Rates
The U.S. Treasury market from the Treasury’s own daily prints: the curve and how it moved, the spreads that describe its shape, what inflation-linked bonds pay, the bills cash sits in, and the auctions that price new debt.
The curve today
U.S. Treasury · Oct 23, 20263-month
4.22%
0 bp on the day
Par yield · Oct 23
2-year
4.69%
+4 bp on the day
Par yield · Oct 23
10-year
5.00%
+4 bp on the day
Par yield · Oct 23
30-year
5.33%
+4 bp on the day
Par yield · Oct 23
2s10s spread
31bp
−4 bp in a week
10-year less 2-year · Oct 23
10-year breakeven
2.34%
−1 bp in a month
Nominal less TIPS · Oct 23
On Oct 23, 2026 the 10-year Treasury yield rose 4 bp to 5.00%, and the 2-year rose 4 bp to 4.69%. The spread from 2 years to 10 years is 31 bp, at or above 7% of days in the past year. A 10-year TIPS yields 2.66% over inflation; against the nominal 10-year, that prices inflation at 2.34% a year.
The Treasury curve
Par yields by maturity, as the Treasury publishes them each business day- Latest · Oct 23, 2026
- A month earlier · Sep 23, 2026
- A year earlier · Oct 23, 2025
| Maturity | Yield % | 1 day | 1 week | 1 month | 1 year |
|---|---|---|---|---|---|
| 1 month | 4.11 | 0 | −1 | +12 | −1 |
| 2 months | 4.16 | 0 | −1 | +6 | +11 |
| 3 months | 4.22 | 0 | −4 | +3 | +27 |
| 4 months | 4.30 | +1 | −2 | 0 | +40 |
| 6 months | 4.30 | +1 | −4 | −1 | +52 |
| 1 year | 4.44 | +3 | −2 | −5 | +85 |
| 2 years | 4.69 | +4 | −5 | −16 | +121 |
| 3 years | 4.75 | +3 | −7 | −22 | +126 |
| 5 years | 4.82 | +4 | −7 | −17 | +121 |
| 7 years | 4.89 | +3 | −9 | −16 | +110 |
| 10 years | 5.00 | +4 | −9 | −11 | +99 |
| 20 years | 5.37 | +5 | −10 | −8 | +82 |
| 30 years | 5.33 | +4 | −10 | −7 | +75 |
Changes in basis points (0.01 percentage point), against the last print on or before each date.
U.S. Treasury, Daily Treasury par yield curve rates · data for Oct 23, 2026 · read Oct 23, 6:55 PM ET
Curve spreads
Longer yield less shorter, basis points, with where each sits in its past year| Spread | Now | 1 week | 1 month | 1 year | Year low–high | Place in the year |
|---|---|---|---|---|---|---|
| 3 months to 10 years3m10y | 78 | −5 | −14 | +72 | 6 to 109 | |
| 2 years to 10 years2s10s | 31 | −4 | +5 | −22 | 20 to 74 | |
| 5 years to 30 years5s30s | 51 | −3 | +10 | −46 | 41 to 114 | |
| 10 years to 30 years10s30s | 33 | −1 | +4 | −24 | 29 to 68 |
A negative spread is an inverted curve: the longer bond yields less than the shorter one. The mark shows where today sits between the year’s low and high.
- 2 years to 10 years, bp
- 3 months to 10 years, bp
U.S. Treasury, Daily Treasury par yield curve rates · data for Oct 23, 2026 · read Oct 23, 6:55 PM ET
Real yields and breakevens
TIPS pay a yield over inflation; the gap to the nominal bond is the inflation it prices| Maturity | Real % | Nominal % | Breakeven % | Real, 1 month | Breakeven, 1 month |
|---|---|---|---|---|---|
| 5 years | 2.34 | 4.82 | 2.48 | −31 | +14 |
| 7 years | 2.49 | 4.89 | 2.40 | −21 | +5 |
| 10 years | 2.66 | 5.00 | 2.34 | −10 | −1 |
| 20 years | 2.94 | 5.37 | 2.43 | −5 | −3 |
| 30 years | 3.08 | 5.33 | 2.25 | −6 | −1 |
Changes in basis points. A breakeven is nominal less real on the same day and maturity; it includes a risk premium, so it is not a forecast of inflation.
