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2025-12-18 17:13:33
[Global Interest Rate Map: The "Value Gap" Between the US Dollar and Non-US Assets] ⑴ Currently, the yields of major global government bonds show significant divergence. The US 10-year Treasury yield is 4.138%, providing a core anchor for global interest rate levels. ⑵ Using the 10-year yield as a benchmark, Australian government bond yields are the highest at 4.752%, with a spread of +61.4 basis points against the US, while Japanese government bond yields are only 1.966%, with a spread of -217.2 basis points against the US, creating a stark contrast. ⑶ Among core European countries, Germany's 10-year yield is 2.851%, with a spread of -128.7 basis points against the US. Yields in major Eurozone countries such as France and Italy are concentrated in the 3.3%-3.6% range. ⑷ In terms of short-term interest rates, the US 2-year yield is 3.473%, significantly higher than Germany's 2.142%, with a spread of 133.1 basis points, indicating that market expectations for the short-term monetary policy paths of the two regions are quite different. (5) From Germany's perspective, its 2-year interest rate is lower than that of most developed countries, only slightly higher than that of Japan, while the interest rate differentials with Australia, the UK, and the US all exceed 130 basis points. (6) This interest rate map clearly outlines the differences in the cost and attractiveness of global capital, and the general advantage of dollar assets in terms of yield continues to influence the allocation direction of international funds and exchange rate fluctuations.
