The rates desk · history, drawn on this site’s server

Rates since 1953,
month by month.

The 10-year Treasury since 1962, the effective federal funds rate since 1954, Freddie Mac’s 30-year fixed mortgage since 1971 and the municipal GO index from 1953 until the Federal Reserve stopped publishing it in 2016, on one axis, with every day the yield curve has inverted since 1976. The rates desk reads today’s figures live in your browser; this page is the long view behind them, read from FRED and Freddie Mac on this site’s server.

Read from FRED and Freddie Mac 3 hours ago (16 October 2026, 15:05 UTC). A page view re-reads once the read is more than twelve hours old, after the page has been sent.

Four rates, one axis

What money has cost since 1953.

Each point is the last observation of its month, never an average, drawn at the day it was observed. The federal funds line is the effective rate on the month’s last day; the mortgage line is the month’s last weekly survey; the municipal line stops where the Federal Reserve’s free copy of the index stopped, in October 2016.

0%4%8%12%16%20%24%196019701980199020002010202010-yearFed funds30-yr mortgageMuni GO
Point at the chart, or focus it and use the arrow keys, to read a month.

The series

Where each line starts and ends.

Every series on this page, with its source identifier, its span and its last value.
SeriesSourceFromToMonthsLast
10-year Treasury constant maturityFRED DGS10 (daily)2 January 196214 October 20267785.19%
Federal funds, effectiveFRED DFF (daily)1 July 195414 October 20268683.88%
30-year fixed mortgageFreddie Mac PMMS (weekly)2 April 197115 October 20266677.40%
Municipal GO index (Bond Buyer 20-Bond)FRED WSLB20 (weekly, final)1 January 19536 October 20167663.20%

The municipal series is shown in full, week by week, on its own page.

Inversions

How often the curve inverted.

An inverted day is a day the 10-year Treasury yielded less than the 2-year. FRED’s T10Y2Y series has one observation a business day since 1 June 1976, 12,590 of them through 15 October 2026. The rates desk shades every inversion since 1990 from the Treasury’s own file; this count reaches back fourteen years further.

Inverted days2,049of 12,590 observed since 1 June 1976
Before 1990997days the desk’s own chart cannot reach
Most recent5 September 2024the last day the 10-year sat below the 2-year
Latest spread0.33 pointson 15 October 2026

The 10 episodes that lasted thirty days or more (of 44 in all)

An episode is a run of consecutive observations below zero; its length is counted in calendar days, first inverted day to last.
FromToCalendar daysInverted observationsDeepest
18 August 19781 May 1980623423-2.41
12 September 198023 October 1981407278-1.70
20 January 198219 May 198212083-0.71
4 June 19829 July 19823625-0.34
4 January 198929 June 1989177123-0.45
11 August 198913 September 19893423-0.18
11 February 200026 December 2000320220-0.52
31 January 20067 March 20063625-0.16
17 August 200620 March 2007216147-0.19
6 July 202226 August 2024783537-1.08

An inversion is a fact about two yields on one day. It is not a forecast, and this page makes none.

The same figures, as a table

Every month, newest first.

