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Vol. I, No. 6 Afternoon Edition

The Fed Gazette

A civic journal of money and credit

Live Federal Reserve rates, FOMC decisions, speeches, and Treasury data, with every figure copied from the agency that published it.

Treasury yields

10-Year Minus 2-Year Treasury Spread: Yield Curve Chart

The 10-year minus 2-year Treasury spread was 0.47% on Oct 5, 2026, according to the Federal Reserve Bank of St. Louis (FRED), via GOVSPENDING.ORG.

Source: Federal Reserve Bank of St. Louis (FRED), from Board H.15 yields (FRED series T10Y2Y), via GOVSPENDING.ORG, T10Y2Y, 10-year Treasury constant maturity minus 2-year Treasury constant maturity, percent, daily · Published · Updated

The gap between the 10-year and 2-year Treasury constant-maturity yields, with a chart back to 1976, what changed since the last print, and a plain explanation. The spread is the series the St. Louis Fed publishes. This paper does not subtract the yields itself.

  • 10-year minus 2-year spread 0.47% Oct 5, 2026 Higher than the previous print

10-Year Minus 2-Year Treasury Spread chart

10-year minus 2-year Treasury spread over time

Daily spread between the 10-year and 2-year Treasury constant-maturity yields, in percent, as published. Each point is a stored daily print.

0.2%0.4%0.6%0.8%Jan 26Apr 26Jul 26Oct 260.2%0.4%0.6%0.8%Jan 26Apr 26Jul 26Oct 26
-2.0%-1.0%0.0%1.0%2.0%20222023202420252026-2.0%-1.0%0.0%1.0%2.0%20222023202420252026
-2.0%-1.0%0.0%1.0%2.0%20182020202220242026-2.0%-1.0%0.0%1.0%2.0%20182020202220242026
-4.0%-2.0%0.0%2.0%4.0%1980198519901995200020052010201520202025-4.0%-2.0%0.0%2.0%4.0%19801990200020102020
  • 10-year minus 2-year spread 0.47% Oct 5, 2026

Source: Federal Reserve Bank of St. Louis (FRED), from Board H.15 yields (FRED series T10Y2Y), via GOVSPENDING.ORG, T10Y2Y, 10-year Treasury constant maturity minus 2-year Treasury constant maturity, percent, daily · as of · retrieved

