US Treasury yield curve
What the US government pays to borrow, at every maturity from one month to thirty years. Updated daily from the Treasury's own published rates.
+0.32points between the 2-year and 10-year on 2026-09-14 — the curve is normal.
The curve today
| Maturity | Yield | As of |
|---|---|---|
| 1 month | 3.94% | 2026-09-14 |
| 3 months | 4.11% | 2026-09-14 |
| 6 months | 4.18% | 2026-09-14 |
| 1 year | 4.37% | 2026-09-14 |
| 2 years | 4.65% | 2026-09-14 |
| 3 years | 4.73% | 2026-09-14 |
| 5 years | 4.80% | 2026-09-14 |
| 7 years | 4.88% | 2026-09-14 |
| 10 years | 4.97% | 2026-09-14 |
| 20 years | 5.37% | 2026-09-14 |
| 30 years | 5.34% | 2026-09-14 |
Note: the curve is inverted between 20 years and 30 years — longer borrowing currently costs less than shorter borrowing at that point.
2s10s spread since 1990
The 10-year yield minus the 2-year. When it falls below zero the curve is “inverted” — historically an unusual state, and one that has preceded every US recession since the 1970s. It has ranged from -1.08pp to 2.91pp over 9,181 trading days.
2s10s spread — below zero is an inverted curve1990-01-02 – 2026-09-14
Table view — 220 observations
| Date | 10-year minus 2-year |
|---|---|
| 2026-09-14 | 0.32pp |
| 2026-07-15 | 0.42pp |
| 2026-05-13 | 0.48pp |
| 2026-03-16 | 0.55pp |
| 2026-01-13 | 0.65pp |
| 2025-11-10 | 0.55pp |
| 2025-09-10 | 0.5pp |
| 2025-07-14 | 0.53pp |
| 2025-05-12 | 0.47pp |
| 2025-03-12 | 0.31pp |
| 2025-01-09 | 0.41pp |
| 2024-11-06 | 0.15pp |
| 2024-09-06 | 0.06pp |
| 2024-07-09 | -0.32pp |
| 2024-05-07 | -0.35pp |
| 2024-03-07 | -0.41pp |
| 2024-01-05 | -0.35pp |
| 2023-11-03 | -0.26pp |
| 2023-09-05 | -0.67pp |
| 2023-07-07 | -0.88pp |
| 2023-05-05 | -0.48pp |
| 2023-03-08 | -1.07pp |
| 2023-01-05 | -0.74pp |
| 2022-11-02 | -0.51pp |
| 2022-09-01 | -0.25pp |
| 2022-07-05 | 0pp |
| 2022-05-03 | 0.19pp |
| 2022-03-03 | 0.33pp |
| 2021-12-31 | 0.79pp |
| 2021-10-29 | 1.07pp |
| 2021-08-30 | 1.09pp |
| 2021-07-01 | 1.23pp |
| 2021-05-03 | 1.47pp |
| 2021-03-04 | 1.4pp |
| 2020-12-31 | 0.8pp |
| 2020-10-29 | 0.69pp |
| 2020-08-28 | 0.6pp |
| 2020-06-30 | 0.5pp |
| 2020-04-30 | 0.44pp |
| 2020-03-02 | 0.26pp |
| 2019-12-30 | 0.32pp |
