rendementencurve

A rendementencurve, often translated as yield curve, is a graphical representation of the yields of bonds with equal credit quality but differing maturity dates. Typically, it plots the yield to maturity on the vertical axis against the time to maturity on the horizontal axis. The shape of the yield curve provides insights into market expectations about future interest rates and economic conditions.

There are several common shapes of the yield curve. A normal yield curve slopes upward, indicating that longer-term bonds have higher yields than shorter-term bonds. This suggests that investors expect interest rates to rise or that they require compensation for the increased risk associated with holding debt for a longer period. An inverted yield curve slopes downward, meaning short-term bonds offer higher yields than long-term bonds. This is often interpreted as a signal that investors anticipate interest rates to fall in the future, perhaps due to an expected economic slowdown or recession. A flat yield curve occurs when yields are similar across all maturities, suggesting uncertainty about future interest rate movements or economic prospects. A humped yield curve shows medium-term yields being higher than both short-term and long-term yields.

The yield curve is a widely watched economic indicator. Central banks and economists use it to gauge inflation expectations and predict future economic growth. For investors, it helps in making decisions about bond investments and asset allocation. Changes in the yield curve can influence borrowing costs for corporations and governments, as well as mortgage rates for consumers.