Data
10-year minus 2-year Treasury spread over time, the last print of each calendar quarter (a sample of the plotted line)
Period10-year minus 2-year spread
Jun 30, 19760.84%
Sep 30, 19761.22%
Dec 31, 19761.47%
Mar 31, 19771.41%
Jun 30, 19771.12%
Sep 30, 19770.59%
Dec 30, 19770.56%
Mar 31, 19780.45%
Jun 30, 19780.14%
Sep 29, 1978-0.14%
Dec 29, 1978-0.83%
Mar 30, 1979-0.61%
Jun 29, 1979-0.16%
Sep 28, 1979-0.66%
Dec 31, 1979-0.90%
Mar 31, 1980-1.99%
Jun 30, 19801.12%
Sep 30, 1980-0.27%
Dec 31, 1980-0.63%
Mar 31, 1981-0.04%
Jun 30, 1981-0.80%
Sep 30, 1981-0.85%
Dec 31, 19810.35%
Mar 31, 1982-0.34%
Jun 30, 1982-0.22%
Sep 30, 19820.50%
Dec 31, 19820.88%
Mar 31, 19830.75%
Jun 30, 19830.73%
Sep 30, 19830.91%
Dec 30, 19830.97%
Mar 30, 19840.93%
Jun 29, 19840.67%
Sep 28, 19840.40%
Dec 31, 19841.53%
Mar 29, 19851.22%
Jun 28, 19851.58%
Sep 30, 19851.43%
Dec 31, 19851.02%
Mar 31, 19860.47%
Jun 30, 19860.54%
Sep 30, 19861.07%
Dec 31, 19860.88%
Mar 31, 19870.97%
Jun 30, 19870.90%
Sep 30, 19871.03%
Dec 31, 19871.06%
Mar 31, 19881.16%
Jun 30, 19880.80%
Sep 30, 19880.44%
Dec 30, 19880.00%
Mar 31, 1989-0.43%
Jun 30, 19890.02%
Sep 29, 1989-0.15%
Dec 29, 19890.06%
Mar 30, 19900.01%
Jun 29, 19900.19%
Sep 28, 19900.80%
Dec 31, 19900.93%
Mar 28, 19911.03%
Jun 28, 19911.34%
Sep 30, 19911.48%
Dec 31, 19911.94%
Mar 31, 19921.94%
Jun 30, 19922.31%
Sep 30, 19922.57%
Dec 31, 19922.14%
Mar 31, 19932.07%
Jun 30, 19931.77%
Sep 30, 19931.51%
Dec 31, 19931.58%
Mar 31, 19941.56%
Jun 30, 19941.15%
Sep 30, 19941.00%
Dec 30, 19940.15%
Mar 31, 19950.40%
Jun 30, 19950.42%
Sep 29, 19950.34%
Dec 29, 19950.40%
Mar 29, 19960.55%
Jun 28, 19960.62%
Sep 30, 19960.62%
Dec 31, 19960.55%
Mar 31, 19970.47%
Jun 30, 19970.43%
Sep 30, 19970.32%
Dec 31, 19970.09%
Mar 31, 19980.07%
Jun 30, 1998-0.05%
Sep 30, 19980.14%
Dec 31, 19980.11%
Mar 31, 19990.26%
Jun 30, 19990.28%
Sep 30, 19990.27%
Dec 31, 19990.21%
Mar 31, 2000-0.47%
Jun 30, 2000-0.35%
Sep 29, 2000-0.18%
Dec 29, 20000.01%
Mar 30, 20010.75%
Jun 29, 20011.17%
Sep 28, 20011.74%
Dec 31, 20012.00%
Mar 28, 20021.70%
Jun 28, 20021.96%
Sep 30, 20021.91%
Dec 31, 20022.22%
Mar 31, 20032.32%
Jun 30, 20032.22%
Sep 30, 20032.46%
Dec 31, 20032.43%
Mar 31, 20042.26%
Jun 30, 20041.92%
Sep 30, 20041.51%
Dec 31, 20041.16%
Mar 31, 20050.70%
Jun 30, 20050.28%
Sep 30, 20050.16%
Dec 30, 2005-0.02%
Mar 31, 20060.04%
Jun 30, 2006-0.01%
Sep 29, 2006-0.07%
Dec 29, 2006-0.11%
Mar 30, 20070.07%
Jun 29, 20070.16%
Sep 28, 20070.62%
Dec 31, 20070.99%
Mar 31, 20081.83%
Jun 30, 20081.36%
Sep 30, 20081.85%
Dec 31, 20081.49%
Mar 31, 20091.90%
Jun 30, 20092.42%
Sep 30, 20092.36%
Dec 31, 20092.71%
Mar 31, 20102.82%
Jun 30, 20102.36%
Sep 30, 20102.11%
Dec 31, 20102.69%
Mar 31, 20112.67%
Jun 30, 20112.73%
Sep 30, 20111.67%
Dec 30, 20111.64%
Mar 30, 20121.90%
Jun 29, 20121.34%
Sep 28, 20121.42%
Dec 31, 20121.53%
Mar 28, 20131.62%
Jun 28, 20132.16%
Sep 30, 20132.31%
Dec 31, 20132.66%
Mar 31, 20142.29%
Jun 30, 20142.06%
Sep 30, 20141.94%
Dec 31, 20141.50%
Mar 31, 20151.38%
Jun 30, 20151.71%
Sep 30, 20151.42%
Dec 31, 20151.21%
Mar 31, 20161.05%
Jun 30, 20160.91%
Sep 30, 20160.83%
Dec 30, 20161.25%
Mar 31, 20171.13%
Jun 30, 20170.93%
Sep 29, 20170.86%
Dec 29, 20170.51%
Mar 29, 20180.47%
Jun 29, 20180.33%
Sep 28, 20180.24%
Dec 31, 20180.21%
Mar 29, 20190.14%
Jun 28, 20190.25%
Sep 30, 20190.05%
Dec 31, 20190.34%
Mar 31, 20200.47%
Jun 30, 20200.50%
Sep 30, 20200.56%
Dec 31, 20200.80%
Mar 31, 20211.58%
Jun 30, 20211.20%
Sep 30, 20211.24%
Dec 31, 20210.79%
Mar 31, 20220.04%
Jun 30, 20220.06%
Sep 30, 2022-0.39%
Dec 30, 2022-0.53%
Mar 31, 2023-0.58%
Jun 30, 2023-1.06%
Sep 29, 2023-0.44%
Dec 29, 2023-0.35%
Mar 28, 2024-0.39%
Jun 28, 2024-0.35%
Sep 30, 20240.15%
Dec 31, 20240.33%
Mar 31, 20250.34%
Jun 30, 20250.52%
Sep 30, 20250.56%
Dec 31, 20250.71%
Mar 31, 20260.51%
Jun 30, 20260.30%
Sep 30, 20260.41%
Oct 5, 20260.47%
Cite this

Cite the agency first. This paper is the place you read the figure, as of Oct 5, 2026.