| 2019-10-28 | 0.21pp |
| 2019-08-27 | -0.04pp |
| 2019-06-28 | 0.25pp |
| 2019-04-30 | 0.24pp |
| 2019-02-28 | 0.21pp |
| 2018-12-27 | 0.21pp |
| 2018-10-24 | 0.26pp |
| 2018-08-23 | 0.21pp |
| 2018-06-25 | 0.33pp |
| 2018-04-25 | 0.54pp |
| 2018-02-23 | 0.63pp |
| 2017-12-21 | 0.59pp |
| 2017-10-23 | 0.8pp |
| 2017-08-22 | 0.89pp |
| 2017-06-23 | 0.81pp |
| 2017-04-25 | 1.06pp |
| 2017-02-23 | 1.2pp |
| 2016-12-21 | 1.34pp |
| 2016-10-20 | 0.92pp |
| 2016-08-19 | 0.82pp |
| 2016-06-21 | 0.95pp |
| 2016-04-21 | 1.06pp |
| 2016-02-22 | 0.99pp |
| 2015-12-18 | 1.22pp |
| 2015-10-19 | 1.43pp |
| 2015-08-18 | 1.46pp |
| 2015-06-19 | 1.61pp |
| 2015-04-21 | 1.37pp |
| 2015-02-20 | 1.46pp |
| 2014-12-18 | 1.55pp |
| 2014-10-17 | 1.83pp |
| 2014-08-18 | 1.95pp |
| 2014-06-18 | 2.13pp |
| 2014-04-17 | 2.3pp |
| 2014-02-18 | 2.4pp |
| 2013-12-16 | 2.55pp |
| 2013-10-15 | 2.38pp |
| 2013-08-14 | 2.37pp |
| 2013-06-14 | 1.85pp |
| 2013-04-17 | 1.49pp |
| 2013-02-14 | 1.73pp |
| 2012-12-13 | 1.47pp |
| 2012-10-11 | 1.42pp |
| 2012-08-10 | 1.38pp |
| 2012-06-12 | 1.37pp |
| 2012-04-12 | 1.79pp |
| 2012-02-13 | 1.7pp |
| 2011-12-12 | 1.79pp |
| 2011-10-11 | 1.86pp |
| 2011-08-10 | 1.98pp |
| 2011-06-10 | 2.58pp |
| 2011-04-12 | 2.75pp |
| 2011-02-10 | 2.85pp |
| 2010-12-10 | 2.68pp |
| 2010-10-08 | 2.06pp |
| 2010-08-10 | 2.27pp |
| 2010-06-10 | 2.54pp |
| 2010-04-12 | 2.8pp |
| 2010-02-10 | 2.81pp |
| 2009-12-09 | 2.69pp |
| 2009-10-07 | 2.34pp |
| 2009-08-07 | 2.57pp |
| 2009-06-09 | 2.53pp |
| 2009-04-09 | 2pp |
| 2009-02-09 | 2.02pp |
| 2008-12-08 | 1.8pp |
| 2008-10-06 | 2.05pp |
| 2008-08-06 | 1.5pp |
| 2008-06-06 | 1.54pp |
| 2008-04-08 | 1.71pp |
| 2008-02-06 | 1.65pp |
| 2007-12-05 | 1.02pp |
| 2007-10-03 | 0.53pp |
| 2007-08-03 | 0.25pp |
| 2007-06-05 | -0.01pp |
| 2007-04-06 | 0.01pp |
| 2007-02-06 | -0.13pp |
| 2006-12-05 | -0.07pp |
| 2006-10-04 | -0.03pp |
| 2006-08-04 | 0pp |
| 2006-06-06 | 0.02pp |
| 2006-04-05 | 0.03pp |
| 2006-02-03 | -0.05pp |
| 2005-12-02 | 0.09pp |
| 2005-09-30 | 0.16pp |
| 2005-08-02 | 0.28pp |
| 2005-06-02 | 0.37pp |
| 2005-04-05 | 0.73pp |
| 2005-02-02 | 0.83pp |
| 2004-12-02 | 1.36pp |
| 2004-09-30 | 1.51pp |
| 2004-08-02 | 1.82pp |
