With the bond yield talk recently, I had done up a simple statistical research on the relationship between the United States (U.S.) 10-year treasury yield and our Singapore Government Securities (SGS) 10-year bond yield. Using annual average yields between the years 1998 and 2018, here are the results in Fig.1: Fig. 1 – Annual average yields of U.S. 10-year treasury and SGS 10-year bond between 1998 and 20181,2. Looks closely related, doesn’t it? To give the relationship a number, I had derived the correlation between them with all the data available, and that is 0.799. So what does this mean? Statistically speaking, the U.S. 10-year treasury yield and the SGS 10-year bond yield are quite correlated with each other (close to 1.0), meaning that there is a positive relationship between them, though I have to stress that correlation does not imply causation. So In What Way These Data Are...