Using eight centuries of sovereign interest rate data, this briefing examines how today’s interest rate environment compares with long-term historical experience. The analysis places modern markets into context by comparing historical sovereign yields across Italian city-states, the Dutch Republic, UK government debt, and modern U.S. Treasury markets.
The report explores how the exceptionally low-rate environment between 2010 and 2021 differs from longer historical patterns and discusses implications for valuation frameworks, duration exposure, and portfolio construction in a changing rate regime.