Tracker
10Y-2Y Treasury Spread
Gap between 10-year and 2-year Treasury yields.
+0.39 pp
Percentage points · latest, Jun 2026
Source: FRED · T10Y2Y · series · Jun 1976 to Jun 2026
· latest-revised
Reading it. The gap between long- and short-term government borrowing costs. A negative value (an "inverted" curve) means the 2-year yields more than the 10-year; inversions have occurred before past US recessions.
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 or policy up with a move on this chart is not evidence that it caused the move.