Par yield curve, constant maturity: 1-year
What has the 1-year Treasury yield been over time?
On , Treasury's 1-year par yield was 4.50%, 3 basis points higher than the day before and 91 basis points higher than a year earlier.
The 1-year par yield on the last business day of each month
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
The 1-year par yield each business day
Each point is one month-end, or one business day under "Latest days"; pointing at the chart shows its date and yield.
Select a line to followLatest:
Inspect and compare dates
The latest day beside the day before and the month-ends nearest a year, five and ten years earlier.
| Day | Latest | The day before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Date | |||||
| Par yield | 4.50% | 4.47% | 3.68% | 0.09% | 0.59% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The 1-year par yield was 4.50% on , 91 basis points higher than a year earlier.
The 1-year par yield ended September 2026 at 4.54%, its highest month-end since July 2024.
ChangeOurs
| Period | Then | Change |
|---|---|---|
| One month | 4.16%, the yield at the end of | +0.38 percentage points |
| Three months | 3.98%, the yield at the end of | +0.56 percentage points |
| Twelve months | 3.68%, the yield at the end of | +0.86 percentage points |
| Five years | 0.09%, the yield at the end of | +4.45 percentage points |
| Ten years | 0.59%, the yield at the end of | +3.95 percentage points |
In historyOurs
The 1-year par yield of 4.54% at the end of was higher than in 298 of the 440 other month-ends since , the same in 1 and lower in 141.
Highest since : 8.58% at the end of . Lowest since : 0.05% at the end of .
AverageOurs
Average since : 3.017% (ours, a plain mean of the 441 month-ends).
Its 52-week rangeOurs, from Treasury's curve
Its five-year rangeMonth-ends, ours
Over the last five years of month-ends it ran from 0.15% on to 5.46% on ; the reading of 4.50% is 81.9% of the way from the low to the high.
Low 0.15% Midpoint 2.805% High 5.46%
The 1-year par yield, change from one month-end to the next, by year
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Whole year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0 | 0 | +20 | +4 | +7 | +19 | +10 | +8 | +38 | – | – | – | +106 |
| 2025 | +1 | −9 | −5 | −18 | +26 | −15 | +14 | −27 | −15 | +2 | −9 | −13 | −68 |
| 2024 | −6 | +28 | +2 | +22 | −7 | −9 | −36 | −35 | −40 | +29 | +3 | −14 | −63 |
| 2023 | −5 | +34 | −38 | +16 | +38 | +22 | −3 | 0 | +9 | −2 | −28 | −37 | +6 |
| 2022 | +39 | +23 | +62 | +47 | −2 | +72 | +18 | +52 | +55 | +61 | +8 | −1 | +434 |
| 2021 | 0 | −2 | −1 | −2 | 0 | +2 | 0 | 0 | +2 | +6 | +9 | +15 | +29 |
| 2020 | −14 | −48 | −80 | −1 | +1 | −1 | −5 | +1 | 0 | +1 | −2 | −1 | −149 |
| 2019 | −8 | −1 | −14 | −1 | −18 | −29 | +8 | −24 | −1 | −22 | +7 | −1 | −104 |
| 2018 | +14 | +17 | +2 | +15 | −1 | +10 | +11 | +2 | +13 | +10 | +1 | −7 | +87 |
| 2017 | −1 | +4 | +15 | +4 | +10 | +7 | −1 | 0 | +8 | +12 | +19 | +14 | +91 |
| 2016 | −18 | +15 | −3 | −3 | +12 | −23 | +5 | +11 | −2 | +7 | +14 | +5 | +20 |
| 2015 | −7 | +4 | +4 | −2 | +2 | +2 | +5 | +6 | −6 | +1 | +17 | +14 | +40 |
| 2014 | −3 | +2 | +1 | −2 | −1 | +1 | +1 | −3 | +4 | −2 | +2 | +12 | +12 |
| 2013 | −1 | +2 | −3 | −3 | +3 | +1 | −4 | +2 | −3 | 0 | +3 | 0 | −3 |
| 2012 | +1 | +5 | +1 | +1 | −2 | +3 | −5 | 0 | +1 | +1 | 0 | −2 | +4 |
| Average | −0.5 | +4.9 | −2.5 | +5.1 | +4.5 | +4.1 | +1.2 | −0.5 | +4.2 | +7.4 | +3.1 | −1.1 | – |
Each chip is one month. The mark in its middle is zero: a fill to the right of it is a rise and a fill to the left a fall. A longer, brighter fill is a larger change, in five steps up to 34 and over; the last column has a scale of its own, up to 149 and over. Every chip prints its figure and sign. A year still running is counted through its last month: .
