Treasury yields
The Treasury yield curve today
Every maturity the Treasury publishes, as of September 2, 2026.
Curve shape
Maturity axis is log-scaledWhat the shape is saying
The curve has its normal upward slope: longer Treasuries yield more than shorter ones, compensating for tying money up for longer.
10-year minus 2-year: +0.40
The most-watched recession signal. It has gone negative before every US recession since the 1970s, though with long and variable lead times.
10-year minus 3-month: +0.87
Preferred by many economists over the 2-year spread, because the 3-month bill tracks current policy more directly.
These are descriptions of what the curve currently looks like, not forecasts. CurrentRates does not predict rates.
Every maturity
| Maturity | Today | 1 month ago | 1 year ago | Change on the year |
|---|---|---|---|---|
| 1 Month | 3.83% | 3.79% | 4.40% | -0.57 |
| 2 Month | 3.89% | 3.87% | 4.29% | -0.40 |
| 3 Month | 3.92% | 3.91% | 4.20% | -0.28 |
| 4 Month | 4.02% | 3.94% | 4.15% | -0.13 |
| 6 Month | 4.00% | 4.02% | 3.99% | +0.01 |
| 1 Year | 4.16% | 4.07% | 3.82% | +0.34 |
| 2 Year | 4.39% | 4.25% | 3.66% | +0.73 |
| 3 Year | 4.45% | 4.32% | 3.63% | +0.82 |
| 5 Year | 4.54% | 4.40% | 3.74% | +0.80 |
| 7 Year | 4.66% | 4.54% | 3.98% | +0.68 |
| 10 Year | 4.79% | 4.70% | 4.28% | +0.51 |
| 20 Year | 5.27% | 5.23% | 4.92% | +0.35 |
| 30 Year | 5.27% | 5.23% | 4.97% | +0.30 |
Source: U.S. Treasury · daily par yield curve · as of Sep 2, 2026
How to read a yield curve
The yield curve plots what the U.S. government pays to borrow money for different lengths of time, from one month out to thirty years. Normally it slopes upward: lending for longer carries more risk, so it pays more.
When short maturities pay more than long ones the curve is inverted. That usually means markets expect the Federal Reserve to cut rates, which in turn usually means they expect the economy to weaken. An inversion has preceded every US recession since the 1970s, but the gap between the signal and the recession has ranged from months to years, and it has also produced false alarms.
These yields matter well beyond government borrowing. The 10-year is the benchmark that 30-year mortgage rates track most closely, and short maturities set the floor under savings and money market yields.