Major 10Y Yield Signal Q4/21 Q1/22 Q2/22 Q3/22
US 1.6426 1.6394 1.7077 1.7790 1.8532
UK 1.1500 1.2111 1.3322 1.4654 1.6120
Japan 0.0990 0.0924 0.1016 0.1118 0.1230
Australia 1.7740 1.7356 1.8126 1.8929 1.9766
Germany -0.1170 0.0161 0.0338 0.0533 0.0747
Brazil 11.5650 11.3491 11.6509 11.9604 12.2788
India 6.3700 6.3653 6.4027 6.4406 6.4786
Canada 1.6300 1.6588 1.7370 1.8191 1.9049
Italy 0.9278 0.9306 0.9956 1.0651 1.1394
France 0.2220 0.1991 0.2190 0.2409 0.2650
Switzerland -0.0660 0.0097 0.0205 0.0322 0.0452
Netherlands 0.0150 0.0211 0.0443 0.0698 0.0979
Spain 0.5180 0.5157 0.5672 0.6240 0.6864
Portugal 0.4020 0.3949 0.4344 0.4778 0.5256
Greece 1.0080 0.9675 1.0153 1.0655 1.1181
Mexico 7.4750 7.5260 7.6284 7.7324 7.8371
New Zealand 2.3930 2.2910 2.4022 2.5187 2.6408

United States Yield Signal Q4/21 Q1/22 Q2/22 Q3/22
US 1.6426 1.6394 1.7077 1.7790 1.8532
US 1M 0.0507 0.0474 0.0522 0.0574 0.0631
US 3M 0.0634 0.0585 0.0644 0.0708 0.0779
US 6M 0.0659 0.0614 0.0675 0.0743 0.0817
US 52W 0.1040 0.1088 0.1172 0.1262 0.1359
US 2Y 0.3955 0.4268 0.4613 0.4986 0.5388
US 3Y 0.7125 0.7487 0.8081 0.8722 0.9414
US 5Y 1.1555 1.1956 1.2719 1.3531 1.4394
US 7Y 1.4661 1.4816 1.5556 1.6334 1.7151
US 20Y 2.2360 2.2322 2.3025 2.3750 2.4499
US 30Y 2.0997 2.1044 2.1642 2.2256 2.2888

Europe Yield Signal Q4/21 Q1/22 Q2/22 Q3/22
UK 1.1500 1.2111 1.3322 1.4654 1.6120
UK 1M 0.0700 0.0506 0.0557 0.0612 0.0673
UK 3M 0.1180 0.0594 0.0653 0.0719 0.0791
UK 6M 0.2530 0.0583 0.0641 0.0705 0.0776
UK 52W 0.6090 0.4851 0.5336 0.5870 0.6457
UK 3Y 0.7530 0.7205 0.7926 0.8718 0.9590
UK 5Y 0.8370 0.8437 0.9281 1.0209 1.1230
UK 7Y 0.8900 0.9108 1.0019 1.1021 1.2123
UK 20Y 1.4010 1.4553 1.5303 1.6090 1.6919
UK 30Y 1.3750 1.4486 1.5227 1.6007 1.6827
Germany -0.1170 0.0161 0.0338 0.0533 0.0747
Germany 3M -0.7370 0.0323 0.0660 0.1012 0.1380
Germany 6M -0.6950 0.0221 0.0449 0.0685 0.0929
Germany 52W -0.6740 0.0188 0.0382 0.0581 0.0785
Germany 2Y -0.6410 0.0126 0.0254 0.0385 0.0518
Germany 3Y -0.6637 0.0161 0.0326 0.0495 0.0667
Germany 5Y -0.4570 0.0202 0.0412 0.0630 0.0856
Germany 7Y -0.2930 0.0222 0.0458 0.0710 0.0977
Germany 30Y 0.2850 0.3058 0.3364 0.3700 0.4070
Russia 7.5200 7.4718 7.5443 7.6176 7.6916
Russia 2Y 7.4100 7.4419 7.5352 7.6293 7.7241
Russia 7Y 7.4900 7.4777 7.5561 7.6353 7.7160
Russia 20Y 7.7000 7.6942 7.7493 7.8043 7.8593
