2-Year Treasury par yield
4.61%
down 6 basis points vs Oct 28, 2026
Observation date:
- 1 week ago
- 4.65%down 4 basis points Oct 22, 2026
- 1 month ago
- 4.89%down 28 basis points Sep 29, 2026
- 1 year ago
- 3.59%up 102 basis points Oct 29, 2025
- 52-week high
- 4.92%Sep 28, 2026
- 52-week low
- 3.38%Feb 27, 2026
2-Year Treasury yield history
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| Month | Last observation | Yield | Change |
|---|---|---|---|
| Oct 2026 | 4.61% | −27 bp | |
| Sep 2026 | 4.88% | +54 bp | |
| Aug 2026 | 4.34% | +6 bp | |
| Jul 2026 | 4.28% | +14 bp | |
| Jun 2026 | 4.14% | +16 bp | |
| May 2026 | 3.98% | +10 bp | |
| Apr 2026 | 3.88% | +9 bp | |
| Mar 2026 | 3.79% | +41 bp | |
| Feb 2026 | 3.38% | −14 bp | |
| Jan 2026 | 3.52% | +5 bp | |
| Dec 2025 | 3.47% | 0 bp | |
| Nov 2025 | 3.47% | −13 bp |
| Year | Year end | Average | High | Low |
|---|---|---|---|---|
| 2026 (to date) | 4.61% | 4.05% | 4.92% | 3.38% |
| 2025 | 3.47% | 3.81% | 4.40% | 3.41% |
| 2024 | 4.25% | 4.37% | 5.04% | 3.49% |
| 2023 | 4.23% | 4.58% | 5.19% | 3.75% |
| 2022 | 4.41% | 2.99% | 4.72% | 0.77% |
| 2021 | 0.73% | 0.27% | 0.76% | 0.09% |
| 2020 | 0.13% | 0.39% | 1.58% | 0.11% |
| 2019 | 1.58% | 1.97% | 2.62% | 1.39% |
| 2018 | 2.48% | 2.53% | 2.98% | 1.92% |
| 2017 | 1.89% | 1.40% | 1.92% | 1.12% |
Month-end and year-end values are the last Treasury observation in each period. Averages are simple averages of daily observations; the current year is partial.
Source: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates. Latest observation: . Last checked: Oct 29, 2026 6:09 pm ET. How we use this data.
What the 2-year Treasury yield tells you
The 2-year Treasury yield is the annual return on lending to the U.S. government for two years. On this page it is the Treasury’s 2-year par yield curve rate, the yield a new 2-year note would need to trade at face value based on end-of-day market prices.
Of all the regularly quoted Treasury maturities, the 2-year is the one most closely tied to expectations for the Federal Reserve’s policy rate. Two years is short enough that the path of the federal funds rate over that period dominates the price, yet long enough to capture what markets think the Fed will do next, not just what it is doing today. That is why the 2-year often moves sharply on the day of a Federal Reserve meeting, an inflation report or a jobs report.
What moves the 2-year yield
- Federal Reserve expectations. If investors start to expect rate increases, the 2-year usually rises ahead of them; if they expect cuts, it usually falls before the Fed acts.
- Inflation data. Higher-than-expected inflation readings tend to raise expectations for tighter policy and lift the 2-year.
- Labor market and growth data. Strong employment and spending figures can push the 2-year up; signs of weakness can pull it down.
- Demand for safe, short-term assets. In periods of stress, money often moves into short Treasuries, pushing their prices up and yields down.
The 2-year in the yield curve
The difference between the 10-year and 2-year yields, often called the “2s10s” spread, is one of the most watched measures of the yield curve’s shape. When the 2-year yield is above the 10-year, that segment of the curve is inverted: markets are pricing higher rates over the next two years than over ten. The comparison panel above shows the current 2-year against the 3-month, 5-year and 10-year yields.
Use the Treasury Spread Calculator to chart 10-year minus 2-year over time and see when, and for how long, it has been negative.
Who watches the 2-year, and why
- Savers and short-term investors compare it with certificates of deposit and money market yields when deciding how long to lock in a rate.
- Borrowers may notice that rates on some shorter-term loans move with short-term Treasury yields.
- Market analysts treat it as a real-time read on expected monetary policy, since it reacts faster than the policy rate itself.
2-year notes in brief
The Treasury sells 2-year notes at auction every month. They pay interest every six months and return their face value at maturity. Interest from Treasury notes is subject to federal income tax but exempt from state and local income taxes. You can buy them at auction through TreasuryDirect or a broker, or later on the secondary market through a broker.
Key terms
- Treasury note
- A Treasury security with a maturity of more than one year and up to ten years that pays a fixed coupon every six months.
- Federal funds rate
- The overnight interest rate the Federal Reserve targets with its monetary policy. Short-term Treasury yields tend to stay close to where markets expect it to be.
- Inversion
- When a shorter maturity yields more than a longer one. See What Does an Inverted Yield Curve Mean?
Related tools and guides
- Today’s Treasury rates for every maturity
- Historical Treasury rates with CSV download
- Treasury Bill vs. Treasury Note vs. Treasury Bond
Sources
- U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates.
- Our data sources and methodology.
Frequently asked questions
Why does the 2-year yield react so strongly to Federal Reserve news?
Because most of a 2-year note’s value depends on what short-term interest rates will be over the next two years, and those rates are set largely by the Federal Reserve. A change in expected policy feeds almost directly into the 2-year yield.
Is the 2-year yield the same as a 2-year CD rate?
No. A CD rate is set by a bank and depends on its funding needs and competition. CD rates often move in the same direction as Treasury yields of similar maturity, but they can be higher or lower, and the tax treatment differs: Treasury interest is exempt from state and local income tax.
What does it mean when the 2-year yield is higher than the 10-year?
That segment of the yield curve is inverted. It usually means markets expect short-term rates to be lower in the future than they are now. It has preceded several past recessions, but it is not a reliable timing tool and does not guarantee a recession.
Where does the 2-year yield on this page come from?
From the U.S. Department of the Treasury’s daily par yield curve rates, imported from its official XML feed and checked before display. The observation date is shown above.
Can I lock in today’s 2-year yield?
Buying a 2-year note and holding it to maturity locks in the yield at the price you pay, before taxes. The yield you actually get depends on the auction result or market price when you buy, which may differ from the figure shown.