The difference between the 10-year and two-year government bond yields is a measure of the steepness of the yield curve. For the U.S., Canada, the U.K., and the ECU, yield curves were all quite flat in late March and early April. Since then, they have steepened, except for a brief period of flatness between August and late September. Japan’s yield curve remained unchanged until the end of August, when it began to flatten out.
Suggested citation: "International Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-11, pp. 08-09, 11.01.2002.