grepcent / static financial knowledge base

Informational only - not investment advice.

Reading Financial Data - Step by Step / Economic indicators

The yield curve and the 10-year minus 2-year spread

A yield spread compares two interest rates by subtracting one from the other.

As of: 2026-06-16.

Concept

T10Y2Y is the 10-year Treasury yield minus the 2-year Treasury yield, measured in percentage points.

Worked Example: Read the published spread

  1. The 10-year yield page shows 4.47% as of 2026-06-15.
  2. The 2-year yield page shows 4.07% as of 2026-06-15.
  3. The direct spread series T10Y2Y shows 0.38 percentage points as of 2026-06-16.
  4. When this spread is negative, people often call it an inversion: the 2-year yield is higher than the 10-year yield.
  5. An inversion is a widely watched recession signal, but this lesson is only reading the series, not making a forecast.
  6. Using the direct spread series avoids mixing observations from different dates.

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Sources

Informational only - not investment advice.