US 2-Year Treasury Yield
Daily close, published after the US market close (~1 business day lag at most) · yield, % per year
Official close for Fri, 23 Oct 2026
US 2-Year Treasury Yield chart
Close 23 Oct 2026: 4.69%
Each point is one official daily close; weekends and market holidays have no value. There is no intraday data. Source: US Treasury.
Ranges and changes
- 52-week range (official daily closes)
- 3.38%4.92%
One basis point (bp) is 0.01 percentage point, so a move from 4.00% to 4.25% is +25 bp. Changes compare the latest official close with the official close on or before the same calendar date 1 week, 1, 3 and 6 months and 1 year earlier; year to date uses the last official close of the previous year.
Other Treasury maturities and government bonds
All yields- US 5-Year Treasury YieldCboe index, delayed4.805%+3.7 bp
- US 10-Year Treasury YieldCboe index, delayed4.988%+3.5 bp
- US 30-Year Treasury YieldCboe index, delayed5.315%+2.8 bp
- UK 10-Year Gilt YieldEstimate Wed, 21 Oct 20265.334%-1.8 bp
- German 10-Year Bund YieldEstimate Fri, 23 Oct 20263.36%-6.0 bp
- Japan 10-Year Government Bond YieldClose Thu, 22 Oct 20262.914%-0.9 bp
- Italy 10-Year BTP YieldSeptember 2026 average4.362%+37.6 bp
About the US 2-Year Treasury Yield
The US 2-year Treasury yield is the annual return on the 2-year Treasury note, the shortest-dated of the coupon-paying notes the Treasury auctions every month. Two years spans only a limited number of Federal Reserve meetings, so this yield is the part of the curve most closely tied to where markets expect the Fed's policy rate to go next, and it can move sharply on inflation data, the jobs report and FOMC communication.
The gap between the 10-year and the 2-year yield, often called 2s10s, is the most widely quoted measure of the slope of the US yield curve. When the 2-year yields more than the 10-year, the curve is inverted, a shape markets have historically watched as a warning sign for growth.
The figure on this page is the US Treasury's own 2-year par yield from its Daily Treasury Par Yield Curve Rates, the official end-of-day figure. It is published once per business day after the market close, so it is not an intraday quote and does not move during the session.
- Security
- Treasury note, 2-year original maturity
- Issuer
- US Department of the Treasury
- Data
- Daily Treasury Par Yield Curve Rates, 2-year (US Treasury)
- Updated
- Once per US business day, after the close
What moves the US 2-Year Treasury Yield
- Expectations for the Fed's policy rate over the next few meetings
- FOMC decisions, projections and press conferences
- US inflation releases (CPI, PCE)
- The monthly jobs report
Scheduled releases to watch: FOMC interest rate decision, US CPI inflation, US non-farm payrolls. See every upcoming release on the economic calendar.
Markets that react to Treasury yields
- USD/JPY · Closely watched against the US-Japan yield gap
- EUR/USD · Reacts to US vs euro-area rate expectations
- Gold · Non-yielding, so sensitive to real yields
- Nasdaq 100 · Growth stocks are sensitive to discount rates
- TLT · Long-dated Treasury ETF, moves inversely to long yields
Frequently asked questions
What is the latest US 2-year Treasury yield?
This page shows the most recent 2-year par yield published by the US Treasury, the date it refers to, the change from the previous business day in basis points, its 52-week range and a chart of daily closes. It is an official end-of-day figure, not a live intraday quote.
Why does the 2-year yield follow the Fed so closely?
A 2-year note matures before many Fed policy cycles can play out, so its yield is close to the average policy rate markets expect over the next two years. When traders price in more rate rises, the 2-year rises; when they price in cuts, it falls, often before the Fed actually moves.
What is the 2s10s spread?
It is the 10-year Treasury yield minus the 2-year yield, quoted in basis points. A positive spread is the usual upward-sloping curve; a negative spread means the curve is inverted. The /rates hub shows it from the Treasury's daily par yield curve, using the same day's close for both maturities.
Why do bond yields rise when bond prices fall?
A Treasury pays a fixed coupon. If market rates rise, an existing bond's fixed payments are worth less, so its price falls until its yield matches the new market rate; when rates fall, the opposite happens. Yield and price therefore always move in opposite directions, and the longer the maturity, the larger the price move for the same change in yield.
When is the 2-year yield on this page updated?
The US Treasury publishes one par yield curve per US business day, after the market close. There is no value for weekends or federal holidays, so on those days the page keeps showing the latest business day's figure with its date. FXMARE checks the Treasury's file a few times a day.
For information and education only, not investment advice. Yields shown are official published statistics (daily closes), not a quote to buy or sell a bond. Source: US Treasury.