Government bonds: 10-year yields largest economies 2024

Of the seven largest economies by GDP, the United States saw the sharpest fall in absolute terms for 10-year government bond yields due to the coronavirus (COVID-19) pandemic. From a level of 1.51 percent in January 2020, yields on 10-year government bonds fell to 0.65 percent by April 2020, and had further fallen to 0.53 percent by July 2020 before starting to recover towards the end of the year. Conversely, countries that went into 2020 with already low bond yields like Japan, Germany and France actually saw a small increase in March 2020 - although these already low yields mean that these small changes are significant in relative terms.

Yields on 10-year government bonds in the seven largest economies worldwide from January 2020 to October 2024, by country

Characteristic	Australia	Canada	China	France	Germany	Italy	Japan	United Kingdom	United States
Oct 2024	4.51%	3.22%	2.15%	3.13%	2.4%	3.64%	1.08%	4.48%	4.28%
Sep 2024	3.96%	2.96%	2.16%	2.93%	2.13%	3.47%	0.87%	4.01%	3.79%
Aug 2024	3.97%	3.16%	2.18%	3.01%	2.29%	3.69%	0.73%	4.02%	3.91%
Jul 2024	4.12%	3.16%	2.15%	3.01%	2.3%	3.65%	0.72%	3.97%	4.03%
Jun 2024	4.35%	3.51%	2.21%	3.29%	2.49%	4.08%	0.74%	4.18%	4.39%
May 2024	4.4%	3.63%	2.32%	3.15%	2.66%	3.99%	0.62%	4.32%	4.5%
Apr 2024	4.42%	3.82%	2.31%	3.08%	2.59%	3.88%	0.68%	4.35%	4.68%
Mar 2024	4%	3.47%	2.3%	2.8%	2.29%	3.68%	0.95%	3.94%	4.21%
Feb 2024	4.15%	3.49%	2.36%	2.88%	2.4%	3.84%	0.77%	4.13%	4.25%
Jan 2024	4.07%	3.32%	2.44%	2.66%	2.16%	3.73%	0.65%	3.8%	3.92%
Dec 2023	3.97%	3.11%	2.58%	2.56%	2.03%	3.71%	0.6%	3.54%	3.87%
Nov 2023	4.36%	3.55%	2.69%	3.03%	2.45%	4.24%	0.4%	4.18%	4.33%
Oct 2023	4.92%	4.07%	2.71%	3.43%	2.81%	4.73%	0.43%	4.52%	4.93%
Sep 2023	4.51%	4.03%	2.72%	3.42%	2.84%	4.8%	0.4%	4.45%	4.58%
Aug 2023	4.04%	3.57%	2.59%	2.98%	2.47%	4.12%	0.32%	4.36%	4.11%
Jul 2023	4.03%	3.5%	2.7%	3.03%	2.47%	4.1%	0.5%	4.31%	3.97%
Jun 2023	4%	3.27%	2.68%	2.94%	2.39%	4.08%	0.49%	4.39%	3.84%
May 2023	3.63%	3.19%	2.71%	2.85%	2.27%	4.09%	0.42%	4.18%	3.65%
Apr 2023	3.4%	2.84%	2.79%	2.89%	2.32%	4.18%	0.25%	3.72%	3.43%
Mar 2023	3.33%	2.9%	2.86%	2.8%	2.3%	4.1%	0.32%	3.49%	3.47%
Feb 2023	3.85%	3.34%	2.91%	3.12%	2.64%	4.47%	0.5%	3.82%	3.93%
Jan 2023	3.53%	2.92%	2.93%	2.75%	2.28%	4.27%	0.49%	3.33%	3.51%
