U.S. Department of the Treasury ·
US Treasury yields, November 2: curve flattens as 10-year yield falls to 4.91%
On November 2 the 2-year Treasury yield rose 3 basis points to 4.59% and the 10-year fell 3 basis points to 4.91%. The gap between them narrowed to about 32 basis points as long-term US borrowing costs fell.
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, November 2
- 4.91%down 3bp on the day; down from 5.21% on October 132026-08-252026-11-02Treasury Par Yield: 10 Yr
- US 2-year Treasury par yield, November 2
- 4.59%up 3bp on the day2026-08-252026-11-02Treasury Par Yield: 2 Yr
- US 30-year Treasury par yield, November 2
- 5.28%down 3bp on the day; down from 5.56% on October 132026-08-252026-11-02Treasury Par Yield: 30 Yr
- Gap between 2-year and 10-year Treasury yields, November 2
- 32bpnarrowed from about 38bp in a single session
Short-term yields rose while long-term yields fell
Treasury par yields are the interest rates the US government pays to borrow for set periods. They act as a benchmark for many other borrowing costs. On November 2, yields on short-term debt rose slightly. Yields on 10-year and longer debt fell. Changes are in basis points (bp), or hundredths of a percentage point.
- 3-month: 4.21% (+5bp)
- 1-year: 4.38% (+2bp)
- 2-year: 4.59% (+3bp)
- 10-year: 4.91% (-3bp)
- 20-year: 5.31% (-3bp)
- 30-year: 5.28% (-3bp)
The gap between the 2-year and 10-year yields narrowed from about 38bp to 32bp in a single session.
Long-bond yields fell ahead of a possible cut in supply
The long end fell as dealers prepared for Wednesday's quarterly refunding statement, in which the Treasury sets out its borrowing plans. Many expect the Treasury to prepare for cutting sales of its longest bonds in 2027. The drop in long-term yields fits with buyers moving ahead of a smaller supply of long bonds.
The 10-year yield is down about 30bp since mid-October
The 10-year yield has fallen from 5.21% on October 13. It has closed below 5% every day since October 28, when it was 5.05% on the day of the Federal Reserve's policy decision. Over the same period, the 30-year yield fell from 5.56% to 5.28%.
Short and middle maturities barely moved
The 1-month yield (4.05%) and the 6-month yield (4.25%) were roughly flat. The 3-year (4.65%) and 5-year (4.70%) were flat to 1bp lower. The 7-year was 4.79%. The 20-year yield is still a few basis points above the 30-year, which is normal for that part of the curve.
Source: U.S. Department of the Treasury. See all TREAS data in FactIQ.