Major 10Y Yield Signal Q3/21 Q4/21 Q1/22 Q2/22
US 1.4578 1.4208 1.4808 1.5433 1.6084
UK 0.9180 0.9306 1.0237 1.1260 1.2386
Japan 0.0580 0.0715 0.0787 0.0865 0.0952
Australia 1.3950 1.3909 1.4535 1.5189 1.5872
Germany -0.2270 0.0277 0.0582 0.0917 0.1286
Brazil 10.9900 11.4457 11.7652 12.0937 12.4311
India 6.1810 6.2040 6.2410 6.2786 6.3162
Canada 1.3750 1.3437 1.4083 1.4761 1.5470
Italy 0.7829 0.7851 0.8400 0.8987 0.9615
France 0.1130 0.0572 0.0629 0.0692 0.0761
Netherlands -0.1070 0.0155 0.0325 0.0510 0.0713
Spain 0.4130 0.4103 0.4513 0.4965 0.5461
Portugal 0.3220 0.2904 0.3194 0.3514 0.3865
Mexico 7.1940 7.1763 7.2740 7.3731 7.4729
New Zealand 1.9530 1.9960 2.0968 2.2027 2.3138
Switzerland -0.1627 0.0216 0.0454 0.0715 0.1002
Greece 0.8190 0.8577 0.9004 0.9453 0.9923

United States Yield Signal Q3/21 Q4/21 Q1/22 Q2/22
US 1.4578 1.4208 1.4808 1.5433 1.6084
US 1M 0.0583 0.0585 0.0644 0.0708 0.0779
US 3M 0.0355 0.0447 0.0491 0.0540 0.0594
US 6M 0.0507 0.0502 0.0552 0.0607 0.0668
US 52W 0.0812 0.0791 0.0852 0.0917 0.0987
US 2Y 0.2736 0.2438 0.2633 0.2845 0.3073
US 3Y 0.5425 0.5077 0.5486 0.5928 0.6405
US 5Y 0.9485 0.9183 0.9787 1.0431 1.1117
US 7Y 1.2525 1.2222 1.2849 1.3508 1.4201
US 20Y 2.0720 2.0657 2.1304 2.1971 2.2658
US 30Y 1.9860 1.9563 2.0111 2.0674 2.1253

Europe Yield Signal Q3/21 Q4/21 Q1/22 Q2/22
UK 0.9180 0.9306 1.0237 1.1260 1.2386
UK 1M 0.0150 0.0671 0.0738 0.0812 0.0893
UK 3M 0.0760 0.0737 0.0811 0.0892 0.0981
UK 6M 0.0220 0.1518 0.1670 0.1837 0.2020
UK 52W 0.2420 0.1782 0.1960 0.2156 0.2372
UK 3Y 0.4600 0.4191 0.4610 0.5071 0.5578
UK 5Y 0.5910 0.5632 0.6195 0.6815 0.7496
UK 7Y 0.6640 0.6479 0.7127 0.7840 0.8624
UK 20Y 1.2370 1.2159 1.2789 1.3451 1.4148
UK 30Y 1.2350 1.2121 1.2743 1.3397 1.4084
Germany -0.2270 0.0277 0.0582 0.0917 0.1286
Germany 3M -0.6500 0.0304 0.0623 0.0956 0.1305
Germany 6M -0.6830 0.0230 0.0468 0.0714 0.0969
Germany 52W -0.6720 0.0180 0.0364 0.0554 0.0749
Germany 2Y -0.6940 0.0132 0.0268 0.0405 0.0544
Germany 3Y -0.7185 0.0167 0.0339 0.0513 0.0693
Germany 5Y -0.5690 0.0224 0.0457 0.0698 0.0948
Germany 7Y -0.4180 0.0275 0.0566 0.0874 0.1201
Germany 30Y 0.2900 0.2695 0.2965 0.3261 0.3587
Russia 7Y 7.3500 7.2056 7.2819 7.3589 7.4373
Russia 52W 7.1100 7.2172 7.6042 8.0118 8.4413
Russia 2Y 7.1000 7.0889 7.1792 7.2702 7.3626
Russia 5Y 7.2100 7.1572 7.2866 7.4188 7.5530
