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 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.

Of the largest economies by GDP, the United States saw the sharpest fall in absolute terms for 10-year government bond yields due to the coronavirus (COVID-19) pandemic. From a level of 1.51 percent in January 2020, yields on 10-year government bonds fell to 0.65 percent by April 2020, and had further fallen to 0.53 percent by July 2020 before starting to recover towards the end of the year. Conversely, countries that went into 2020 with already low bond yields like Japan, Germany and France actually saw a small increase in March 2020 - although these already low yields mean that these small changes are significant in relative terms. As of December 2024, the countries with the highest 10-year yields are the United Kingdom, the United States and Australia with 4.66, 4.54 and 4.46 percent, respectively.

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.

Government Bond Yield: Daily: 10 Years: Maturity 2033: Purchase Rate Morning data was reported at 14.990 % in 26 Mar 2025. This records an increase from the previous number of 14.920 % for 25 Mar 2025. Government Bond Yield: Daily: 10 Years: Maturity 2033: Purchase Rate Morning data is updated daily, averaging 12.070 % from Feb 2022 (Median) to 26 Mar 2025, with 772 observations. The data reached an all-time high of 15.430 % in 02 Jan 2025 and a record low of 10.300 % in 27 Dec 2023. Government Bond Yield: Daily: 10 Years: Maturity 2033: Purchase Rate Morning data remains active status in CEIC and is reported by National Treasury Secretariat. The data is categorized under Brazil Premium Database’s Interest and Foreign Exchange Rates – Table BR.MI007: Tesouro Direto: Government Bonds Yield: by Maturity: 2033.

Netherlands 10Y Bond Yield was 3 percent on Wednesday March 26, according to over-the-counter interbank yield quotes for this government bond maturity. Netherlands 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on March of 2025.

Chinese government bond yields mostly decreased between October 2023 and October 2024. For instance, the 1-year bond yield went from 2.19 percent to 1.45 percent, and the 30-year yield dropped from three percent to 2.33 percent. The decrease in yields was consistent across both short- and long-term maturities during this period.

United Kingdom Government Bond Yield: Zero Coupon: 5 Years data was reported at 1.014 % pa in Oct 2018. This records a decrease from the previous number of 1.152 % pa for Sep 2018. United Kingdom Government Bond Yield: Zero Coupon: 5 Years data is updated monthly, averaging 5.329 % pa from Jan 1982 (Median) to Oct 2018, with 442 observations. The data reached an all-time high of 14.936 % pa in Jan 1982 and a record low of 0.218 % pa in Aug 2016. United Kingdom Government Bond Yield: Zero Coupon: 5 Years data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.M013: Government Bond Yield.

Malta Government Bond Rate: Long Term: 2 Years data was reported at -0.026 % pa in Sep 2018. This records an increase from the previous number of -0.058 % pa for Aug 2018. Malta Government Bond Rate: Long Term: 2 Years data is updated monthly, averaging 2.180 % pa from Jan 2003 (Median) to Sep 2018, with 189 observations. The data reached an all-time high of 5.270 % pa in Jun 2008 and a record low of -0.199 % pa in Apr 2017. Malta Government Bond Rate: Long Term: 2 Years data remains active status in CEIC and is reported by Central Bank of Malta. The data is categorized under Global Database’s Malta – Table MT.M005: Treasury Bills and Government Bonds Rate.

