Macro
US 10-year Treasury yield chart
The US 10-year Treasury yield is the constant-maturity interest rate on a US government note with ten years remaining to maturity, expressed as a percentage per annum. It is widely used as a global reference point for long-term borrowing costs and as the discount rate underpinning valuation models across equity and fixed income markets.
This chart plots the daily 10-Year Treasury Constant Maturity Rate published by the Federal Reserve Board via FRED. It is an official statistical series derived from the US Treasury's own par yield curve, not a tradable instrument price.
US 10-year Treasury yield chart
FRED:DGS1010-Year Treasury Constant Maturity Rate published by the Federal Reserve (FRED). Daily, end-of-day series.
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At a glance
| Full name | 10-Year Treasury Constant Maturity Rate |
|---|---|
| Series code | DGS10 |
| TradingView symbol | FRED:DGS10 |
| Instrument type | Official statistical series |
| Official publisher | Federal Reserve Board (via FRED, US Treasury source data) |
| Unit of measurement | Percent per annum |
| Publication frequency | Daily, business days, end-of-day |
| Coverage | United States government debt market |
| Revision policy | Treasury constant maturity series are not routinely revised |
| Data delay | End-of-day; not a real-time or intraday series |
What is US 10-year Treasury yield?
The 10-year yield is interpolated by the US Treasury from its daily par yield curve, which is fitted to prices of actively traded Treasury securities across the maturity spectrum. The resulting 'constant maturity' figure represents the yield a hypothetical newly issued 10-year note would carry that day.
Like any bond yield, it moves inversely to the price of the underlying security: rising yields correspond to falling bond prices and vice versa.
How to read this chart
A rising 10-year yield typically reflects higher expected growth, higher expected inflation, increased Treasury issuance, or a rising term premium demanded by investors for holding longer-dated debt; a falling yield reflects the opposite, or increased safe-haven demand.
Because bond prices and yields move inversely, a sustained rise in the 10-year yield means existing long-dated Treasury holdings are losing market value.
The series updates once per business day; larger step-changes often follow Treasury auctions, inflation data, or shifts in Federal Reserve guidance.
What moves it?
- Growth expectations
- Stronger expected economic growth tends to push long-term yields higher as investors demand compensation for foregone returns elsewhere.
- Inflation expectations
- Because Treasury yields are nominal, expected future inflation is priced directly into the yield investors require.
- Term premium
- The extra compensation investors demand for the uncertainty of holding a bond for ten years rather than rolling over shorter debt can rise or fall independently of the rate outlook.
- Treasury issuance
- The volume of new 10-year debt supply relative to investor demand affects the yield needed to clear the market.
- Foreign demand
- Purchases or sales by foreign central banks and institutional investors influence yields, particularly given the scale of foreign holdings of US Treasuries.
Why businesses and investors monitor it
The 10-year yield is used as a reference rate for mortgage pricing, corporate bond spreads and long-term project financing, and as the discount rate in many valuation and actuarial models.
Businesses monitor it to gauge the cost of long-term capital and to anticipate shifts in financing conditions across the wider economy.
US 10-year yield vs US 2-year yield
The 10-year yield incorporates longer-run growth, inflation and term-premium expectations, while the 2-year yield is more tightly anchored to near-term Federal Reserve policy expectations.
Comparing the two shows the slope of the yield curve: a steep curve suggests markets expect stronger growth or inflation ahead, while a flat or inverted curve has historically coincided with periods of heightened recession risk.
Frequently asked questions
Why is the 10-year yield used as a global benchmark?
US Treasuries are the largest and most liquid government bond market in the world, and the 10-year note is a common reference maturity for pricing mortgages, corporate debt and discounting long-term cash flows.
What does a falling 10-year yield mean for bond investors?
It generally means existing long-dated Treasury bonds have risen in price, since yields and prices move inversely.
Is the 10-year yield the same as the mortgage rate?
No, but many fixed mortgage rates are priced with reference to the 10-year yield plus a spread that reflects credit risk, prepayment risk and lender margins.
How is this rate different from the yield-to-maturity on a bond I own?
The constant maturity series is a benchmark curve point recalculated daily; the yield-to-maturity on a specific bond you hold depends on its coupon, price and exact remaining maturity.
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Sources
Written and maintained by the StandardsDesk editorial team. Last reviewed 2026-08-06. The explanatory text on this page is evergreen: it is not updated with market movements, and no current price or level is quoted anywhere outside the chart.
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