| 2004-06-01 | 2.11pp |
| 2004-03-31 | 2.26pp |
| 2004-01-30 | 2.32pp |
| 2003-11-28 | 2.28pp |
| 2003-09-26 | 2.44pp |
| 2003-07-29 | 2.75pp |
| 2003-05-29 | 2.04pp |
| 2003-03-31 | 2.32pp |
| 2003-01-29 | 2.29pp |
| 2002-11-26 | 2.11pp |
| 2002-09-25 | 1.77pp |
| 2002-07-26 | 2.23pp |
| 2002-05-28 | 1.86pp |
| 2002-03-27 | 1.69pp |
| 2002-01-25 | 1.93pp |
| 2001-11-23 | 1.84pp |
| 2001-09-21 | 1.79pp |
| 2001-07-20 | 1.17pp |
| 2001-05-21 | 1.04pp |
| 2001-03-21 | 0.56pp |
| 2001-01-22 | 0.5pp |
| 2000-11-17 | -0.17pp |
| 2000-09-19 | -0.19pp |
| 2000-07-20 | -0.31pp |
| 2000-05-19 | -0.35pp |
| 2000-03-21 | -0.37pp |
| 2000-01-20 | 0.3pp |
| 1999-11-18 | 0.16pp |
| 1999-09-17 | 0.24pp |
| 1999-07-20 | 0.22pp |
| 1999-05-19 | 0.23pp |
| 1999-03-22 | 0.13pp |
| 1999-01-21 | 0.07pp |
| 1998-11-18 | 0.22pp |
| 1998-09-17 | 0.1pp |
| 1998-07-20 | 0.02pp |
| 1998-05-19 | 0.06pp |
| 1998-03-19 | 0.06pp |
| 1998-01-16 | 0.19pp |
| 1997-11-14 | 0.16pp |
| 1997-09-15 | 0.35pp |
| 1997-07-16 | 0.33pp |
| 1997-05-15 | 0.42pp |
| 1997-03-17 | 0.5pp |
| 1997-01-15 | 0.55pp |
| 1996-11-13 | 0.49pp |
| 1996-09-12 | 0.61pp |
| 1996-07-15 | 0.57pp |
| 1996-05-14 | 0.65pp |
| 1996-03-15 | 0.59pp |
| 1996-01-16 | 0.58pp |
| 1995-11-13 | 0.49pp |
| 1995-09-13 | 0.38pp |
| 1995-07-14 | 0.45pp |
| 1995-05-15 | 0.46pp |
| 1995-03-15 | 0.38pp |
| 1995-01-13 | 0.3pp |
| 1994-11-10 | 0.92pp |
| 1994-09-12 | 1.09pp |
| 1994-07-13 | 1.19pp |
| 1994-05-12 | 1.23pp |
| 1994-03-11 | 1.51pp |
| 1994-01-10 | 1.59pp |
| 1993-11-08 | 1.57pp |
| 1993-09-08 | 1.45pp |
| 1993-07-09 | 1.78pp |
| 1993-05-10 | 2.1pp |
| 1993-03-10 | 1.92pp |
| 1993-01-08 | 2.25pp |
| 1992-11-05 | 2.48pp |
| 1992-09-04 | 2.51pp |
| 1992-07-08 | 2.51pp |
| 1992-05-07 | 2.15pp |
| 1992-03-09 | 1.88pp |
| 1992-01-07 | 2.09pp |
| 1991-11-04 | 1.87pp |
| 1991-09-04 | 1.5pp |
| 1991-07-05 | 1.3pp |
| 1991-05-06 | 1.23pp |
| 1991-03-06 | 0.96pp |
| 1991-01-04 | 0.85pp |
| 1990-11-01 | 0.89pp |
| 1990-08-31 | 0.79pp |
| 1990-07-03 | 0.2pp |
| 1990-05-03 | 0.06pp |
| 1990-03-05 | 0.1pp |
| 1990-01-02 | 0.07pp |
The short end against the long end
Two tenors on one axis — never two scales. When the lines cross, the curve has inverted.
