US yield curve (10-year minus 2-year Treasury)
Latest reading
The 10-year minus 2-year spread stood at +0.39 pp in Oct 2026.
-1.00 pp0.00 pp+1.00 pp
20172019202120232025
Recent readings
| Period | The 10-year minus 2-year spread |
|---|---|
| Oct 2026 | +0.39 pp |
| Sep 2026 | +0.34 pp |
| Aug 2026 | +0.47 pp |
| Jul 2026 | +0.38 pp |
| Jun 2026 | +0.36 pp |
| May 2026 | +0.49 pp |
| Apr 2026 | +0.52 pp |
| Mar 2026 | +0.53 pp |
| Feb 2026 | +0.65 pp |
| Jan 2026 | +0.68 pp |
| Dec 2025 | +0.64 pp |
| Nov 2025 | +0.54 pp |
By year
| Year | Reading | Of |
|---|---|---|
| 2026 | +0.39 pp | Oct 2026 |
| 2025 | +0.64 pp | Dec 2025 |
| 2024 | +0.17 pp | Dec 2024 |
| 2023 | -0.44 pp | Dec 2023 |
| 2022 | -0.67 pp | Dec 2022 |
| 2021 | +0.79 pp | Dec 2021 |
| 2020 | +0.80 pp | Dec 2020 |
| 2019 | +0.25 pp | Dec 2019 |
| 2018 | +0.16 pp | Dec 2018 |
| 2017 | +0.56 pp | Dec 2017 |
| 2016 | +1.30 pp | Dec 2016 |
What it measures
The difference between the 10-year and the 2-year US Treasury yields, in percentage points. A negative value means short-term yields are above long-term yields, an inverted curve.
Source: Board of Governors of the Federal Reserve System, H.15 release (10-year and 2-year Treasury constant-maturity yields); the spread and its monthly average are ours.
More macro series
No forecast, no recommendation. This page shows a published economic series and its history; it is not advice. Readings as of Oct 31, 2026; data may be revised by its publisher.