As of October 16, 2024, the yield for a ten-year U.S. government bond was 4.04 percent, while the yield for a two-year bond was 3.96 percent. This represents an inverted yield curve, whereby bonds of longer maturities provide a lower yield, reflecting investors' expectations for a decline in long-term interest rates. Hence, making long-term debt holders open to more risk under the uncertainty around the condition of financial markets in the future. That markets are uncertain can be seen by considering both the short-term fluctuations, and the long-term downward trend, of the yields of U.S. government bonds from 2006 to 2021, before the treasury yield curve increased again significantly in 2022 and 2023. What are government bonds? Government bonds, otherwise called ‘sovereign’ or ‘treasury’ bonds, are financial instruments used by governments to raise money for government spending. Investors give the government a certain amount of money (the ‘face value’), to be repaid at a specified time in the future (the ‘maturity date’). In addition, the government makes regular periodic interest payments (called ‘coupon payments’). Once initially issued, government bonds are tradable on financial markets, meaning their value can fluctuate over time (even though the underlying face value and coupon payments remain the same). Investors are attracted to government bonds as, provided the country in question has a stable economy and political system, they are a very safe investment. Accordingly, in periods of economic turmoil, investors may be willing to accept a negative overall return in order to have a safe haven for their money. For example, once the market value is compared to the total received from remaining interest payments and the face value, investors have been willing to accept a negative return on two-year German government bonds between 2014 and 2021. Conversely, if the underlying economy and political structures are weak, investors demand a higher return to compensate for the higher risk they take on. Consequently, the return on bonds in emerging markets like Brazil are consistently higher than that of the United States (and other developed economies). Inverted yield curves When investors are worried about the financial future, it can lead to what is called an ‘inverted yield curve’. An inverted yield curve is where investors pay more for short term bonds than long term, indicating they do not have confidence in long-term financial conditions. Historically, the yield curve has historically inverted before each of the last five U.S. recessions. The last U.S. yield curve inversion occurred at several brief points in 2019 – a trend which continued until the Federal Reserve cut interest rates several times over that year. However, the ultimate trigger for the next recession was the unpredicted, exogenous shock of the global coronavirus (COVID-19) pandemic, showing how such informal indicators may be grounded just as much in coincidence as causation.

Canada Government Benchmark Bonds Yield: LW: 7 Years data was reported at 2.850 % pa in Feb 2025. This records a decrease from the previous number of 3.040 % pa for Jan 2025. Canada Government Benchmark Bonds Yield: LW: 7 Years data is updated monthly, averaging 2.905 % pa from Jan 1998 (Median) to Feb 2025, with 326 observations. The data reached an all-time high of 6.450 % pa in Jan 2000 and a record low of 0.350 % pa in Jul 2020. Canada Government Benchmark Bonds Yield: LW: 7 Years data remains active status in CEIC and is reported by Bank of Canada. The data is categorized under Global Database’s Canada – Table CA.M012: Government Bonds Yield. Government Benchmark Bond are rates based on actual mid-market closing yields of selected Canada bond issues that mature approximately in the indicated term areas.

This dataset provides transparent pricing and liquidity data for more than 200,000 bonds including corporate, sovereign, agency, money market and government bonds.

Graph and download economic data for Central government debt, total (% of GDP) for Developing Countries in East Asia and Pacific (GCDODTOTLGDZSEAP) from 1992 to 1995 about East Asia, Pacific, debt, government, and GDP.

As of November 2024, Luxembourg government bonds with maturities of close to ten years reached an average of 2.31 percent per annum. That was almost 0.8 percent less than the previous year. Treasury notes: a safe haven in times of trouble Ten-year government bonds, otherwise known as treasury notes, are debt obligations issued by a government which matures in ten years. They are considered a low-risk investment as they are backed by the government and their ability to raise taxes to cover its obligations. In August 2019, investors became more interested in these investments as global developments sparked uncertainty on the stock markets. Traditionally, government bonds from the U.S. and Germany have the highest liquidity. When stock exchanges fall with around ten percent, a German treasury note with an interest rate of around 2.43 percent is then considered a relatively safe place. What are other options to do with your money in Luxembourg? In March 2023, the interest rate of short-term household deposits (with an agreed maturity of up to one year) in Luxembourg was 2.35. This was the lowest of all Benelux countries (Belgium, Luxembourg and the Netherlands). Low interest rates on consumer savings are deemed a consequence of the monetary policy of the European Central Bank (ECB), as it maintains artificially low interest rates to increase inflation on the European continent. Low interest rates and uncertainty on the stock exchange might therefore explain investors’ interest in gold. The international price of gold per troy ounce has increased sharply in recent years.

Graph and download economic data for Central government debt, total (% of GDP) for South Asia (GCDODTOTLGDZSSAS) from 1990 to 2018 about South Asia, debt, government, and GDP.

