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US Treasury yields fall over week as 10-year rate reaches 5.00%

The US 10-year Treasury yield fell 0.09 percentage point over the week to 5.00% on Oct. 23. It was 0.11 percentage point below its level a month earlier.

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A man exchanges Nigeria's Naira for US dollars in Lagos in April 2021. Pius Utomi Ekpei/AFP via Getty Images
A man exchanges Nigeria's Naira for US dollars in Lagos in April 2021. Pius Utomi Ekpei/AFP via Getty Images

The US 10-year Treasury yield fell 0.09 percentage point over the week to 5.00% on Oct. 23, according to the Federal Reserve Bank of St. Louis's FRED database.

The decline left the 10-year yield 0.11 percentage point below its Sept. 23 level. Yields at two years and 30 years also fell over both periods, while the three-month yield rose over the month.

The figures cover constant-maturity Treasury yields at three months, two years, 10 years and 30 years, alongside the yield spread and inflation measures, all available through FRED.

The 10-year yield stood at 5.09% on Oct. 16 and 5.11% on Sept. 23. Its weekly decline accounted for most of its fall between the September and October readings.

The gap between the 10-year and two-year yields was positive at 0.31 percentage point on Oct. 23. That meant the 10-year yield exceeded the two-year yield.

The spread narrowed from positive 0.35 percentage point a week earlier, a decrease of 0.04 percentage point. It widened by 0.05 percentage point from positive 0.26 percentage point a month earlier.

The two-year note yielded 4.69%, down from 4.74% on Oct. 16 and 4.85% on Sept. 23. It fell 0.05 percentage point over the week and 0.16 percentage point over the month.

The two-year yield recorded the largest monthly decline among the four maturities. Its weekly decline was smaller than the falls in the 10-year and 30-year yields.

The 30-year bond yielded 5.33%, compared with 5.43% a week earlier and 5.40% a month earlier. Its yield fell 0.10 percentage point over the week and 0.07 percentage point over the month.

The 30-year yield remained the highest of the four maturities on Oct. 23. It also recorded the largest weekly decline among them.

The three-month bill yielded 4.22%, down 0.04 percentage point from 4.26% a week earlier. It rose 0.03 percentage point from 4.19% a month earlier.

The three-month yield was the lowest of the four maturities at each of the three observation dates. It was the only one above its September level.

The 10-year breakeven rate, the difference between nominal and inflation-indexed 10-year yields, stood at 2.34%. It fell 0.01 percentage point from both earlier readings of 2.35%.

The 10-year inflation-indexed yield, the yield on Treasury debt adjusted for inflation, stood at 2.66%. It fell 0.08 percentage point from 2.74% over the week and 0.10 percentage point from 2.76% over the month.

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