For 469 trading days, lending to euro governments for 10 years paid less than 3 months. Now it pays 0.81 points more.
From 8 March 2023 to 9 January 2025 the euro AAA government yield curve sat upside down. Guess where it is today, then scrub through 22 years of daily curves.
Your guess first
Today, how much more does a 10-year euro government bond yield than a 3-month one?
0.0percentage points
-2 (inverted)0+3
Time machine
The curve on any day since September 2004
10Y minus 3M
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3 months
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10 years
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The whole story in one line
10-year minus 3-month yield, every day. Tap or drag to jump.
Everything below the zero line is an inverted curve: short money paid more than long money. The deepest point was 28 December 2023, when 3 months paid 3.78% and 10 years only 2.00%, a gap of -1.78 points.
What it means in euros
Gross yearly interest on 10,000 euro at the selected date
Simple reading of the spot rate times 10,000. Before tax, fees and credit risk. This is an explainer about how the curve behaves, not advice.
Sources. ECB Data Portal, euro area yield curves, AAA-rated government bonds, Svensson model spot rates (dataset YC, series B.U2.EUR.4F.G_N_A.SV_C_YM.SR_3M ... SR_30Y), daily, 6 Sep 2004 to 15 Oct 2026, read on 18 Oct 2026: data.ecb.europa.eu/data/datasets/YC. The curve is a model estimate across AAA-rated euro area issuers (composition changes over time), so it is not the yield of any single bond. Counts of inverted days use business days on which the 3-month rate exceeded the 10-year rate.