Russia 3Y 7.5500 7.5744 7.7011 7.8292 7.9603
Russia 5Y 7.5100 7.5245 7.6612 7.8009 7.9428
Russia 1M 7.0800 7.0792 7.1284 7.1783 7.2289
Russia 3M 7.3000 7.3130 7.3667 7.4204 7.4742
Russia 6M 7.6500 7.6300 7.7108 7.7924 7.8754
Russia 52W 7.3000 7.6426 8.0455 8.4695 8.9160
Italy 1M -0.5330 0.0359 0.0741 0.1148 0.1580
Italy 20Y 1.5790 1.5895 1.6490 1.7109 1.7751
Italy 30Y 1.8360 1.8682 1.9209 1.9751 2.0309
Italy 52W -0.4410 0.0218 0.0446 0.0685 0.0936
Italy 2Y -0.4320 0.0390 0.0811 0.1267 0.1760
Italy 3M -0.5670 0.0270 0.0552 0.0848 0.1158
Italy 3Y -0.1900 0.0258 0.0542 0.0854 0.1197
Italy 5Y 0.1600 0.0891 0.0980 0.1078 0.1186
Italy 0.9278 0.9306 0.9956 1.0651 1.1394
Italy 7Y 0.4790 0.4543 0.4997 0.5497 0.6047
France 20Y 0.5938 0.6273 0.6901 0.7591 0.8350
France 3Y -0.5816 0.0179 0.0364 0.0555 0.0751
France 0.2220 0.1991 0.2190 0.2409 0.2650
France 2Y -0.6425 0.0152 0.0306 0.0465 0.0627
France 30Y 0.9330 0.9838 1.0429 1.1056 1.1721
France 5Y -0.3556 0.0218 0.0448 0.0690 0.0945
France 7Y -0.1444 0.0199 0.0417 0.0657 0.0921
France 52W -0.6180 0.0260 0.0532 0.0813 0.1107
France 6M -0.6680 0.0214 0.0436 0.0664 0.0900
France 1M -0.6442 0.0312 0.0638 0.0980 0.1336
France 3M -0.7250 0.0486 0.1003 0.1555 0.2143
Switzerland -0.0660 0.0097 0.0205 0.0322 0.0452
Spain 3M -0.5740 0.0451 0.0937 0.1459 0.2023
Greece 6M -0.2460 0.0241 0.0506 0.0798 0.1118
Portugal 6M -0.7120 0.0289 0.0589 0.0902 0.1228
Portugal 3M -0.7130 0.0338 0.0692 0.1064 0.1453
Poland 2.7600 2.5717 2.6549 2.7411 2.8298
Czech Republic 2.5750 2.5116 2.5717 2.6331 2.6961
Spain 52W -0.5670 0.0193 0.0392 0.0598 0.0813
UK 2Y 0.7380 0.6006 0.6607 0.7267 0.7994
Croatia 0.4840 0.4358 0.4566 0.4784 0.5012
Romania 5.1000 5.1269 5.2364 5.3478 5.4618
Slovakia 0.0700 0.0010 0.0021 0.0033 0.0046
Slovenia 0.2760 0.2354 0.2589 0.2848 0.3133
Turkey 19.2500 19.5853 20.1359 20.7016 21.2827
Turkey 2Y Bond Yield 18.0300 18.2468 18.6624 19.0888 19.5241
Netherlands 3M -0.6320 0.0213 0.0433 0.0660 0.0895
Bulgaria 0.3000 0.3164 0.3336 0.3518 0.3710
Hungary 3.9100 3.8529 3.9378 4.0245 4.1127
Iceland 4.0970 4.0013 4.0802 4.1606 4.2426
Lithuania 0.2650 0.1749 0.1924 0.2116 0.2328
Latvia 0.5490 0.5490 0.5490 0.5490 0.5490
Belgium 2Y Bond Yield -0.6589 0.0203 0.0413 0.0628 0.0849
Denmark 2Y Bond Yield -0.5510 0.0573 0.1202 0.1891 0.2646
Finland 2Y Bond Yield -0.6790 0.0277 0.0566 0.0866 0.1177
