The 10-year Treasury par yield minus the 2-year, PreReason's calculation from the US Treasury's Daily Treasury Par Yield Curve Rates: its 10 Yr column minus its 2 Yr on the same day. Business days, priced at about 3:30 in the afternoon, New York time. Below zero the curve is inverted. Read from FRED's copy of this spread until 2026-09-30, which is where its history before 1990 comes from.
Why: 10Y minus 2Y Treasury spread. Below zero the curve is inverted: short rates sit above long rates.
Category: macro. Macro economic indicators track monetary policy, liquidity conditions, and traditional market positioning.
Source: U.S. Department of the Treasury. Updated: Business days, each evening.
API: GET /api/metrics/yield-curve
Read more: Understanding the Yield Curve
Used in briefings: Macro Snapshot, Yield Curve and Breakeven Inflation, Regime Check
View all metrics | Browse briefings