Indicators · Market context

Ten-year yields in six markets

Chart only

Ten-year yields, monthly averages for Aug 2026 (share of months since 1990 with a lower yield): United States 4.68% (63%), Germany 3.18% (46%), France 4.00% (56%), United Kingdom 4.99% (67%), Japan 2.94% (82%), Sweden 3.02% (44%).

A rise in all six at once is a worldwide rise in the cost of long-term borrowing, which can happen without doubts about any one government's finances.

What it measures

Ten-year government bond yields in the United States, Germany, France, the United Kingdom, Japan and Sweden.

Why it matters

Long-term rates set the price of borrowing for governments, firms and households. A rise in one market alone is more likely to come from doubts about that government's finances.

Where it fits

Market context. Market prices move for many reasons, and in the model, markets respond to AI's effect on work only after a delay.

Source: OECD via FRED.