Since the end of October, When he played the most of 3,25%, the rate DEA 10 years began a steep decline to the current levels in which went through much of the year (2,85%-2,90%).
At the same time, short term interest rates also registered falls, Although to a lesser extent. In this way, differential rates between different times is at minimum levels of the year.
If we take as a reference rates to 10 y 2 años, as shown in the preceding graphic, the current differential is only 0,12%.
This behavior of rates, You can guess is that compression occurs due to a strong increase of the fly to quality bonds long at a time of global uncertainty.
In Europe, the behavior of the rates is similar. In the case of England, the evolution of rates to 2 y 10 years after reaching highs also in October (0, 90% in the case of the of 2 years and 1,70% in the case of the rate to 10), It gradually fell to current levels of 0,69% y 1,20%, respectively.
On the other hand, in Germany, After reaching levels of 0,60%, the rate of 10 fell to the 0,25% current. While the rate of 2 years has remained relatively stable in 0,60% negative.
In both cases, the behaviour evidenced between the long and short term rates, It is equal to what has happened in United States, the differential between both periods shrinking in the last month and a half. However, the differential between the time limits in the case of European countries, shows a greater prize, of 0,50% in England and 0,80% in Germany.
By way of conclusion, as seen above, Detaches a process of deepening of the fly to quality, especially in the cases of Germany and United States. This behavior increases the risk of a devaluation in the rest of financial assets.