As of December 2024, yields for two-year government bonds exhibited fluctuations across all countries. Notably, Japan showed a slight upward trend, while China experienced a modest decline.Negative yields assume that investors lack confidence in economic growth, meaning many investments (such as stocks) may lose value. Therefore, it is preferable to take a small loss on government debt that carries almost no risk to the investor, than risk a larger loss on other investments. As both the yen and euro are considered very safe assets, Japanese, German and French bonds were already being held by many investors prior to the pandemic as a hedge against economic downturn. Therefore, with the announcement of fiscal responses to the pandemic by many governments around March 2020, the value of these assets rose as confidence increased (slightly) that the worst case may be avoided. At the same time, yields on bonds with a higher return fell, as investors sought out investments with a higher return that were still considered safe.

Graph and download economic data for 11.5-Year High Quality Market (HQM) Corporate Bond Spot Rate (HQMCB11Y6M) from Jan 1984 to Feb 2025 about bonds, corporate, interest rate, interest, rate, and USA.

Germany DE: Treasury Bill Rate: Government Securities data was reported at 3.803 % pa in 2007. This records an increase from the previous number of 3.083 % pa for 2006. Germany DE: Treasury Bill Rate: Government Securities data is updated yearly, averaging 4.358 % pa from Dec 1975 (Median) to 2007, with 33 observations. The data reached an all-time high of 10.370 % pa in 1981 and a record low of 1.975 % pa in 2003. Germany DE: Treasury Bill Rate: Government Securities data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Germany – Table DE.IMF.IFS: Treasury Bill and Government Securities Rates: Annual.

Graph and download economic data for 100-Year High Quality Market (HQM) Corporate Bond Spot Rate (HQMCB100YR) from Jan 1984 to Feb 2025 about bonds, corporate, interest rate, interest, rate, and USA.

Romania RO: Treasury Bill Rate: Government Securities data was reported at 2.530 % pa in 2017. This records an increase from the previous number of 2.416 % pa for 2016. Romania RO: Treasury Bill Rate: Government Securities data is updated yearly, averaging 10.897 % pa from Dec 1994 (Median) to 2017, with 23 observations. The data reached an all-time high of 85.718 % pa in 1997 and a record low of 2.416 % pa in 2016. Romania RO: Treasury Bill Rate: Government Securities data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Romania – Table RO.IMF.IFS: Treasury Bill and Government Securities Rates: Annual.

Angola AO: Treasury Bill Rate: Government Securities data was reported at 17.500 % pa in 2024. This records an increase from the previous number of 10.523 % pa for 2023. Angola AO: Treasury Bill Rate: Government Securities data is updated yearly, averaging 11.952 % pa from Dec 2004 (Median) to 2024, with 18 observations. The data reached an all-time high of 52.177 % pa in 2004 and a record low of 3.065 % pa in 2013. Angola AO: Treasury Bill Rate: Government Securities data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Angola – Table AO.IMF.IFS: Treasury Bill and Government Securities Rates: Annual.

United States US: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data was reported at 3.186 % pa in 2016. This records a decrease from the previous number of 3.201 % pa for 2015. United States US: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data is updated yearly, averaging 2.868 % pa from Dec 1960 (Median) to 2016, with 57 observations. The data reached an all-time high of 4.793 % pa in 1981 and a record low of 0.587 % pa in 1965. United States US: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Interest Rates. Risk premium on lending is the interest rate charged by banks on loans to private sector customers minus the 'risk free' treasury bill interest rate at which short-term government securities are issued or traded in the market. In some countries this spread may be negative, indicating that the market considers its best corporate clients to be lower risk than the government. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics database.; ;

Germany DE: Government Bond Yield: Long Term data was reported at 0.283 % pa in 2017. This records an increase from the previous number of 0.090 % pa for 2016. Germany DE: Government Bond Yield: Long Term data is updated yearly, averaging 6.233 % pa from Dec 1957 (Median) to 2017, with 61 observations. The data reached an all-time high of 10.383 % pa in 1974 and a record low of 0.090 % pa in 2016. Germany DE: Government Bond Yield: Long Term data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Germany – Table DE.IMF.IFS: Treasury Bill and Government Securities Rates: Annual.

Bangladesh Government Treasury Bond Rate: 5 Years data was reported at 10.390 % pa in Feb 2025. This records a decrease from the previous number of 12.180 % pa for Jan 2025. Bangladesh Government Treasury Bond Rate: 5 Years data is updated monthly, averaging 8.310 % pa from Dec 2003 (Median) to Feb 2025, with 219 observations. The data reached an all-time high of 12.430 % pa in Jun 2024 and a record low of 3.810 % pa in Jul 2021. Bangladesh Government Treasury Bond Rate: 5 Years data remains active status in CEIC and is reported by Bangladesh Bank. The data is categorized under Global Database’s Bangladesh – Table BD.M004: Government Treasury Bills.