Russia 20Y 7.5100 7.3892 7.4384 7.4883 7.5389
Russia 7.2800 7.1494 7.2195 7.2903 7.3618
Russia 3Y 7.2100 7.1562 7.2744 7.3941 7.5166
Russia 3M 6.8500 6.8993 6.9493 6.9993 7.0493
Russia 6M 7.1000 7.1529 7.2266 7.3009 7.3759
Russia 1M 6.6900 6.7060 6.7519 6.7985 6.8458
Italy 52W -0.5060 0.0257 0.0527 0.0811 0.1111
Italy 1M -0.5420 0.0359 0.0741 0.1148 0.1583
Italy 3M -0.5560 0.0285 0.0584 0.0899 0.1231
Italy 0.7829 0.7851 0.8400 0.8987 0.9615
Italy 20Y 1.4790 1.4854 1.5418 1.6004 1.6612
Italy 2Y -0.4670 0.0418 0.0872 0.1367 0.1904
Italy 30Y 1.7490 1.7929 1.8441 1.8969 1.9511
Italy 3Y -0.2870 0.0241 0.0506 0.0798 0.1118
Italy 5Y 0.0270 0.0004 0.0008 0.0013 0.0019
Italy 7Y 0.3360 0.3146 0.3461 0.3807 0.4187
France 0.1130 0.0572 0.0629 0.0692 0.0761
France 30Y 0.9310 0.9267 0.9837 1.0442 1.1084
France 7Y -0.2561 0.0308 0.0647 0.1019 0.1429
France 2Y -0.6718 0.0159 0.0322 0.0488 0.0658
France 20Y 0.5467 0.5342 0.5876 0.6463 0.7110
France 3Y -0.6310 0.0191 0.0388 0.0590 0.0799
France 5Y -0.4524 0.0249 0.0510 0.0785 0.1074
France 6M -0.6750 0.0221 0.0450 0.0685 0.0929
France 52W -0.6370 0.0267 0.0544 0.0834 0.1135
France 3M -0.6306 0.0416 0.0859 0.1330 0.1833
France 1M -0.6360 0.0300 0.0614 0.0942 0.1286
Sweden 0.3320 0.3421 0.3763 0.4139 0.4553
Portugal 3M -0.6640 0.0351 0.0721 0.1110 0.1519
Portugal 6M -0.6830 0.0307 0.0627 0.0961 0.1310
Netherlands 6M -0.6700 0.0190 0.0386 0.0587 0.0794
Netherlands 3M -0.6740 0.0243 0.0495 0.0756 0.1027
Greece 3M -0.1530 0.0142 0.0298 0.0470 0.0659
Hungary 3.2000 3.2627 3.3371 3.4133 3.4911
Poland 1.9460 2.1208 2.1876 2.2565 2.3276
Greece 6M -0.3070 0.0294 0.0617 0.0973 0.1364
Slovakia -0.0760 0.0115 0.0242 0.0381 0.0534
Slovenia 0.1720 0.1089 0.1198 0.1318 0.1449
Turkey 17.6200 16.8999 17.3829 17.8808 18.3917
Turkey 2Y Bond Yield 17.6500 17.3586 17.7557 18.1630 18.5788
UK 2Y 0.3830 0.3190 0.3509 0.3860 0.4246
Croatia 0.4710 0.5176 0.5423 0.5681 0.5952
Iceland 3.9610 3.7721 3.8498 3.9292 4.0102
Lithuania 0.1630 0.0968 0.1065 0.1171 0.1288
Latvia 0.5490 0.5490 0.5490 0.5490 0.5490
Romania 3.9900 4.0086 4.0888 4.1705 4.2538
Bulgaria 0.3000 0.3163 0.3335 0.3516 0.3707
Belgium 2Y Bond Yield -0.6842 0.0228 0.0462 0.0704 0.0952
Denmark 2Y Bond Yield -0.5640 0.0471 0.0988 0.1556 0.2179
Finland 2Y Bond Yield -0.7290 0.0337 0.0689 0.1056 0.1440
Greece 1M 0.0000 0.0080 0.0168 0.0265 0.0371
