Toby Nangle recently wrote “How to (more) properly compare bond yields across markets” (non-gift link). The story behind the article is straightforward: commentators are going back to their old habit of comparing the raw yields on 10-year bonds and making assertions about what this means about implied credit quality. As Nangle’s article notes, this is not a good idea, since bond yields embed rate expectations.

Since I do not have the derivatives data to dig into current pricing, I will just offer...