Treasury Yield Spread Calculator

Source: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates. Latest observation: October 29, 2026. Last checked: Oct 29, 2026 6:09 pm ET. How we use this data.

What a Treasury yield spread is

A yield spread is the difference between two yields. For Treasuries, it usually means a longer maturity’s yield minus a shorter maturity’s yield. Spreads are quoted in percentage points or, more commonly, in basis points, where 1 percentage point equals 100 basis points.

Example: if the 10-year yield is 4.20% and the 2-year yield is 3.80%, the spread is 4.20 − 3.80 = 0.40 percentage points, or 40 basis points. If the 2-year were 4.50% instead, the spread would be −0.30 percentage points, or −30 basis points.

How to use the calculator

1. Choose a longer maturity (A) and a shorter maturity (B). The latest Treasury yield for each appears in the list.
2. The result shows A minus B for the latest observation date.
3. The history chart shows the same spread every day back to 1990, where both maturities exist. Shaded areas mark days when the spread was below zero.
4. To check a quote of your own, open “Or enter two yields yourself” and type both yields.

Spreads that analysts watch

• 10-year minus 2-year (“2s10s”): compares long-term rates with rates driven by expected Federal Reserve policy.
• 10-year minus 3-month: compares long-term rates with current money-market rates. Some research favors it as a measure of the curve’s slope.
• 30-year minus 5-year: a view of the long end of the curve.
• 2-year minus 3-month: a view of expected policy changes over the near term.

Inversions: what they mean and what they don’t

When the spread is negative, the shorter maturity yields more than the longer one and that part of the yield curve is inverted. Inversions usually happen when markets expect short-term interest rates to fall in the future, often because they expect the economy to slow.

Inversions of the 10-year versus shorter maturities have preceded a number of U.S. recessions. They are not a guarantee: the delay between an inversion and any downturn has varied widely, and an inversion can occur without a recession following. Treat the spread as one piece of information, not a prediction. Read more in What Does an Inverted Yield Curve Mean?

How the history is calculated

• The spread is calculated for each date on which the Treasury published both maturities. Dates where either is missing are skipped, never interpolated.
• Values are rounded to whole basis points for the chart; the latest spread is computed from the published two-decimal yields.
• An inverted period is a run of consecutive observation dates with a negative spread. Very short dips count, so the number of periods can be larger than the number of episodes people usually talk about.