Treasury yields, Nov 9, 2026: 2-year yield rises to 4.56% as the curve flattens

Short-term yields rose for a second straight session after the October jobs report

Treasury par yields show the interest rate the US government pays to borrow for different lengths of time. On the Treasury par yield curve for Nov 9:

• The 2-year yield was 4.56%. It was 4.51% on Nov 6 and 4.46% on Nov 5. That is a rise of 10 basis points (hundredths of a percentage point) from a two-month low.
• The 3-month yield rose to 4.24%, from 4.19%.
• The 5-year yield rose to 4.67%, from 4.64%.

The rise followed Friday's strong October payrolls report, which measures jobs added in the economy.

Long-term yields barely moved, so the curve flattened

• The 10-year yield rose to 4.88%, from 4.86%. It is still well below 5.13% on Oct 21 and 5.05% on Oct 28.
• The 20-year yield was unchanged at 5.29%.
• The 30-year yield was unchanged at 5.26%.

The gap between the 10-year and 2-year yields narrowed to 32 basis points (bp), from 38bp on Nov 5. When short-term yields rise faster than long-term ones, it often means traders expect the Federal Reserve to raise interest rates soon. The report links this move to rising bets on a Federal Reserve rate increase in December. Long-term yields have held steady since Treasury's Nov 4 refunding statement kept auction sizes unchanged.

Federal debt was little changed on Nov 6

• Total Public Debt Outstanding was $40.553tn (trillion dollars). That is about $3.4bn (billion dollars) lower than the day before and roughly $51bn above the Nov 2 level.
• Debt Held by the Public, which is debt owned by investors outside the federal government, was $32.763tn.
• Intragovernmental Holdings, which is debt owned by government accounts, were $7.790tn.