Yield curve calculator
Type in government bond yields from 3 months to 30 years to draw the yield curve, see the 2-year to 10-year gap in basis points, and check whether the curve is normal, flat or inverted. Free, no sign-up, nothing leaves your browser.
The starting yields are only an example; use today's figures for the country you are looking at. One basis point (bp) is 0.01%. Here a 2-year to 10-year gap within 25 bp either way is called flat. This is a calculator, not a forecast or advice.
The three main shapes
Normal: long-term rates are higher than short-term ones, as lenders want more for tying money up longer. Flat: short and long rates are about the same, often when the outlook is uncertain. Inverted: short-term rates are higher than long-term ones, often when markets expect rate cuts ahead.
Why an inverted curve gets attention
In the US, an inverted curve, often measured by the gap between 2-year and 10-year Treasury yields, has come before many past recessions. It is a warning sign rather than a sure forecast, and the timing between inversion and any downturn has varied widely.
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