Global Yields
Sovereign yields for eight major currencies at three points on the curve, and the next scheduled policy decision from the eight central banks behind those currencies. The banks set policy rates; these yields are market prices that respond to them. Dates are the banks' own published calendars; a date that is not confirmed is not shown.
Next decision the ECB, in 3 days then the Fed, in 9 days
The daily question
Reading taken 2026-09-05.
Which has the higher 10-year government yield: CHF or CAD?
- CHF
- CAD
Show the answer
CAD. CHF 0.425% against CAD 3.779% — a gap of 3.354 percentage points.
The gap between two countries' 10-year yields is the long-horizon version of the rate differential: the compensation for holding one country's long paper rather than the other's. The best-documented version of that relationship is narrower than this question in every dimension. A Federal Reserve Board FEDS Note (2024) finds a 1 percentage point widening of the 2-year overnight index swap differential, between the US and an average of seven advanced foreign economies, associated with approximately 3.5% dollar appreciation. Swap rates rather than the government bond yields on this page, two years rather than ten, and one currency against a basket rather than any pair. It is the shape of the mechanism, not a number that transfers. Menkhoff, Sarno, Schmeling and Schrimpf (2012) show that global FX volatility is a priced risk factor in carry-trade returns: the compensation a differential offers is not free of risk, and that risk is one the cross-section prices. Neither result says what a gap between two 10-year yields does on any given day.
Sovereign yields
Readings as of (UTC).
EUR is the German curve — the euro area has no single sovereign issuer, and other members trade at a spread to it.
| Currency | 3M | 2Y | 10Y |
|---|---|---|---|
| USD | 3.857% | 4.374% | 4.782% |
| EUR | 2.449% | 2.932% | 3.338% |
| GBP | 3.924% | 4.534% | 5.135% |
| JPY | 1.029% | 1.827% | 2.911% |
| CHF | -0.060% | 0.129% | 0.425% |
| CAD | 2.290% | 3.103% | 3.779% |
| AUD | — | 4.819% | 5.194% |
| NZD | 3.100% | 3.648% | 4.818% |
A dash means the series was not available in the latest reading. It is not a zero.
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