Greece 1M 0.0000 0.1650 0.1815 0.1997 0.2196
Greece 3M -0.2200 0.0214 0.0449 0.0708 0.0993
Netherlands 2Y Bond Yield -0.6698 0.0184 0.0374 0.0568 0.0767
Sweden 2Y Bond Yield -0.2240 0.0125 0.0256 0.0393 0.0536
Spain 2Y Bond Yield -0.5590 0.0557 0.1168 0.1839 0.2574
Switzerland 2Y Bond Yield -0.7250 0.0350 0.0715 0.1099 0.1501
Netherlands 6M -0.6960 0.0193 0.0392 0.0596 0.0806
Spain 6M -0.5750 0.0344 0.0710 0.1096 0.1506
Greece 1.0080 0.9675 1.0153 1.0655 1.1181
Norway 1.7240 1.7204 1.7830 1.8479 1.9151
Spain 3Y -0.4080 0.0243 0.0499 0.0767 0.1050
Portugal 3Y -0.6370 0.0256 0.0521 0.0796 0.1081
Portugal 5Y -0.2860 0.0326 0.0680 0.1065 0.1484
Greece 20Y 1.0580 1.0462 1.0849 1.1248 1.1664
Ireland 0.2470 0.2420 0.2662 0.2928 0.3221
Netherlands 0.0150 0.0211 0.0443 0.0698 0.0979
Sweden 0.3860 0.3828 0.4211 0.4632 0.5095
Spain 0.5180 0.5157 0.5672 0.6240 0.6864
Spain 5Y -0.2000 0.0272 0.0571 0.0900 0.1262
Portugal 0.4020 0.3949 0.4344 0.4778 0.5256
Portugal 52W -0.6190 0.0314 0.0641 0.0983 0.1340
Portugal 30Y 1.2750 1.3072 1.3606 1.4161 1.4739
Portugal 7Y -0.0090 0.0077 0.0162 0.0255 0.0357
Austria 0.1090 0.0770 0.0847 0.0932 0.1025
Portugal 20Y 0.7070 0.7203 0.7664 0.8155 0.8676
Portugal 2Y -0.6500 0.0356 0.0730 0.1123 0.1534
Finland 0.0490 0.0002 0.0004 0.0007 0.0009
Belgium 0.1880 0.0712 0.0783 0.0861 0.0947
Denmark 0.1450 0.1309 0.1440 0.1584 0.1742

America Yield Signal Q4/21 Q1/22 Q2/22 Q3/22
US 1.6426 1.6394 1.7077 1.7790 1.8532
US 1M 0.0507 0.0474 0.0522 0.0574 0.0631
US 3M 0.0634 0.0585 0.0644 0.0708 0.0779
US 6M 0.0659 0.0614 0.0675 0.0743 0.0817
US 52W 0.1040 0.1088 0.1172 0.1262 0.1359
US 2Y 0.3955 0.4268 0.4613 0.4986 0.5388
US 3Y 0.7125 0.7487 0.8081 0.8722 0.9414
US 5Y 1.1555 1.1956 1.2719 1.3531 1.4394
US 7Y 1.4661 1.4816 1.5556 1.6334 1.7151
US 20Y 2.2360 2.2322 2.3025 2.3750 2.4499
US 30Y 2.0997 2.1044 2.1642 2.2256 2.2888
Brazil 3Y 10.1050 10.3790 10.6501 10.9282 11.2135
Brazil 5Y 10.2650 10.9395 12.0335 13.2368 14.5605
Brazil 11.5650 11.3491 11.6509 11.9604 12.2788
Brazil 52W 9.6300 9.3594 9.6419 9.9335 10.2333
Brazil 3M 7.6750 7.7279 8.0104 8.3041 8.6075
Brazil 6M 8.5750 8.5613 8.9440 9.3439 9.7611
Brazil 2Y 10.3790 10.2695 10.6479 11.0391 11.4452
Canada 6M 0.2050 0.1680 0.1820 0.1972 0.2137
Canada 2Y 0.8340 0.8223 0.8827 0.9476 1.0172
Canada 1.6300 1.6588 1.7370 1.8191 1.9049
