Since 1311 bond yields have fallen with metronomic regularity
They are on pace to drop below zero for good in 2066
FROM 2015 to 2021 long-term interest rates sat at record lows. On average, during this period ten-year government bonds yielded 1.9% in America, 1.1% in Britain and zero in Germany. But just as investors got used to vanishingly low rates, those rates vanished. In 2022 America’s yields have risen from 1.5% to 3.8%, Britain’s from 1.0% to 4.1% and Germany’s from -0.2% to 2.0%.
This article appeared in the Graphic detail section of the print edition under the headline “Steady as she goes”
From the October 8th 2022 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Graphic detail
What New York’s congestion charge could teach the rest of America
Lighter traffic in some parts of the city is a promising start. Will it continue?
The secret to one of Europe’s best-performing stockmarkets
Its economy is mired in gloom, but its stock exchange is the envy of Europe
Drones spotted on America’s east coast highlight a bigger problem
Unidentified objects can be dangerous, but not in the ways you might think
What to expect after Germany’s confidence vote
Much like voters in the rest of the world, Germans are fed up with their government