US Treasury yields, 20 October 2026: 30-year falls to 5.42% as curve flattens
The 30-year Treasury yield fell to 5.42% on 20 October 2026, 25 basis points (bp) below its 7 October close, while the 2-year rose to 4.79%. Long-term borrowing costs are easing, but short-term rates are not falling.
A data update from FactIQ, written from U.S. Department of the Treasury figures. What is FactIQ?
Key figures
- US 30-year Treasury par yield, 20 October 2026
- 5.42%down 6bp on the day and 25bp below the 7 October close of 5.67%2026-08-122026-10-20Treasury Par Yield: 30 Yr
- US 10-year Treasury par yield, 20 October 2026
- 5.12%down 3bp on the day, from 5.31% on 5 October2026-08-122026-10-20Treasury Par Yield: 10 Yr
- US 2-year Treasury par yield, 20 October 2026
- 4.79%up 2bp on the day2026-08-122026-10-20Treasury Par Yield: 2 Yr
- US total public debt outstanding, 19 October 2026
- $40.396tnup roughly $225bn since 30 September ($40.172tn)2026-08-112026-10-19Total Public Debt Outstanding (Debt to the Penny)
Long-term yields have fallen since early October
Treasury par yields show what the US government pays to borrow for different lengths of time. They also guide many other borrowing costs. On 20 October the 30-year yield fell 6 basis points (bp, hundredths of a percentage point) to 5.42%. It closed at 5.67% on 7 October. The 10-year yield slipped 3bp to 5.12%, down from 5.31% on 5 October.Most of the drop came on 15 October. That day the 10-year fell 9bp to 5.10% and the 30-year fell 9bp to 5.43%. On Monday 19 October the 10-year rose back to 5.15%, before Tuesday's dip.
The yield curve flattened because short-term rates held steady
The 2-year yield rose 2bp to 4.79%. The 5-year was flat at 4.94%. Yields on Treasury bills (short-term debt) were steady:- 1-month: 4.10%
- 1.5-month: 4.13%
- 3-month: 4.26%
The gap between the 2-year and 10-year yields is now 33bp, down from 47bp on 5 October. The gap between the 2-year and 30-year yields is 63bp, down from about 90bp on 7 October. Falling long-term yields drove this flattening. It does not show markets pricing in interest rate cuts.
Federal debt has grown since the fiscal year ended
The Treasury's daily Debt to the Penny figures put total public debt outstanding at $40.396 trillion on 19 October. That was up about $8.9 billion on the day. It was also up roughly $225 billion from $40.172 trillion on 30 September, when the fiscal year ended. Debt held by the public was $32.533 trillion. Intragovernmental holdings, which is debt one part of the government owes another, were $7.863 trillion.Source: U.S. Department of the Treasury. See all TREAS data in FactIQ.
About FactIQ and these updates
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