Graphic detail | Steady as she goes
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"
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