At the end of 2023, the yield on the 10-year U.S. Treasury bond was 3.96 percent. The highest yields could be observed in the early 1990s. What affects bond prices? The factors that play a big role in valuation and interest in government bonds are interest rate and inflation. If inflation is expected to be high, investors will demand a higher return on bonds. Country credit ratings indicate how stable the economy is and thus also influence the government bond prices. Risk and bonds Finally, when investors are worried about the bond issuer’s ability to pay at the end of the term, they demand a higher interest rate. For the U.S. Treasury, the vast majority of investors consider the investment to be perfectly safe. Ten-year government bonds from other countries show that countries seen as more risky have a higher bond return. On the other hand, countries in which investors do not expect economic growth have a lower yield.

Spain ES: Treasury Bill Rate: Government Securities data was reported at -0.342 % pa in 2017. This records a decrease from the previous number of -0.158 % pa for 2016. Spain ES: Treasury Bill Rate: Government Securities data is updated yearly, averaging 3.712 % pa from Dec 1987 (Median) to 2017, with 31 observations. The data reached an all-time high of 14.169 % pa in 1990 and a record low of -0.342 % pa in 2017. Spain ES: Treasury Bill Rate: Government Securities data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Spain – Table ES.IMF.IFS: Treasury Bill and Government Securities Rates: Annual.

Vietnam VN: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data was reported at 3.300 % pa in 2013. This records a decrease from the previous number of 4.655 % pa for 2012. Vietnam VN: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data is updated yearly, averaging 3.853 % pa from Dec 1993 (Median) to 2013, with 18 observations. The data reached an all-time high of 7.027 % pa in 2007 and a record low of 1.990 % pa in 2010. Vietnam VN: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Vietnam – Table VN.World Bank.WDI: Interest Rates. Risk premium on lending is the interest rate charged by banks on loans to private sector customers minus the 'risk free' treasury bill interest rate at which short-term government securities are issued or traded in the market. In some countries this spread may be negative, indicating that the market considers its best corporate clients to be lower risk than the government. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics database.; ;

Swaziland SZ: Treasury Bill Rate: Government Securities data was reported at 8.083 % pa in 2017. This records an increase from the previous number of 7.202 % pa for 2016. Swaziland SZ: Treasury Bill Rate: Government Securities data is updated yearly, averaging 8.083 % pa from Dec 1973 (Median) to 2017, with 45 observations. The data reached an all-time high of 17.736 % pa in 1984 and a record low of 2.970 % pa in 1973. Swaziland SZ: Treasury Bill Rate: Government Securities data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Eswatini – Table SZ.IMF.IFS: Treasury Bill and Government Securities Rates: Annual.

South Africa ZA: Treasury Bill Rate: Government Securities data was reported at 7.313 % pa in 2017. This records an increase from the previous number of 7.229 % pa for 2016. South Africa ZA: Treasury Bill Rate: Government Securities data is updated yearly, averaging 7.339 % pa from Dec 1957 (Median) to 2017, with 61 observations. The data reached an all-time high of 19.333 % pa in 1984 and a record low of 1.988 % pa in 1963. South Africa ZA: Treasury Bill Rate: Government Securities data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s South Africa – Table ZA.IMF.IFS: Treasury Bill and Government Securities Rates: Annual.

Thailand Treasury Bill & Government Bond Yield: Average: BOT: 10 Year data was reported at 2.270 % pa in Feb 2025. This records a decrease from the previous number of 2.350 % pa for Jan 2025. Thailand Treasury Bill & Government Bond Yield: Average: BOT: 10 Year data is updated monthly, averaging 3.040 % pa from Jan 2005 (Median) to Feb 2025, with 242 observations. The data reached an all-time high of 6.400 % pa in Nov 2005 and a record low of 1.170 % pa in May 2020. Thailand Treasury Bill & Government Bond Yield: Average: BOT: 10 Year data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.M005: Treasury Bill and Bond Yield.

Brazil BR: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data was reported at 31.484 % pa in 2023. This records an increase from the previous number of 26.136 % pa for 2022. Brazil BR: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data is updated yearly, averaging 33.566 % pa from Dec 1997 (Median) to 2023, with 27 observations. The data reached an all-time high of 57.797 % pa in 1998 and a record low of 18.402 % pa in 2013. Brazil BR: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Brazil – Table BR.World Bank.WDI: Interest Rates. Risk premium on lending is the interest rate charged by banks on loans to private sector customers minus the 'risk free' treasury bill interest rate at which short-term government securities are issued or traded in the market. In some countries this spread may be negative, indicating that the market considers its best corporate clients to be lower risk than the government. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.;International Monetary Fund, International Financial Statistics database.;;