The chart on the left shows the long march down in government bond yields over the last 30 years. Lower rates of growth and inflation expectations anchored to central bank targets have acted to lower the yield on government bonds. Even before the weight of central bank bond purchases was added. The chart on the right illustrates the steepening of the U.S. yield curve (the difference between the 10-year yield and 2-year yield). During economic recovery, the yield curve steepens as the prospects for higher rates of growth and inflation rise.