Frequently Asked Questions

What is it?

• The spread between the yields of the 10 Year US Treasury Note and the 3 Month US Treasury Bill.

Why is it important?

• The spread measures the market's outlook for future interest rates.

How do we interpret it?

• An increase in the yield spread generally indicates that investors expect interest rates to increase. A decrease in the spread usually means the opposite.

Typical historical range

• As of December 31, 2023, +/- 1 standard deviation* of historical month-end values have ranged from 0.43% to 2.83%.¹