mercatusdata

Government bond yields: US Treasuries, Germany, Japan, Canada and the UK — daily facts

Daily US Treasury yields, curve slope, real yield and breakevens, plus German, Japanese, Canadian and UK yields, each vs its own history. Not advice.

Yield curve (longer minus shorter tenor, in bp)
slopedaily chg20-day chg1-yr rangeown-history
2s10s+38 bp+3.0 bp+13.0 bp+20…+7433rd percentile, since 1976 (12592 obs)
2s30s+71 bp+2.0 bp+13.0 bp+53…+14039th percentile, since 1977 (11420 obs)

Yield-curve assessment

A transparent, rules-based reading of the whole curve. Each badge traces to a published rule and to the metrics on this page. Reporting, not advice.

What these badges mean
Curve shape
The 2s10s slope (10-year minus 2-year yield) is +38 bp. Slopes of +10 bp and above read normal (upward), below −10 bp inverted, and between them flat. A shape, not a direction to trade.
Curve trend
The 2s10s slope has changed +13 bp over the last 20 sessions (steepening). A change in curve shape, not a direction to trade.
10Y real yield
The 10-year real (TIPS) yield is +2.80% (positive real yield), at the 99th percentile of its own history since 2003. A level versus its own history, not a direction.
10Y breakeven
The 10-year breakeven inflation rate is +2.35%, at the 72nd percentile of its own history since 2003. Inflation compensation priced into nominal yields; a level, not a direction.
Biggest yield rises (bp)
10-Year Treasury+6.0 bp
5-Year Treasury+5.0 bp
30-Year Treasury+5.0 bp
2-Year Treasury+3.0 bp
3-Month Treasury+1.0 bp
TREASURY CURVE (as of 2026-10-19, short → long)
yieldday (bp)RSI (pct)52wk20d (bp, pct)252d (bp)
3-Month Treasury4.27%+1.067.9 (89th)98.5%+13 bp (80th)+24
2-Year Treasury4.77%+3.054.9 (63rd)90.3%+1 bp (52nd)+127
5-Year Treasury4.94%+5.054.2 (60th)90.5%+8 bp (63rd)+131
10-Year Treasury5.15%+6.054.0 (60th)88.1%+14 bp (72nd)+110
30-Year Treasury5.48%+5.050.5 (52nd)83.2%+14 bp (73rd)+84
GERMAN FEDERAL YIELDS (as of 2026-10-19, Bundesbank term structure)
yieldday (bp)RSI (pct)52wk20d (bp, pct)252d (bp)
German 2-Year3.09%+1.049.4 (50th)83.9%-12 bp (20th)+119
German 10-Year3.46%+1.048.0 (49th)81.5%-3 bp (47th)+84
JAPANESE GOVERNMENT YIELDS (as of 2026-10-19, MoF constant maturity)
yieldday (bp)RSI (pct)52wk20d (bp, pct)252d (bp)
Japanese 2-Year1.90%-1.454.9 (65th)92.7%+4 bp (75th)+95
Japanese 10-Year2.94%-2.339.1 (24th)87.9%-9 bp (23rd)+126
CANADIAN GOVERNMENT YIELDS (as of 2026-10-19, BoC benchmark bonds)
yieldday (bp)RSI (pct)52wk20d (bp, pct)252d (bp)
Canadian 2-Year3.33%+12.060.7 (79th)93.3%+6 bp (65th)+90
Canadian 10-Year3.93%+9.056.2 (71st)93.7%+10 bp (71st)+79
UK GILT YIELDS (as of 2026-10-19, BoE nominal par yields)
yieldday (bp)RSI (pct)52wk20d (bp, pct)252d (bp)
UK 5-Year4.97%+6.658.6 (77th)98.0%+19 bp (82nd)+108
UK 10-Year5.37%+7.556.6 (72nd)95.1%+21 bp (84th)+84
Spreads to US Treasuries and each market's own curve (US minus the market; 2s10s = 10Y minus 2Y, UK 5s10s = 10Y minus 5Y; in bp)
leveldaily chg20-day chg1-yr rangeown-history
US–DE 10Y+169 bp+5.0 bp+20.0 bp+117…+18476th percentile, since 1997 (7170 obs)
US–DE 2Y+168 bp+2.0 bp+16.0 bp+112…+18272nd percentile, since 1997 (7170 obs)
DE 2s10s+37 bp+0.0 bp+9.0 bp+26…+8222nd percentile, since 1997 (7412 obs)
US–JP 10Y+221.5 bp+8.3 bp+24.3 bp+165.7…+253.140th percentile, since 1986 (9532 obs)
US–JP 2Y+286.6 bp+4.4 bp+5.7 bp+211.1…+295.857th percentile, since 1976 (11624 obs)
JP 2s10s+103.1 bp-0.9 bp-13.6 bp+71.4…+143.260th percentile, since 1986 (9960 obs)
US–CA 10Y+122 bp-3.0 bp+11.0 bp+69…+13898th percentile, since 2001 (6326 obs)
US–CA 2Y+144 bp-9.0 bp+4.0 bp+81…+16299th percentile, since 2001 (6326 obs)
CA 2s10s+60 bp-3.0 bp+4.0 bp+49…+8738th percentile, since 2001 (6449 obs)
US–UK 10Y-22.4 bp-1.5 bp+2.2 bp-63.1…-5.343rd percentile, since 1993 (8085 obs)
US–UK 5Y-2.8 bp-1.6 bp-0.5 bp-53.3…+16.859th percentile, since 1993 (8065 obs)
UK 5s10s+40.6 bp+0.9 bp+1.7 bp+37.3…+65.158th percentile, since 1993 (8308 obs)
Upcoming benchmark Treasury auctions
datetenortype
2026-10-225-Year Notenew issue
2026-10-262-Year Notenew issue
2026-10-275-Year Notenew issue
2026-10-282-Year Notenew issue

10Y real yield (TIPS, DFII10) +2.80% (as of 2026-10-19): +6.0 bp vs prior; 99th percentile of own history, since 2003 (5953 obs).

10Y breakeven inflation (T10YIE) +2.35% (as of 2026-10-19): +0.0 bp vs prior; 72nd percentile of own history, since 2003 (5953 obs).