2-year and 10-year Treasury yields since 19901990-01-02 – 2026-09-14
10-year2-year
Table view — 220 observations
| Date | 10-year | 2-year |
|---|---|---|
| 2026-09-14 | 4.97% | 4.65% |
| 2026-07-15 | 4.55% | 4.13% |
| 2026-05-13 | 4.46% | 3.98% |
| 2026-03-16 | 4.23% | 3.68% |
| 2026-01-13 | 4.18% | 3.53% |
| 2025-11-10 | 4.13% | 3.58% |
| 2025-09-10 | 4.04% | 3.54% |
| 2025-07-14 | 4.43% | 3.9% |
| 2025-05-12 | 4.45% | 3.98% |
| 2025-03-12 | 4.32% | 4.01% |
| 2025-01-09 | 4.68% | 4.27% |
| 2024-11-06 | 4.42% | 4.27% |
| 2024-09-06 | 3.72% | 3.66% |
| 2024-07-09 | 4.3% | 4.62% |
| 2024-05-07 | 4.47% | 4.82% |
| 2024-03-07 | 4.09% | 4.5% |
| 2024-01-05 | 4.05% | 4.4% |
| 2023-11-03 | 4.57% | 4.83% |
| 2023-09-05 | 4.27% | 4.94% |
| 2023-07-07 | 4.06% | 4.94% |
| 2023-05-05 | 3.44% | 3.92% |
| 2023-03-08 | 3.98% | 5.05% |
| 2023-01-05 | 3.71% | 4.45% |
| 2022-11-02 | 4.1% | 4.61% |
| 2022-09-01 | 3.26% | 3.51% |
| 2022-07-05 | 2.82% | 2.82% |
| 2022-05-03 | 2.97% | 2.78% |
| 2022-03-03 | 1.86% | 1.53% |
| 2021-12-31 | 1.52% | 0.73% |
| 2021-10-29 | 1.55% | 0.48% |
| 2021-08-30 | 1.29% | 0.2% |
| 2021-07-01 | 1.48% | 0.25% |
| 2021-05-03 | 1.63% | 0.16% |
| 2021-03-04 | 1.54% | 0.14% |
| 2020-12-31 | 0.93% | 0.13% |
| 2020-10-29 | 0.85% | 0.16% |
| 2020-08-28 | 0.74% | 0.14% |
| 2020-06-30 | 0.66% | 0.16% |
| 2020-04-30 | 0.64% | 0.2% |
| 2020-03-02 | 1.1% | 0.84% |
| 2019-12-30 | 1.9% | 1.58% |
| 2019-10-28 | 1.85% | 1.64% |
| 2019-08-27 | 1.49% | 1.53% |
| 2019-06-28 | 2% | 1.75% |
| 2019-04-30 | 2.51% | 2.27% |
| 2019-02-28 | 2.73% | 2.52% |
| 2018-12-27 | 2.77% | 2.56% |
| 2018-10-24 | 3.1% | 2.84% |
| 2018-08-23 | 2.82% | 2.61% |
| 2018-06-25 | 2.87% | 2.54% |
| 2018-04-25 | 3.03% | 2.49% |
| 2018-02-23 | 2.88% | 2.25% |
| 2017-12-21 | 2.48% | 1.89% |
| 2017-10-23 | 2.38% | 1.58% |
| 2017-08-22 | 2.22% | 1.33% |
| 2017-06-23 | 2.15% | 1.34% |
| 2017-04-25 | 2.35% | 1.29% |
| 2017-02-23 | 2.38% | 1.18% |
| 2016-12-21 | 2.55% | 1.21% |
| 2016-10-20 | 1.76% | 0.84% |
| 2016-08-19 | 1.58% | 0.76% |
| 2016-06-21 | 1.71% | 0.76% |
| 2016-04-21 | 1.88% | 0.82% |
| 2016-02-22 | 1.77% | 0.78% |
| 2015-12-18 | 2.19% | 0.97% |
| 2015-10-19 | 2.04% | 0.61% |
| 2015-08-18 | 2.2% | 0.74% |
| 2015-06-19 | 2.26% | 0.65% |
| 2015-04-21 | 1.92% | 0.55% |
| 2015-02-20 | 2.13% | 0.67% |
| 2014-12-18 | 2.22% | 0.67% |
| 2014-10-17 | 2.22% | 0.39% |
| 2014-08-18 | 2.39% | 0.44% |
