How to Read Treasury's Daily Par Yield Curve Rates — CMT Yields, Spreads and the 20-Year Point

As of 13 November 2026, 00:38 KST (retrieved by this page at that time); latest listed on the agency page at retrieval: the Daily Treasury Par Yield Curve Rates for 2026, whose newest row is Tuesday Nov 10, 2026, reached from the Treasury home page; the same rows are offered there as a CSV file. The file has 216 trading-day rows from Jan 2 to Nov 10, 2026. Primary source: https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2026^[1][2][7]

Comparison basis: rates are percent per year as printed to two decimals; changes and spreads subtract the displayed values and are given in percentage points, not rounded further. The yields are bond-equivalent rates on a simple annualized basis; the FAQ gives the formula for an effective annual yield, which for 4.98% gives about 5.04% (this page's calculation). The year-ago values are those currently shown in the 2025 file.^[1][6]

In three lines

1. The 10-year Treasury par yield was 4.98% on Nov 10, 2026, up 0.10 point on the day and 0.85 point from 4.13% on Nov 10, 2025.
2. The 3-month rate was 4.30% and the 2-year 4.73%, so the 10-year exceeded both (by 0.68 and 0.25 point).
3. The 20-year (5.39%) was above the 30-year (5.35%), as on 89 of the 216 days of 2026 so far.^[1][3]

Points on a fitted curve. The rates page says: "Yields are interpolated by the Treasury from the daily par yield curve." and "These par yields are derived from indicative, bid-side market price quotations (not actual transactions) obtained by the Federal Reserve Bank of New York at or near 3:30 PM each trading day." The methodology page adds: "The Treasury's official yield curve is a par yield curve derived using a monotone convex method." It says the description was revised and updated on February 18, 2025.^[2][5]

Constant maturities, not individual bonds. "This method provides a par yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity." The FAQ warns: "However, CMT rates are read from fixed, constant maturity points on the curve and may not match the exact yield on any one specific security." The fixed points are currently 1, 1.5, 2, 3, 4 and 6 months and 1, 2, 3, 5, 7, 10, 20 and 30 years; the 1.5-month series began on February 18, 2025, and the 2025 file has no 1.5-month value before that date.^[2][6]

Daily only. The FAQ says: "Treasury does not publish the weekly, monthly, or annual averages of these yields." It refers readers to the Federal Reserve's H.15 release for averages. It also says: "The par yield curve and the CMT rates merely indicate what rates were in the past and what they are now."^[6]

Extra columns on the page. The 2026 rates page shows columns headed 20 YR, 30 YR, Extrapolation Factor and bill discount rates before the 1 Mo column; for every 2026 row these read N/A, and the values are in the later 1 Mo to 30 Yr columns. The page notes explain that the extrapolation factor was discontinued on February 9, 2006, so readers should take rates from the later columns.^[2]

20-year above 30-year. On Nov 10, 2026 the 20-year rate (5.39%) was 0.04 point above the 30-year (5.35%), and by this page's count of all rows by column name, the 20-year was strictly above the 30-year on 89 of 216 days in 2026 and on 123 of 249 days in 2025 (ties excluded: the two were equal on 32 days in 2026 and 17 in 2025). On the FAQ's general point that shorter maturities can yield more than longer ones it says: "Because of this, short term rates can sometimes exceed longer term rates." The sources do not explain the 20-year and 30-year relationship specifically, so this page does not give a reason.^{[1][2][3][4][6]}

No 10-year inversion in 2026. By this page's count, the 10-year rate was not below the 3-month or the 2-year rate on any of the 216 days of 2026. At the very short end the 3-month (4.30%) was 0.02 point above the 4-month (4.28%) on Nov 10.^[1]

The 2026 range. The 10-year rate began 2026 at 4.19% on Jan 2, was lowest at 3.97% on Feb 27 and highest at 5.31% on Oct 5, by this page's search of the 2026 file; Nov 10 is 0.79 point above Jan 2.^[1]

What the files can and cannot show. The year-ago comparison uses the 2025 file as it is currently shown; the sources do not say whether earlier daily rows are ever revised, so this page does not describe them as first published values.^[1][3]

Dates kept apart. Data: daily rows through Tuesday Nov 10, 2026. Methodology description: revised and updated on February 18, 2025. Monotone convex method: in use since December 6, 2021, per the series-break note on the rates page.^[1][2][5]

Next release. The methodology page says: "Yield curve rates are usually available at Treasury's interest rate website by 6:00 PM Eastern Time each trading day, but may be delayed due to system problems or other issues." At retrieval the 2026 file had no row dated Nov 11, 2026, and the sources do not say why, so that is not established; the next row's posting date is not stated in the sources.^[1][5]