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2025-12-16 19:14:06
[Interest Rate Spread Map: The Global Interest Rate "Anchoring" Effect of the US and Germany] ⑴ Using the German 2-year government bond yield as a benchmark, Australia has the highest interest rate spread at +188.1 basis points, followed by the UK and the US at +162.5 and +136.9 basis points respectively. ⑵ In contrast, Japan has the largest negative interest rate spread with Germany at -108.3 basis points, followed by Denmark at -45.6 basis points. ⑶ Using the US 2-year Treasury yield as a benchmark, only Australia and the UK have yields higher than the US, with spreads of +51.2 and +25.6 basis points respectively. ⑷ The yields of bonds in most developed countries are significantly lower than those in the US, with Japan having the largest negative interest rate spread with the US at -245.3 basis points. ⑸ Comparing 10-year government bonds, the US yield remains the highest globally, while the yields in Australia and the UK are higher than those in the US, with spreads of +55.5 and +34.3 basis points respectively. (6) Yields on 10-year government bonds in major European economies are lower than those in the United States, with Germany's negative spread against the US reaching -133.3 basis points and Japan's as high as -222.9 basis points. (7) Data shows that short-term US and German government bonds have become key "anchors" for measuring risk premiums and monetary policy differences in other markets.