  • APA Federal Reserve Bank of St. Louis (FRED), from Board H.15 yields (FRED series T10Y2Y), via GOVSPENDING.ORG. (2026, October 5). T10Y2Y, 10-year Treasury constant maturity minus 2-year Treasury constant maturity, percent, daily [Data set]. https://govspending.org/series/T10Y2Y/ Retrieved October 6, 2026, via The Fed Gazette, https://fedgazette.com/yield-curve-spread/#chart-yield-curve-spread-0
  • MLA Federal Reserve Bank of St. Louis (FRED), from Board H.15 yields (FRED series T10Y2Y), via GOVSPENDING.ORG. “T10Y2Y, 10-year Treasury constant maturity minus 2-year Treasury constant maturity, percent, daily.” T10Y2Y, 10-year Treasury constant maturity minus 2-year Treasury constant maturity, percent, daily, data as of 5 Oct. 2026, https://govspending.org/series/T10Y2Y/. Accessed 6 Oct. 2026 via The Fed Gazette, https://fedgazette.com/yield-curve-spread/#chart-yield-curve-spread-0.
  • Chicago Federal Reserve Bank of St. Louis (FRED), from Board H.15 yields (FRED series T10Y2Y), via GOVSPENDING.ORG. “T10Y2Y, 10-year Treasury constant maturity minus 2-year Treasury constant maturity, percent, daily.” Data as of October 5, 2026. https://govspending.org/series/T10Y2Y/. Retrieved October 6, 2026 via The Fed Gazette, https://fedgazette.com/yield-curve-spread/#chart-yield-curve-spread-0.

As of Oct 5, 2026 · Federal Reserve Bank of St. Louis (FRED), from Board H.15 yields (FRED series T10Y2Y), via GOVSPENDING.ORG · T10Y2Y, 10-year Treasury constant maturity minus 2-year Treasury constant maturity, percent, daily · Percent · original series T10Y2Y on FRED · Retrieved

10-year minus 2-year spread: what changed since the last print

The latest 10-year minus 2-year spread print is 0.47% for Oct 5, 2026, higher than the print before it, 0.45% for Oct 2, 2026. About a year earlier, for Oct 3, 2025, it was 0.55%, and the latest print is lower than that.

This paper says only whether the latest stored print is higher than, lower than, or the same as an earlier stored print, and prints both. It does not compute a difference or a percent.

Period10-year minus 2-year spread
Oct 5, 20260.47%
Oct 2, 20260.45%
Oct 1, 20260.46%
Sep 30, 20260.41%
Sep 29, 20260.37%
Sep 28, 20260.32%
Sep 25, 20260.36%
Sep 24, 20260.31%
Sep 23, 20260.26%
Sep 22, 20260.25%
Sep 21, 20260.20%
Sep 18, 20260.25%

What the 10-year minus 2-year spread is, in plain English

The spread is the 10-year Treasury yield minus the 2-year Treasury yield. It measures how much more the government pays to borrow for ten years than for two. The Federal Reserve Bank of St. Louis publishes it daily in FRED, built from the constant-maturity yields in the Board of Governors’ H.15 release.

When the spread is positive, longer yields are above shorter ones, which is the usual shape of the Treasury yield curve. When it is negative, the curve is inverted: the two-year yield is above the ten-year yield. Inverted curves have often come before recessions, but the spread is not a forecast and this paper does not make one.

For the full curve from one month to thirty years, see the Ledger.

Yield
The annual return on a Treasury security at its current price.
Spread
The gap between two yields.
Inverted curve
A curve where shorter-term yields are above longer-term yields.

10-year minus 2-year spread questions answered

What is the latest 10-year minus 2-year spread?

The 10-year minus 2-year Treasury spread was 0.47% on Oct 5, 2026, according to the Federal Reserve Bank of St. Louis (FRED), via GOVSPENDING.ORG.

What is the 10-year minus 2-year spread?

It is the 10-year Treasury yield less the 2-year Treasury yield, published daily by the Federal Reserve Bank of St. Louis in FRED.

What does an inverted yield curve mean?

It means shorter-term yields are above longer-term yields, so the spread is negative. It has often come before recessions, but it is not a forecast.

Where do the yields come from?

The spread is built from the constant-maturity Treasury yields in the Federal Reserve Board’s H.15 release.

How often does the spread update?

Daily, on days the bond market is open. The date for the latest print is shown beside the figure.