Canada 7Y 1.4260 1.4381 1.5230 1.6128 1.7080
Canada 3Y 0.9040 0.8868 0.9509 1.0197 1.0934
Canada 5Y 1.3160 1.3099 1.3838 1.4618 1.5443
Canada 30Y 2.0070 2.0460 2.1068 2.1694 2.2338
Canada 52W 0.5000 0.4620 0.5082 0.5590 0.6149
Canada 20Y 1.9110 1.9359 2.0053 2.0770 2.1514
Canada 1M 0.1500 0.1430 0.1573 0.1730 0.1903
Canada 3M 0.1200 0.1262 0.1384 0.1519 0.1667
Colombia 7.5500 7.6697 7.7987 7.9300 8.0627
Peru 15Y 0.0000 5.4250 5.4250 5.4250 5.4250
Chile 6.4900 6.6391 6.7501 6.8624 6.9773
Mexico 7.4750 7.5260 7.6284 7.7324 7.8371
Venezuela 10.4290 10.4290 10.4290 10.4290 10.4290

Asia Yield Signal Q4/21 Q1/22 Q2/22 Q3/22
Japan 0.0990 0.0924 0.1016 0.1118 0.1230
Japan 1M -0.0800 0.0065 0.0135 0.0211 0.0293
Japan 3M -0.1000 0.0080 0.0167 0.0260 0.0360
Japan 6M -0.1100 0.0063 0.0129 0.0199 0.0274
Japan 52W -0.1130 0.0043 0.0087 0.0133 0.0181
Japan 2Y -0.1100 0.0047 0.0097 0.0149 0.0203
Japan 3Y -0.0920 0.0057 0.0117 0.0180 0.0247
Japan 5Y -0.0620 0.0066 0.0138 0.0217 0.0303
Japan 7Y -0.0300 0.0035 0.0074 0.0116 0.0162
Japan 20Y 0.4800 0.4835 0.4985 0.5138 0.5297
Japan 30Y 0.6950 0.7155 0.7314 0.7477 0.7643
India 3Y 5.0930 5.0422 5.1309 5.2211 5.3132
India 5Y 5.8690 5.8372 5.8950 5.9534 6.0124
India 52W 4.2820 4.1715 4.2809 4.3930 4.5081
India 3M 3.4600 3.4489 3.4881 3.5280 3.5682
India 6M 3.6800 3.6869 3.7241 3.7617 3.7997
India 7Y 6.3160 6.3055 6.3450 6.3851 6.4252
India 30Y 7.1110 7.0966 7.1382 7.1806 7.2229
India 6.3700 6.3653 6.4027 6.4406 6.4786
India 2Y 4.8210 5.0943 5.2356 5.3803 5.5295
China 3.0110 3.0120 3.0383 3.0645 3.0914
China 3Y 2.7050 2.6860 2.7152 2.7449 2.7747
China 7Y 2.9890 3.0069 3.0310 3.0552 3.0796
China 5Y 2.8610 2.8902 2.9197 2.9494 2.9794
South Korea 2Y 1.6170 1.6524 1.6970 1.7429 1.7900
Israel 1.2100 1.1603 1.2031 1.2475 1.2936
China 30Y 3.5490 3.5851 3.6072 3.6296 3.6521
Indonesia 1M 3.1200 3.2170 3.3172 3.4201 3.5265
Indonesia 3M 3.1800 3.2519 3.3253 3.4004 3.4773
Indonesia 6M 3.2700 3.3465 3.4247 3.5051 3.5869
Indonesia 20Y 7.1260 7.2119 7.2577 7.3043 7.3509
Indonesia 30Y 7.1990 7.2354 7.2678 7.3010 7.3334
Indonesia 3Y 4.6080 4.7211 4.7940 4.8684 4.9442
Indonesia 6.2100 6.3248 6.3812 6.4376 6.4953
Indonesia 52W 3.8510 4.0629 4.2216 4.3866 4.5583
Indonesia 5Y 5.0960 5.1470 5.2015 5.2565 5.3125
South Korea 52W 1.0650 1.1125 1.1460 1.1804 1.2160
Thailand 2.0900 2.0523 2.1166 2.1828 2.2511
