Module № 04

The Curve.

The US Treasury constant-maturity curve and the major bond ETFs · together in one view. Eleven tenors from one-month bills to thirty-year bonds, with historical overlays and spread summaries. Below, the six ETFs most commonly used as curve proxies.

US Treasury Constant-Maturity Curve
May 20, 2026 · end-of-day · source EODHD · loading
5.405.004.604.203.801M3M6M1Y2Y3Y5Y7Y10Y20Y30YYIELD (%)5.324.154.52INVERSION · SHORT-END ABOVE 2Ytrough · the belly
2s10s Spread
-17 bp
10Y 4.25 − 2Y 4.42
3m10y Spread
-93 bp
inverted
Curve Slope
-66 bp
30Y − 3M
Shape
Inverted
recession signal
Individual Tenors
Tenor
Yield
1W Chg (bp)
1Y Chg (bp)
1M
5.32%
-2.0
+22.0
3M
5.18%
-2.0
+20.0
6M
4.95%
-2.0
+13.0
1Y
4.68%
-4.0
-2.0
2Y
4.42%
-6.0
-13.0
3Y
4.28%
-4.0
-14.0
5Y
4.15%
-3.0
-13.0
7Y
4.22%
-2.0
-3.0
10Y
4.25%
-3.0
-5.0
20Y
4.48%
-2.0
0.0
30Y
4.52%
-2.0
0.0