Fed / US · CENTRAL BANK/MARKET LIQUIDITY · Pro

SOFR − 2-Year Treasury Spread

SOFR minus the 2-year Treasury yield, weekly average. Above zero (Loose), 2-year yields sit below the overnight rate, so markets expect cuts. Below zero (Tight), they expect rates to hold or rise. It sank deep into Tight before the 2022 sell-off. The dashed line lays 2024–26 over 2020–23 to compare the two cycles.

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About this chart

Chart	SOFR − 2-Year Treasury Spread
On the dashboard	Federal Reserve & US economy › CENTRAL BANK/MARKET LIQUIDITY › Policy Rates
Source	Federal Reserve Bank of New York and Federal Reserve Board via FRED
Worked out from	SOFR, 2-Year Treasury Yield
Access	Pro on the dashboard, in the MCP connector for AI apps and in the data API
Chart id	`SOFR_2Y`

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General information only, not financial advice. Data can be delayed, revised or wrong. Sources and credits.