Daily par yield curve
Treasury yield curve today — Sep 21, 2026
The 10-year Treasury is yielding 4.96% and the 2-year 4.76% as of Sep 21, 2026. The curve slopes upward: the 10-year yields 0.20 percentage points more than the 2-year.
The curve today, against a year ago
Par yield at each maturity. Dashed line is Sep 19, 2025.
Every maturity, Sep 21, 2026
Par yields as published by the Treasury, with the same maturities a week, a month and a year earlier.
| Maturity | Sep 21, 2026 | One week ago | One month ago | One year ago | 1-year change |
|---|---|---|---|---|---|
| 1-month | 3.96% | 3.94% | 3.80% | 4.19% | ▼ 0.23 pp |
| 1.5-month | 4.02% | 4.00% | 3.77% | 4.16% | ▼ 0.14 pp |
| 2-month | 4.10% | 4.06% | 3.80% | 4.14% | ▼ 0.04 pp |
| 3-month | 4.17% | 4.11% | 3.88% | 4.03% | ▲ +0.14 pp |
| 4-month | 4.26% | 4.18% | 3.90% | 3.98% | ▲ +0.28 pp |
| 6-month | 4.27% | 4.18% | 3.95% | 3.81% | ▲ +0.46 pp |
| 1-year | 4.45% | 4.37% | 4.03% | 3.60% | ▲ +0.85 pp |
| 2-year | 4.76% | 4.65% | 4.24% | 3.57% | ▲ +1.19 pp |
| 3-year | 4.82% | 4.73% | 4.31% | 3.56% | ▲ +1.26 pp |
| 5-year | 4.83% | 4.80% | 4.43% | 3.68% | ▲ +1.15 pp |
| 7-year | 4.89% | 4.88% | 4.57% | 3.88% | ▲ +1.01 pp |
| 10-year | 4.96% | 4.97% | 4.74% | 4.14% | ▲ +0.82 pp |
| 20-year | 5.33% | 5.37% | 5.25% | 4.71% | ▲ +0.62 pp |
| 30-year | 5.29% | 5.34% | 5.27% | 4.75% | ▲ +0.54 pp |
10-year yield, Jan 2, 2019 – Sep 21, 2026
1931 business days.
Download: daily-yield-curve.csv · CSV · public domain
What a par yield is
The Treasury does not have a bond outstanding at every maturity on this list, so the curve is interpolated. Each figure is the coupon a hypothetical Treasury security would need to carry, at that exact maturity, to be worth exactly its face value today. That is what "par yield" means, and it is why the curve can quote a 4-month yield on a day when no 4-month security exists.
The inputs are indicative bid-side yields on the most recently issued securities, collected around 3:30 p.m. Eastern each business day from a set of market makers, then fitted to a smooth curve.
Reading the shape
Normally longer maturities yield more, because lending for longer carries more risk. When the short end yields more than the long end the curve is inverted, which historically has tended to precede recessions — the 10-year minus 2-year spread is the version watched most closely, and it stands at +0.20 points today. The 10-year minus 3-month spread, preferred by some researchers, is +0.79 points.
An inverted curve is a statistical regularity, not a mechanism, and it has given false signals. Nothing here is a forecast or a recommendation.
Today's yields versus what the government pays
These are the yields on offer now. What the Treasury actually pays is the average rate across notes already outstanding, which lags today's curve by years — every security issued before rates moved keeps its original coupon until it matures.