Macro
US 2-year Treasury yield chart
The US 2-year Treasury yield is the constant-maturity interest rate on a US government note with two years remaining to maturity, expressed as a percentage per annum. It is one of the most closely watched short-term interest rate benchmarks because it reflects investors' collective expectation of where the Federal Reserve's policy rate will average out over the next two years.
This chart plots the daily 2-Year Treasury Constant Maturity Rate published by the Federal Reserve Board via FRED. It is an official statistical series, not a tradable price, so there is no bid/offer spread or trading volume attached to it.
US 2-year Treasury yield chart
FRED:DGS22-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 | 2-Year Treasury Constant Maturity Rate |
|---|---|
| Series code | DGS2 |
| TradingView symbol | FRED:DGS2 |
| 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 2-year Treasury yield?
The 2-year yield is derived by the US Treasury from its daily par yield curve, which is fitted to the prices of actively traded Treasury securities across all maturities. Because an actual 2-year note is not always outstanding on any given day, the Treasury interpolates a 'constant maturity' rate — the yield a hypothetical newly issued 2-year note would carry that day, given prevailing market prices further along the curve.
As a bond yield, it moves inversely to bond prices: when investors sell short-dated Treasuries, prices fall and the yield rises, and vice versa.
How to read this chart
A rising 2-year yield generally signals that markets are pricing in a higher or longer-lasting path for the federal funds rate; a falling yield signals expectations of rate cuts or a weaker growth/inflation outlook.
Because the yield and the underlying bond price move in opposite directions, a sharp rise in the 2-year yield corresponds to a sharp fall in the price of existing 2-year notes.
The series is plotted daily; short, sharp moves often follow Federal Reserve policy meetings, statements from Fed officials, or economic data releases such as employment and inflation reports.
What moves it?
- Federal Reserve policy expectations
- As the maturity closest to the Fed's own decision horizon, the 2-year yield is the most direct market gauge of where investors expect the federal funds rate to sit on average over the next two years.
- Inflation data
- Consumer and producer price releases shift expectations for how quickly or slowly the Fed can ease or needs to tighten policy.
- Labour market data
- Employment reports influence the perceived urgency of rate cuts or hikes, since the Fed's mandate includes maximum employment.
- Fed communication
- Statements, meeting minutes and the quarterly dot plot summary of projections directly reprice near-term rate expectations.
- Safe-haven demand
- In periods of financial stress, demand for short-dated government debt can push yields down independently of the rate outlook.
Why businesses and investors monitor it
The 2-year yield feeds into the pricing of floating-rate loans, short-term corporate borrowing and some deposit products, so businesses use it as a reference point for near-term financing costs.
It is also a key input for comparing against the 10-year yield to assess the shape of the yield curve, which historically has had a bearing on the near-term outlook for economic activity.
US 2-year yield vs US 10-year yield
The 2-year yield reflects near-term policy rate expectations, while the 10-year yield blends the same near-term expectations with a longer-run view of growth, inflation and the term premium investors demand for lending over a longer horizon.
The gap between the two — the 10Y–2Y spread — is widely tracked because it has historically narrowed or turned negative ahead of periods of economic slowdown, though it is a probabilistic signal rather than a precise forecasting tool.
Frequently asked questions
Is the 2-year Treasury yield the same as the Fed funds rate?
No. The federal funds rate is the Fed's own overnight policy rate. The 2-year yield is a market-determined rate on a two-year government note that reflects where investors expect the average federal funds rate to sit over the next two years.
Why does the 2-year yield move before Fed meetings?
Markets price in expected policy changes ahead of time based on economic data and Fed communication, so the yield often adjusts in advance of an actual rate decision rather than only in reaction to it.
Does a rising 2-year yield mean bond prices are falling?
Yes. Yields and prices for a given bond move inversely, so a rising yield on existing 2-year notes corresponds to a falling market price for those notes.
How often is this data updated?
The Federal Reserve publishes the constant maturity rate for business days, with an end-of-day figure; it is not a live intraday feed.
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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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