Euro area yield curve
Spot yields on euro-area government bonds from 3 months to 30 years, estimated every business day by the ECB. The AAA curve covers only issuers rated triple A; the all-issuers curve covers every euro-area central government.
On 2 October 2026, the 10-year yield on AAA-rated euro-area government bonds is 3.46% and the 2-year yield is 2.99%, so the 10-year yield minus the 2-year yield is 0.47 pp. Across all euro-area governments the 10-year yield is 4.11% and the 2-year yield is 3.30%, a difference of 0.82 pp.
- AAA-rated governments: the curve slopes upward, with the 10-year yield above the 2-year yield.
- All euro-area governments: the curve slopes upward, with the 10-year yield above the 2-year yield.
Yield curve today, a month ago and a year ago
10-year minus 2-year yield since 2004
Periods when the 10-year yield was below the 2-year yield (an inverted curve) are shaded.
Spot yields by maturity
| Maturity | AAA-rated governments | All euro-area governments | ||||
|---|---|---|---|---|---|---|
| Latest | 1 month ago | 1 year ago | Latest | 1 month ago | 1 year ago | |
| 3M | 2.52% | 2.43% | 1.95% | 2.65% | 2.53% | 1.98% |
| 1Y | 2.87% | 2.76% | 1.95% | 3.05% | 2.85% | 2.00% |
| 2Y | 2.99% | 2.91% | 1.99% | 3.30% | 3.01% | 2.09% |
| 5Y | 3.13% | 3.06% | 2.27% | 3.65% | 3.33% | 2.56% |
| 10Y | 3.46% | 3.39% | 2.78% | 4.11% | 3.82% | 3.26% |
| 20Y | 3.77% | 3.78% | 3.26% | 4.50% | 4.33% | 3.88% |
| 30Y | 3.72% | 3.78% | 3.25% | 4.44% | 4.38% | 3.89% |
Source: ECB, euro area yield curves (dataset YC, Svensson model). Yields are shown as published; the 10-year minus 2-year difference is euroflation's calculation. · data through 2 October 2026
Frequently asked questions
- Is the euro yield curve inverted?
- AAA-rated governments: the curve slopes upward, with the 10-year yield above the 2-year yield. All euro-area governments: the curve slopes upward, with the 10-year yield above the 2-year yield.
- What is the difference between the AAA and all-government yield curves?
- The AAA curve is fitted by the ECB only to bonds of issuers rated triple A. The all-issuers curve is fitted to the bonds of every euro-area central government, whatever its rating. Both use the same method, the Svensson model. On 2 October 2026, the 10-year yield for all euro-area governments is 0.65 pp above the AAA yield.