India–U.S. 10-Year Government Bond Yield Spread (Monthly)

## What this measures

India's 10-year government bond yield minus the United States' 10-year Treasury yield, in percentage points, from the OECD's monthly long-term interest rates (rates.gov10y.ind minus the OECD's U.S. series, the monthly average of the 10-year constant-maturity Treasury yield). Monthly since December 2011, when the OECD's India series starts.

## Why it matters

The spread is what investors earn for holding rupee government debt instead of dollar Treasuries: compensation for India's higher inflation, for currency risk and for credit risk. It narrows when Indian inflation falls or U.S. yields rise, and it drove foreign buying when Indian bonds joined global bond indexes in 2024.

## How to read it

Higher means Indian yields are further above U.S. yields. Compare with its own history; most of the level is the inflation difference between the two countries.

## What it does not say

It mixes currency and credit risk: a dollar investor's return also depends on the rupee. Monthly averages hide moves within the month. The U.S. series here is the OECD's monthly average, which can differ by a few basis points from averaging FRED's daily DGS10.

## Source

Computed by Palanor from OECD long-term interest rates (dataflow DSD_STES@DF_FINMARK, measure IRLT; India and the United States), sdmx.oecd.org, licensed CC BY 4.0. Attribution: Source: OECD (CC BY 4.0), calculations by Palanor. Refreshed daily by /api/cron/global-yields-sync.