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Below is an updated look at our trading range charts for various 10-year sovereign debt yields around the world. When we last posted these charts in mid-2016, the yield on the 10-Year US Treasury Note was under 1.5%. As shown in the top left chart below, the yield currently sits at 2.38% after getting as high as 2.5% a few weeks ago. After trading at the top of or above its normal range (blue shading) for pretty much all of November and December, the US 10-year yield currently sits in the middle of its range.
While the US saw its 10-year yield dip down to 1.5% at its lows, and Canada and the UK both dipped below 1%, the major news of 2016 was negative 10-year yields for the Euro area and Japan. Both areas saw their 10-years dip below -0.10% at last year’s lows. But all is well in the world now as yields have moved back into positive territory. The Euro area 10-year is back to yielding 0.28%, while Japan’s 10-year now pays a hefty interest rate of 0.06%.