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10Y–3M yield curve today
The 10-year Treasury yield minus the 3-month bill yield: the yield curve measure the New York Fed uses in its recession probability model.
The full 10-year minus 3-month yield curve chart is in Pro, with its whole history, ranges, overlays and alerts, next to 111 other charts.
What it is
FRED series T10Y3M is published daily. Because the 3-month bill tracks the current policy rate closely, this spread compares long-term yields with the cost of money today.
Why it matters for liquidity
When long-term yields fall below bill yields, investors expect lower rates ahead, and bank lending margins narrow. It moves with the 10Y–2Y curve but reacts faster to Fed moves.
Questions
What is the 10-year minus 3-month spread now?
On 30 October 2026 it was +0.78 points (not inverted), up 0.59 points on a year earlier.
Related
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Start free trialGeneral information only, not financial advice. Data can be delayed, revised or wrong. Sources and credits.