Show all 886 months
The last observation of each month, in percent: exactly the values the chart plots. A dash is a month the series did not cover.
Month10-yearFed funds30-yr mortgageMuni GO
October 20265.193.887.40—
September 20265.293.887.03—
August 20264.753.636.66—
July 20264.753.636.66—
June 20264.443.636.49—
May 20264.453.626.53—
April 20264.403.646.30—
March 20264.303.646.38—
February 20263.973.645.98—
January 20264.263.646.10—
December 20254.183.646.15—
November 20254.023.896.23—
October 20254.113.866.17—
September 20254.164.096.30—
August 20254.234.336.56—
July 20254.374.336.72—
June 20254.244.336.77—
May 20254.414.336.89—
April 20254.174.336.81—
March 20254.234.336.65—
February 20254.244.336.76—
January 20254.584.336.95—
December 20244.584.336.85—
November 20244.184.586.81—
October 20244.284.836.72—
September 20243.814.836.08—
August 20243.915.336.35—
July 20244.095.336.78—
June 20244.365.336.86—
May 20244.515.337.03—
April 20244.695.337.17—
March 20244.205.336.79—
February 20244.255.336.94—
January 20243.995.336.69—
December 20233.885.336.61—
November 20234.375.337.22—
October 20234.885.337.79—
September 20234.595.337.31—
August 20234.095.337.18—
July 20233.975.336.81—
June 20233.815.086.71—
May 20233.645.086.57—
April 20233.444.836.43—
March 20233.484.836.32—
February 20233.924.576.50—
January 20233.524.336.13—
December 20223.884.336.42—
November 20223.683.836.58—
October 20224.103.087.08—
September 20223.833.086.70—
August 20223.152.335.55—
July 20222.672.325.30—
June 20222.981.585.70—
May 20222.850.835.10—
April 20222.890.335.10—
March 20222.320.334.67—
February 20221.830.083.89—
January 20221.790.083.55—
December 20211.520.073.11—
November 20211.430.073.10—
October 20211.550.073.14—
September 20211.520.063.01—
August 20211.300.062.87—
July 20211.240.072.80—
June 20211.450.083.02—
May 20211.580.052.95—
April 20211.650.052.98—
March 20211.740.063.17—
February 20211.440.072.97—
January 20211.110.072.73—
December 20200.930.092.67—
November 20200.840.092.72—
October 20200.880.092.81—
September 20200.690.092.90—
August 20200.720.092.91—
July 20200.550.102.99—
June 20200.660.083.13—
May 20200.650.053.15—
April 20200.640.053.23—
March 20200.700.083.50—
February 20201.131.583.45—
January 20201.511.593.51—
December 20191.921.553.74—
November 20191.781.563.68—
October 20191.691.583.78—
September 20191.681.903.64—
August 20191.502.133.58—
July 20192.022.403.75—
June 20192.002.403.73—
May 20192.142.403.99—
April 20192.512.454.20—
March 20192.412.434.06—
February 20192.732.404.35—
January 20192.632.404.46—
December 20182.692.404.55—
November 20183.012.204.81—
October 20183.152.204.86—
September 20183.052.184.72—
August 20182.861.914.52—
July 20182.961.914.54—
June 20182.851.914.55—
May 20182.831.704.56—
April 20182.951.694.58—
March 20182.741.674.44—
February 20182.871.354.40—
January 20182.721.344.15—
December 20172.401.333.99—
November 20172.421.073.90—
October 20172.381.073.94—
September 20172.331.063.83—
August 20172.121.073.82—
July 20172.301.073.92—
June 20172.311.063.88—
May 20172.210.833.95—
April 20172.290.834.03—
March 20172.400.824.14—
February 20172.360.574.16—
January 20172.450.564.19—
December 20162.450.554.32—
November 20162.370.314.03—
October 20161.840.313.473.20
September 20161.600.293.423.06
August 20161.580.303.432.84
July 20161.460.303.482.85
June 20161.490.303.482.85
May 20161.840.293.643.26
April 20161.830.303.663.32
March 20161.780.253.713.38
February 20161.740.293.623.34
January 20161.940.293.793.38
December 20152.270.204.013.57
November 20152.210.083.953.63
October 20152.160.073.763.66
September 20152.060.073.863.71
August 20152.210.083.843.79
July 20152.200.083.983.75
June 20152.350.084.023.80
May 20152.120.083.873.73
April 20152.050.083.683.62
March 20151.940.063.693.52
February 20152.000.063.803.62
January 20151.680.063.663.36
December 20142.170.063.873.65
November 20142.180.083.973.94
October 20142.350.073.983.90
September 20142.520.074.204.11
August 20142.350.074.104.17
July 20142.580.084.124.33
