Sovereign Pressure · daily · G7 government yields · as of Oct 6, 2026
What the developed sovereign-debt complex is demanding
Seven government bond markets, one read: the G7 ten-year and thirty-year yields aggregated equal-weighted, the slope between them, and a z-scored composite that goes high when sovereign bonds sell off broadly — especially at the long end. The debt side of the capital-competition frame the Morning 10 has been tracking.
Mechanical read
Sovereign pressure building
Pressure Index 0.74 (21 sessions ago: 0.57) · components z10 1.83 · z30 1.03 · z-slope -2.42 · front-end-led (policy), not term-premium-led
G7 10-year (EW)
4.36%
debt-weighted 4.73% · 21d +38bp
G7 30-year (EW)
4.85%
debt-weighted 5.26% · 21d +19bp
10s30s slope
49bp
2s10s 82bp
Pressure Index
0.74
z-composite · high = broad sell-off
Sovereign Pressure Index — z-scored composite · dashed = zero
G7 equal-weighted yields — 30-year (red) over 10-year (blue)
The seven markets
| Market | 2Y | 10Y | 30Y | 10Y 1d | 10Y 21d | as of |
|---|---|---|---|---|---|---|
| United States | 4.81% | 5.29% | 5.66% | -2bp | +50bp | 2026-10-06 |
| Japan | 1.93% | 3.11% | 4.24% | +1bp | +18bp | 2026-10-06 |
| Germany | 3.09% | 3.50% | 3.85% | -1bp | +10bp | 2026-10-06 |
| France | 3.56% | 4.75% | — | -11bp | +50bp | 2026-10-06 |
| United Kingdom | 4.68% | 5.38% | 5.91% | -5bp | +28bp | 2026-10-06 |
| Italy | 3.41% | 4.54% | 5.15% | -10bp | +32bp | 2026-10-06 |
| Canada | 3.25% | 3.92% | 4.29% | -3bp | +13bp | 2026-10-06 |
How to read it
A yield alone can mislead across different inflation regimes, so the board reads three things together: the level of the G7 ten-year (absolute borrowing-cost pressure), the long end via the thirty-year and the 10s30s slope (whether pressure is term-premium- and fiscal-led rather than policy-led), and the composite that standardises the 21-session changes of all three. When the slope's z-score leads the pack, the long end is repricing on its own — the signature of supply and term premium, not of central-bank moves.
Aggregation follows the house rule: a market whose series does not print that day is dropped and the average renormalised — never imputed. France's thirty-year series is not carried by the vendor and simply does not enter the 30-year leg; the coverage block in the dataset names every gap.
Sources: daily government benchmark-yield series per market, refreshed nightly. Debt weights are approximate G7 marketable-debt shares, refreshed quarterly; the equal-weighted line is the headline so the approximation never carries the read. A data surface, not advice — an investment diary. Related: credit stress · the US curve · Treasury market ETF.
FAQ · from the current data
Sovereign Pressure — data Q&A
What does the G7 Sovereign Pressure board track?
One aggregated read on developed-market government bonds: the equal-weighted average of G7 ten-year yields (US, Japan, Germany, France, UK, Italy, Canada), the same for thirty-year yields where the series serve, the 10s30s slope between them, and a z-scored composite — the Sovereign Pressure Index — built from 21-session changes in those three legs. It refreshes nightly from daily government-yield series.
Where does sovereign pressure stand right now?
As of the Oct 6, 2026 data, the G7 equal-weighted 10-year yield is 4.36% (debt-weighted 4.73%), the 30-year 4.85%, and the 10s30s slope 49bp. The Sovereign Pressure Index reads 0.74 — sovereign pressure building, front-end-led (policy), not term-premium-led. The board refreshes nightly.
How is the Sovereign Pressure Index computed?
Three legs: the 21-session change in the G7 equal-weighted 10-year yield, in the 30-year yield, and in the 10s30s slope. Each is standardised as a z-score against its own trailing 252 observations, then combined 50% / 30% / 20%. A high reading means sovereign bonds are selling off broadly and long-end-led; a deeply negative reading means a broad bond bid. Aggregates drop missing legs and renormalise — nothing is imputed.
Why equal-weighted rather than debt-weighted?
Both are published. Debt-weighted reflects where the actual bonds are, but the US and Japan dominate it; equal-weighted lets stress in France, Italy, the UK or Canada move the read. The equal-weighted line is the headline precisely so the debt-share approximations (refreshed quarterly) never carry the reading alone.
Is this investment advice?
No. Closelooknet publishes an investment research diary, not investment advice. The board describes what daily government-yield series show. Past performance may not be an indication of future performance.