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10Y-2Y Treasury Spread

Gap between 10-year and 2-year Treasury yields.

10Y-2Y Treasury Spread
+0.45 pp
Percentage points · latest, Jul 1, 2026
vs prior month▲ 0.2 pp
vs year ago→ 0.0 pp
1980 Recession · Jan 1980 – Jul 19801981-82 Recession · Jul 1981 – Nov 19821990-91 Recession · Jul 1990 – Mar 19912001 Recession · Mar 2001 – Nov 2001Global Financial Crisis · Dec 2007 – Jun 2009COVID-19 Recession · Feb 2020 – Apr 2020-2.0-1.00.01.02.019801990200020102020+0.45 pp
10Y-2Y Treasury Spread — one value per year; US recessions are shaded on the chart.
Year10Y-2Y Treasury Spread
1976+1.47 pp
1977+0.56 pp
1978-0.83 pp
1979-0.90 pp
1980-0.63 pp
1981+0.35 pp
1982+0.88 pp
1983+0.97 pp
1984+1.53 pp
1985+1.02 pp
1986+0.88 pp
1987+1.06 pp
1988+0.00 pp
1989+0.06 pp
1990+0.93 pp
1991+1.94 pp
1992+2.14 pp
1993+1.58 pp
1994+0.15 pp
1995+0.40 pp
1996+0.55 pp
1997+0.09 pp
1998+0.11 pp
1999+0.21 pp
2000+0.01 pp
2001+2.00 pp
2002+2.22 pp
2003+2.43 pp
2004+1.16 pp
2005-0.02 pp
2006-0.11 pp
2007+0.99 pp
2008+1.49 pp
2009+2.71 pp
2010+2.69 pp
2011+1.64 pp
2012+1.53 pp
2013+2.66 pp
2014+1.50 pp
2015+1.21 pp
2016+1.25 pp
2017+0.51 pp
2018+0.21 pp
2019+0.34 pp
2020+0.80 pp
2021+0.79 pp
2022-0.53 pp
2023-0.35 pp
2024+0.33 pp
2025+0.71 pp
2026+0.45 pp

Hover the line to read any month. Drag across the chart to zoom; double-click to reset.

Source: FRED · T10Y2Y · series · Jun 1976 to Jul 1, 2026 · latest-revised

Refreshed Jul 31, 2026 from FRED.

Gap between 10-year and 2-year Treasury yields.

The 10-year Treasury constant-maturity yield minus the 2-year, in percentage points.

Source: FRED · Jul 1, 2026 · Full lesson → Learn

About the bands. Shaded spans are NBER-dated US recessions, drawn as factual overlays. They mark when the economy contracted, not why. Lining an event up with a move is not evidence it caused the move.

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