Philippine 4.9460 5.0948 5.2206 5.3494 5.4816
Qatar 2.2800 2.2416 2.2789 2.3166 2.3552
Taiwan 0.5100 0.4840 0.5324 0.5856 0.6442
Vietnam 2.1290 2.1685 2.2108 2.2538 2.2978
South Korea 20Y 2.3160 2.3594 2.3943 2.4299 2.4657
South Korea 5Y 2.1450 2.1532 2.2025 2.2530 2.3046
South Korea 2.3900 2.4044 2.4497 2.4957 2.5424
South Korea 30Y 2.2680 2.3155 2.3495 2.3842 2.4191
South Korea 3Y 1.8440 1.8400 1.8893 1.9400 1.9920
Pakistan 10.9210 10.7270 10.8111 10.8952 10.9804
China 20Y 3.6030 3.6407 3.6817 3.7235 3.7656
Singapore 1.7490 1.7224 1.7765 1.8323 1.8898
China 52W 2.3100 2.3554 2.4007 2.4467 2.4936
China 2Y 2.6530 2.6421 2.6747 2.7076 2.7408
Malaysia 3.6060 3.6005 3.6526 3.7055 3.7595
Hong Kong 1.4930 1.4106 1.4727 1.5377 1.6055

Australia Yield Signal Q4/21 Q1/22 Q2/22 Q3/22
Australia 52W 0.1230 0.0484 0.0532 0.0586 0.0644
Australia 2Y 0.1460 0.1232 0.1355 0.1491 0.1640
Australia 3Y 0.7300 0.7381 0.8119 0.8931 0.9824
Australia 20Y 2.4490 2.4537 2.5308 2.6102 2.6921
Australia 1.7740 1.7356 1.8126 1.8929 1.9766
Australia 30Y 2.5760 2.5993 2.6726 2.7479 2.8255
Australia 5Y 1.1730 1.1492 1.2161 1.2869 1.3617
Australia 7Y 1.4580 1.4459 1.5214 1.6010 1.6848
New Zealand 2Y Bond Yield 1.0800 1.1687 1.2646 1.3685 1.4808
New Zealand 2.3930 2.2910 2.4022 2.5187 2.6408

Africa Yield Signal Q4/21 Q1/22 Q2/22 Q3/22
South Africa 3M 4.0900 5.3130 5.8443 6.4287 7.0716
South Africa 9.3750 9.4987 9.5983 9.6989 9.8014
South Africa 5Y 7.9150 7.9477 8.0412 8.1362 8.2320
South Africa 2Y 5.3800 5.4091 5.4943 5.5817 5.6695
South Africa 20Y 10.7800 10.9015 11.0041 11.1078 11.2115
South Africa 30Y 10.7500 10.8662 10.9685 11.0718 11.1751
Zambia 33.5000 34.2337 34.9841 35.7479 36.5318
Nigeria 12.0900 12.3835 12.8074 13.2444 13.6983
Kenya 12.3000 12.6242 12.9045 13.1910 13.4837
Ghana 3 Month bond 12.07 12.22 12.34 12.46 12.58

TRADING ECONOMICS expects yields from Government Bonds to rise in 2021 on inflation concerns triggered by tight labour costs and high oil prices possibly caused by a rise in geopolitical tensions in the middle east. TRADING ECONOMICS provides forecasts for Bonds based on its analysts expectations and proprietary global macro models. The current forecasts were last revised on October 17 of 2021. Please consider that while TRADING ECONOMICS forecasts for Bonds are made using our best efforts, they are not investment recommendations.