As of the Treasury daily par yield curve file for Fri, Oct 23, 2026. Last read Fri, Oct 23, 2026.
On Fri, Oct 23, 2026, the 2-year Treasury yield was 4.69% and the 10-year was 5.00%, a 2s10s spread of +31 bp. The curve was not inverted: the 10-year yield was above the 2-year.
The spread has been positive for 532 straight daily files, since Sep 6, 2024.
The effective federal funds rate was 3.88% on Oct 23, 2026, inside the FOMC target range of 3.75% to 4.00% (Federal Reserve Bank of New York).
The curve by maturity
Latest file, Oct 23, 2026One month earlier, Sep 23, 2026One year earlier, Oct 23, 2025
Maturity
Latest file Oct 23, 2026
Previous file Oct 22, 2026
One month earlier Sep 23, 2026
One year earlier Oct 23, 2025
1 Mo
4.11%
4.11%
3.99%
4.12%
1.5 Month
4.11%
4.10%
4.07%
4.08%
2 Mo
4.16%
4.16%
4.10%
4.05%
3 Mo
4.22%
4.22%
4.19%
3.95%
4 Mo
4.30%
4.29%
4.30%
3.90%
6 Mo
4.30%
4.29%
4.31%
3.78%
1 Yr
4.44%
4.41%
4.49%
3.59%
2 Yr
4.69%
4.65%
4.85%
3.48%
3 Yr
4.75%
4.72%
4.97%
3.49%
5 Yr
4.82%
4.78%
4.99%
3.61%
7 Yr
4.89%
4.86%
5.05%
3.79%
10 Yr
5.00%
4.96%
5.11%
4.01%
20 Yr
5.37%
5.32%
5.45%
4.55%
30 Yr
5.33%
5.29%
5.40%
4.58%
Treasury yields on past FOMC decision days
On the 261 FOMC decision days from Feb 4, 1994 to Sep 16, 2026 with a Treasury file, the median size of the 2-year yield's change from the prior file was 3 bp and of the 10-year's 4 bp. On the 7,924 other days in the same span the medians were 3 bp and 3 bp. The 2-year rose on 111 of the FOMC decision days and fell on 124.
Date
2-year change
10-year change
2s10s change
Sep 16, 2026
+7 bp
+1 bp
-6 bp
Jul 29, 2026
-4 bp
+6 bp
+10 bp
Jun 17, 2026
+15 bp
+6 bp
-9 bp
Apr 29, 2026
+8 bp
+6 bp
-2 bp
Mar 18, 2026
+8 bp
+6 bp
-2 bp
Jan 28, 2026
+3 bp
+2 bp
-1 bp
Dec 10, 2025
-7 bp
-5 bp
+2 bp
Oct 29, 2025
+12 bp
+9 bp
-3 bp
Sep 17, 2025
+1 bp
+2 bp
+1 bp
Jul 30, 2025
+8 bp
+4 bp
-4 bp
Jun 18, 2025
0 bp
-1 bp
-1 bp
May 7, 2025
0 bp
-4 bp
-4 bp
The latest 12 of 261 days. Every day is listed in /yield-curve.md.
Treasury yields on past CPI release days
On the 390 CPI release days from Feb 17, 1994 to Oct 14, 2026 with a Treasury file, the median size of the 2-year yield's change from the prior file was 3 bp and of the 10-year's 4 bp. On the 7,786 other days in the same span the medians were 3 bp and 3 bp. The 2-year rose on 158 of the CPI release days and fell on 175.
Date
2-year change
10-year change
2s10s change
Oct 14, 2026
+3 bp
-2 bp
-5 bp
Sep 11, 2026
+7 bp
+1 bp
-6 bp
Aug 12, 2026
-2 bp
-2 bp
0 bp
Jul 14, 2026
-8 bp
-4 bp
+4 bp
Jun 10, 2026
0 bp
+2 bp
+2 bp
May 12, 2026
+5 bp
+4 bp
-1 bp
Apr 10, 2026
+3 bp
+2 bp
-1 bp
Mar 11, 2026
+7 bp
+6 bp
-1 bp
Feb 13, 2026
-7 bp
-5 bp
+2 bp
Jan 13, 2026
-1 bp
-1 bp
0 bp
Dec 18, 2025
-3 bp
-4 bp
-1 bp
Oct 24, 2025
0 bp
+1 bp
+1 bp
The latest 12 of 390 days. Every day is listed in /yield-curve.md.
How it is counted
Yields are Treasury daily par yield curve rates, read from Treasury closing market bid prices at about 3:30 PM ET. 2s10s is the 10-year par yield minus the 2-year, in basis points (1 bp = 0.01 percentage point). The curve is inverted on a day when that spread is below zero.
An event-day change is the event day's file minus the file before it, so it covers the full session including the 8:30 AM ET CPI release or the FOMC announcement (2:00 PM ET since 2013). The event dates come from the same FOMC and CPI date lists as the SquawkFlow event calendar. Other days are every remaining file in the same span, for comparison.
Counts of past days, not a forecast.
Sources: U.S. Department of the Treasury, daily Treasury par yield curve rates; Federal Reserve Bank of New York, effective federal funds rate. Treasury rates, New York Fed rate.