We can also see that the decline in long-term rates was not unique to Canada. Most advanced economies saw similar decreases.
Chart 2: The decline in real yields was an international phenomenon Semi-annual data, April 1995 to October 2019  % 10 8 6 4 2 0  -2 -4 1994  1998 Canada  2002 United States  2006 France  2010 Germany  2014 2018 United Kingdom Canada  Note: For each country, the real yield is computed as the difference between the nominal yield on 10-year government bonds and a measure of professional forecasters' inflation expectations over the next 10 years.