| 2014-06-18 | 2.61% | 0.48% |
| 2014-04-17 | 2.73% | 0.43% |
| 2014-02-18 | 2.71% | 0.31% |
| 2013-12-16 | 2.89% | 0.34% |
| 2013-10-15 | 2.75% | 0.37% |
| 2013-08-14 | 2.71% | 0.34% |
| 2013-06-14 | 2.14% | 0.29% |
| 2013-04-17 | 1.73% | 0.24% |
| 2013-02-14 | 2% | 0.27% |
| 2012-12-13 | 1.74% | 0.27% |
| 2012-10-11 | 1.7% | 0.28% |
| 2012-08-10 | 1.65% | 0.27% |
| 2012-06-12 | 1.67% | 0.3% |
| 2012-04-12 | 2.08% | 0.29% |
| 2012-02-13 | 1.99% | 0.29% |
| 2011-12-12 | 2.03% | 0.24% |
| 2011-10-11 | 2.18% | 0.32% |
| 2011-08-10 | 2.17% | 0.19% |
| 2011-06-10 | 2.99% | 0.41% |
| 2011-04-12 | 3.52% | 0.77% |
| 2011-02-10 | 3.7% | 0.85% |
| 2010-12-10 | 3.32% | 0.64% |
| 2010-10-08 | 2.41% | 0.35% |
| 2010-08-10 | 2.79% | 0.52% |
| 2010-06-10 | 3.33% | 0.79% |
| 2010-04-12 | 3.87% | 1.07% |
| 2010-02-10 | 3.72% | 0.91% |
| 2009-12-09 | 3.45% | 0.76% |
| 2009-10-07 | 3.21% | 0.87% |
| 2009-08-07 | 3.89% | 1.32% |
| 2009-06-09 | 3.86% | 1.33% |
| 2009-04-09 | 2.96% | 0.96% |
| 2009-02-09 | 3.07% | 1.05% |
| 2008-12-08 | 2.77% | 0.97% |
| 2008-10-06 | 3.48% | 1.43% |
| 2008-08-06 | 4.06% | 2.56% |
| 2008-06-06 | 3.94% | 2.4% |
| 2008-04-08 | 3.58% | 1.87% |
| 2008-02-06 | 3.61% | 1.96% |
| 2007-12-05 | 3.92% | 2.9% |
| 2007-10-03 | 4.55% | 4.02% |
| 2007-08-03 | 4.71% | 4.46% |
| 2007-06-05 | 4.98% | 4.99% |
| 2007-04-06 | 4.76% | 4.75% |
| 2007-02-06 | 4.77% | 4.9% |
| 2006-12-05 | 4.45% | 4.52% |
| 2006-10-04 | 4.57% | 4.6% |
| 2006-08-04 | 4.91% | 4.91% |
| 2006-06-06 | 5.01% | 4.99% |
| 2006-04-05 | 4.84% | 4.81% |
| 2006-02-03 | 4.54% | 4.59% |
| 2005-12-02 | 4.52% | 4.43% |
| 2005-09-30 | 4.34% | 4.18% |
| 2005-08-02 | 4.34% | 4.06% |
| 2005-06-02 | 3.89% | 3.52% |
| 2005-04-05 | 4.48% | 3.75% |
| 2005-02-02 | 4.15% | 3.32% |
| 2004-12-02 | 4.4% | 3.04% |
| 2004-09-30 | 4.14% | 2.63% |
| 2004-08-02 | 4.48% | 2.66% |
| 2004-06-01 | 4.71% | 2.6% |
| 2004-03-31 | 3.86% | 1.6% |
| 2004-01-30 | 4.16% | 1.84% |
| 2003-11-28 | 4.34% | 2.06% |
| 2003-09-26 | 4.04% | 1.6% |
| 2003-07-29 | 4.42% | 1.67% |
| 2003-05-29 | 3.34% | 1.3% |
| 2003-03-31 | 3.83% | 1.51% |
| 2003-01-29 | 4.06% | 1.77% |
| 2002-11-26 | 4.08% | 1.97% |
| 2002-09-25 | 3.77% | 2% |
| 2002-07-26 | 4.43% | 2.2% |
| 2002-05-28 | 5.16% | 3.3% |
| 2002-03-27 | 5.35% | 3.66% |
| 2002-01-25 | 5.1% | 3.17% |
| 2001-11-23 | 5.04% | 3.2% |
| 2001-09-21 | 4.7% | 2.91% |
| 2001-07-20 | 5.15% | 3.98% |
