10-year minus 2-year Treasury yield
Ten-year minus two-year Treasury par yields, joined on the same observation date. A spread is shown in percentage points; one percentage point equals 100 basis points.
Show the numbers (last 24)
| Date | 10-year minus 2-year Treasury yield |
|---|---|
| 2026-10-09 | 0.44 |
| 2026-10-08 | 0.47 |
| 2026-10-07 | 0.51 |
| 2026-10-06 | 0.48 |
| 2026-10-05 | 0.47 |
| 2026-10-02 | 0.45 |
| 2026-10-01 | 0.46 |
| 2026-09-30 | 0.41 |
| 2026-09-29 | 0.37 |
| 2026-09-28 | 0.32 |
| 2026-09-25 | 0.36 |
| 2026-09-24 | 0.31 |
| 2026-09-23 | 0.26 |
| 2026-09-22 | 0.25 |
| 2026-09-21 | 0.20 |
| 2026-09-18 | 0.25 |
| 2026-09-17 | 0.27 |
| 2026-09-16 | 0.27 |
| 2026-09-15 | 0.33 |
| 2026-09-14 | 0.32 |
| 2026-09-11 | 0.33 |
| 2026-09-10 | 0.39 |
| 2026-09-09 | 0.40 |
| 2026-09-08 | 0.41 |
Reading the evidence
On September 18 the two-year Treasury yielded 4.76 percent, the ten-year 5.01 percent and the thirty-year 5.34 percent. The spread between the ten- and two-year, 0.25 percentage points, is down from 0.72 at the start of the year and the narrowest since March 2025. The flattening has come from the front end: the two-year is up 42 basis points since August 28, while the thirty-year, which touched 5.37 percent on September 10, the highest in this data set, is up 12. A curve that flattens because short rates rise is a different signal from one that flattens because long rates fall.
The Fed Went Quiet. The Treasury Did Not.