Government bond yields

The 10-year government bond yield is an economy’s risk-free rate. It is the yardstick every other investment is measured against. When it rises, the present value of future corporate profits falls. That hits stocks whose earnings lie far in the future (growth) harder than those earning today.

German 10-year government bond yield 3.19 %

US 10-year Treasury yield 4.97 %

As of August 2026 · series since 1999-01-01 (332 observations) · change vs previous +0.12.

All-time high5.54 %

All-time low-0.65 %

Data starts1999-01-01

Frequencymonthly

Data note 1

History by year

Year-end values
Year	German 10-year government bond yield	US 10-year Treasury yield
2026	3.19	4.97
2025	2.81	4.18
2024	2.18	4.58
2023	2.10	3.88
2022	2.08	3.88
2021	-0.38	1.52
2020	-0.62	0.93
2019	-0.30	1.92
2018	0.19	2.69
2017	0.30	2.40
2016	0.25	2.45
2015	0.55	2.27
2014	0.59	2.17
2013	1.80	3.04
2012	1.30	1.78
2011	1.93	1.89
2010	2.91	3.30
2009	3.14	3.85
2008	3.05	2.25
2007	4.21	4.04
2006	3.77	4.71
2005	3.34	4.39
2004	3.58	4.24
2003	4.29	4.27
2002	4.33	3.83

Relationship with equity markets

Correlation of changes, not of levels. Two series that both trend for years correlate almost perfectly in levels without any relationship following from it. Values near 0 mean no discernible co-movement.

Correlations
Series	Strongest relationships
German 10-year government bond yield	Nikkei 225 +0.09 n=199 Based on monthly changes
US 10-year Treasury yield	MSCI Europe -0.25 n=525 · DAX -0.22 n=541 · MSCI EMU -0.22 n=525 Based on daily changes

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