# Global Government Bond Yields — Phase 107
## Overview
Comprehensive 10-year government bond yield data for 40+ countries via FRED (Federal Reserve Economic Data).
## Features
- ✅ 10Y yields for 40+ countries (G7, BRICS, Asia-Pacific, Europe, LatAm, Middle East)
- ✅ US Treasury yield curve (1M to 30Y)
- ✅ US TIPS real yields (inflation-adjusted)
- ✅ US breakeven inflation rates (market-implied inflation expectations)
- ✅ Yield spread calculations vs any base country
- ✅ Historical time series data
- ✅ Daily updates
## Data Coverage
### Regions
- **G7**: US, Germany, Japan, UK, France, Italy, Canada
- **Europe**: Spain, Portugal, Greece, Netherlands, Belgium, Austria, Switzerland, Norway, Sweden, Denmark, Poland
- **Asia-Pacific**: Australia, New Zealand, South Korea, Singapore, Hong Kong, China, India
- **Latin America**: Mexico, Brazil, Chile, Colombia
- **Middle East**: Israel, Turkey
- **Africa**: South Africa
- **Other**: Russia
### Series Types
1. **10Y Yields**: Benchmark 10-year government bond yields
2. **US Yield Curve**: 1M, 3M, 6M, 1Y, 2Y, 3Y, 5Y, 7Y, 10Y, 20Y, 30Y
3. **US Real Yields**: TIPS yields for 5Y, 7Y, 10Y, 20Y, 30Y
4. **Breakeven Inflation**: 5Y, 10Y, 30Y market-implied inflation expectations
## Requirements
### FRED API Key (Required)
Register for a free API key at: https://fred.stlouisfed.org/
Set environment variable:
```bash
export FRED_API_KEY="your_api_key_here"
```
**Limits**:
- Free tier: 120 requests/minute, 10 years of data
- No credit card required
## CLI Usage
```bash
# List all available countries
python3 cli.py list-countries
# Get 10Y yield for a country
python3 cli.py yield US
python3 cli.py yield DE
python3 cli.py yield JP
# Compare yields across countries
python3 cli.py compare US DE JP GB FR IT CA
# Calculate spreads vs base country
python3 cli.py spreads US # All countries vs US
python3 cli.py spreads DE # All countries vs Germany
# US Treasury yield curve
python3 cli.py us-curve
# US TIPS real yields
python3 cli.py us-real
# US breakeven inflation
python3 cli.py us-breakeven
# Comprehensive data for any country (extended for US)
python3 cli.py comprehensive US
python3 cli.py comprehensive DE
```
## MCP Tools
### global_bonds_list_countries
List all 40+ countries with bond yield data.
**Parameters**: None
**Returns**:
```json
{
"success": true,
"countries": [
{"code": "US", "name": "United States 10Y Treasury", "series_id": "DGS10"},
{"code": "DE", "name": "Germany 10Y Bund", "series_id": "IRLTLT01DEM156N"}
],
"count": 40
}
```
### global_bonds_yield
Get 10-year yield for a specific country with historical data.
**Parameters**:
- `country_code` (string, required): 2-letter country code (e.g., US, DE, JP)
- `days` (integer, optional): Number of days of historical data (default 30)
**Returns**:
```json
{
"success": true,
"data": {
"country": "US",
"country_name": "United States 10Y Treasury",
"series_id": "DGS10",
"latest_date": "2026-02-24",
"yield": 4.32,
"change_1d": -0.05,
"change_1w": 0.12,
"change_1m": -0.23,
"historical": [...]
}
}
```
### global_bonds_compare
Compare 10Y yields across multiple countries.
**Parameters**:
- `country_codes` (array, required): List of 2-letter country codes
**Returns**:
```json
{
"success": true,
"comparison": [
{
"country": "BR",
"country_name": "Brazil 10Y Bond",
"yield": 12.45,
"change_1m": 0.34
},
{
"country": "US",
"country_name": "United States 10Y Treasury",
"yield": 4.32,
"change_1m": -0.23
}
]
}
```
### global_bonds_spreads
Calculate yield spreads relative to a base country.
**Parameters**:
- `base_country` (string, optional): Base country code (default "US")
**Returns**:
```json
{
"success": true,
"spreads": [
{
"country": "BR",
"country_name": "Brazil 10Y Bond",
"yield": 12.45,
"spread_vs_base": 8.13,
"spread_bps": 813,
"base_country": "US",
"base_yield": 4.32
}
]
}
```
### global_bonds_us_curve
Get full US Treasury yield curve.
**Parameters**: None
**Returns**:
```json
{
"success": true,
"data": {
"date": "2026-02-24",
"curve": {
"1M": 4.55,
"3M": 4.48,
"2Y": 4.21,
"10Y": 4.32,
"30Y": 4.52
},
"slope_2s10s": 0.11,
"slope_3m10y": -0.16,
"inverted_2s10s": false,
"inverted_3m10y": true
}
}
```
### global_bonds_us_real
Get US TIPS real yields (inflation-adjusted).
**Parameters**: None
**Returns**:
```json
{
"success": true,
"data": {
"date": "2026-02-24",
"real_yields": {
"5Y": 1.85,
"7Y": 1.92,
"10Y": 2.02,
"20Y": 2.15,
"30Y": 2.18
}
}
}
```
### global_bonds_us_breakeven
Get US breakeven inflation rates (market-implied inflation expectations).
**Parameters**: None
**Returns**:
```json
{
"success": true,
"data": {
"date": "2026-02-24",
"breakeven_inflation": {
"5Y": 2.30,
"10Y": 2.25,
"30Y": 2.20
}
}
}
```
### global_bonds_comprehensive
Get comprehensive bond data for any country (extended data for US).
**Parameters**:
- `country_code` (string, optional): 2-letter country code (default "US")
**Returns**: For US, includes 10Y yield + yield curve + real yields + breakeven inflation. For other countries, only 10Y yield with extended history.
## Use Cases
### 1. Central Bank Policy Analysis
Monitor global interest rate differentials to assess monetary policy stance across countries.
```bash
python3 cli.py compare US DE JP GB FR
```
### 2. Currency Trade Setup
Wide yield spreads often drive carry trades. High-yield countries (BR, TR, ZA) vs low-yield (JP, CH).
```bash
python3 cli.py spreads US
```
### 3. Recession Signals
Inverted yield curves (2s10s, 3m10y) historically precede recessions.
```bash
python3 cli.py us-curve
```
### 4. Inflation Expectations
Breakeven rates reveal market-implied inflation forecasts.
```bash
python3 cli.py us-breakeven
```
### 5. Risk-On/Risk-Off Regime
Rising EM spreads vs DM = risk-off. Compressing spreads = risk-on.
```bash
python3 cli.py spreads US > risk_monitor.json
```
## Data Source
All data via **FRED (Federal Reserve Economic Data)**:
- API: https://api.stlouisfed.org/fred
- Coverage: Daily updates for most series
- Latency: T+0 to T+1 depending on source
## Phase Info
- **Phase**: 107
- **Category**: Global Macro
- **Status**: Done
- **LOC**: 536
- **Data Sources**: FRED API (40+ bond series)
## Author
QuantClaw Data Build Agent — Phase 107 (Global Government Bond Yields)
