Yield-curve explorer
What it costs governments to borrow for three months or thirty years, and how that has changed. The shape of the curve is one of the most watched signals in finance.
The curve: today and a year ago
Euro area: ECB yield curve for AAA-rated euro-area central government bonds (spot rates). US: Treasury constant-maturity yields via FRED.
Key maturities
Latest yield and change on a year earlier
| Maturity | Yield | 1-year change |
|---|
Over time
10-year yields
Weekly, euro AAA and US Treasury
Slope: 10-year minus 2-year
Below zero the curve is "inverted"
How to read a yield curve
Normally longer loans pay more, so the curve rises from left to right. When short-term yields rise above long-term ones the curve is inverted: investors expect rates to fall later, often because they expect the economy to slow. A curve that shifts up across all maturities, as in the third quarter of 2026, means borrowing has become dearer for everyone; our markets report explains why. Yields and prices move in opposite directions.
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