Global Interest Rates - Yardeni Research

Market Briefing: Global Interest Rates

Yardeni Research, Inc.

June 13, 2023

Dr. Edward Yardeni

516-972-7683 eyardeni@

Debbie Johnson

480-664-1333 djohnson@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

G6 Government Bond Yields

1

US, Europe, & Japan

2

Emerging Markets Bond Yields

3-4

June 13, 2023 / Global Interest Rates

Yardeni Research, Inc.



G6 Government Bond Yields

Figure 1.

7.5

7.0 CANADA

6.5

6.0

5.5

5.0

4.5

4.0

3.5

6/13

3.0

2.5

2.0

1.5

1.0

.5

.0 00 02 04 06 08 10 12 14 16 18 20 22 24

7

UNITED KINGDOM

6

5

6/13 4

3

2

1

0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

6.0

5.5 GERMANY

5.0

4.5

4.0

3.5

3.0

2.5

6/13

2.0

1.5

1.0

.5

.0

-.5

-1.0

-1.5 00 02 04 06 08 10 12 14 16 18 20 22 24

Source: Haver Analytics.

6.0

FRANCE

5.5 5.0 4.5 4.0 3.5 6/13 3.0 2.5 2.0 1.5 1.0 .5 .0 -.5 00 02 04 06 08 10 12 14 16 18 20 22 24 7.5

ITALY

7.0 6.5 6.0 5.5 5.0 4.5 6/13 4.0 3.5 3.0 2.5 2.0 1.5 1.0 .5 00 02 04 06 08 10 12 14 16 18 20 22 24 2.5

JAPAN

2.0

1.5

1.0

6/13 .5

.0

-.5

00 02 04 06 08 10 12 14 16 18 20 22 24

Page 1 / June 13, 2023 / Global Interest Rates

Yardeni Research, Inc.



US, Europe, & Japan

Figure 2.

5.0

GLOBAL GOVERNMENT 10-YEAR BOND YIELDS

4.5

(percent, daily)

4.0

3.5

3.0

5.0

4.5

France (2.95)

Germany (2.46) Japan (0.42)

6/13

4.0

Sweden (2.34)

3.5

UK (4.52)

US (3.84)

3.0

2.5

6/13

2.5

2.0

2.0

1.5

1.5

1.0

1.0

.5

.5

.0

.0

-.5

-.5

-1.0

-1.0



-1.5

-1.5

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Haver Analytics.

Figure 3.

7.0

7.0

6.5 10-YEAR GOVERNMENT BOND YIELDS

6.5

(percent, daily)

6.0

6.0

5.5

10-Year Yields

5.5

5.0

Germany (2.46)

5.0

4.5

Japan (0.45)

4.5

US (3.84)

4.0

6/13

4.0

3.5

3.5

3.0

3.0

2.5

6/13

2.5

2.0

2.0

1.5

1.5

1.0

1.0

.5

6/12

.5

.0

.0

-.5

-.5

-1.0

-1.0



-1.5

-1.5

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Haver Analytics.

Page 2 / June 13, 2023 / Global Interest Rates

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Emerging Markets Bond Yields

Figure 4.

14

14

10-YEAR GOVERNMENT BOND YIELDS IN EMERGING ECONOMIES

(percent)

12

12

Hong Kong (3.55)

India (7.00)

Malaysia (3.81)

10

Philippines (5.98)

10

8

8

6

6

4

4

6/13

2

2



0

0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Haver Analytics.

Figure 5.

8

8

10-YEAR GOVERNMENT BOND YIELDS IN EMERGING ECONOMIES

(percent)

Singapore (2.97)

South Korea (3.58)

Taiwan (1.19)

6

Thailand (2.49)

6

4

4

6/13

2

2



0

0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Haver Analytics.

Page 3 / June 13, 2023 / Global Interest Rates

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Emerging Markets Bond Yields

Figure 6.

20

20

10-YEAR GOVERNMENT BOND YIELDS IN EMERGING ECONOMIES

19 (percent)

19

18

18

17

17

16

16

15

Brazil (10.99) Chile (5.33)

15

14

Colombia (10.41)

14

13

13

12

12

11

6/13

11

10

10

9

9

8

8

7

7

6

6

5

5

4

4

3

3

2

2



1

1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Haver Analytics.

Figure 7.

8

OFFICIAL INTEREST RATES (percent, weekly)

6

4

8

Official Interest Rates Fed Funds Rate Target (5.13) ECB Deposit Facility Rate (3.25)

6 6/13

4

2

2

0

0



-2

-2

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Federal Reserve Board, European Central Bank and Haver Analytics.

Page 4 / June 13, 2023 / Global Interest Rates

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