US2Y— 2-Year Treasury Yield
2-Year US Treasury Yield · Live
Chart
Why the 2-Year Yield Matters
The 2-year is the market’s read on the Fed - and half of the most-watched recession signal:
Fed rate expectations
The market’s cleanest bet on where the Fed is headed.
The 2s10s spread
Vs the 10-year, it’s the classic recession signal.
Short-term borrowing
Anchors car loans, credit and short business debt.
Savings & CD rates
Sets what cash and short CDs can earn.
About the 2-Year Treasury Yield
What is the 2-year Treasury yield?
The 2-year Treasury yield is the interest rate the US government pays to borrow for two years. Its short maturity makes it the market’s single best gauge of where the Federal Reserve is likely to take interest rates - it tracks Fed expectations more tightly than any other benchmark.
What moves it?
The Fed. When investors expect rate hikes or a “higher-for-longer” stance, the 2-year jumps; when they expect cuts, it drops. Inflation prints and jobs data move it fast because they reshape those Fed bets. It is far more sensitive to short-term policy than the 10-year or 30-year.
The 2s10s recession signal
Subtract the 2-year from the 10-year yield and you get the “2s10s” spread. When it goes negative - the 2-year above the 10-year, an inverted curve - it has warned of every US recession in recent decades. That is why a rising 2-year, even as long rates lag, makes markets nervous.
Frequently Asked Questions
What is the 2-year Treasury yield today?
As of September 13, 2026, the 2-year US Treasury yield is around 4.38%, up 0.11% on the day. The rate on this page updates in real time during market hours.
What is the 2-year Treasury yield?
It is the interest rate the US government pays to borrow for two years. Because two years is close enough to see where Federal Reserve policy is heading but far enough to price in changes, the 2-year is the market’s best gauge of the expected path of the Fed’s interest rate.
What moves the 2-year yield?
Federal Reserve policy and rate expectations, above all. When markets expect the Fed to hike or stay higher-for-longer, the 2-year rises quickly; when they expect cuts, it falls. It reacts far more to Fed signals and short-term data than the 10-year or 30-year.
What is the 2s10s spread and why does it matter?
The 2s10s spread is the 10-year yield minus the 2-year yield. Normally it is positive (longer loans pay more). When it turns negative - the 2-year rising above the 10-year, an "inverted yield curve" - it has preceded every US recession in recent history, which is why investors watch it so closely.
Why does bond yield rise when the price falls?
A bond pays a fixed coupon. If its market price drops, that fixed payment is a bigger share of the lower price, so the yield goes up. Price and yield always move in opposite directions.
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Data via Yahoo Finance (2-year Treasury yield, continuous), updated in real time during market hours. For informational purposes only - not financial advice.