U.S. Department of the Treasury ·
US Treasury yield curve steepens on October 28: 10-year at 5.05%, 2-year at 4.67%
On October 28, the day the Federal Reserve held interest rates, long-term US Treasury yields rose and short-term yields fell. The 10-year yield rose 6 basis points (bp) to 5.05%. The 2-year fell 3bp to 4.67%.
A data update from FactIQ, written from U.S. Department of the Treasury figures. What is FactIQ?
Key figures
- US 10-year Treasury par yield, October 28
- 5.05%up 6bp on the day; 4.96% on Oct 222026-08-202026-10-28Treasury Par Yield: 10 Yr
- US 2-year Treasury par yield, October 28
- 4.67%down 3bp on the day2026-08-202026-10-28Treasury Par Yield: 2 Yr
- US 30-year Treasury par yield, October 28
- 5.37%up 7bp on the day; 5.67% on Oct 72026-08-202026-10-28Treasury Par Yield: 30 Yr
- US total public debt outstanding, October 27
- $40.582tnup about $309bn since Oct 6 ($40.273tn)2026-08-192026-10-27Total Public Debt Outstanding (Debt to the Penny)
Long-term yields rose while short-term yields fell
Treasury par yields show the interest rate the US government pays to borrow for different lengths of time. They are measured in basis points (bp), or hundredths of a percentage point. On October 28 these yields moved in opposite directions at the short and long ends:
- Shorter terms fell: 1 month 4.07% (−3bp), 3 months 4.18% (−4bp), 1 year 4.47% (−3bp), 2 years 4.67% (−3bp)
- Medium and longer terms rose: 5 years 4.85% (+3bp), 7 years 4.95% (+4bp), 10 years 5.05% (+6bp), 20 years 5.41% (+7bp), 30 years 5.37% (+7bp)
The gap between 2-year and 10-year yields widened
The gap between 2-year and 10-year yields widened by about 9bp in one day, to roughly 38bp. This pattern is called a steepening of the yield curve. The 10-year yield is back above 5%. On October 22 it had dipped to 4.96%, when investors moved into safe assets. It is still well below its early-October level of 5.28% on October 7. The 30-year yield, at 5.37%, is about 30bp under the 5.67% recorded on that day.
Federal debt reached $40.582 trillion on October 27
Total public debt outstanding is the full amount the US government owes. It reached $40.582 trillion on October 27. That was up about $54 billion on the day and about $309 billion since October 6, when it stood at $40.273 trillion. Of the total, debt held by the public was $32.677 trillion. Intragovernmental holdings, which is debt the government owes to its own accounts, were $7.905 trillion.
Source: U.S. Department of the Treasury. See all TREAS data in FactIQ.