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 3.47%

US 10-year Treasury yield 4.98%

As of September 2026 · series since Jan 1, 1999 (333 observations) · change vs previous +0.29.

All-time high5.54%

All-time low-0.65%

Data startsJan 1, 1999

Frequencymonthly

Data note 1

History by Year

Year-end values
Year	German 10-year government bond yield	US 10-year Treasury yield
2026	3.47	4.98
2025	2.81	4.18
2024	2.18	4.58
2023	2.10	3.88
2022	2.09	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=200 · Bitcoin -0.08 n=109 Based on monthly changes
US 10-year Treasury yield	MSCI Europe -0.25 n=557 · MSCI World ex USA -0.23 n=557 · DAX -0.22 n=573 Based on daily changes

Matching Calculators

These tools work with exactly these figures:

More Rate and Economy Series

ECB Policy Rate Inflation in Germany and the Euro Area German Mortgage Rates German Savings Rates US Rates and Economy Labor Market: Germany and the US