About these yield curves
heat.sala.company/rates shows government bond yields for the United States, the euro area, Germany, the United Kingdom, Japan, Canada, Australia, Switzerland, Sweden, Norway, Brazil and South Africa: each market's 10-year yield, how it moved, and its whole yield curve, with a simple reading of whether the curve looks healthy.
What is a yield curve?
The interest rate a government pays to borrow for different lengths of time, from a few months to 30 years, drawn as one line. Normally it slopes up: lenders want more to lock their money away for longer.
How do I know if a yield curve is healthy?
Look at the gap between the 10-year and the 2-year yield (for the UK, the Bank of England's Bank Rate). Half a percentage point or more is normal; between zero and half a point is flat; below zero, with short-term rates above long-term ones, the curve is inverted. An inverted US curve has come before most US recessions, though the timing varies and it is not a guarantee.
Where does the data come from, and how fresh is it?
Only from official sources: the US Treasury, the European Central Bank, the Bank of England, Japan's Ministry of Finance, the Bank of Canada, the Reserve Bank of Australia, the Bundesbank, the Swiss National Bank, the Riksbank, Norges Bank, Brazil's National Treasury and the South African Reserve Bank. They publish closing yields once a business day, some a few days late, so each market shows its own date. Nothing here is real-time.
Why aren't Saudi Arabia, the UAE or other Gulf markets shown?
Their central banks publish auction results, not a daily yield curve, and no free official daily source exists yet. China and India are missing for the same reason, and France, Italy and Spain have no free daily official feed (the euro area and German curves stand in). Morocco's central bank does publish a daily curve, but its website blocks the automated servers this site runs on.
Is this financial advice?
No. It is an experimental, work-in-progress tool. Data can be late, wrong or missing.
Official closing yields, published once a business day (some a few days late); checked every few hours. Nothing here is real-time. Not financial advice.