June 20142.530.094.144.29
May 20142.480.084.124.26
April 20142.670.094.334.33
March 20142.730.064.404.43
February 20142.660.064.374.38
January 20142.670.074.324.48
December 20133.040.074.484.73
November 20132.750.074.294.61
October 20132.570.074.104.48
September 20132.640.064.324.53
August 20132.780.074.514.96
July 20132.600.094.314.77
June 20132.520.074.464.63
May 20132.160.093.813.84
April 20131.700.143.403.90
March 20131.870.093.573.99
February 20131.890.143.513.74
January 20132.020.153.533.67
December 20121.780.093.353.58
November 20121.620.163.323.29
October 20121.720.183.413.68
September 20121.650.093.403.67
August 20121.570.133.593.72
July 20121.510.133.493.61
June 20121.670.093.663.95
May 20121.590.163.753.77
April 20121.950.163.883.86
March 20122.230.093.994.02
February 20121.980.103.953.69
January 20121.830.113.983.68
December 20111.890.043.953.88
November 20112.080.103.984.07
October 20112.170.094.104.12
September 20111.920.064.013.93
August 20112.230.084.224.09
July 20112.820.114.554.47
June 20113.180.074.514.59
May 20113.050.104.604.52
April 20113.320.094.784.86
March 20113.470.104.865.00
February 20113.420.164.954.95
January 20113.420.174.805.25
December 20103.300.134.864.95
November 20102.810.204.404.60
October 20102.630.204.233.96
September 20102.530.154.323.84
August 20102.470.214.363.88
July 20102.940.184.544.21
June 20102.970.094.694.40
May 20103.310.194.784.28
April 20103.690.205.064.37
March 20103.840.094.994.44
February 20103.610.135.054.36
January 20103.630.124.984.39
December 20093.850.055.144.25
November 20093.210.134.784.33
October 20093.410.115.034.39
September 20093.310.075.044.04
August 20093.400.155.144.53
July 20093.520.185.254.69
June 20093.530.225.424.79
May 20093.470.194.914.61
April 20093.160.204.784.70
March 20092.710.164.855.00
February 20093.020.225.074.87
January 20092.870.235.105.16
December 20082.250.145.105.33
November 20082.930.525.975.39
October 20084.010.226.465.35
September 20083.852.036.095.23
August 20083.831.946.404.68
July 20083.992.096.524.74
June 20083.992.476.454.83
May 20084.061.986.084.62
April 20083.772.376.034.68
March 20083.452.515.854.96
February 20083.533.016.245.11
January 20083.673.225.684.39
December 20074.043.066.174.44
November 20073.974.666.104.39
October 20074.484.606.334.33
September 20074.594.586.424.48
August 20074.544.966.454.70
July 20074.785.286.694.47
June 20075.035.316.674.60
May 20074.905.286.424.41
April 20074.635.296.164.26
March 20074.655.306.164.25
February 20074.565.416.224.19
January 20074.835.336.254.32
December 20064.715.176.184.17
November 20064.465.316.144.04
October 20064.615.316.404.30
September 20064.645.346.314.23
August 20064.745.316.444.30
July 20064.995.316.724.55
June 20065.155.056.784.71
May 20065.125.056.624.52
April 20065.074.866.584.59
March 20064.865.006.354.53
February 20064.554.526.264.36
January 20064.534.476.124.42
December 20054.394.096.224.38
November 20054.494.036.284.51
October 20054.574.026.154.56
September 20054.343.935.914.39
August 20054.023.635.774.25
July 20054.283.315.774.31
June 20053.943.355.534.24
May 20054.003.095.654.24
April 20054.212.975.784.37
March 20054.502.966.044.61
February 20054.362.525.694.42
January 20054.142.505.664.37
December 20044.241.975.814.49
November 20044.362.025.724.53
October 20044.051.795.644.44
September 20044.141.945.724.54
August 20044.131.555.824.66
July 20044.501.296.084.88
June 20044.621.386.255.01
May 20044.661.026.325.01
April 20044.531.036.014.95
March 20043.861.055.404.41
February 20043.991.045.584.49
January 20044.161.035.684.71
December 20034.270.945.854.58
November 20034.341.015.894.66
October 20034.331.035.944.88
September 20033.961.175.984.81
August 20034.451.016.325.07
July 20034.491.045.945.07
June 20033.541.455.244.47
May 20033.371.285.314.31
April 20033.891.315.794.66
March 20033.831.385.914.84
February 20033.711.335.794.74
January 20034.001.335.904.90
December 20023.831.165.934.79
November 20024.221.236.135.00
October 20023.931.826.314.95
September 20023.631.855.994.71