Observed .
Understanding the 1-year par yield
Where it stands today
The 1-year par yield was 4.50% on .
What does this chart measure?
The 1-year par yield is the coupon rate at which a new 1-year Treasury security would sell at par, from the curve Treasury fits each business day to closing bid prices.
Read more
Month-ends are the last business day of each finished month Treasury published a value for this term; the running month shows in the latest days. The 52-week range and the changes in basis points are computed by 500metrics.
The numbers behind the chart
What was the yield at each month-end?441 month-ends since 31 Jan 1990, newest first
| Month-end | Par yield |
|---|---|
| 4.54% | |
| 4.16% | |
| 4.08% | |
| 3.98% | |
| 3.79% | |
| 3.72% | |
| 3.68% | |
| 3.48% | |
| 3.48% | |
| 3.48% | |
| 3.61% | |
| 3.70% | |
| 3.68% | |
| 3.83% | |
| 4.10% | |
| 3.96% | |
| 4.11% | |
| 3.85% | |
| 4.03% | |
| 4.08% | |
| 4.17% | |
| 4.16% | |
| 4.30% | |
| 4.27% |
Show 417 more rows
| Month-end | Par yield |
|---|---|
| 3.98% | |
| 4.38% | |
| 4.73% | |
| 5.09% | |
| 5.18% | |
| 5.25% | |
| 5.03% | |
| 5.01% | |
| 4.73% | |
| 4.79% | |
| 5.16% | |
| 5.44% | |
| 5.46% | |
| 5.37% | |
| 5.37% | |
| 5.40% | |
| 5.18% | |
| 4.80% | |
| 4.64% | |
| 5.02% | |
| 4.68% | |
| 4.73% | |
| 4.74% | |
| 4.66% | |
| 4.05% | |
| 3.50% | |
| 2.98% | |
| 2.80% | |
| 2.08% | |
| 2.10% | |
| 1.63% | |
| 1.01% | |
| 0.78% | |
| 0.39% | |
| 0.24% | |
| 0.15% | |
| 0.09% | |
| 0.07% | |
| 0.07% | |
| 0.07% | |
| 0.05% | |
| 0.05% | |
| 0.07% | |
| 0.08% | |
| 0.10% | |
| 0.10% | |
| 0.11% | |
| 0.13% | |
| 0.12% | |
| 0.12% | |
| 0.11% | |
| 0.16% | |
| 0.17% | |
| 0.16% | |
| 0.17% | |
| 0.97% | |
| 1.45% | |
| 1.59% | |
| 1.60% | |
| 1.53% | |
| 1.75% | |
| 1.76% | |
| 2.00% | |
| 1.92% | |
| 2.21% | |
| 2.39% | |
| 2.40% | |
| 2.54% | |
| 2.55% | |
| 2.63% | |
| 2.70% | |
| 2.69% | |
| 2.59% | |
| 2.46% | |
| 2.44% | |
| 2.33% | |
| 2.23% | |
| 2.24% | |
| 2.09% | |
| 2.07% | |
| 1.90% | |
| 1.76% | |
| 1.62% | |
| 1.43% | |
| 1.31% | |
| 1.23% | |
| 1.23% | |
| 1.24% | |
| 1.17% | |
| 1.07% | |
| 1.03% | |
| 0.88% | |
| 0.84% | |
| 0.85% | |
| 0.80% | |
| 0.66% | |
| 0.59% | |
| 0.61% | |
| 0.50% | |
| 0.45% | |
| 0.68% | |
| 0.56% | |
| 0.59% | |
| 0.62% | |
| 0.47% | |
| 0.65% | |
| 0.51% | |
| 0.34% | |
| 0.33% | |
| 0.39% | |
| 0.33% | |
| 0.28% | |
| 0.26% | |
| 0.24% | |
| 0.26% | |
| 0.22% | |
| 0.18% | |
| 0.25% | |
