A preliminary glance at long-term real and nominal interest rates
In the early days the U.S. Government Bonds traded like many new issuers lacking a history of repayment: high and volatile.
Bond yields reflected only loosely the longer-term trends in commodity prices (however, a longer commodity series might tell a different story)
U.K. and U.S. real bond yields have shared quite a bit of co-movement over the years
Commodity prices tend to link U.S. and U.K. real bond yields, and probably explain the a good fraction of the common variation in international bond yields
The Real Interest Rate Spread has roughly co-moved with the real us/uk exchange rate (right axis)
Download this dataset from the Download Data page.
Sources: Bank of England Macrohistory Database, FRED, and my calculations.