August 20024.141.816.224.91
July 20024.511.766.344.94
June 20024.861.736.555.07
May 20025.081.796.765.14
April 20025.111.826.885.16
March 20025.421.747.185.32
February 20024.881.836.815.07
January 20025.071.856.965.15
December 20015.071.527.165.26
November 20014.782.067.025.15
October 20014.302.666.645.05
September 20014.602.756.725.14
August 20014.853.666.924.96
July 20015.073.827.035.14
June 20015.423.957.115.21
May 20015.434.247.205.28
April 20015.354.677.125.34
March 20014.935.296.915.14
February 20014.925.597.125.21
January 20015.195.747.155.20
December 20005.125.417.135.14
November 20005.486.627.735.46
October 20005.776.597.685.53
September 20005.806.607.885.63
August 20005.736.657.995.49
July 20006.046.648.135.58
June 20006.036.868.225.77
May 20006.296.838.626.01
April 20006.236.068.135.82
March 20006.036.178.235.74
February 20006.425.858.315.94
January 20006.685.878.256.08
December 19996.453.998.066.00
November 19996.185.637.755.87
October 19996.025.277.965.99
September 19995.905.517.765.73
August 19995.985.577.805.61
July 19995.925.077.705.41
June 19995.815.127.635.45
May 19995.644.617.235.23
April 19995.365.036.935.07
March 19995.254.986.985.08
February 19995.294.846.895.08
January 19994.664.796.744.96
December 19984.654.076.835.00
November 19984.745.116.785.01
October 19984.645.356.835.00
September 19984.446.146.644.94
August 19985.055.896.925.03
July 19985.505.636.975.16
June 19985.447.066.965.14
May 19985.565.637.075.13
April 19985.685.597.155.32
March 19985.675.887.085.20
February 19985.625.577.095.14
January 19985.535.487.125.11
December 19975.755.846.995.14
November 19975.865.507.175.29
October 19975.845.567.215.35
September 19976.125.817.285.36
August 19976.345.527.585.45
July 19976.025.967.435.23
June 19976.516.877.585.53
May 19976.675.587.945.67
April 19976.725.828.085.87
March 19976.927.077.975.81
February 19976.565.507.655.65
January 19976.535.377.885.73
December 19966.436.267.645.66
November 19966.065.447.525.54
October 19966.375.637.865.70
September 19966.726.098.165.76
August 19966.965.288.095.86
July 19966.806.758.195.86
June 19966.735.008.295.97
May 19966.855.318.035.94
April 19966.665.507.925.91
March 19966.345.257.695.90
February 19966.136.057.325.57
January 19965.605.717.005.46
December 19955.584.737.115.44
November 19955.766.117.355.54
October 19956.035.977.455.76
September 19956.176.207.626.00
August 19956.285.937.885.98
July 19956.455.977.795.97
June 19956.216.117.535.97
May 19956.306.177.855.83
April 19957.076.068.266.06
March 19957.206.308.386.07
February 19957.226.108.736.11
January 19957.605.869.136.49
December 19947.844.949.186.71
November 19947.915.669.257.03
October 19947.814.909.036.64
September 19947.625.448.826.43
August 19947.194.708.566.21
July 19947.124.298.576.22
June 19947.345.968.466.28
May 19947.174.608.536.13
April 19947.063.738.326.16
March 19946.774.187.806.07
February 19946.153.497.325.58
January 19945.703.686.975.28
December 19935.832.857.135.28
November 19935.833.167.315.49
October 19935.433.036.865.31
September 19935.403.996.955.30
August 19935.453.196.975.35
July 19935.833.077.255.65
June 19935.803.927.345.57
May 19936.163.027.505.73
April 19936.053.017.435.75
March 19936.033.837.505.78
February 19936.033.187.535.60
January 19936.393.027.866.10
December 19926.702.668.146.17
November 19926.953.458.296.26
October 19926.803.048.216.62
September 19926.374.478.026.33
August 19926.623.518.016.31
July 19926.723.378.055.89
June 19927.144.538.436.42
May 19927.333.808.606.58
April 19927.613.858.856.69
March 19927.544.078.986.77
February 19927.274.138.836.74
January 19927.314.408.686.65
December 19916.714.098.356.58
November 19917.384.868.706.78
October 19917.475.238.916.69
September 19917.475.608.926.73
August 19917.825.509.156.85
July 19918.205.859.507.00
June 19918.246.749.677.13
May 19918.065.929.456.97
April 19918.025.989.537.01
March 19918.055.539.527.14
February 19918.026.999.297.01
January 19918.038.189.617.00
December 19908.085.539.687.14
November 19908.267.619.907.08
October 19908.659.5210.177.43
