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Par yield curve, constant maturity: 2-month

What has the 2-month Treasury yield been over time?

On , Treasury's 2-month par yield was 4.18%, unchanged from the day before and 18 basis points higher than a year earlier.

The 2-month par yield on the last business day of each month

96 month-ends since 31 Oct 2018Held by day since 16 Oct 2018

The 2-month par yield on the last business day of each month, 31 Oct 2018 to 30 Sep 2026, recessions shaded
The 2-month par yield on the last business day of each month, 30 Sep 2024 to 30 Sep 2026

Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .

The 2-month par yield each business day

The last 30 business days

The 2-month par yield each business day, 15 Sep 2026 to 27 Oct 2026

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.

DayLatestThe day beforeA year earlierFive years earlier
Date
Par yield4.18%4.18%4.15%0.05%

The table scrolls sideways; the first column stays in place.

Observed .

Right now

The 2-month par yield was 4.18% on , 18 basis points higher than a year earlier.

The 2-month par yield ended September 2026 at 4.16%, its highest month-end since August 2025.

ChangeOurs

PeriodThenChange
One month3.88%, the yield at the end of +0.28 percentage points
Three months3.77%, the yield at the end of +0.39 percentage points
Twelve months4.15%, the yield at the end of +0.01 percentage points
Five years0.05%, the yield at the end of +4.11 percentage points
Ten yearsThe series begins in

In historyOurs

The 2-month par yield of 4.16% at the end of was higher than in 61 of the 95 other month-ends since , the same in 0 and lower in 34.

Highest since : 5.60% at the end of . Lowest since : 0.01% at the end of .

AverageOurs

Average since : 2.838% (ours, a plain mean of the 96 month-ends).

Its 52-week rangeOurs, from Treasury's curve

From 3.60% on to 4.20% on .

4.18%

Low 3.60% Midpoint 3.900% High 4.20%

See every month-end

Its five-year rangeMonth-ends, ours

Over the last five years of month-ends it ran from 0.05% on to 5.60% on ; the reading of 4.18% is 74.4% of the way from the low to the high.

4.18%

Low 0.05% Midpoint 2.825% High 5.60%

The 2-month par yield, change from one month-end to the next, by year

Basis points, ours, from the month-end par yieldsWhole year: the last month-end less the one before the year

YearJanFebMarAprMayJunJulAugSepOctNovDecWhole year
2026+8−2−1−10+6+8+3+28–––+49
2025−2+1−3+1−1+10+1−16−15−11−5−32−72
2024−13+4−2+3−3−1+4−19−45−11−7−30−120
2023+23+17−2+35+23+2+15+1+5−3−3+5+118
2022+8+7+15+38+16+79+60+44+48+80+25+16+436
2021−1−3−3+1−1+4000+3−30−3
2020+6−20−125−2+40−5+1−2+1−10−143
2019−2+4−30−6−23−8−3−17−28+1−9−94
2018––––––––––+7+12–
Average+3.4+1.0−15.5+9.4+4.0+9.6+9.4+1.4+0.3+4.4+1.8−4.8–

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 35 and over; the last column has a scale of its own, up to 436 and over. Every chip prints its figure and sign. A year still running is counted through its last month: .

Observed .

Understanding the 2-month par yield

Where it stands today

The 2-month par yield was 4.18% on .

What does this chart measure?

The 2-month par yield is the coupon rate at which a new 2-month 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?96 month-ends since 31 Oct 2018, newest first
2-month par yield at each month-end, newest first (%)
Month-endPar yield
4.16%
3.88%
3.85%
3.77%
3.71%
3.71%
3.72%
3.73%
3.75%
3.67%
3.99%
4.04%
4.15%
4.30%
4.46%
4.45%
4.35%
4.36%
4.35%
4.38%
4.37%
4.39%
4.69%
4.76%
Show 72 more rows
Month-endPar yield
4.87%
5.32%
5.51%
5.47%
5.48%
5.51%
5.48%
5.50%
5.46%
5.59%
5.54%
5.57%
5.60%
5.55%
5.54%
5.39%
5.37%
5.14%
4.79%
4.81%
4.64%
4.41%
4.25%
4.00%
3.20%
2.72%
2.28%
1.68%
0.89%
0.73%
0.35%
0.20%
0.13%
0.05%
0.05%
0.08%
0.05%
0.05%
0.05%
0.05%
0.01%
0.02%
0.01%
0.04%
0.07%
0.08%
0.08%
0.09%
0.08%
0.10%
0.09%
0.14%
0.14%
0.10%
0.12%
1.37%
1.57%
1.51%
1.60%
1.59%
1.87%
2.04%
2.07%
2.15%
2.38%
2.44%
2.44%
2.47%
2.43%
2.45%
2.33%
2.26%
What was the yield on each of the last 30 business days?Each business day, newest first
2-month par yield each business day, newest first (%)
DatePar yield
4.18%
4.18%
4.16%
4.16%
4.16%
4.17%
4.17%
4.17%
4.19%
4.15%
Show 20 more rows
DatePar yield
4.15%
4.13%
4.13%
4.14%
4.13%
4.13%
4.11%
4.13%
4.16%
4.18%
4.20%
4.20%
4.18%
4.10%
4.09%
4.10%
4.10%
4.09%
4.07%
4.06%
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, 2-month term, through 27 October 2026. Compiled by 500metrics, "What has the 2-month Treasury yield been over time?", https://500metrics.com/treasury/yield-curve/2-month.

Can the data be downloaded?treasury-yield-curve-2-month.csv

Download the full history as CSV: 96 rows, to , 1,546 bytes.

Our text and compilation: CC BY 4.0.

Recession dates from the National Bureau of Economic Research.

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