| 2001-05-21 | 5.41% | 4.37% |
| 2001-03-21 | 4.77% | 4.21% |
| 2001-01-22 | 5.25% | 4.75% |
| 2000-11-17 | 5.71% | 5.88% |
| 2000-09-19 | 5.86% | 6.05% |
| 2000-07-20 | 6.01% | 6.32% |
| 2000-05-19 | 6.51% | 6.86% |
| 2000-03-21 | 6.13% | 6.5% |
| 2000-01-20 | 6.79% | 6.49% |
| 1999-11-18 | 6.06% | 5.9% |
| 1999-09-17 | 5.87% | 5.63% |
| 1999-07-20 | 5.65% | 5.43% |
| 1999-05-19 | 5.6% | 5.37% |
| 1999-03-22 | 5.21% | 5.08% |
| 1999-01-21 | 4.7% | 4.63% |
| 1998-11-18 | 4.85% | 4.63% |
| 1998-09-17 | 4.8% | 4.7% |
| 1998-07-20 | 5.48% | 5.46% |
| 1998-05-19 | 5.65% | 5.59% |
| 1998-03-19 | 5.58% | 5.52% |
| 1998-01-16 | 5.54% | 5.35% |
| 1997-11-14 | 5.86% | 5.7% |
| 1997-09-15 | 6.28% | 5.93% |
| 1997-07-16 | 6.2% | 5.87% |
| 1997-05-15 | 6.67% | 6.25% |
| 1997-03-17 | 6.72% | 6.22% |
| 1997-01-15 | 6.53% | 5.98% |
| 1996-11-13 | 6.2% | 5.71% |
| 1996-09-12 | 6.88% | 6.27% |
| 1996-07-15 | 6.89% | 6.32% |
| 1996-05-14 | 6.66% | 6.01% |
| 1996-03-15 | 6.46% | 5.87% |
| 1996-01-16 | 5.66% | 5.08% |
| 1995-11-13 | 5.98% | 5.49% |
| 1995-09-13 | 6.18% | 5.8% |
| 1995-07-14 | 6.15% | 5.7% |
| 1995-05-15 | 6.62% | 6.16% |
| 1995-03-15 | 7.09% | 6.71% |
| 1995-01-13 | 7.69% | 7.39% |
| 1994-11-10 | 7.98% | 7.06% |
| 1994-09-12 | 7.46% | 6.37% |
| 1994-07-13 | 7.41% | 6.22% |
| 1994-05-12 | 7.36% | 6.13% |
| 1994-03-11 | 6.46% | 4.95% |
| 1994-01-10 | 5.67% | 4.08% |
| 1993-11-08 | 5.7% | 4.13% |
| 1993-09-08 | 5.23% | 3.78% |
| 1993-07-09 | 5.76% | 3.98% |
| 1993-05-10 | 5.89% | 3.79% |
| 1993-03-10 | 5.97% | 4.05% |
| 1993-01-08 | 6.75% | 4.5% |
| 1992-11-05 | 6.87% | 4.39% |
| 1992-09-04 | 6.4% | 3.89% |
| 1992-07-08 | 6.91% | 4.4% |
| 1992-05-07 | 7.49% | 5.34% |
| 1992-03-09 | 7.42% | 5.54% |
| 1992-01-07 | 6.76% | 4.67% |
| 1991-11-04 | 7.5% | 5.63% |
| 1991-09-04 | 7.81% | 6.31% |
| 1991-07-05 | 8.34% | 7.04% |
| 1991-05-06 | 8.05% | 6.82% |
| 1991-03-06 | 8.11% | 7.15% |
| 1991-01-04 | 8.02% | 7.17% |
| 1990-11-01 | 8.57% | 7.68% |
| 1990-08-31 | 8.86% | 8.07% |
| 1990-07-03 | 8.4% | 8.2% |
| 1990-05-03 | 9.04% | 8.98% |
| 1990-03-05 | 8.65% | 8.55% |
| 1990-01-02 | 7.94% | 7.87% |
Source
- Observation date
- Retrieved
U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates.
Treasury publishes par yield curve rates each business day. The 30-year was discontinued between 2002 and 2006 and the 1-month began in 2001, so those series carry genuine gaps rather than missing data.