10-year minus 2-year spread (2s10s)
Board of Governors of the Federal Reserve System (H.15) (computed) · daily · 12,586 observations
7,822nd highest of 12,586 trading days since Jun 1976 (tied with 78 trading days; computed from Fed H.15 10y minus 2y, as of Oct 8 reading of 0.47).
−0.04 pp vs prior day−0.08 pp vs a year earlier
Source: Federal Reserve Board
About this series
What it measures
The 10-year Treasury yield minus the 2-year yield, in percentage points, on the same day, both from the Federal Reserve's H.15 release. The spread is a simple subtraction.
Why it matters
It is a quick summary of the slope of the yield curve. A positive number shows longer-term rates above shorter-term ones; a negative number is called an inverted curve.
Common misreads
An inverted curve has come before past recessions, but the time between inversion and recession has varied widely, and the spread does not give a date. A widening spread can come from short rates falling or long rates rising, which are very different situations.