Dec 2022	4.03%	3.29%	2.88%	3.11%	2.56%	4.7%	0.41%	3.67%	3.88%
Nov 2022	3.57%	2.94%	2.92%	2.41%	1.94%	3.88%	1.94%	3.16%	3.61%
Oct 2022	3.76%	3.25%	2.65%	2.68%	2.15%	4.31%	0.24%	3.52%	4.05%
Sep 2022	3.98%	3.17%	2.78%	2.72%	2.1%	4.51%	0.24%	4.09%	3.82%
Aug 2022	3.63%	3.12%	2.64%	2.15%	1.53%	3.89%	0.22%	2.82%	3.19%
Jul 2022	3.08%	2.61%	2.75%	1.37%	0.82%	3.15%	0.18%	1.87%	2.67%
Jun 2022	3.69%	3.23%	2.82%	1.95%	1.36%	3.39%	0.22%	2.24%	3.01%
May 2022	3.35%	2.89%	2.8%	1.64%	1.12%	3.13%	0.24%	2.1%	2.84%
Apr 2022	3.18%	2.87%	2.84%	1.46%	0.93%	2.78%	0.21%	1.9%	2.93%
Mar 2022	2.77%	2.4%	2.82%	0.99%	0.55%	2.04%	0.21%	1.61%	2.35%
Feb 2022	2.18%	1.82%	2.79%	0.62%	0.16%	1.74%	0.18%	1.42%	1.82%
Jan 2022	1.91%	1.77%	2.75%	0.43%	0.01%	1.37%	0.17%	0.97%	1.78%
Dec 2021	1.68%	1.43%	2.78%	0.19%	-0.18%	1.19%	0.07%	0.83%	1.51%
Nov 2021	1.75%	1.57%	2.87%	0.02%	-0.34%	0.98%	0.06%	0.81%	1.46%
Oct 2021	2%	1.72%	2.98%	0.28%	-0.11%	1.13%	0.09%	1.03%	1.56%
Sep 2021	1.48%	1.51%	2.87%	0.15%	-0.21%	0.86%	0.06%	1.02%	1.49%
Aug 2021	1.16%	1.22%	2.86%	-0.03%	-0.38%	0.71%	0.02%	0.62%	1.31%
Jul 2021	1.19%	1.2%	2.85%	-0.1%	-0.46%	0.63%	0.02%	0.57%	1.23%
Jun 2021	1.51%	1.39%	3.08%	0.13%	-0.2%	0.82%	0.05%	0.72%	1.47%
May 2021	1.64%	1.48%	3.08%	0.17%	-0.18%	0.92%	0.08%	0.8%	1.58%
Apr 2021	1.7%	1.55%	3.18%	0.16%	-0.21%	0.86%	0.09%	0.84%	1.63%
Mar 2021	1.83%	1.56%	3.2%	-0.05%	-0.29%	0.67%	0.1%	0.85%	1.74%
Feb 2021	1.76%	1.36%	3.29%	-0.01%	-0.26%	0.77%	0.17%	0.82%	1.41%
Jan 2021	1.09%	0.89%	3.23%	-0.27%	-0.52%	0.64%	0.05%	0.33%	1.07%
Dec 2020	0.98%	0.68%	3.2%	-0.34%	-0.58%	0.52%	0.02%	0.2%	0.92%
Nov 2020	0.9%	0.68%	3.28%	-0.32%	-0.57%	0.59%	0.03%	0.31%	0.84%
Oct 2020	0.83%	0.67%	3.19%	-0.34%	-0.63%	0.72%	0.04%	0.26%	0.87%
Sep 2020	0.86%	0.57%	3.16%	-0.24%	-0.52%	0.87%	0.02%	0.23%	0.69%
Aug 2020	0.99%	0.62%	3.05%	-0.09%	-0.4%	1.16%	0.05%	0.31%	0.71%
Jul 2020	0.84%	0.47%	2.97%	-0.2%	-0.53%	1.08%	0.02%	0.11%	0.53%
Jun 2020	0.89%	0.53%	2.9%	-0.12%	-0.45%	1.33%	0.03%	0.17%	0.66%
May 2020	0.89%	0.54%	2.71%	-0.08%	-0.45%	1.49%	0.01%	0.19%	0.65%
Apr 2020	0.93%	0.55%	2.51%	-0.1%	-0.59%	1.78%	-0.04%	0.23%	0.65%
Mar 2020	0.83%	0.7%	2.66%	0%	-0.47%	1.53%	0.02%	0.36%	0.67%
Feb 2020	0.85%	1.13%	2.8%	-0.29%	-0.61%	1.13%	-0.15%	0.44%	1.16%
Jan 2020	0.96%	1.28%	3.05%	-0.18%	-0.43%	0.92%	-0.06%	0.53%	1.51%