US yield curve: rates, spreads and history — Steepener

The read

Nominal · Curve · 24 Sep 2026

10Y 5.18%

2s10s

+31bp

5y5y forward

5.38%

rank · 5y

100th

A curve is what it costs Treasury to borrow at each length of time, from four weeks out to thirty years.

Nominal Yields on 24 Sep 2026: 14 maturities published, 4.01% at the short end rising to 5.47% at the long end, with a high of 5.53% at the 20Y.

Steepener charts the US Treasury yield curve: what the government pays to borrow money, for every length of loan from one month to thirty years. That is the number sitting under a mortgage quote, a savings rate and the government’s own interest bill, and you can follow that headline rate here back to 1962.

Steepener also plots the pieces underneath that headline rate: what is left after inflation, how much inflation is priced in, what investors get for lending for longer, and where short-term rates are priced to go. See today’s shape, follow any of them through the whole record, or compare one length of loan with another.

Rank

Level and slope: 10Y 100th of the year; 2s10s 7th of the year. Level: high is the government paying more to borrow; slope: high is a steep curve, low is an inverted one.

Angles

• Percentiles · Against five years the 5Y is highest at 100 and the 3M lowest at 44 · amber above the median of the window, blue below; a dashed cell has less record than its window
• Change · +54bp on the month, most at the 3Y (+74bp) · on the month, in basis points; amber rose, blue fell
• Forwards · 5y5y forward at 5.38%, +20bp above the 10Y spot · each forward as a bar from the 1Y spot; the far rung against the 10Y is the reading
• Inversion · no benchmark pair inverted (20s30s excluded); 2Y–30Y moved most on the month, −40bp · spread in basis points, month change under it; a blue cell is an inverted pair

How to read this

What it is

A curve is what it costs Treasury to borrow at each length of time, from four weeks out to thirty years. Lending for longer normally costs more, so the line usually climbs as it runs rightward.

How to read the chart

Each dot marks a maturity, its height the rate in percent. The axis is spaced by root years, so the short end stays readable.

Flat or falling puts lower rates ahead in the price. The steeper the climb, the dearer the distant end is priced.

The 10Y sitting 45bp above the 5Y is five more years of maturity priced into the yield.

Method

These are bid-side par yields Treasury publishes around 3:30pm ET, a closing snapshot rather than a live price. Neighbouring maturities can invert on issuance quirks, which the pair count skips.

Source

US Treasury · daily par yield curve

Nominal Yields in detail

24 Sep 2026 · par yields, Treasury, around 3:30pm ET

Curve

tenors 1, 5, 21, 252 trading days; anchors 1, 7, 30, 365 calendar

Slope

long − short, in basis points

Curvature

2 × belly − wings, 50-50 weighted, not duration-neutral

Slope-neutral

the fly with 2s10s regressed out over five years

Carry, in money

cushion × DV01, in points per 100 face. Not a recommendation

Priced ahead

forward par yields off a discount curve bootstrapped here to 30.0y; the bp is the distance from today's par at the same maturity; each cell carries its desk code

Priced for today

what that day’s closes priced for today, off its own bootstrap; the miss is today’s close less the price

Zero rates

zero-coupon rates off the same bootstrap, against the par yield at the same maturity

State

Near-term forward

the 3m rate priced six quarters out, minus 3m today

Against financing

the yield minus SOFR, SOFR restated on a 365-day basis

This inversion

2s10s episodes of 20 sessions or more, since 2 Jan 1990

Volatility

realised standard deviation of daily changes, annualised

Held, not watched

a rolling 10Y par bond, coupon and price. Not a fund

Anchors

Spreads, butterflies, zero rates and forwards are derived here from the published yield curve. They are not published by any source. A dash means the value could not be computed or was too thin to rank, never zero.

Nominal Yields, drawn other ways

• Nominal Yields · History
• Nominal Yields · Compare
• Nominal Yields · Change
• Nominal Yields · Moves
• Nominal Yields · Percentiles
• Nominal Yields · Rank
• Nominal Yields · Volatility
• Nominal Yields · Total Return
• Nominal Yields · Spread
• Nominal Yields · Butterfly
• Nominal Yields · Inversion
• Nominal Yields · Regime
• Nominal Yields · Phase
• Nominal Yields · Zero Curve
• Nominal Yields · Forwards
• Nominal Yields · Fitted Curve
• Nominal Yields · Policy Path
• Nominal Yields · SEP Dots
• Nominal Yields · Carry
• Nominal Yields · Forward History
• Nominal Yields · Attribution
• Nominal Yields · Recession Odds
• Nominal Yields · Level/Slope/Curvature
• Nominal Yields · Rich/Cheap
• Nominal Yields · Analogues

Rates

• Nominal Yields — What it costs the government to borrow, at every maturity from one month to thirty years.
• Real (TIPS) — The yield on Treasury bonds whose principal is indexed to the CPI, so what is left is the return over inflation.
• Breakeven Inflation — How much inflation the market is priced for, taken as nominal yields minus their TIPS equivalent.
• Term Premium — A model estimate of the extra yield investors demand for holding a long bond rather than rolling short ones.
• Expected Rate Path — An estimate of future short rates, taken as the fitted curve with compensation for duration removed.
• Treasury Bills — What the government pays to borrow for under a year, quoted so it compares with a coupon bond.

Pages

• Release calendar
• About
• Install
• Contact