Government bond yields GTM –UK | 64 Yield to maturity of government bonds US yield curve % yield %, 10-year yield minus 2-year yield 4 3 Recession 2 3 US UK 1 Japan 2 Germany 0 -1 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 1 Global government bond yields e % of BofA/Merrill Lynch Global Government Bond Index m 90 o 0 Yield below 1% c n i Yield below 0% d e 60 x -1 Fi 30 -2 13612357101520 Months Years 0'14 '15 '16 Source: (Left) FactSet, Tullet Prebon, J.P. Morgan Asset Management. (Top right) Thomson Reuters Datastream, J.P. Morgan Asset Management. (Bottom right) Bloomberg, BofA/Merrill Lynch, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 31 December 2016. 64