Tesouro Selic 2027: Sale Rate Morning data was reported at 0.052 % in 14 Mar 2025. This records an increase from the previous number of 0.052 % for 13 Mar 2025. Tesouro Selic 2027: Sale Rate Morning data is updated daily, averaging 0.160 % from Feb 2021 (Median) to 14 Mar 2025, with 1022 observations. The data reached an all-time high of 0.358 % in 29 Apr 2021 and a record low of 0.045 % in 12 Dec 2024. Tesouro Selic 2027: Sale Rate Morning data remains active status in CEIC and is reported by National Treasury Secretariat. The data is categorized under Brazil Premium Database’s Interest and Foreign Exchange Rates – Table BR.MI002: Tesouro Direto: Government Bonds Yield: by Maturity: 2027.

Thailand Treasury Bill & Government Bond Yield: Average: BOT: 14 Year data was reported at 3.180 % pa in Nov 2018. This records a decrease from the previous number of 3.250 % pa for Oct 2018. Thailand Treasury Bill & Government Bond Yield: Average: BOT: 14 Year data is updated monthly, averaging 3.910 % pa from Jan 2005 (Median) to Nov 2018, with 167 observations. The data reached an all-time high of 6.700 % pa in Nov 2005 and a record low of 2.000 % pa in Apr 2016. Thailand Treasury Bill & Government Bond Yield: Average: BOT: 14 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.

As of December 30, 2024, 14 economies reported a negative value for their ten year minus two year government bond yield spread: Ukraine with a negative spread of 1,370 percent; Turkey, with a negative spread of 1332 percent; Nigeria with -350 percent; and Russia with -273 percent. At this time, almost all long-term debt for major economies was generating positive yields, with only the most stable European countries seeing smaller values. Why is an inverted yield curve important? Often called an inverted yield curve or negative yield curve, a situation where short term debt has a higher yield than long term debt is considered a main indicator of an impending recession. Essentially, this situation reflects an underlying belief among a majority of investors that short term interest rates are about to fall, with the lowering of interest rates being the orthodox fiscal response to a recession. Therefore, investors purchase safe government debt at today's higher interest rate, driving down the yield on long term debt. In the United States, an inverted yield curve for an extended period preceded (almost) all recent recessions. The exception to this is the economic downturn caused by the coronavirus (COVID-19) pandemic – however, the U.S. ten minus two year spread still came very close to negative territory in mid-2019. Bond yields and the coronavirus pandemic The onset of the coronavirus saw stock markets around the world crash in March 2020. This had an effect on bond markets, with the yield of both long term government debt and short term government debt falling dramatically at this time – reaching negative territory in many countries. With stock values collapsing, many investors placed their money in government debt – which guarantees both a regular interest payment and stable underlying value - in contrast to falling share prices. This led to many investors paying an amount for bonds on the market that was higher than the overall return for the duration of the bond (which is what is signified by a negative yield). However, the calculus is that the small loss taken on stable bonds is less that the losses likely to occur on the market. Moreover, if conditions continue to deteriorate, the bonds may be sold on at an even higher price, partly offsetting the losses from the negative yield.

The Municipal Bond Pricing dataset provides independent, transparent municipal bond pricing data to support trading, valuations and risk management.

Belgium Government Bond Yield: Linear: Secondary Market: Average: Reference Rate: 5 Years data was reported at 2.500 % pa in Feb 2025. This records a decrease from the previous number of 2.650 % pa for Jan 2025. Belgium Government Bond Yield: Linear: Secondary Market: Average: Reference Rate: 5 Years data is updated monthly, averaging 3.090 % pa from Dec 1993 (Median) to Feb 2025, with 375 observations. The data reached an all-time high of 8.060 % pa in Sep 1994 and a record low of -0.660 % pa in Dec 2020. Belgium Government Bond Yield: Linear: Secondary Market: Average: Reference Rate: 5 Years data remains active status in CEIC and is reported by National Bank of Belgium. The data is categorized under Global Database’s Belgium – Table BE.M006: Government Bond Yield.