MACRO · RATES
US 2-year Treasury yield
The interest rate the market sets when the US government borrows for two years.
Current value4.79%-0.01 ppChange from previous observation · as of Oct 13, 2026
Latest value
Published every business day| Current value | 4.79% |
|---|---|
| Observation date | Oct 13, 2026 |
| Published | Every business day |
| vs previous observation | -0.01 pp |
| vs 1 month ago | +0.16 pp |
| vs 1 year ago | +1.27 pp |
| Past-year range | 3.38% to 4.92% |
| Position in range | 92% (0% = 1-year low, 100% = 1-year high) |
Source: Board of Governors of the Federal Reserve System (US), Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity, Quoted on an Investment Basis [DGS2], retrieved from FRED, Federal Reserve Bank of St. Louis
What this number measures
Treasury yields are not set by the central bank. They are set as Treasuries trade in the market. Because the amount paid at maturity is fixed in advance, yields fall when Treasury prices rise and rise when prices fall.
With its short maturity, the 2-year yield is known as a part of the curve that has reacted relatively closely to the direction of monetary policy. It is used as the short end when paired with the 10-year yield to read the yield spread.
How it is calculated and when it is released
A constant maturity yield calculated daily by the US Treasury. Not every Treasury has exactly two years left to maturity, so the value is read at the 2-year point of a yield curve built from trades across many maturities.
Updated every US bond market business day. The value is not seasonally adjusted.
What this number does not tell you
- It is the terms for a new purchase today. It differs from the locked-in yield of a bond already held.
- Korean government bond yields are set in a separate market and are not part of this value.
- It is a nominal, pre-tax yield, so the real return after inflation and taxes cannot be read from it.
Common misreadings
- Do rising yields help bondholders?
While yields rise, the market price of bonds already held falls. The yield shown is the terms for a new purchase, not the return of an existing holder.
- What constant maturity means
The 2-year yield is not the price of one particular Treasury. It is the value read at the 2-year point of the Treasury yield curve.
※ This explains the definition and past observations of the indicator. It does not forecast future values or market direction.
Other indicators in this group (Interest rates)
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