US 10-year Treasury yield

Benchmark cost of US-dollar funding.

Higher yields weigh on gold, draw money from frontier markets and raise the cost of clearing Zimbabwe's arrears. Falling yields support gold and risk appetite.

Effects on Zimbabwe

• Dollar liquiditySets how plentiful US dollars are locally.
• Investor sentimentShapes demand for Zimbabwe-linked assets.
• Currency reservesMoves the value of the reserves behind the ZiG.