Netherlands 2Y Bond Yield -0.7208 0.0196 0.0396 0.0603 0.0814
Sweden 2Y Bond Yield -0.2660 0.0114 0.0232 0.0356 0.0484
Spain 2Y Bond Yield -0.5800 0.0513 0.1074 0.1689 0.2362
Switzerland 2Y Bond Yield -0.7390 0.0355 0.0727 0.1117 0.1526
Portugal 20Y 0.6500 0.6597 0.7019 0.7469 0.7946
Portugal 3Y -0.6170 0.0258 0.0525 0.0804 0.1092
Portugal 2Y -0.6550 0.0327 0.0669 0.1029 0.1406
Portugal 5Y -0.3840 0.0373 0.0780 0.1224 0.1709
Greece 20Y 0.9240 0.9443 0.9809 1.0190 1.0585
Denmark 0.0890 0.0231 0.0254 0.0280 0.0307
Finland -0.0570 0.0115 0.0242 0.0381 0.0534
Spain 52W -0.5760 0.0194 0.0395 0.0604 0.0819
Spain 3M -0.5890 0.0382 0.0788 0.1219 0.1678
Spain 6M -0.5950 0.0360 0.0742 0.1147 0.1577
Switzerland -0.1627 0.0216 0.0454 0.0715 0.1002
Czech Republic 2.0190 2.1121 2.1697 2.2291 2.2900
Greece 0.8190 0.8577 0.9004 0.9453 0.9923
Portugal 52W -0.6500 0.0280 0.0573 0.0877 0.1194
Ireland 0.1460 0.1199 0.1319 0.1451 0.1596
Netherlands -0.1070 0.0155 0.0325 0.0510 0.0713
Spain 0.4130 0.4103 0.4513 0.4965 0.5461
Spain 3Y -0.4830 0.0260 0.0533 0.0819 0.1121
Spain 5Y -0.3150 0.0344 0.0722 0.1139 0.1597
Portugal 0.3220 0.2904 0.3194 0.3514 0.3865
Portugal 30Y 1.2610 1.2912 1.3445 1.4001 1.4579
Norway 1.4573 1.4965 1.5521 1.6097 1.6694
Portugal 7Y -0.1080 0.0145 0.0305 0.0480 0.0673
Austria -0.0090 0.0056 0.0118 0.0185 0.0260
Belgium 0.0860 0.0275 0.0303 0.0333 0.0366

America Yield Signal Q3/21 Q4/21 Q1/22 Q2/22
US 1.4578 1.4208 1.4808 1.5433 1.6084
US 1M 0.0583 0.0585 0.0644 0.0708 0.0779
US 3M 0.0355 0.0447 0.0491 0.0540 0.0594
US 6M 0.0507 0.0502 0.0552 0.0607 0.0668
US 52W 0.0812 0.0791 0.0852 0.0917 0.0987
US 2Y 0.2736 0.2438 0.2633 0.2845 0.3073
US 3Y 0.5425 0.5077 0.5486 0.5928 0.6405
US 5Y 0.9485 0.9183 0.9787 1.0431 1.1117
US 7Y 1.2525 1.2222 1.2849 1.3508 1.4201
US 20Y 2.0720 2.0657 2.1304 2.1971 2.2658
US 30Y 1.9860 1.9563 2.0111 2.0674 2.1253
Brazil 10.9900 11.4457 11.7652 12.0937 12.4311
Brazil 52W 8.6150 8.7608 9.0402 9.3288 9.6260
Brazil 2Y 9.6800 10.0125 10.3944 10.7899 11.2007
Brazil 3M 6.2020 6.1694 6.3955 6.6306 6.8740
Brazil 3Y 9.9600 10.2462 10.5303 10.8214 11.1215
Brazil 5Y 9.8350 11.2255 12.3481 13.5829 14.9411
Brazil 6M 7.2400 7.3644 7.6930 8.0363 8.3944
Canada 2Y 0.5030 0.4965 0.5324 0.5709 0.6121
Canada 3Y 0.6390 0.6000 0.6428 0.6887 0.7379
Canada 1.3750 1.3437 1.4083 1.4761 1.5470
