US Treasury yields today
On 16 Oct 2026 the 10-year Treasury yield was 5.09% and the 2-year yield 4.74%. The curve is upward-sloping: the 10-year yield minus the 2-year yield is +0.35 points. Yields are end-of-day par yields from the US Treasury, updated every business day.
The yield curve: today, a month ago, a year ago
Treasury yields by maturity
| Maturity | Yield | 1 day | 1 week | 1 month | 1 year |
|---|---|---|---|---|---|
| 1M | 4.12% | −5 bp | −1 bp | +16 bp | −8 bp |
| 3M | 4.26% | −2 bp | +1 bp | +12 bp | +24 bp |
| 6M | 4.34% | −1 bp | +2 bp | +12 bp | +55 bp |
| 1Y | 4.46% | −3 bp | −1 bp | +1 bp | +92 bp |
| 2Y | 4.74% | −3 bp | −6 bp | 0 bp | +133 bp |
| 3Y | 4.82% | −3 bp | −7 bp | 0 bp | +140 bp |
| 5Y | 4.89% | −2 bp | −13 bp | +3 bp | +134 bp |
| 7Y | 4.98% | −2 bp | −15 bp | +4 bp | +124 bp |
| 10Y | 5.09% | −1 bp | −15 bp | +8 bp | +110 bp |
| 20Y | 5.47% | −1 bp | −18 bp | +8 bp | +91 bp |
| 30Y | 5.43% | 0 bp | −17 bp | +8 bp | +85 bp |
Changes are in basis points (100 bp = 1 percentage point). A rising yield means falling bond prices, so rising yields are shown in red. Source: US Treasury daily par yield curve rates, via our data provider.
10-year Treasury yield since 1990
Over the past 12 months the 10-year yield has ranged from 3.97% to 5.31%; today it is 5.09%. Use the buttons to change the range (Max goes back to 1990).
Is the curve inverted? The 10-year minus 2-year spread
Right now the 10-year yield is 0.35 points above the 2-year yield, so the 2s10s curve is not inverted. Since Jan 1990, the spread has been below zero on 11% of trading days. The 10-year minus 3-month spread, another widely used measure, is +0.83 points.
| 10y minus 2y below zero | First day | Last day | Deepest |
|---|---|---|---|
| Past episode | 6 Jul 2022 | 5 Sep 2024 | -1.08 pt |
| Past episode | 1 Apr 2022 | 4 Apr 2022 | -0.05 pt |
| Past episode | 27 Aug 2019 | 29 Aug 2019 | -0.04 pt |
| Past episode | 3 May 2007 | 5 Jun 2007 | -0.06 pt |
Episodes merge gaps of up to 20 trading days. An inversion has often come before a US recession, but the lag varies widely and it is not a timing signal. See the yield curve and recession signals.
Real yield and what the market expects for inflation
The real yield is the yield on inflation-protected Treasuries (TIPS-based, from the Treasury real yield curve). The gap between the nominal and real 10-year yield is the break-even rate: the average inflation the market is pricing in over ten years.
How to read Treasury yields
A Treasury yield is the annual return an investor earns by buying a US government bond today and holding it to maturity. Prices and yields move in opposite directions: when a bond's price falls, its yield rises. Because Treasuries are seen as the safest dollar assets, their yields are the base for pricing almost everything else: corporate bonds, mortgages and the discount rate used to value stocks.
The 2-year yield is the most sensitive to expectations for the Federal Reserve's policy rate, currently targeted at 3.75 to 4.00%. The 10-year yield is the benchmark for long-term borrowing costs and reflects expected growth and inflation as well as a premium for holding longer bonds. The 30-year yield shows the market's view of the very long run.
A normal curve slopes upward because investors want extra yield for tying money up longer. A flat or inverted curve means the market sees weaker growth or lower rates ahead. Higher yields raise the return on cash-like assets and lower the present value of distant profits, which is why growth stocks are often the most sensitive to them. More: interest rates, the Fed and stock prices, why bond prices fall when yields rise, how bonds work.
Frequently asked questions
What is the 10-year Treasury yield today?
On 16 Oct 2026 the 10-year Treasury yield was 5.09%, up 8 basis points over the past month and up 110 basis points over the past year. The 2-year yield was 4.74% and the 30-year yield was 5.43%.
What does an inverted yield curve mean?
The curve is inverted when short-term Treasury yields are higher than long-term yields, for example when the 2-year yield is above the 10-year yield. It means the bond market expects interest rates to fall later, usually because growth or inflation is expected to cool. An inverted curve has often come before US recessions, with a lag that has ranged from a few months to well over a year, so it is a warning light and not a timing tool.
Why do Treasury yields move?
Yields move with expectations for the Federal Reserve's policy rate, expected inflation, economic growth and the supply of and demand for Treasury bonds. When investors expect higher rates or inflation, bond prices fall and yields rise. When they seek safety or expect rate cuts, prices rise and yields fall.
Is the Treasury yield the same as the Fed funds rate?
No. The federal funds rate is the overnight rate the Federal Reserve targets (now 3.75 to 4.00%). Treasury yields are set by the market for maturities from one month to thirty years and can sit above or below the policy rate.
Do mortgage rates follow the 10-year yield?
Mortgage rates tend to move in the same direction as the 10-year Treasury yield and usually sit above it, but the gap changes with credit conditions and lender margins, so the two do not move one for one.
How often is this page updated?
Once a day. The yields are the US Treasury daily par yield curve rates, taken from our data provider after each business day, so the figures are end-of-day, not live quotes.
Related
Educational information, not financial advice. End-of-day data from the US Treasury via our data provider.