Global Policy Rates and 10-Year Yields
Compare central bank policy rates, 10-year government yields, and the spread between them across major global markets.
| Market | Policy rate | 10-year yield | Steepness (10y-Policy) |
|---|---|---|---|
United States USD | 3.64% Apr 9, 2026Last 90 days (-25 bps) | 4.29% Apr 9, 2026Last 90 days (+20 bps) | +0.65% Apr 9, 2026Last 90 days (+45 bps) |
Euro area EUR | 2.00% Apr 10, 2026Last 90 days (0 bps) | 3.07% Apr 9, 2026Last 90 days (+30 bps) | +1.07% Apr 9, 2026Last 90 days (+30 bps) |
United Kingdom GBP | 3.75% Apr 9, 2026Last 90 days (-25 bps) | 4.66% Apr 8, 2026Last 90 days (+18 bps) | +0.91% Apr 8, 2026Last 90 days (+43 bps) |
Switzerland CHF | 0.00% Apr 10, 2026Last 90 days (0 bps) | 0.45% Apr 10, 2026Last 90 days (+26 bps) | +0.45% Apr 10, 2026Last 90 days (+26 bps) |
Japan JPY | 0.73% Apr 9, 2026Last 90 days (+25 bps) | 2.40% Apr 9, 2026Last 90 days (+57 bps) | +1.67% Apr 9, 2026Last 90 days (+32 bps) |
Australia AUD | 4.10% Apr 9, 2026Last 90 days (+50 bps) | 4.86% Apr 8, 2026Last 90 days (+33 bps) | +0.76% Apr 8, 2026Last 90 days (-17 bps) |
Canada CAD | 2.25% Apr 9, 2026Last 90 days (0 bps) | 3.46% Apr 9, 2026Last 90 days (+32 bps) | +1.21% Apr 9, 2026Last 90 days (+32 bps) |
How to read curve steepness
The curve steepness shown here is the 10-year yield minus the policy rate. A positive value means long-term rates are above the overnight policy setting, which is often associated with expectations for future rate hikes, positive nominal growth, inflation risk, or term premium. A negative value means the policy rate is above the 10-year yield, often a sign that current policy is restrictive and that markets expect future rate cuts, slower growth, lower inflation, or some combination of those forces.
Policy rates affect the front end of the curve most directly because central banks set or guide overnight money-market rates. Ten-year yields are market prices: they reflect expected future short rates, inflation compensation, term premium, fiscal risk, and global demand for duration.
Basis points
A basis point, abbreviated bps, is one one-hundredth of a percentage point. For example, a move from 4.50% to 4.75% is a 25 bps increase, while a move from 4.50% to 4.25% is a 25 bps decrease.
Sources
| Currency | Policy rate | 10-year yield |
|---|---|---|
| USD | Effective Federal Funds Rate, FRED series EFFR. | 10-Year Treasury Constant Maturity Rate, FRED series DGS10. |
| EUR | ECB Deposit Facility Rate, FRED series ECBDFR. | ECB Data Portal AAA euro-area government-bond yield curve, 10-year spot rate, series YC.B.U2.EUR.4F.G_N_A.SV_C_YM.SR_10Y. |
| GBP | Bank of England official Bank Rate, BOE database series IUDBEDR. | Bank of England 10-year nominal par gilt yield, BOE database series IUDMNPY. |
| CHF | Swiss National Bank current interest rates workbook, SNB policy rate. | Swiss National Bank current interest rates workbook, yield on Swiss Confederation bonds, 10-year spot interest rate. |
| JPY | Bank of Japan uncollateralized overnight call rate, final results daily XLSX releases. | Japan Ministry of Finance interest rate data, current and historical 10-year JGB yield from jgbcme.csv and jgbcme_all.csv. |
| AUD | Reserve Bank of Australia cash rate target, RBA table F1 series FIRMMCRTD via DB.nomics mirror. | Reserve Bank of Australia 10-year Australian Government bond yield, RBA table F2 series FCMYGBAG10D via DB.nomics mirror. |
| CAD | Bank of Canada target overnight rate, Valet daily series V39079. | Bank of Canada 10-year benchmark bond yield, Valet series V39055. |