10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (T10Y2Y)
10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity — Historical Chart
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10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (FRED series T10Y2Y) is a daily monetary policy indicator measured in percent. The series is published through FRED, the Federal Reserve Bank of St. Louis economic database, with history going back to 1976.
Why it matters: 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity is one of the indicators traders, economists, and policymakers watch within the monetary policy complex. It is closely tied to Federal Reserve policy decisions, and shifts in this series often ripple through borrowing costs, bond yields, and equity valuations.
How to read it: focus on the direction and persistence of changes rather than any single daily print. Comparing the latest value against its level a year ago, and against its long-run range since 1976, gives a better sense of whether the series is signaling acceleration, deceleration, or a turning point.
About This Series
Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield). Series is calculated as the spread between 10-Year Treasury Constant Maturity (BC_10YEAR) and 2-Year Treasury Constant Maturity (BC_2YEAR). Both underlying series are published at the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).
Recent Data
| Date | Value (%) | Change |
|---|---|---|
| June 10, 2026 | 0.42% | +0.02 |
| June 9, 2026 | 0.40% | -0.01 |
| June 8, 2026 | 0.41% | +0.03 |
| June 5, 2026 | 0.38% | -0.04 |
| June 4, 2026 | 0.42% | +0.01 |
| June 3, 2026 | 0.41% | +0 |
| June 2, 2026 | 0.41% | -0.01 |
| June 1, 2026 | 0.42% | -0.05 |
| May 29, 2026 | 0.47% | +0.01 |
| May 28, 2026 | 0.46% | -0.02 |
| May 27, 2026 | 0.48% | -0.01 |
| May 26, 2026 | 0.49% | +0.06 |
Frequently Asked Questions
What is 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity today?
The latest value of 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (T10Y2Y) is shown at the top of this page, along with its observation date and the change from the prior reading. Data is sourced from FRED and refreshed regularly.
How often is 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity updated?
10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity is reported daily (Daily). New observations appear on FRED shortly after the source agency releases them, and this page updates daily.
What does a rising 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity mean?
A sustained rise in 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity signals strengthening readings in this monetary policy measure, in percent. Whether that is positive or negative for markets depends on context — compare the move against the series’ trend and related indicators in the same category.
Where does the T10Y2Y data come from?
The data comes from FRED® (Federal Reserve Economic Data), maintained by the Federal Reserve Bank of St. Louis, under series ID T10Y2Y. History is available back to 1976.
Related Monetary Policy Indicators
Data sourced from FRED®, Federal Reserve Bank of St. Louis: 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (T10Y2Y). Retrieved from fred.stlouisfed.org. Last updated June 10, 2026.