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 left to run, expressed as a percentage per annum. It's one of the most closely watched short-term rate benchmarks because it reflects investors' collective bet on where the Fed'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's an official statistical series, not a tradable price - no bid/offer spread or trading volume attached.
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 Treasury derives the 2-year yield from its daily par yield curve, fitted to prices of actively traded Treasury securities across all maturities. Since an actual 2-year note isn't always outstanding on a given day, the Treasury interpolates a "constant maturity" rate - what a hypothetical newly issued 2-year note would yield that day, given prices further along the curve.
Like any bond yield, it moves inversely to price: 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 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 yield and price move in opposite directions, a sharp rise in the 2-year yield means a sharp fall in the price of existing 2-year notes.
The series is plotted daily; short, sharp moves often follow Fed policy meetings, comments from Fed officials, or 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 how urgently markets expect rate cuts or hikes, since the Fed's mandate includes maximum employment.
- Fed communication
- Statements, meeting minutes and the quarterly dot plot 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 people watch it
The 2-year yield feeds into pricing for 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's also a key input for comparing against the 10-year yield to read the shape of the yield curve, which historically has had some 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. The 10-year yield blends those 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's a probabilistic signal, not 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 a decision rather than only reacting 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 means 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's not a live intraday feed.
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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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