2-Year Yield
4.62%
▲ 0.03% today
5-Year Yield
4.38%
— 0.00% today
10-Year Yield
4.19%
▼ 0.02% today
30-Year Yield
4.31%
▼ 0.01% today
2s10s Spread
+43 bps
▲ 5 bps
● Normal Slope
US Treasury Yield Curve (2Y – 30Y)
5.5% 4.5% 3.5% 2Y 5Y 10Y 20Y 30Y
Maturity
2Y4.62%
10Y4.19%
2-Year Treasury
5-Year Treasury
10-Year Treasury
30-Year Treasury
Historical Spread Data
Date 2Y 5Y 10Y 30Y 2s10s Spread Shape
2025-01-154.62%4.38%4.19%4.31%+43Normal
2025-01-144.59%4.38%4.21%4.32%+38Normal
2025-01-134.55%4.35%4.18%4.29%+37Normal
2025-01-104.51%4.30%4.15%4.25%+36Normal
2025-01-094.48%4.28%4.12%4.22%+36Normal
2025-01-084.45%4.25%4.10%4.20%+35Normal

Editorial Analysis: Curve Un-inversion Signals

The 2s10s yield curve has reclaimed positive territory, widening to +43 basis points as markets price in delayed Fed easing expectations. The recent flattening of the intermediate sector (5Y–10Y) suggests cautious optimism regarding inflation persistence and labor market resilience.

Historically, a sustained positive spread above +30bps for three consecutive quarters has preceded periods of stable GDP growth and reduced recession probability. However, the elevated absolute yield levels indicate that financial conditions remain restrictive for borrowers.

Fed Policy Recession Indicator Fixed Income Term Premium

Key Market Insights

  • Term premium remains structurally elevated post-2020 supply shifts
  • 10Y breakeven inflation hovering near 2.4%, aligning with Fed target
  • Corporate issuance pipeline suggests renewed demand for duration
  • Global curve divergence widening between US and European sovereigns