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Economic data · Interest rates

US Treasury yield curve

The spread between US 10 year and 2 year Treasury yields over time, with every stretch where it inverted.

Economic data · Interest rates

US Treasury yield curve

The spread between US 10 year and 2 year Treasury yields over time, with every stretch where it inverted.

Spread and yields

On 10 Nov 2026 the 10-year yield was 4.98% and the 2-year 4.73%, a spread of +25 bp. Below zero the curve is inverted.

10-year minus 2-year

Basis points. Dashed line: zero; below it the curve is inverted.

10-year and 2-year yields

Solid line: 10-year. Dashed line: 2-year.

Inverted stretches since 2 Jan 1990

Each run of days with the 10-year below the 2-year. A day at zero or above ends a run.

Every inverted stretch, newest first
Inverted from	Last inverted day
5 Sept 2024	5 Sept 2024	1	−2 bp5 Sept 2024
3 Sept 2024	3 Sept 2024	1	−4 bp3 Sept 2024
6 Jul 2022	26 Aug 2024	537	−108 bp3 Jul 2023
1 Apr 2022	4 Apr 2022	2	−5 bp1 Apr 2022
27 Aug 2019	29 Aug 2019	3	−4 bp27 Aug 2019
30 May 2007	5 Jun 2007	5	−4 bp4 Jun 2007
3 May 2007	21 May 2007	13	−6 bp9 May 2007
17 Aug 2006	20 Mar 2007	147	−19 bp15 Nov 2006
14 Aug 2006	15 Aug 2006	2	−1 bp14 Aug 2006
7 Aug 2006	7 Aug 2006	1	−3 bp7 Aug 2006
2 Aug 2006	3 Aug 2006	2	−2 bp3 Aug 2006
30 Jun 2006	26 Jul 2006	18	−7 bp11 Jul 2006
8 Jun 2006	28 Jun 2006	15	−6 bp14 Jun 2006
21 Mar 2006	29 Mar 2006	7	−5 bp24 Mar 2006
31 Jan 2006	7 Mar 2006	25	−16 bp23 Feb 2006
29 Dec 2005	30 Dec 2005	2	−2 bp30 Dec 2005
27 Dec 2005	27 Dec 2005	1	−1 bp27 Dec 2005
28 Dec 2000	28 Dec 2000	1	−5 bp28 Dec 2000
11 Feb 2000	26 Dec 2000	220	−52 bp7 Apr 2000
2 Feb 2000	9 Feb 2000	6	−13 bp9 Feb 2000
21 Jul 1998	27 Jul 1998	5	−3 bp24 Jul 1998
15 Jun 1998	9 Jul 1998	18	−7 bp25 Jun 1998
9 Jun 1998	11 Jun 1998	3	−4 bp10 Jun 1998
26 May 1998	26 May 1998	1	−2 bp26 May 1998
8 Mar 1990	29 Mar 1990	16	−14 bp20 Mar 1990