| 0.13% | |
| 0.11% | |
| 0.13% | |
| 0.09% | |
| 0.12% | |
| 0.11% | |
| 0.10% | |
| 0.11% | |
| 0.13% | |
| 0.12% | |
| 0.10% | |
| 0.13% | |
| 0.13% | |
| 0.10% | |
| 0.10% | |
| 0.13% | |
| 0.11% | |
| 0.15% | |
| 0.14% | |
| 0.11% | |
| 0.14% | |
| 0.17% | |
| 0.15% | |
| 0.16% | |
| 0.18% | |
| 0.18% | |
| 0.17% | |
| 0.16% | |
| 0.16% | |
| 0.21% | |
| 0.18% | |
| 0.20% | |
| 0.19% | |
| 0.18% | |
| 0.13% | |
| 0.12% | |
| 0.12% | |
| 0.12% | |
| 0.13% | |
| 0.10% | |
| 0.20% | |
| 0.19% | |
| 0.18% | |
| 0.22% | |
| 0.30% | |
| 0.25% | |
| 0.26% | |
| 0.29% | |
| 0.27% | |
| 0.22% | |
| 0.27% | |
| 0.25% | |
| 0.29% | |
| 0.32% | |
| 0.34% | |
| 0.41% | |
| 0.41% | |
| 0.32% | |
| 0.30% | |
| 0.47% | |
| 0.27% | |
| 0.37% | |
| 0.40% | |
| 0.43% | |
| 0.48% | |
| 0.56% | |
| 0.47% | |
| 0.49% | |
| 0.57% | |
| 0.72% | |
| 0.51% | |
| 0.37% | |
| 0.90% | |
| 1.34% | |
| 1.78% | |
| 2.17% | |
| 2.27% | |
| 2.36% | |
| 2.22% | |
| 1.85% | |
| 1.55% | |
| 1.77% | |
| 2.11% | |
| 3.34% | |
| 3.26% | |
| 4.04% | |
| 4.05% | |
| 4.19% | |
| 4.85% | |
| 4.91% | |
| 4.95% | |
| 4.89% | |
| 4.90% | |
| 4.96% | |
| 5.09% | |
| 5.00% | |
| 4.94% | |
| 4.99% | |
| 4.91% | |
| 5.01% | |
| 5.11% | |
| 5.21% | |
| 5.07% | |
| 4.90% | |
| 4.82% | |
| 4.73% | |
| 4.58% | |
| 4.38% | |
| 4.34% | |
| 4.31% | |
| 4.01% | |
| 3.77% | |
| 3.80% | |
| 3.45% | |
| 3.32% | |
| 3.33% | |
| 3.35% | |
| 3.20% | |
| 2.96% | |
| 2.75% | |
| 2.63% | |
| 2.28% | |
| 2.21% | |
| 1.99% | |
| 2.13% | |
| 2.09% | |
| 1.83% | |
| 1.55% | |
| 1.20% | |
| 1.21% | |
| 1.28% | |
| 1.26% | |
| 1.39% | |
| 1.31% | |
| 1.15% | |
| 1.35% | |
| 1.28% | |
| 1.09% | |
| 1.13% | |
| 1.22% | |
| 1.19% | |
| 1.24% | |
| 1.31% | |
| 1.32% | |
| 1.56% | |
| 1.46% | |
| 1.53% | |
| 1.74% | |
| 1.80% | |
| 2.06% | |
| 2.34% | |
| 2.35% | |
| 2.70% | |
| 2.25% | |
| 2.29% | |
| 2.17% | |
| 2.06% | |
| 2.07% | |
| 2.49% | |
| 3.41% | |
| 3.53% | |
| 3.72% | |
| 3.63% | |
| 3.94% | |
| 4.09% | |
| 4.47% | |
| 4.60% | |
| 5.32% | |
| 5.92% | |
| 6.12% | |
| 6.07% | |
| 6.22% | |
| 6.07% | |
| 6.08% | |
| 6.37% | |
| 6.24% | |
| 6.28% | |
| 6.20% | |
| 6.30% | |
| 5.98% | |
| 5.70% | |
| 5.43% | |
| 5.22% | |
| 5.30% | |
| 5.13% | |
| 5.07% | |
| 4.97% | |
| 4.78% | |
| 4.72% | |
| 4.88% | |
| 4.51% | |
| 4.53% | |
| 4.53% | |
| 4.18% | |
| 4.41% | |
| 4.95% | |
| 5.38% | |
| 5.38% | |
| 5.42% | |
| 5.40% | |
| 5.41% | |
| 5.41% | |
| 5.24% | |
| 5.51% | |
