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 left to run, expressed as a percentage per annum. It's widely used as a global reference point for long-term borrowing costs and as the discount rate behind 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's 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 Treasury interpolates the 10-year yield from its daily par yield curve, fitted to prices of actively traded Treasury securities across the maturity spectrum. The resulting "constant maturity" figure is 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 mean 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 Fed 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 people watch 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 Fed 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 text here is deliberately evergreen: it is not rewritten every time the market moves, and no price or level is quoted anywhere outside the chart itself.
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