September 19908.828.0310.227.53
August 19908.868.0610.247.47
July 19908.368.059.987.15
June 19908.438.3210.157.27
May 19908.608.2310.337.26
April 19909.048.2310.567.51
March 19908.658.3010.227.33
February 19908.518.2910.317.27
January 19908.438.2610.057.19
December 19897.937.979.786.97
November 19897.848.609.747.04
October 19897.928.899.827.22
September 19898.319.2410.167.40
August 19898.268.9210.217.16
July 19897.828.949.816.95
June 19898.109.6310.077.02
May 19898.6010.4810.507.11
April 19899.029.8211.037.40
March 19899.309.7911.197.64
February 19899.329.8710.787.55
January 19899.019.1410.607.27
December 19889.149.0410.777.50
November 19889.068.5010.397.58
October 19888.658.3910.227.36
September 19888.878.5410.427.64
August 19889.258.1410.677.80
July 19889.127.8410.497.76
June 19888.828.2710.407.74
May 19889.207.4810.587.96
April 19888.876.9810.287.77
March 19888.576.839.997.90
February 19888.166.679.877.52
January 19888.266.7910.167.51
December 19878.836.8910.617.86
November 19878.997.1910.557.96
October 19878.886.6210.978.43
September 19879.638.3811.028.30
August 19879.006.9510.337.80
July 19878.666.7510.277.73
June 19878.386.5610.357.72
May 19878.496.6310.708.03
April 19878.217.6310.377.85
March 19877.516.239.036.79
February 19877.196.029.076.59
January 19877.186.289.086.56
December 19867.2314.359.296.83
November 19867.156.039.506.74
October 19867.345.939.896.94
September 19867.456.9010.107.15
August 19866.955.779.936.93
July 19867.346.3510.407.54
June 19867.357.7210.627.59
May 19868.056.8410.387.70
April 19867.387.059.867.22
March 19867.398.0610.107.21
February 19868.137.9510.516.98
January 19869.088.0910.897.86
December 19859.0013.4611.098.36
November 19859.598.5411.588.51
October 198510.018.0812.078.76
September 198510.318.8412.179.38
August 198510.287.8012.119.09
July 198510.578.6112.038.87
June 198510.257.9512.158.80
May 198510.287.6412.718.81
April 198511.418.5813.129.39
March 198511.658.5813.299.75
February 198511.918.7412.949.71
January 198511.178.7312.969.37
December 198411.558.7413.149.91
November 198411.588.9213.4210.04
October 198411.799.9914.0510.05
September 198412.4711.2314.2610.15
August 198412.7911.6414.3810.17
July 198412.9111.8314.6710.19
June 198413.8410.8514.5010.76
May 198413.9110.8114.0811.07
April 198412.8210.9013.739.94
March 198412.5310.2413.559.93
February 198412.049.4513.259.80
January 198411.679.3513.299.59
December 198311.829.9213.439.76
November 198311.639.3413.439.74
October 198311.749.4313.439.81
September 198311.4410.5913.659.46
August 198311.989.5913.789.59
July 198311.769.5213.659.60
June 198310.9610.0612.969.36
May 198310.818.9412.689.51
April 198310.278.8412.738.82
March 198310.6210.8112.869.38
February 198310.278.5312.989.34
January 198310.808.5613.109.66
December 198210.3611.2013.579.56
November 198210.798.9313.7710.16
October 198210.719.4114.1510.05
September 198211.7312.1715.1910.48
August 198212.8110.6315.8810.38
July 198213.6811.4116.6511.97
June 198214.4414.5816.7312.62
May 198213.7113.3816.6311.99
April 198213.8715.2816.8111.97
March 198214.1816.8017.0413.04
February 198214.0313.7417.5212.70
January 198214.1414.2117.5913.15
December 198113.9813.1317.0413.30
November 198113.1312.4417.2111.98
October 198114.6314.4418.4412.99
September 198115.8416.5818.3612.57
August 198115.4116.8317.4812.97
July 198114.6717.4617.1111.44
June 198113.8618.6416.6210.74
May 198113.5017.5616.8010.64
April 198114.1118.9215.7710.94
March 198113.1314.6315.4010.09
February 198113.4315.5315.3010.27
January 198112.6817.2515.079.91
December 198012.4322.0014.959.99
November 198012.7218.5614.289.61
October 198012.4613.7714.009.45
September 198011.8613.1913.439.18
August 198011.5510.7412.958.85
July 198010.769.9312.188.59
June 198010.0910.4412.357.76
May 198010.2511.0613.207.73
April 198010.7614.6416.258.11
March 198012.6419.8516.039.44
February 198012.7216.3313.598.72
January 198011.1313.4012.897.52
December 197910.3314.7712.907.23
November 197910.3813.9612.907.26
October 197910.7214.8212.007.38
September 19799.4412.1611.356.56
