Yield curves
US Treasury, UK Gilt, and German Bund yields. Spread tracking with historical context. Updated daily after FRED releases.
Key spreads
US 10Y-2Y spread (last 1 year)
Values below zero indicate inversion.
Today's yield curves
🇺🇸 United States
As of 2026-06-04| Maturity | Yield | Change |
|---|---|---|
| 3M | 3.780% | 0 bps |
| 2Y | 4.050% | -8 bps |
| 5Y | 4.180% | -9 bps |
| 10Y | 4.450% | -10 bps |
| 30Y | 4.950% | -8 bps |
What is the yield curve?
The yield curve plots interest rates on government bonds across maturities. Normally, longer-dated bonds pay higher yields than shorter-dated ones, producing an upward-sloping curve.
When short-dated yields exceed long-dated yields — an inverted curve— markets are signalling expectations of slower growth or rate cuts ahead. The 10-year minus 2-year spread ("10Y-2Y") is the most-watched measure; inversions have preceded most US recessions since 1955, though with variable lag.
The 10-year minus 3-month spread is the New York Fed's preferred recession indicator. Watch both alongside economic data for a fuller picture.
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