Rates & Credit
U.S. Treasury yield curve & credit spreads · FRED · as of Jun 30, 3:54 AM
Treasury yield curve
● now● 1mo ago● 1yr ago2s10s (10Y − 2Y)
+31 bps
positive
3m10y (10Y − 3M)
+55 bps
positive
5s30s (30Y − 5Y)
+75 bps
positive
Upward-slopingNormal positive term premium.
Curve by maturity
| Tenor | Now | Δ 1mo | Δ 1yr |
|---|---|---|---|
| 1M | 3.70% | −2 bps | −58 bps |
| 3M | 3.83% | +14 bps | −58 bps |
| 6M | 3.94% | +16 bps | −35 bps |
| 1Y | 3.94% | +15 bps | −2 bps |
| 2Y | 4.07% | +9 bps | +35 bps |
| 3Y | 4.09% | +3 bps | +41 bps |
| 5Y | 4.12% | −1 bps | +33 bps |
| 7Y | 4.23% | −4 bps | +25 bps |
| 10Y | 4.38% | −7 bps | +14 bps |
| 20Y | 4.87% | −11 bps | +8 bps |
| 30Y | 4.87% | −12 bps | +9 bps |
Credit spreads
Investment-grade OASICE BofA · FRED carries ~3yr0.77%
Tighter than 88% of the past 3 years — risk-on / complacent.
High-yield OASICE BofA · FRED carries ~3yr2.83%
Tighter than 78% of the past 3 years — risk-on / complacent.
Baa – 10Y Treasury spreadMoody's · daily since 20141.56%
Tighter than 93% of the past 12 years — risk-on / complacent.
OAS = option-adjusted spread (ICE BofA) — FRED's ICE license carries only a rolling ~3yr, so IG/HY top out at 3Y even with an API key; the Baa–10Y spread (Moody's) reaches back further for the longer cycle.
Source: Federal Reserve Economic Data (FRED). Refreshes with the macro snapshot (npm run refresh-macro).