--- title: "10y3m Yield Curve Spread: Latest Reading" description: "Track the latest 10y3m Yield Curve Spread reading, historical trend, release schedule, methodology, limitations and what changes can mean for investors." canonical: https://www.getswoopr.com/macro-economics-market-regimes/indicators/10y3m-yield-spread/ source: "Swoopr Investment: https://www.getswoopr.com" --- ## Direct Answer > 10-Year minus 3-Month Treasury Spread is a daily economic indicator published by Federal Reserve Bank of St. Louis for the United States. It measures the slope of the Treasury yield curve between 3 months and 10 years and is used by investors, economists and policymakers to assess the economic environment. Changes in the indicator can influence monetary policy expectations and asset prices across equities, fixed income and currency markets. This page is an educational guide and does not provide investment advice. # 10y3m Yield Curve Spread: Latest Reading, Historical Chart, Release Date & Investor Guide ## Indicator Snapshot | Field | Detail | | --- | --- | | Common name | 10y3m Yield Curve Spread | | Full name | 10-Year minus 3-Month Treasury Spread | | Geography | United States | | Publisher | Federal Reserve Bank of St. Louis | | Release frequency | Daily | | Category | [Monetary Policy And Rates](https://www.getswoopr.com/macro-economics-market-regimes/indicators/monetary-policy-and-rates/) | ## What 10y3m Yield Curve Spread Measures 10-Year minus 3-Month Treasury Spread measures the slope of the Treasury yield curve between 3 months and 10 years. The indicator is published by Federal Reserve Bank of St. Louis on a daily basis and is one of the primary datasets used by investors and economists to monitor this area of the economy. Difference, in percentage points, between the 10-year and 3-month Treasury constant maturity yields. Positive values mean the 10-year yield is above the 3-month yield; negative values mean the curve is inverted between those two points. ## Why Investors Watch 10y3m Yield Curve Spread This spread is the slope measure used in the New York Fed recession probability model, which builds on academic research linking the term spread to later economic activity. It also compares the current short-term policy rate with long-term rate expectations. The indicator's impact on financial markets depends on multiple factors: whether the reading was expected, the current economic regime, central bank policy stance, and investor positioning. A single data point is rarely sufficient to draw firm conclusions. ## How 10y3m Yield Curve Spread Is Calculated FRED computes the series by subtracting the 3-month Treasury constant maturity yield from the 10-year constant maturity yield, both published daily by Treasury from its par yield curve. It is a simple difference with no further smoothing, recalculated each business day. The official methodology documentation from Federal Reserve Bank of St. Louis describes the full calculation process including sample design, weighting and revision procedures. **Reference:** [Federal Reserve Bank of St. Louis: 10y3m Yield Curve Spread data and methodology](https://fred.stlouisfed.org/series/T10Y3M) ## Release Schedule and Revisions 10y3m Yield Curve Spread is typically released daily by Federal Reserve Bank of St. Louis. Release dates are announced in advance through the official release calendar. Investors should monitor both the scheduled release dates and any unscheduled revisions. This series is a market-observed price, rate or index level, so the published value is not normally revised after release. Check the publisher's notes for the occasional correction or methodology change. ## How to Interpret 10y3m Yield Curve Spread Changes When analyzing 10y3m Yield Curve Spread data, investors should consider multiple dimensions simultaneously: - Zero is the key reference: a negative spread means the curve is inverted, which has preceded most US recessions with a lag that ran from several months to over a year. - Because the 3-month leg tracks the policy rate, a falling spread often shows policy being tight relative to long-run growth and inflation expectations. - The NY Fed recession probability model is built on this spread, so compare the two. A reading below zero is a risk signal, not a timer, and it has not always been followed by recession. ## Market Impact of 10y3m Yield Curve Spread 10y3m Yield Curve Spread can influence multiple asset classes depending on its implications for economic growth, inflation, and monetary policy: - **Equities:** Changes in 10y3m Yield Curve Spread can affect earnings expectations, discount rates and sector rotation preferences. - **Fixed income:** The indicator may influence Treasury yields and credit spreads depending on its monetary policy implications. - **Currency markets:** Divergence in 10y3m Yield Curve