Both 10-year and 2-year rates rose in 2022, driven by much tighter central bank policy. 10-year yield 10-year yield Sharply higher in 2022 The chart above shows the 10-year yield to 2021, the 10-year yield to 2022 and the year-over-year changes in key global countries. The year’s top 10-year yields rose in the EU as markets began discounting higher yields to fight inflation in 2023, spurred by the ECB’s steeper outlook for 2023. German 10-year yields rise 2.753%, French 10-year yields are up 2,753%. increases by 2.82%, Spain’s 10-year is at 3.066% and Italy’s is the highest at 3.535% from the end of 2021 levels. Japan should move higher as the Bank of Japan kept the 10-year yield at 0.25% for most of the year before raising the limit to 0.50% in December. The year-end yield was 0. 1%. The US 10-year yield has increased by 2.365% (or 236 basis points) since the end of 2021. From a high of .335% reached on October 21, the 10-year yield has moved lower and is at 3.879% at the end of 2022. The lowest of the year was 1.529% on the first trading day of the year. Technically, the 10-year term remains above the 100-day MA at 3.637% (blue line on the chart below) after a decline in early December. The bills at the beginning of December were supported by an almost 50% increase from the end of August. Also remember that the Fed was more hawkish at its December 1 meeting, raising the final rate to 5.1% from .6% in September.