August 19799.2411.2911.136.36
July 19799.0110.8111.086.19
June 19798.8110.5411.106.12
May 19799.0610.3110.756.16
April 19799.3510.4310.536.26
March 19799.1110.0710.456.28
February 19799.1710.2410.406.38
January 19798.9510.5710.406.30
December 19789.1510.8410.386.61
November 19788.869.9410.286.29
October 19788.969.359.886.21
September 19788.568.909.786.09
August 19788.398.409.806.16
July 19788.568.009.756.24
June 19788.628.019.736.29
May 19788.427.439.686.16
April 19788.247.259.435.89
March 19788.156.979.255.69
February 19788.046.839.155.65
January 19787.946.799.055.70
December 19777.786.539.005.66
November 19777.556.568.935.45
October 19777.626.608.905.59
September 19777.416.468.905.51
August 19777.286.038.935.58
July 19777.425.868.935.62
June 19777.205.648.885.56
May 19777.385.478.855.71
April 19777.455.128.785.68
March 19777.424.728.705.85
February 19777.454.738.655.92
January 19777.404.658.735.92
December 19766.814.178.785.83
November 19767.014.698.806.16
October 19767.425.028.906.33
September 19767.555.318.976.47
August 19767.665.319.006.58
July 19767.865.328.986.73
June 19767.865.718.906.87
May 19767.965.678.787.03
April 19767.675.108.756.55
March 19767.665.078.756.72
February 19767.774.898.756.98
January 19767.804.848.906.85
December 19757.765.379.097.30
November 19758.145.299.117.39
October 19757.915.659.247.36
September 19758.486.229.147.54
August 19758.226.139.027.18
July 19758.206.238.897.09
June 19757.965.978.907.00
May 19758.045.238.897.09
April 19758.317.038.846.97
March 19758.015.398.866.95
February 19757.466.079.026.55
January 19757.536.769.296.54
December 19747.403.879.567.08
November 19747.649.479.726.71
October 19747.799.669.946.65
September 19747.9411.1110.036.62
August 19748.1111.609.746.91
July 19747.8912.069.426.34
June 19747.6413.319.106.33
May 19747.5211.649.036.08
April 19747.6611.008.735.82
March 19747.419.958.415.57
February 19747.018.878.425.26
January 19747.009.318.525.20
December 19736.909.838.565.16
November 19736.6910.348.555.15
October 19736.7110.618.685.12
September 19736.9010.828.855.00
August 19737.2511.228.665.34
July 19737.4311.228.185.48
June 19736.948.887.765.25
May 19736.938.137.705.22
April 19736.707.637.565.14
March 19736.737.387.495.26
February 19736.647.507.455.13
January 19736.546.507.435.08
December 19726.415.507.455.11
November 19726.285.197.444.99
October 19726.414.887.425.13
September 19726.544.887.435.30
August 19726.425.137.425.38
July 19726.124.507.405.35
June 19726.154.507.385.43
May 19726.054.757.405.19
April 19726.144.317.335.20
March 19726.124.007.235.40
February 19726.043.257.315.28
January 19726.093.137.405.29
December 19715.893.007.485.02
November 19715.934.257.515.36
October 19715.875.137.635.11
September 19716.005.387.675.24
August 19716.285.757.695.71
July 19716.855.507.696.05
June 19716.704.757.546.23
May 19716.384.887.465.86
April 19716.084.257.295.69
March 19715.534.50—5.03
February 19716.143.38—5.34
January 19716.094.00—5.16
December 19706.503.00—5.58
November 19706.495.50—5.41
October 19707.336.13—6.28
September 19707.295.00—6.39
August 19707.496.50—6.16
July 19707.386.75—6.25
June 19707.685.75—6.79
May 19707.957.88—6.92
April 19707.828.50—6.89
March 19707.087.50—6.11
February 19706.908.50—6.00
January 19707.759.38—6.54
December 19697.885.00—6.79
November 19697.299.25—6.58
October 19696.949.00—6.13
September 19697.518.50—6.08
August 19696.839.75—6.26
July 19696.668.75—5.93
June 19696.737.50—5.68
May 19696.569.38—5.60
April 19696.208.00—5.09
March 19696.306.25—5.30
February 19696.267.00—5.04
January 19696.196.38—4.91
December 19686.164.00—4.85
November 19685.786.00—4.64
October 19685.616.00—4.56
September 19685.495.50—4.30
August 19685.425.75—4.38
July 19685.396.00—4.16
June 19685.645.50—4.48
May 19685.866.13—4.64
April 19685.746.25—4.43
March 19685.765.25—4.54
February 19685.564.75—4.44
January 19685.544.75—4.25
December 19675.704.50—4.44
November 19675.744.50—4.42
October 19675.644.13—4.27
September 19675.313.75—4.19
August 19675.274.00—4.06