Canada 7Y 1.1590 1.1313 1.1984 1.2695 1.3447
Canada 52W 0.2850 0.2915 0.3207 0.3527 0.3880
Canada 20Y 1.7690 1.7292 1.7926 1.8585 1.9267
Canada 30Y 1.9020 1.8688 1.9252 1.9834 2.0433
Canada 5Y 1.0430 0.9521 1.0061 1.0631 1.1234
Canada 3M 0.1250 0.1425 0.1561 0.1711 0.1874
Canada 6M 0.1600 0.1778 0.1916 0.2064 0.2224
Canada 1M 0.2150 0.2035 0.2239 0.2462 0.2709
Colombia 7.4900 7.3196 7.4435 7.5694 7.6968
Mexico 7.1940 7.1763 7.2740 7.3731 7.4729
Chile 5.3400 5.3923 5.4757 5.5606 5.6472
Peru 15Y 0.0000 5.4250 5.4250 5.4250 5.4250
Venezuela 10.4290 10.4290 10.4290 10.4290 10.4290

Asia Yield Signal Q3/21 Q4/21 Q1/22 Q2/22
Japan 0.0580 0.0715 0.0787 0.0865 0.0952
Japan 1M -0.1100 0.0062 0.0128 0.0199 0.0276
Japan 3M -0.1100 0.0094 0.0197 0.0309 0.0432
Japan 6M -0.1150 0.0068 0.0139 0.0216 0.0297
Japan 52W -0.1290 0.0043 0.0088 0.0135 0.0184
Japan 2Y -0.1250 0.0057 0.0116 0.0178 0.0244
Japan 3Y -0.1030 0.0059 0.0122 0.0189 0.0260
Japan 5Y -0.0930 0.0089 0.0187 0.0294 0.0410
Japan 7Y -0.0510 0.0055 0.0116 0.0182 0.0255
Japan 20Y 0.4570 0.4484 0.4622 0.4765 0.4911
Japan 30Y 0.6840 0.6903 0.7060 0.7220 0.7384
India 6.1810 6.2040 6.2410 6.2786 6.3162
India 52W 3.9350 3.9997 4.1042 4.2114 4.3213
India 2Y 4.5560 4.5740 4.6817 4.7917 4.9043
India 30Y 6.9310 6.9511 6.9912 7.0319 7.0727
India 3Y 4.9130 4.9364 5.0232 5.1115 5.2017
India 5Y 5.6490 5.6722 5.7289 5.7862 5.8440
India 7Y 6.1810 6.2145 6.2540 6.2942 6.3343
India 3M 3.3700 3.3389 3.3782 3.4181 3.4584
India 6M 3.4400 3.4138 3.4479 3.4824 3.5172
China 5Y 2.6940 2.7534 2.7831 2.8133 2.8436
South Korea 52W 1.0420 1.0736 1.1061 1.1396 1.1741
China 30Y 3.4290 3.4641 3.4871 3.5105 3.5343
China 3Y 2.5340 2.6133 2.6492 2.6855 2.7221
China 2Y 2.4860 2.5444 2.5773 2.6105 2.6441
China 2.8890 2.9130 2.9413 2.9698 2.9987
China 7Y 2.8560 2.9216 2.9486 2.9758 3.0030
China 52W 2.3340 2.3717 2.4194 2.4680 2.5177
Indonesia 6.2380 6.2179 6.2733 6.3288 6.3855
Indonesia 30Y 7.1080 7.0881 7.1191 7.1509 7.1819
Indonesia 6M 3.2100 3.2851 3.3618 3.4408 3.5210
Thailand 1.8000 1.8974 1.9567 2.0177 2.0807
Israel 1.0640 1.0936 1.1336 1.1752 1.2181
Indonesia 1M 3.0900 3.1861 3.2853 3.3873 3.4926
Philippine 4.5530 4.4170 4.5286 4.6432 4.7608
Qatar 2.0170 1.9640 1.9985 2.0336 2.0695
Taiwan 0.4400 0.4180 0.4598 0.5058 0.5564
Vietnam 2.1180 2.0951 2.1390 2.1839 2.2299
Indonesia 52W 3.0890 3.0702 3.1964 3.3277 3.4645
