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 Fed, the BoC and the RBNZ, in 14 days then the ECB, in 15 days
The daily question
Figures dated 2026-10-09 and 2026-10-13. 7 of the eight currencies on this page had a 3-month yield in both.
Was any of those 3-month yields below zero on the later reading?
- Yes
- No
Show the answer
Yes. CHF was below zero — the lowest was -0.080%.
A negative short-term yield means a holder accepts a small certain loss to hold that government's short paper. It shows up when a central bank is holding its policy rate below zero, or when demand bids the price above everything the paper will pay back between now and maturity. (It still trades at a positive price; the yield is what goes negative.) In carry terms the short end is the funding leg, and the distinction matters: a currency is cheap to borrow when its short-term money-market rates are low, while the 3-month sovereign yield here is the price of one security. A policy rate below zero drags both down together, which is why they usually read alike. But demand for the paper itself — collateral scarcity, a flight to safety, a holder with no substitute for it — can carry this yield through zero while the money-market rate stays above it. A negative reading here is consistent with cheap funding without establishing it. That is a description of the plumbing, not a view on where the currency goes.
Sovereign yields
Figures dated , published by bonds-api.com.
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 | 4.159% | 4.791% | 5.238% |
| EUR | 2.576% | 3.120% | 3.475% |
| GBP | 4.088% | 4.916% | 5.443% |
| JPY | 1.260% | 1.904% | 3.000% |
| CHF | -0.080% | 0.251% | 0.551% |
| CAD | 2.390% | 3.186% | 3.878% |
| AUD | — | 4.923% | 5.336% |
| NZD | 3.260% | 3.848% | 5.050% |
A dash means the series was not available in the latest reading. It is not a zero.
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