July 19675.163.75—3.98
June 19675.223.50—4.06
May 19674.814.13—3.96
April 19674.784.00—3.69
March 19674.504.50—3.54
February 19674.724.75—3.66
January 19674.524.00—3.43
December 19664.645.00—3.77
November 19665.125.75—4.00
October 19664.975.75—3.83
September 19665.025.75—4.03
August 19665.364.50—4.24
July 19665.055.75—3.96
June 19664.975.50—3.83
May 19664.804.75—3.72
April 19664.794.63—3.62
March 19664.714.75—3.59
February 19665.024.63—3.76
January 19664.694.50—3.51
December 19654.654.63—3.54
November 19654.484.13—3.47
October 19654.414.13—3.40
September 19654.354.13—3.41
August 19654.274.00—3.25
July 19654.224.13—3.25
June 19654.204.13—3.30
May 19654.234.13—3.19
April 19654.214.13—3.15
March 19654.204.00—3.16
February 19654.224.00—3.17
January 19654.194.00—3.04
December 19644.214.00—3.12
November 19644.204.00—3.21
October 19644.163.50—3.23
September 19644.182.75—3.26
August 19644.213.50—3.19
July 19644.193.50—3.19
June 19644.153.50—3.21
May 19644.193.50—3.16
April 19644.223.50—3.26
March 19644.233.50—3.32
February 19644.183.50—3.17
January 19644.153.50—3.13
December 19634.143.25—3.26
November 19634.083.50—3.31
October 19634.153.50—3.24
September 19634.073.50—3.22
August 19634.023.50—3.15
July 19634.003.50—3.17
June 19634.003.00—3.22
May 19633.963.00—3.16
April 19633.953.00—3.12
March 19633.953.00—3.06
February 19633.943.00—3.12
January 19633.873.00—3.18
December 19623.853.00—3.05
November 19623.922.88—3.10
October 19623.923.00—3.01
September 19623.942.75—3.06
August 19623.963.00—3.14
July 19624.042.75—3.32
June 19624.002.75—3.24
May 19623.902.75—3.24
April 19623.862.50—3.02
March 19623.862.75—3.12
February 19624.002.75—3.21
January 19624.101.50—3.27
December 1961—2.50—3.42
November 1961—1.75—3.48
October 1961—2.00—3.39
September 1961—1.50—3.49
August 1961—1.75—3.54
July 1961—2.50—3.49
June 1961—0.50—3.54
May 1961—1.00—3.46
April 1961—0.50—3.40
March 1961—2.00—3.51
February 1961—2.00—3.26
January 1961—2.25—3.38
December 1960—3.00—3.38
November 1960—0.25—3.38
October 1960—2.75—3.48
September 1960—3.00—3.51
August 1960—3.00—3.27
July 1960—3.25—3.47
June 1960—3.50—3.53
May 1960—3.50—3.62
April 1960—4.00—3.61
March 1960—4.00—3.50
February 1960—4.00—3.61
January 1960—4.00—3.68
December 1959—4.00—3.77
November 1959—4.00—3.55
October 1959—4.00—3.55
September 1959—3.00—3.80
August 1959—3.50—3.61
July 1959—3.50—3.59
June 1959—3.00—3.81
May 1959—3.25—3.61
April 1959—3.00—3.50
March 1959—3.00—3.32
February 1959—2.50—3.29
January 1959—2.50—3.45
December 1958—2.38—3.38
November 1958—2.50—3.30
October 1958—2.00—3.38
September 1958—1.50—3.52
August 1958—1.75—3.52
July 1958—0.38—3.13
June 1958—0.50—3.04
May 1958—0.13—2.92
April 1958—0.25—2.89
March 1958—0.50—3.05
February 1958—0.50—3.08
January 1958—1.50—2.90
December 1957—3.00—2.97
November 1957—3.00—3.27
October 1957—3.50—3.43
September 1957—3.50—3.51
August 1957—3.50—3.56
July 1957—2.88—3.43
June 1957—3.00—3.43
May 1957—3.00—3.35
April 1957—3.00—3.25
March 1957—2.94—3.07
February 1957—3.00—3.05
January 1957—3.00—3.07
December 1956—3.00—3.21
November 1956—3.00—3.24
October 1956—3.00—3.03
September 1956—3.00—2.90
August 1956—3.00—2.90
July 1956—2.69—2.68
June 1956—2.75—2.56
May 1956—2.75—2.62
April 1956—2.75—2.77
March 1956—2.50—2.64
February 1956—2.50—2.42
January 1956—2.50—2.48
December 1955—2.50—2.58
November 1955—2.44—2.47
October 1955—2.25—2.50
September 1955—2.19—2.53
August 1955—2.00—2.63
July 1955—1.75—2.56
June 1955—1.69—2.48
May 1955—1.69—2.39
April 1955—1.69—2.40
March 1955—1.44—2.42
February 1955—1.44—2.45
January 1955—1.44—2.43
December 1954—1.44—2.36
November 1954—1.38—2.31
October 1954—1.13—2.33
September 1954—1.44—2.35
August 1954—1.44—2.26
July 1954—0.25—2.26
June 1954———2.41
May 1954———2.51
April 1954———2.49
March 1954———2.43
February 1954———2.39
January 1954———2.46
December 1953———2.58
November 1953———2.60
October 1953———2.64
September 1953———2.82
August 1953———2.92
July 1953———2.92
June 1953———3.04
May 1953———2.90
April 1953———2.75
March 1953———2.65
February 1953———2.65
January 1953———2.48

