Treasury yield curve explained
- 10-yr minus 3-mo+0.78 ptTreasury, Oct 23
- 10-year par yield5.00%Oct 23
- Shape todayNormalupward-sloping, by this page's 10-yr minus 3-mo rule
The Treasury yield curve plots the yields of U.S. Treasury securities from 1 month to 30 years on one day.
Below: the latest official curve from the U.S. Treasury, the same curve one year earlier, and a plain-English guide to normal, flat and inverted shapes.
Latest Treasury curve: Oct 23. Page built 2026-10-24 10:58 CDT.
The curve today
The chart needs JavaScript; the same numbers are in the table below.
Today's shape, stated factually
As of Oct 23, the 10-year yield minus the 3-month yield is +0.78 percentage points, so by this page's definition the curve is upward-sloping (normal). The highest yield on the curve that day was the 20 yr at 5.37%, and the lowest was the 1 mo at 4.11%.
One year earlier (Oct 23, 2025), the same spread was +0.06 points (flat).
Normal, flat and inverted curves
Normal (upward-sloping)
Longer maturities yield more than shorter ones. Lenders are paid more for tying money up longer.
Flat
Yields are about the same from short to long maturities.
Inverted
Shorter maturities yield more than longer ones. Short-term rates are above long-term rates.
This page labels the shape with one measure: the 10-year par yield minus the 3-month par yield. A gap above +0.25 percentage point is described as upward-sloping, below -0.25 as inverted, and anything in between as flat. Other common measures, such as the 10-year minus the 2-year, can give a different label on the same day, and parts of the curve can slope in different directions at once.
All maturities
| Maturity | Par yield, Oct 23 | One year earlier (Oct 23, 2025) | Change (pt) |
|---|---|---|---|
| 1 mo | 4.11% | 4.12% | -0.01 |
| 6 wk | 4.11% | 4.08% | +0.03 |
| 2 mo | 4.16% | 4.05% | +0.11 |
| 3 mo | 4.22% | 3.95% | +0.27 |
| 4 mo | 4.30% | 3.90% | +0.40 |
| 6 mo | 4.30% | 3.78% | +0.52 |
| 1 yr | 4.44% | 3.59% | +0.85 |
| 2 yr | 4.69% | 3.48% | +1.21 |
| 3 yr | 4.75% | 3.49% | +1.26 |
| 5 yr | 4.82% | 3.61% | +1.21 |
| 7 yr | 4.89% | 3.79% | +1.10 |
| 10 yr | 5.00% | 4.01% | +0.99 |
| 20 yr | 5.37% | 4.55% | +0.82 |
| 30 yr | 5.33% | 4.58% | +0.75 |
Source: U.S. Treasury, Daily Treasury Par Yield Curve Rates, retrieved 2026-10-24 10:58 CDT.
Where the curve comes from
Treasury describes its official yield curve as a par yield curve based on indicative, bid-side market price quotations (not actual transactions) for the most recently auctioned Treasury securities, obtained by the Federal Reserve Bank of New York at or near 3:30 p.m. each trading day (Treasury yield curve methodology, revised Feb 18, 2025). These are market yields, not the rates set at auction; auction results are on the Treasury auction results page.
Related: recession signals tracker (spread history) · T-bill calculator · this week's Treasury auctions · T-bills at TreasuryDirect vs a brokerage · T-bill vs CD after tax · cash before Jan 1.
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Frequently asked questions
What is the Treasury yield curve?
It is a line connecting the yields of U.S. Treasury securities from the shortest maturities (1 month) to the longest (30 years) on a single day. This page uses the U.S. Treasury's Daily Treasury Par Yield Curve Rates.
What is the difference between a normal, flat and inverted curve?
A normal (upward-sloping) curve has longer maturities yielding more than shorter ones. A flat curve has similar yields across maturities. An inverted curve has shorter maturities yielding more than longer ones.
How is today's shape decided on this page?
By the 10-year par yield minus the 3-month par yield. Above +0.25 percentage point is described as upward-sloping, below -0.25 as inverted, and in between as flat. Other measures, such as 10-year minus 2-year, can give a different reading.
How often does the data update?
Treasury publishes par yield curve rates each business day. The chart loads the latest published day from Treasury, and the table below is rebuilt with each site refresh.
Is this investment advice?
No. This page describes published Treasury data. It does not predict rates or the economy.