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TREAS·U.S. Department of the Treasury·

US Treasury yields, Oct 23: 10-year at 5.00%, long end well below early-October highs

The 10-year US Treasury yield, a benchmark for borrowing costs, rose to 5.00% on Oct 23 after a 17 basis point (bp, hundredths of a percentage point) drop on Oct 22. It is 31bp below its Oct 5 level.

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, Oct 23
5.00%up from 4.96%; down 31bp from 5.31% on Oct 52026-08-172026-10-23Treasury Par Yield: 10 Yr
US 30-year Treasury par yield, Oct 23
5.33%down 34bp from 5.67% on Oct 72026-08-172026-10-23Treasury Par Yield: 30 Yr
US 2-year Treasury par yield, Oct 23
4.69%up from 4.65%; down 15bp from 4.84%2026-08-172026-10-23Treasury Par Yield: 2 Yr
US total public debt outstanding, Oct 22
$40.444tnup about $184bn since Oct 1 ($40.261tn)2026-08-142026-10-22Total Public Debt Outstanding (Debt to the Penny)

Long-term yields have fallen faster than short-term yields since early October

Treasury par yields measure what the US government pays to borrow for different lengths of time. They set the base for many other interest rates. Since early October, long-term yields have fallen more than short-term ones. Markets call this pattern a bull flattening. All changes below are in basis points (bp), or hundredths of a percentage point.
  • 10-year: 5.31% on Oct 5, now 5.00%, down 31bp
  • 30-year: 5.67% on Oct 7, now 5.33%, down 34bp
  • 2-year: 4.84%, now 4.69%, down only 15bp

The gap between the 10-year and 2-year yields has narrowed from about 47bp to 31bp. The 10-year yield is now about 78bp above the 3-month bill.

The Oct 23 rise only partly reversed a sharp fall on Oct 22

On Oct 22, yields fell sharply as investors bought safe assets:
  • 2-year: down 16bp, from 4.81% to 4.65%
  • 5-year: down 17bp, from 4.95% to 4.78%
  • 10-year: down 17bp, from 5.13% to 4.96%
  • 30-year: down 13bp

On Oct 23, yields from 2 to 30 years each rose about 4bp. The 10-year closed at 5.00%, up from 4.96%. The 2-year rose to 4.69% from 4.65%. The 30-year rose to 5.33% from 5.29%. Short-term bill yields barely moved: the 1-month and 1.5-month were 4.11%, and the 3-month was 4.22%.

Federal debt reached $40.444tn on Oct 22

Total public debt outstanding was $40.444tn (trillion dollars) on Oct 22. This is the Treasury's daily measure of all federal debt. It rose $30.7bn (billion dollars) on the day and about $184bn from $40.261tn on Oct 1. Of the total, $32.598tn was debt held by the public. The other $7.847tn was intragovernmental holdings, which is debt that one part of the government owes to another.

Source: U.S. Department of the Treasury. See all TREAS data in FactIQ.

About FactIQ and these updates

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