Method

Where every line comes from.

The sources

The 10-year line is FRED’s DGS10, the Treasury’s 10-year constant-maturity yield as the Federal Reserve’s H.15 publishes it, daily since 2 January 1962. The fed funds line is FRED’s DFF, the effective federal funds rate, daily since 1 July 1954. The inversion count is FRED’s T10Y2Y, the 10-year less the 2-year, daily since 1 June 1976. The mortgage line is Freddie Mac’s Primary Mortgage Market Survey, PMMS_history.csv, weekly since 2 April 1971, the same file the desk’s mortgage panel relays. The municipal line is FRED’s WSLB20, pinned at its final observation (see its page). Source: Board of Governors of the Federal Reserve System and U.S. Department of the Treasury, retrieved from FRED, Federal Reserve Bank of St. Louis; Freddie Mac.

A month is its last observation, never an average

Each point is the last value published in its month, drawn on the day it was observed. That is why the fed funds line reads DFF, the daily rate, rather than FRED’s monthly FEDFUNDS: FEDFUNDS is the average of the month’s days, and a line of averages beside lines of month-end values would compare two different things. A day FRED marks as missing is skipped, never read as zero.

How and when it is read

No browser asks FRED or Freddie Mac for this page: this site’s server does, at most once every twelve hours, after a page view finds the last read older than that, and after that visitor already has the page. One read runs at a time; a read that fails, or comes back shorter than the one on file, is thrown away and the page keeps the older read and says so, and no new read is tried for thirty minutes. The page takes no input of any kind: there is nothing a visitor can type or append to the address that changes what is read.

What is not here

Moody’s Aaa corporate bond yield, which muni.llc drew, is not: FRED republishes it under Moody’s notice that the data may not be copied or reproduced without Moody’s prior written consent. Current municipal yields are not here either, because no free source publishes them; the municipal page says why. Nothing on this page is a forecast.