- 10-year breakeven, %
U.S. Treasury, Daily Treasury par real yield curve rates (TIPS) · data for Oct 23, 2026 · read Oct 23, 6:39 PM ET
Bills
Where short-term cash earns, by maturity| Bill | Matures | Discount % | Yield % | 1 week |
|---|---|---|---|---|
| 4-week | Nov 24 | 3.94 | 4.01 | −1 |
| 6-week | Dec 3 | 3.94 | 4.01 | −2 |
| 8-week | Dec 22 | 4.01 | 4.09 | −1 |
| 13-week | Jan 21 | 4.04 | 4.14 | −4 |
| 17-week | Feb 23 | 4.12 | 4.23 | −3 |
| 26-week | Apr 22 | 4.17 | 4.32 | −3 |
| 52-week | Sep 30 | 4.22 | 4.41 | −3 |
Closing rates on the most recently auctioned bill of each maturity. Yield is the coupon-equivalent, comparable with notes and commercial paper.
U.S. Treasury, Daily Treasury bill rates · data for Oct 23, 2026 · read Oct 23, 6:39 PM ET
The Fed’s range
The rate the front of the curve is anchored toThe federal funds target range is 3.75–4.00%, in effect since Sep 17, 2026. Banks earn 3.90% on reserves held at the Fed. The next decision is due Wed Oct 28, 2026.
| Took effect | From % | To % | Change |
|---|---|---|---|
| Sep 17, 2026 | 3.50–3.75 | 3.75–4.00 | +25 bp |
| Dec 11, 2025 | 3.75–4.00 | 3.50–3.75 | −25 bp |
| Oct 30, 2025 | 4.00–4.25 | 3.75–4.00 | −25 bp |
| Sep 18, 2025 | 4.25–4.50 | 4.00–4.25 | −25 bp |
| Dec 19, 2024 | 4.50–4.75 | 4.25–4.50 | −25 bp |
| Nov 8, 2024 | 4.75–5.00 | 4.50–4.75 | −25 bp |
Federal Reserve Board, FOMC meeting calendar · read Oct 23, 3:16 PM ET
Where overnight money is trading inside this range: Cash & funding.
FRED, Federal Reserve Bank of St. Louis, Federal funds target range, upper and lower limits (DFEDTARU, DFEDTARL) · range as of Oct 23, 2026 · read Oct 23, 6:24 PM ET
Treasury auctions
New supply: what is coming, and how the last sales wentComing up
TreasuryDirect lists no announced auctions right now.
Results, notes and bonds first
| Date | Security | Stop % | Cover | Indirect | Dealers |
|---|
Stop is the highest yield accepted (for bills, the investment rate). Cover is dollars bid per dollar sold. Indirect bidders are mostly foreign official accounts and funds bidding through dealers; dealers take what others do not. A floating-rate note has no stop yield.
TreasuryDirect, Auction announcements and results · latest result Oct 23, 2026 · read Oct 23, 6:39 PM ET
ARCANE reporting
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Sources
Every number above, where it comes from and when it was read- U.S. TreasuryDaily Treasury par yield curve ratesData for Oct 23, 2026 · read Oct 23, 6:55 PM ET
- U.S. TreasuryDaily Treasury par real yield curve rates (TIPS)Data for Oct 23, 2026 · read Oct 23, 6:39 PM ET
- U.S. TreasuryDaily Treasury bill ratesData for Oct 23, 2026 · read Oct 23, 6:39 PM ET
- TreasuryDirectAuction announcements and resultsData for Oct 23, 2026 · read Oct 23, 6:39 PM ET
- FRED, Federal Reserve Bank of St. LouisFederal funds target range, upper and lower limits (DFEDTARU, DFEDTARL)Data for Oct 23, 2026 · read Oct 23, 6:24 PM ET
- Federal Reserve BoardFOMC meeting calendarData for Oct 23, 2026 · read Oct 23, 3:16 PM ET