---
title: "Treasury Yield Curve History"
description: "Historical snapshots of the U.S. Treasury yield curve from 2020 to 2024, including the 2022-2024 inversion and the June 2023 peak inversion of -1.03%."
canonical: https://www.getswoopr.com/tables/bonds/treasury-yield-curve-history/
source: "Swoopr Investment: https://www.getswoopr.com"
---

## Direct Answer



> The yield curve plots U.S. Treasury yields across maturities (3-month to 30-year). A normal curve slopes upward (long-term rates higher than short-term). An inverted curve (short-term higher than long-term) has preceded every U.S. recession since 1970. The 2-year/10-year curve inverted in July 2022 and remained inverted until September 2024, the longest sustained inversion since the 1980s.








# Treasury Yield Curve History and Inversions



## Treasury Yield Curve Snapshots (Selected Dates)



| Date | 3-Month | 2-Year | 10-Year | 30-Year | 2s10s Spread |
| --- | --- | --- | --- | --- | --- |
| Jan 2020 | 1.55% | 1.57% | 1.88% | 2.30% | +0.31% |
| Aug 2020 (COVID low) | 0.09% | 0.14% | 0.52% | 1.22% | +0.38% |
| Jan 2022 | 0.06% | 0.78% | 1.63% | 2.08% | +0.85% |
| Jul 2022 (inversion) | 2.38% | 3.05% | 2.93% | 3.10% | -0.12% |
| Oct 2022 (peak) | 4.03% | 4.48% | 3.96% | 3.97% | -0.52% |
| Dec 2022 | 4.42% | 4.43% | 3.88% | 3.97% | -0.55% |
| Jun 2023 (max inversion) | 5.42% | 4.87% | 3.84% | 3.85% | -1.03% |
| Dec 2023 | 5.33% | 4.43% | 3.97% | 4.20% | -0.46% |
| Sep 2024 (Fed cuts begin) | 5.02% | 3.64% | 3.81% | 4.09% | +0.17% |
| Dec 2024 | 4.37% | 4.25% | 4.58% | 4.78% | +0.33% |
| Dec 2025 | 3.67% | 3.47% | 4.18% | 4.84% | +0.71% |
| Oct 9, 2026 (latest) | 4.25% | 4.80% | 5.24% | 5.60% | +0.44% |



Source: [U.S. Treasury: Daily Treasury Yield Curve Rates](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve). Last verified: October 2026, rows from December 2024 onward taken from the Treasury daily par yield curve.



## Frequently asked questions



Why does yield curve inversion predict recessions?

The yield curve inverts when short-term rates (controlled by the Fed) rise above long-term rates. This typically happens when: the Fed raises rates aggressively to fight inflation, and the bond market believes this will slow the economy (long-term rates fall to reflect future rate cuts and lower growth). The inversion represents the market pricing in a future recession and Fed rate cuts. Every U.S. recession since 1970 was preceded by a 2s10s inversion (6-18 months lead time typically). The 2022-2024 inversion was unusually long and deep (-1.03% at June 2023 peak) without a recession materializing through 2024, raising questions about whether this cycle is different.



What does yield curve steepening mean?

Yield curve steepening occurs when the spread between long-term and short-term rates widens. This happens when: (1) the Fed cuts short-term rates faster than long-term rates fall (typical at start of easing cycles); (2) inflation expectations rise (long-term rates rise while short-term rates are anchored by Fed policy); (3) economic growth outlook improves (long-term rates rise on growth optimism). Steep yield curves are generally positive for bank profitability (banks borrow short-term, lend long-term) and are associated with economic expansion.



Is the 2s10s the most important yield spread?

The 2-year/10-year spread is the most widely cited yield curve indicator, but other spreads are also tracked. The 3-month/10-year spread (the academic favorite for recession prediction research) also inverted in 2022 and has a similar record. The 5-year/30-year spread measures expectations for medium-term vs. long-term rates. The 2-year/30-year spread is the broadest measure. Each spread provides slightly different information about market expectations. New York Fed research favors the 3-month/10-year for recession probability modeling; financial media favors 2s10s for its simplicity and institutional following.







## Cite This Page



If you reference this table in your own work, use the following citation format and add the date you accessed it:



> Swoopr Editorial Team. (2026). *Treasury Yield Curve History and Inversions*. Swoopr Investment. [https://www.getswoopr.com/tables/bonds/treasury-yield-curve-history/](https://www.getswoopr.com/tables/bonds/treasury-yield-curve-history/)



Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised.







## References



- [U.S. Treasury: Daily Treasury Yield Curve Rates](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve)







[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) produces independent investment education and research content.



Corrections: [corrections policy](https://www.getswoopr.com/legal/corrections-policy/). Standards: [editorial standards](https://www.getswoopr.com/legal/editorial-policy/).