Spread across economies can affect relative currency valuations. - **Commodities:** Economic activity indicators can affect commodity demand expectations and prices. ## Historical Context 10-Year minus 3-Month Treasury Spread has a long history that provides context for interpreting current readings. Key reference points include major economic cycles, recessions, recovery periods and policy regime changes. Historical comparison helps investors avoid placing excessive weight on any single data point outside its longer-run context. Investors should be aware that methodology changes over time can affect comparability across long historical periods. The official Federal Reserve Bank of St. Louis documentation will note any significant definitional or methodological changes. ## Limitations of 10y3m Yield Curve Spread Like all economic indicators, 10y3m Yield Curve Spread has limitations that investors should understand before drawing conclusions: - The relationship rests on a small number of recessions since the 1960s, so statistical confidence is limited and the lead time has varied widely. - Large central bank bond holdings and shifts in term premium since 2008 may distort the long end, which could weaken the spread's usual signal. - No single indicator captures the full complexity of economic conditions, so read this series next to the ones linked below. ## Related Economic Indicators 10y3m Yield Curve Spread is best interpreted alongside related indicators that provide complementary perspectives on the slope of the Treasury yield curve between 3 months and 10 years. Confirming or diverging signals across related indicators help investors form more robust views of the economic environment. - [2s10s Yield Curve Spread](https://www.getswoopr.com/macro-economics-market-regimes/indicators/2s10s-yield-spread/) - [Yield Curve Recession Probability](https://www.getswoopr.com/macro-economics-market-regimes/indicators/yield-curve-recession-probability/) - [Treasury Yield Curve](https://www.getswoopr.com/macro-economics-market-regimes/indicators/treasury-yield-curve/) - [3-Month Treasury Yield](https://www.getswoopr.com/macro-economics-market-regimes/indicators/3-month-treasury-yield/) See the [Monetary Policy And Rates indicators](https://www.getswoopr.com/macro-economics-market-regimes/indicators/monetary-policy-and-rates/) section and the [Macro & Market Regimes](https://www.getswoopr.com/macro-economics-market-regimes/) hub for broader context and related data. ## Frequently Asked Questions What is 10y3m Yield Curve Spread? 10-Year minus 3-Month Treasury Spread is a daily economic indicator for the United States. It is published by Federal Reserve Bank of St. Louis and is used by investors, economists and policymakers to assess the slope of the Treasury yield curve between 3 months and 10 years. Who publishes 10y3m Yield Curve Spread? 10y3m Yield Curve Spread is published by Federal Reserve Bank of St. Louis. The official data, release calendar and methodology are available at the [Federal Reserve Bank of St. Louis website](https://fred.stlouisfed.org/series/T10Y3M). When is 10y3m Yield Curve Spread released? 10y3m Yield Curve Spread is typically released daily by Federal Reserve Bank of St. Louis. Exact release dates are announced in advance through the official release calendar. How is 10y3m Yield Curve Spread calculated? FRED computes the series by subtracting the 3-month Treasury constant maturity yield from the 10-year constant maturity yield, both published daily by Treasury from its par yield curve. It is a simple difference with no further smoothing, recalculated each business day. Refer to the official Federal Reserve Bank of St. Louis methodology documentation for the complete calculation procedure. What does a higher 10y3m Yield Curve Spread reading mean? A higher 10y3m Yield Curve Spread reading can signal changes in the slope of the Treasury yield curve between 3 months and 10 years. The market impact depends on whether the reading was above or below consensus expectations, the prevailing economic cycle, and current monetary policy context. Investors should not rely on any single data point to drive portfolio decisions. ## References - [Federal Reserve Bank of St. Louis: 10y3m Yield Curve Spread data and methodology](https://fred.stlouisfed.org/series/T10Y3M) - [Swoopr Investment: Macro & Market Regimes](https://www.getswoopr.com/macro-economics-market-regimes/) - [Swoopr Investment: Economic Indicators hub](https://www.getswoopr.com/macro-economics-market-regimes/indicators/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr Investment's editorial team produces independent education and research content. Our approach combines primary-source analysis with transparent methodology. We do not provide personalized investment advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).