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Interest Rates · October 22, 2026 · 2 min read

2s10s Treasury spread holds at positive 32 basis points as 10-year yield reaches 5.13%

By Econ Data Tools Editorial Team

Published October 22, 2026 • Updated October 22, 2026

Reviewed by Instinct source QC

Treasury's October 21 daily par curve put the 10-year at 5.13%, up 1 bp, and the 2-year at 4.81%, keeping the 2s10s spread at +32 bps. The 30-year held at 5.42%, the 3-month at 4.25%, and the curve remains positive from the 2-year outward.

The Treasury yield curve continued to normalize on October 21, 2026, with the benchmark 10-year note yielding 5.13 percent and the 2-year note at 4.81 percent, leaving the closely watched 2s10s spread at a positive 32 basis points, according to the Treasury's daily par yield curve. The 10-year edged up one basis point from 5.12 percent on October 20, while the 2-year rose two basis points from 4.79 percent. At the long end, the 30-year bond held steady at 5.42 percent, and the 20-year was unchanged at 5.47 percent, leaving the 20-year as the curve's peak. At the front end, the 3-month bill yielded 4.25 percent, putting the 3-month to 10-year spread at a positive 88 basis points. The 1-year rate stood at 4.52 percent, remaining below every point on the curve from the 2-year outward. A persistently positive 2s10s slope marks a continued departure from the inversion that characterized earlier tightening-cycle conditions, and it steepens the term structure facing borrowers: with the 10-year above 5.1 percent, long-duration financing costs for mortgages, corporate bonds and federal issuance remain anchored near cycle highs. Daily par yields are official Treasury reference rates rather than intraday market quotes, and they set the baseline for the mortgage, corporate and municipal pricing that follows through the week. The October 22 read arrives with the department's next daily update.

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