US Treasury yields
What US government bonds pay, what the yield curve looks like and what follows from it.
Data as of 23 Oct 2026
The 10-year yield is 31 basis points above the 2-year yield and 78 bp above the 3-month yield. A steeper curve means the market does not expect a sharp slowdown.
Bond yields are one of the main drivers of the valuation of stocks and cryptocurrencies: rising yields usually mean pressure on risky assets.
Yield curve
Today, a month ago and a year ago. 1M to 30Y = the bond's maturity.
10-year and 2-year Treasury yield
Over the last 10 years.
Yield spreads (10Y − 2Y and 10Y − 3M)
Below zero the curve is inverted. In percentage points.
Frequently asked questions
What is the yield curve?
A chart of government bond yields by maturity, from one month to thirty years. Normally it slopes upward: a longer loan pays more. The shape of the curve reflects the market's expectations for rates and growth.
What does an inverted curve mean?
Short-term yields are higher than long-term ones. The market expects rates to fall, typically because of a slowing economy. An inversion of the 10-year against the 2-year yield preceded most US recessions, but with a long lag, sometimes two years.
Why do stocks and crypto watch the 10-year yield?
It is the risk-free benchmark rate. When it rises, funding becomes more expensive and risk-free investments more attractive, which weighs on the valuation of stocks and cryptocurrencies. A sharp rise in yields tends to be bad for risky assets.
Sources: US Treasury, FRED. For information only, not investment advice.