Here’s the US Dept of the Treasury:
note that the interest rates are negative even out to 10 years.
These rates are commonly referred to as “Real Constant Maturity Treasury” rates, or R-CMTs. Real yields on Treasury Inflation Protected Securities (TIPS) at “constant maturity” are interpolated by the U.S. Treasury from Treasury’s daily real yield curve. These real market yields are calculated from composites of secondary market quotations obtained by the Federal Reserve Bank of New York. The real yield values are read from the real yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years. This method provides a real yield for a 10 year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.
As Ezra Klein says, the current fiscal policy of angsting about the debt is exactly backwards:
The policies to create jobs cost money, making it harder to reduce the deficit. The policies to reduce the deficit require you to cut spending and raise taxes, which tend to destroy jobs.
But, happily, America’s lucky situation means you don’t have to choose. We can borrow for nearly nothing right now — actually, less than nothing after accounting for inflation — and so the obvious answer to your dilemma is to borrow now to create jobs while putting in place a significant deficit-reduction plan that would begin once unemployment fell below, say, seven percent. If you didn’t want to work very hard at coming up with all these plans yourself, you could just pass the White House’s American Jobs Act now and then the Simpson-Bowles deficit-reduction plan after that.
The fiscal cliff ended with more worst-of-both-worlds legislating. Compared to policy in 2012, the final deal is contractionary: It lets the payroll tax cut expire and raises taxes on the wealthy. JP Morgan estimates that the final deal will cut GDP growth by 0.6 percent in 2013. IHS Global Insight says the damage will be more like 0.4 percent off GDP. Either number is better than the recession we likely would’ve faced after a full-on swan dive off the fiscal cliff. But neither is good.
Moreover, the final fiscal cliff deal does little to reduce deficits. It doesn’t come anywhere near stabilizing debt-to-GDP over the next decade.
Which is to say that the fiscal cliff deal fails all three of our premises about the U.S. economy. It doesn’t solve the unemployment problem, or even help improve it. It doesn’t solve the deficit problem, or even do much to improve that. And it doesn’t take advantage of the insanely cheap money the United States has access to right now.