Indonesia 20Y 6.9570 6.9277 6.9704 7.0138 7.0571
Indonesia 3Y 4.5870 4.6915 4.7704 4.8507 4.9319
Indonesia 3M 3.0500 3.1436 3.2137 3.2853 3.3585
Indonesia 5Y 5.2010 5.1344 5.1892 5.2446 5.3010
Malaysia 3.4150 3.3891 3.4379 3.4873 3.5378
China 20Y 3.4620 3.5247 3.5648 3.6056 3.6467
Singapore 1.4920 1.4846 1.5307 1.5781 1.6271
Pakistan 10.0170 9.8715 9.9460 10.0204 10.0949
Hong Kong 1.2130 1.1432 1.1968 1.2530 1.3117
South Korea 2.1570 2.1105 2.1497 2.1897 2.2305
South Korea 20Y 2.1660 2.1203 2.1521 2.1845 2.2173
South Korea 2Y 1.4250 1.4410 1.4811 1.5222 1.5645
South Korea 30Y 2.1550 2.1004 2.1323 2.1648 2.1977
South Korea 3Y 1.5770 1.5763 1.6187 1.6623 1.7069
South Korea 5Y 1.8670 1.8333 1.8766 1.9208 1.9662

Australia Yield Signal Q3/21 Q4/21 Q1/22 Q2/22
Australia 1.3950 1.3909 1.4535 1.5189 1.5872
Australia 52W 0.0100 0.0077 0.0085 0.0093 0.0102
Australia 20Y 2.0890 2.0884 2.1538 2.2212 2.2907
Australia 2Y 0.0130 0.0121 0.0133 0.0146 0.0161
Australia 30Y 2.2740 2.2755 2.3389 2.4037 2.4706
Australia 3Y 0.3050 0.2893 0.3182 0.3501 0.3851
Australia 5Y 0.7360 0.7045 0.7475 0.7931 0.8414
Australia 7Y 1.0580 1.0430 1.0988 1.1575 1.2195
New Zealand 2Y Bond Yield 1.0400 1.2370 1.3422 1.4565 1.5805
New Zealand 1.9530 1.9960 2.0968 2.2027 2.3138

Africa Yield Signal Q3/21 Q4/21 Q1/22 Q2/22
South Africa 2Y 5.0600 5.0826 5.1612 5.2412 5.3228
South Africa 9.1100 9.0766 9.1692 9.2626 9.3570
South Africa 20Y 10.6250 10.6702 10.7664 10.8626 10.9610
South Africa 30Y 10.5900 10.6399 10.7359 10.8318 10.9299
South Africa 5Y 7.5150 7.5516 7.6389 7.7278 7.8173
South Africa 3M 4.9900 5.7200 6.2920 6.9212 7.6133
Zambia 33.5000 34.2337 34.9841 35.7479 36.5318
Ghana 3 Month bond 12.12 12.19 12.32 12.44 12.56
Kenya 12.5900 12.5755 12.8572 13.1450 13.4402
Nigeria 12.0190 12.4364 12.9511 13.4873 14.0462

TRADING ECONOMICS expects yields from Government Bonds to rise in 2021 on inflation concerns triggered by tight labour costs and high oil prices possibly caused by a rise in geopolitical tensions in the middle east. TRADING ECONOMICS provides forecasts for Bonds based on its analysts expectations and proprietary global macro models. The current forecasts were last revised on September 19 of 2021. Please consider that while TRADING ECONOMICS forecasts for Bonds are made using our best efforts, they are not investment recommendations.