US Treasury Yield Curve — daily
As of Fri, Jun 5, 2026, the US Treasury curve runs from 3.71% (1-month) to 5.01% (30-year). The 10-year yields 4.55%; the 2s10s spread is +38 bp, upward-sloping (normal). Source: FMP / US Treasury.
Full curve
| Tenor | Yield | Δ vs prior day |
|---|---|---|
| 1M | 3.71% | +0 bp |
| 2M | 3.71% | +1 bp |
| 3M | 3.78% | +0 bp |
| 6M | 3.81% | +3 bp |
| 1Y | 3.88% | +6 bp |
| 2Y | 4.17% | +12 bp |
| 3Y | 4.22% | +12 bp |
| 5Y | 4.29% | +11 bp |
| 7Y | 4.41% | +9 bp |
| 10Y | 4.55% | +8 bp |
| 20Y | 5.03% | +5 bp |
| 30Y | 5.01% | +4 bp |
3m10y spread: +77 bp. Yields are constant-maturity Treasury (CMT) rates, published daily by the US Treasury.
US 10-year yield — 90-day trend
What the curve tells an FX trader
FX is, at its core, a bet on relative interest rates. A currency tends to strengthen when its yields rise relative to the rest of the world, because higher yields draw capital in and raise the cost of being short that currency (the carry). The US Treasury curve is the global benchmark for the dollar leg of every USD pair.
The 2-year yield is the cleanest read on near-term Fed policy expectations and usually leads USD direction; when it climbs, EUR/USD and GBP/USD tend to fall. The 10-year captures the longer growth-and-inflation view and drives USD/JPY especially strongly — the yen is highly sensitive to the US–Japan 10-year gap. The 2s10s spread (10-year minus 2-year) is the market's growth-vs-policy tension in one number: deeply negative warns of a slowdown, steepening often accompanies reflation.
Pair this with the DXY dollar index for the spot read on USD strength, and the pair correlation matrix to see which crosses are most yield-sensitive right now.
FAQ
What is the US Treasury yield curve?
The yield curve plots the interest rate (yield) the US government pays to borrow across maturities, from 1 month to 30 years. Its shape summarises the market's collective expectations for growth, inflation, and Federal Reserve policy.
What does an inverted yield curve mean?
An inverted curve is when shorter-dated yields (e.g. the 2-year) sit above longer-dated yields (e.g. the 10-year), giving a negative 2s10s spread. It has historically preceded US recessions, because it implies the market expects the Fed to cut rates in future as growth slows.
Why do Treasury yields matter for forex?
Currency moves are driven largely by interest-rate differentials. Rising US yields tend to attract capital into dollars (USD strength); falling yields do the reverse. The 2-year yield in particular tracks Fed-policy expectations, which dominate USD direction, while the 10-year captures the longer growth-and-inflation view.
How often does this page update?
Treasury yields are published once per business day. This page refreshes from the latest available daily curve and shows the day-over-day change in basis points for each tenor.