2-year Treasury yield (constant maturity), United States
The 2-year Treasury yield in the United States was 4.65% in , up 0.43 pp from and up 1.08 pp from a year earlier. Over the latest 12 readings it moved between 3.47% and 4.65%. The next reading is for October 2026. Source: Federal Reserve Board, H.15; history from .
Key takeaways
- The 2-year Treasury yield at 4.65% in beats 90% of readings since (Federal Reserve Board).
- Against a ten-year average of 2.54%, the 2-year Treasury yield is above that norm by 2.11 pp (Federal Reserve Board).
- On the 2-year Treasury yield, the United States ranks 2nd highest of 3 countries (national publishers).
What this indicator is and why it matters
The 2-year Treasury yield is the return on a US government note with two years left to run, held to maturity. Like the 10-year yield, it comes from the Federal Reserve's H.15 release as a constant-maturity estimate taken from the Treasury yield curve, and the series here averages the daily readings over each month.
Two years is close to the horizon over which the Federal Reserve plans policy, so this yield is the market's most direct read on where the federal funds rate is heading. It tends to move before policy decisions: it climbs when traders expect rate increases and falls when they expect cuts, often months ahead of a meeting. Banks watch it because deposit pricing and short-term lending follow the same expectations, and because the gap between short and long yields decides how much a bank earns from funding short and lending long.
Read it next to the effective federal funds rate. A 2-year yield well below the policy rate means markets expect cuts; one well above it means they expect increases. The gap between the 10-year and 2-year yields, shown on its own page, is the most quoted measure of the slope of the yield curve, and it turns negative when the 2-year yield is the higher of the two.
Where it sits in history
The 2-year Treasury yield is at its highest since , when it stood at 4.74%. Within ten years, the 2-year Treasury yield beats 93% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 90% of readings | 1.98% | 5.12% | 0.12% |
| Last ten years | 93% of readings | 2.54% | 5.07% | 0.12% |
| Last five years | 87% of readings | 3.71% | 5.07% | 0.24% |
- 2-year Treasury yield (constant maturity) 4.7%
Recent readings
Last five years
- 2-year Treasury yield (constant maturity) 4.7%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 4.65% | +0.43 pp | |
| 4.22% | 0.00 pp | |
| 4.22% | +0.11 pp | |
| 4.11% | +0.11 pp | |
| 4.00% | +0.20 pp | |
| 3.80% | +0.09 pp | |
| 3.71% | +0.24 pp | |
| 3.47% | -0.07 pp | |
| 3.54% | +0.04 pp | |
| 3.50% | -0.05 pp | |
| 3.55% | +0.03 pp | |
| 3.52% | -0.05 pp | |
| 3.57% | -0.13 pp |
Annual averages
By calendar-year average, the 2-year Treasury yield peaked in (4.81%) and bottomed in (0.27%). 2026 to date: 3.97%, after 3.81% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 3.97% | 3.47% | 4.65% | 9 |
| 2025 | 3.81% | 3.50% | 4.27% | 12 |
| 2024 | 4.37% | 3.62% | 4.87% | 12 |
| 2023 | 4.58% | 4.02% | 5.07% | 12 |
| 2022 | 2.98% | 0.98% | 4.50% | 12 |
| 2021 | 0.27% | 0.12% | 0.68% | 12 |
| 2020 | 0.40% | 0.13% | 1.52% | 12 |
| 2019 | 1.97% | 1.55% | 2.54% | 12 |
| 2018 | 2.53% | 2.03% | 2.86% | 12 |
| 2017 | 1.40% | 1.20% | 1.84% | 12 |
| 2016 | 0.84% | 0.67% | 1.20% | 12 |
| 2015 | 0.69% | 0.54% | 0.98% | 12 |
| 2014 | 0.46% | 0.33% | 0.64% | 12 |
| 2013 | 0.31% | 0.23% | 0.40% | 12 |
| 2012 | 0.28% | 0.24% | 0.34% | 12 |
| 2011 | 0.45% | 0.21% | 0.77% | 12 |
| 2010 | 0.70% | 0.38% | 1.06% | 12 |
| 2009 | 0.96% | 0.80% | 1.18% | 12 |
| 2008 | 2.00% | 0.82% | 2.77% | 12 |
| 2007 | 4.36% | 3.12% | 4.98% | 12 |
| 2006 | 4.81% | 4.40% | 5.12% | 12 |
Same measure in other countries
The 2-year Treasury yield in the United States is above 1 of the other 2 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | 2-year Treasury yield (constant maturity) | 4.65% | +1.08 pp | |
| Canada | Government of Canada 2-year benchmark bond yield | 3.27% | September 2026 | +0.76 pp |
| Australia | Australian Government 2-year bond yield | 4.92% | September 2026 | +1.52 pp |
Compared with the effective federal funds rate
The 2-year Treasury yield stood 0.90 pp above the effective federal funds rate in . A shorter-term yield above the policy rate is usually read as markets expecting the policy rate to stay up or rise. A year earlier, in , the figure was -0.65 pp. Five-year range: -1.51 pp () to 2.21 pp ().
- 2-year Treasury yield (constant maturity) 4.7%
- Effective federal funds rate 3.8%
Link to US banks
When the 2-year Treasury yield moves, deposit and loan rates follow, and with them bank margins. Median net interest margin, 500 US banks we cover: 3.64% at Q2 2026; the 2-year Treasury yield: 4.65% in . Net interest margin ranking.
How is it measured?
Monthly average of the 2-year Treasury constant maturity yield.
Federal Reserve Board publishes the 2-year Treasury yield monthly in H.15, in percent. Code: RIFLGFCY02_N.M. Monthly basis: each month shows the average of the daily values in that month. Method for the 2-year Treasury yield.
Questions
How high is the 2-year Treasury yield in the United States now?
4.65% in (Federal Reserve Board), up 1.08 pp on a year earlier.
Is the 2-year Treasury yield high by historical standards?
The 2-year Treasury yield beats 90% of readings since ; its peak was 5.12% (), its low 0.12% ().
When is the 2-year Treasury yield updated?
Monthly, in H.15. Next reading: October 2026.
Where can I check the 2-year Treasury yield at the source?
Federal Reserve Board data, code RIFLGFCY02_N.M.