Nominal Yields · Compare · 10Y 4.86% — Steepener

The read

Nominal · Compare · 6 Nov 2026

10Y 4.86%

on the month

−42bp

2s10s

+35bp

rank · 5y

96th

Compare draws two curves at once, and the height between them at each maturity is a third rate.

Nominal Yields and Real (TIPS) on 6 Nov 2026, drawn on one axis. The vertical distance between them at each maturity is the breakeven inflation priced there. Each curve is drawn only where it publishes, so the shorter line ends where its own maturities do.

The par yield curve across every Treasury maturity, from 1-month bills to 30-year bonds: what people mean by the Treasury yield curve.

Angles

• History · 10Y at or above its five-year median of 4.15% for 169 sessions, 209 of the last 250 at or above · the last year of sessions split by today’s five-year median
• Change · −42bp on the month, most at the 10Y (−42bp) · on the month, in basis points; amber rose, blue fell
• Rank · 10Y at 4.86%, 96th percentile of five years · box is the middle half, tick the median, the solid bar is today
• Curve · 4.02% at the 1M rising to a high of 5.29% at the 20Y · level bars, shaded by five-year rank; the headline maturity is outlined

How to read this

What it is

Compare draws two curves at once, and the height between them at each maturity is a third rate. Nominal less real gives what inflation costs at that maturity.

How to read the chart

Percent up the side, maturity across. The height separating one line from the other is the gap priced at that maturity.

A gap that holds while both lines move is the real yield doing it. A gap that opens is priced inflation instead.

A 10Y at 4.70% over a real 2.38% leaves 2.32%, the inflation priced between the two.

Method

TIPS run from 2003, and their 30Y only from 2010. Under five years just the nominal line exists. A missing separation there means one line has no data, never that nothing is priced.

Source

US Treasury · daily par yield curve · compare computed here

Nominal Yields in detail

6 Nov 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 · Curve
• Nominal Yields · History
• 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
• Real (TIPS)
• Breakeven Inflation
• Term Premium
• Expected Rate Path
• Treasury Bills

Pages

• US Treasury yield curve
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