10-year government bond yields in select largest economies worldwide 2020-2024

Of the seven largest economies by GDP, the United States saw the sharpest fall in absolute terms for 10-year government bond yields due to the coronavirus (COVID-19) pandemic. From a level of 1.51 percent in January 2020, yields on 10-year government bonds fell to 0.65 percent by April 2020, and had further fallen to 0.53 percent by July 2020 before starting to recover towards the end of the year. Conversely, countries that went into 2020 with already low bond yields like Japan, Germany and France actually saw a small increase in March 2020 - although these already low yields mean that these small changes are significant in relative terms.

在全球GDP排名前七的经济体中，美国因新冠病毒（COVID-19）大流行而经历了十年期政府债券收益率绝对值下降最为显著的降幅。从2020年1月的1.51%水平下降至4月2020年的0.65%，并在7月2020年进一步下降至0.53%，随后在年底开始回升。相反，日本、德国和法国等在2020年初债券收益率已处于较低水平的国家，在3月2020年实际上见证了债券收益率的小幅上升——尽管这些已经较低的收益率意味着这些微小的变化在相对意义上具有重要意义。