TIPS Real Yields · Change · 10Y 2.92% — Steepener

The read

Real (TIPS) · Change · 2 Oct 2026

on the month +47bp

10Y: 2.92%
5s30s on the month: −14bp
rank · 5y: 99th

Change subtracts an earlier real yield from a later one and prints the gap in basis points.

Real (TIPS) change over one day to 2 Oct 2026: 5 maturities moved between +3bp and +4bp, with 5Y and 30Y averaging +4bp.

TIPS real yields: the return Treasury bonds pay above inflation once their inflation-linked principal is stripped out.

Angles

Volatility · 10Y moved +4bp today against a typical day of 5.2bp · the last 21 sessions placed by size, never by date; the band is one typical day
Curve · 2.69% at the 5Y rising to a high of 3.34% at the 30Y · level bars, shaded by five-year rank; the headline maturity is outlined
Moves · On the month the 5Y moved most, +50bp; on the year the 5Y, +137bp · signed change in bp, each row shaded against its own horizon; amber rose, blue fell
Spread · 5s30s at +65bp, 54th percentile of five years · box is the middle half, tick the median, dotted line is zero

How to read this

What it is

Change subtracts an earlier real yield from a later one and prints the gap in basis points. Whichever window you set, the arithmetic underneath is that one subtraction.

How to read the chart

Above the zero rule the real yield rose over your chosen window, below it fell. The scale is basis points, not percent.

One maturity moving alone reprices that stretch by itself. Most days shift a handful of basis points; twenty is a lot.

Set Since to one day and a maturity closing 12bp higher prints +12; set it to a month and the same day can print −24.

Method

A rise here means bond prices fell; price and yield run opposite ways. The window you pick decides what counts as big, and a week and a quarter are not read alike.

Source

US Treasury · daily TIPS par yield curve · change computed here

Real (TIPS) in detail

2 Oct 2026 · real par yields, Treasury, around 3:30pm ET

Curve

Tenor	Real yield	1D	1W	1M	1Y	%ile 5y
5Y	2.69%	+4	+5	+50	+137	99
7Y	2.80%	+4	+7	+49	+125	99
10Y	2.92%	+4	+9	+47	+112	99
20Y	3.19%	+3	+11	+41	+94	100
30Y	3.34%	+3	+12	+36	+85	100

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

Slope

Pair	BP	1D	1W	1M	%ile 5y
5s10s	+23bp	0	+4	−3	52
5s30s	+65bp	−1	+7	−14	54
10s30s	+42bp	−1	+3	−11	58

long − short, in basis points

Curvature

Fly	BP	1D	1W	1M	%ile 5y
5s10s30s	−19bp	+1	+1	+8	41

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

Slope-neutral

Fly	BP	1D	1W	1M	%ile 5y
5s10s30s	−4bp	+1	0	+10	30

the fly with 5s30s regressed out over five years

State

Line	Value	Detail
Inverted	0 of 7	pairs 2× apart in maturity
Deepest	—	nothing counted is inverted
Uncounted	—	no inversion between neighbours
5s30s	not inverted
Month	Bear Flattener	Δ level +44bp · Δ slope −15bp over a month

This inversion

Line	Value	Detail
Last episode	42 sessions	11 Aug 2023 → 11 Oct 2023
Deepest (25 Aug 2023)	−20bp
Area	433	basis points × sessions below zero
Un-inverted (12 Oct 2023)	1086 days ago	calendar days, not sessions

5s30s episodes of 20 sessions or more, since 22 Feb 2010

Volatility

Line	Value	Detail
10Y vol	83bp	annualised, 21 sessions
Rank · 5y	56th
Shape share	0.70	5s30s vol ÷ 10Y vol

realised standard deviation of daily changes, annualised

Held, not watched

Line	Value	Detail
1y	−8.0%
5y	−25.8%	not annualised
Worst fall (3 Aug 2021)	−29.7%	peak to trough, bottoming 25 Oct 2023
Since then	−28.2%

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

Anchors

Anchor	Value	Detail
NBER (dated to 1 Sep 2026)	not in a dated recession	NBER dates turning points about a year late

Spreads and butterflies are derived here from the published real 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.