| 5.52% | |
| 5.36% | |
| 5.47% | |
| 5.59% | |
| 5.45% | |
| 5.67% | |
| 5.78% | |
| 5.90% | |
| 6.02% | |
| 5.67% | |
| 5.58% | |
| 5.51% | |
| 5.38% | |
| 5.44% | |
| 5.71% | |
| 5.91% | |
| 5.85% | |
| 5.70% | |
| 5.77% | |
| 5.62% | |
| 5.41% | |
| 5.23% | |
| 4.90% | |
| 5.18% | |
| 5.36% | |
| 5.55% | |
| 5.65% | |
| 5.65% | |
| 5.67% | |
| 5.65% | |
| 5.80% | |
| 6.32% | |
| 6.49% | |
| 6.44% | |
| 6.84% | |
| 7.20% | |
| 6.91% | |
| 6.18% | |
| 5.96% | |
| 5.56% | |
| 5.37% | |
| 5.51% | |
| 5.38% | |
| 5.07% | |
| 4.50% | |
| 4.03% | |
| 3.53% | |
| 3.63% | |
| 3.65% | |
| 3.47% | |
| 3.39% | |
| 3.38% | |
| 3.53% | |
| 3.45% | |
| 3.62% | |
| 3.26% | |
| 3.32% | |
| 3.32% | |
| 3.39% | |
| 3.61% | |
| 3.83% | |
| 3.54% | |
| 3.06% | |
| 3.47% | |
| 3.62% | |
| 4.05% | |
| 4.24% | |
| 4.40% | |
| 4.54% | |
| 4.35% | |
| 4.23% | |
| 4.12% | |
| 4.69% | |
| 5.10% | |
| 5.42% | |
| 5.72% | |
| 6.19% | |
| 6.32% | |
| 6.16% | |
| 6.06% | |
| 6.28% | |
| 6.41% | |
| 6.51% | |
| 6.82% | |
| 7.31% | |
| 7.43% | |
| 7.69% | |
| 7.76% | |
| 7.72% | |
| 8.05% | |
| 8.22% | |
| 8.58% | |
| 8.35% | |
| 8.12% | |
| 8.08% |
What was the yield on each of the last 30 business days?Each business day, newest first
| Date | Par yield |
|---|---|
| 4.50% | |
| 4.47% | |
| 4.44% | |
| 4.41% | |
| 4.52% | |
| 4.51% | |
| 4.50% | |
| 4.46% | |
| 4.49% | |
| 4.53% |
Show 20 more rows
| Date | Par yield |
|---|---|
| 4.48% | |
| 4.47% | |
| 4.44% | |
| 4.42% | |
| 4.46% | |
| 4.47% | |
| 4.46% | |
| 4.44% | |
| 4.54% | |
| 4.58% | |
| 4.59% | |
| 4.50% | |
| 4.51% | |
| 4.49% | |
| 4.43% | |
| 4.45% | |
| 4.44% | |
| 4.40% | |
| 4.45% | |
| 4.39% |
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- A fitted curve value, not the yield of one security: an outstanding note or bond of about this term trades at its own yield.
- Month-end values hide moves inside the month; the latest days are shown day by day.
Observed .
How to cite this
U.S. Treasury, Daily Treasury Par Yield Curve Rates, 1-year term, through 27 October 2026. Compiled by 500metrics, "What has the 1-year Treasury yield been over time?", https://500metrics.com/treasury/yield-curve/1-year.
Can the data be downloaded?treasury-yield-curve-1-year.csv
Download the full history as CSV: 441 rows, to , 7,066 bytes.
Our text and compilation: CC BY 4.0.
Recession dates from the National Bureau of Economic Research.
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