Vastavaluuttakäyrän

Vastavaluuttakäyrä, often translated as a yield curve, represents the relationship between the interest rates, or yields, and the time to maturity of bonds of the same credit quality. Typically, it plots the yields of government bonds, such as U.S. Treasuries, across various maturities, from short-term bills to long-term bonds.

A normal or upward-sloping yield curve indicates that longer-term bonds have higher yields than shorter-term bonds. This is generally expected because investors demand higher compensation for tying up their money for longer periods, facing greater risks like inflation and interest rate fluctuations.

An inverted or downward-sloping yield curve occurs when short-term bonds offer higher yields than long-term bonds. This is an unusual situation and is often interpreted as a signal that investors anticipate a future economic slowdown or recession, leading to expectations of lower interest rates.

A flat yield curve, where short-term and long-term yields are very similar, can suggest uncertainty about the economic outlook. The shape and movements of the yield curve are closely watched by economists and investors as they can provide insights into market expectations regarding future economic growth, inflation, and monetary policy. Changes in the yield curve can influence borrowing costs for businesses and individuals, as well as investment decisions.