The Most Important Charts In The World For 2026 Chart #2
Chart #2 Global Government Bond Yields
Continuing with our “The Most Important Charts In The World For 2026” series today we have global government bond yields
We watch yields all day every day but right now they are in an interesting place. US yields have been in a 140bps range since mid-2023 but the same can not be said for Government yields across the globe.
Looking at this chart of different government 10-Yr yields you might notice a trend. Japan, French, and German yields are in clear uptrends, and Aussie yields broke higher over the past few months. The one laggard? The US 10-Yr, which has been going mostly sideways for a while now.
If we clear it out and just look at the US 10-Yr you can see how it has been in a 140bps range for the past two and a half years. After a big move higher from the 2020 bottom, it has been rangebound since 2022.
If the US 10-Yr decides to turn up and join, or rejoin, global yields then we will likely see some fireworks in markets. On the other hand if the US 10-Yr goes lower and global yields follow we are likely to see another big bull run in risk assets.
Alternatively, and really what we hope for, is that they all kind of go in their own directions. This would help us to have a lot more less correlated trading ideas throughout the year. But for now the rest of the world is seeing mostly higher yields, and US yields are in a range.
Happy Trading,
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