Yield Spread

Monthly Values (%): January '54 - April '18
Current
+/- 1 standard deviation of US Government Yield Spread (10 yr. - 3 mo.) figures fall into this range.
-2-10.012345'54'55'60'65'70'75'80'85'90'95'00'05'10'15'181.41Jan '541.47Feb '541.29Mar '541.44Apr '541.69May '541.74Jun '541.47Jul '541.34Aug '541.40Sep '541.45Oct '541.49Nov '541.50Dec '541.54Jan '551.30Feb '551.28Mar '551.19Apr '551.37May '551.32Jun '551.20Jul '55.91Aug '55.82Sep '55.69Oct '55.45Nov '55.49Dec '55.55Jan '56.51Feb '56.71Mar '56.60Apr '56.45May '56.55Jun '56.86Jul '56.78Aug '56.49Sep '56.46Oct '56.52Nov '56.42Dec '56.28Jan '57.00Feb '57.48Mar '57.50Apr '57.35May '57.66Jun '57.61Jul '57.43Aug '57.46Sep '57.39Oct '57.47Nov '57.21Dec '571.48Jan '581.76Feb '581.85Mar '581.63Apr '582.36May '582.24Jun '582.40Jul '581.35Aug '581.17Sep '581.27Oct '58.93Nov '581.24Dec '581.45Jan '591.17Feb '591.22Mar '591.33Apr '591.31May '591.21Jun '591.43Jul '59.56Aug '59.70Sep '59.46Oct '59.09Nov '59.37Dec '59.74Jan '60.19Feb '601.11Mar '601.25Apr '601.26May '601.86Jun '601.61Jul '601.18Aug '601.50Sep '601.81Oct '601.55Nov '601.60Dec '601.56Jan '611.17Feb '611.30Mar '611.53Apr '611.34May '611.69Jun '611.68Jul '611.75Aug '611.72Sep '611.61Oct '611.40Nov '611.44Dec '611.37Jan '621.29Feb '621.11Mar '621.12Apr '621.20May '621.10Jun '621.18Jul '621.15Aug '621.20Sep '621.20Oct '621.06Nov '62.93Dec '62.94Jan '631.04Feb '631.04Mar '631.05Apr '63.96May '631.01Jun '63.73Jul '63.63Aug '63.70Sep '63.67Oct '63.58Nov '63.63Dec '63.65Jan '64.58Feb '64.72Mar '64.77Apr '64.72May '64.68Jun '64.72Jul '64.71Aug '64.63Sep '64.61Oct '64.36Nov '64.39Dec '64.32Jan '65.23Feb '65.27Mar '65.30Apr '65.36May '65.39Jun '65.41Jul '65.37Aug '65.33Sep '65.35Oct '65.35Nov '65.16Dec '65.06Jan '66.38Feb '66.19Mar '66.14Apr '66.16May '66.39Jun '66.28Jul '66.30Aug '66-.32Sep '66-.25Oct '66-.04Nov '66-.17Dec '66.01Jan '67.18Feb '67.49Mar '671.05Apr '671.35May '671.22Jun '671.04Jul '67.89Aug '67.92Sep '671.08Oct '67.79Nov '67.66Dec '67.66Jan '68.54Feb '68.59Mar '68.23Apr '68.18May '68.34Jun '68.22Jul '68.24Aug '68.33Sep '68.13Oct '68.26Nov '68-.09Dec '68.00Jan '69.07Feb '69.31Mar '69.33Apr '69.48May '69.44Jun '69-.40Jul '69-.12Aug '69.37Sep '69-.05Oct '69-.22Nov '69-.13Dec '69-.11Jan '70.05Feb '70.70Mar '70.89Apr '701.02May '701.19Jun '701.00Jul '701.16Aug '701.45Sep '701.49Oct '701.45Nov '701.65Dec '701.94Jan '712.74Feb '711.89Mar '712.15Apr '712.04May '711.48Jun '711.54Jul '711.84Aug '711.40Sep '711.56Oct '711.59Nov '712.21Dec '712.74Jan '722.58Feb '722.29Mar '722.51Apr '722.24May '722.09Jun '722.32Jul '721.87Aug '721.99Sep '721.65Oct '721.40Nov '721.27Dec '72.86Jan '73.79Feb '73.33Mar '73.47Apr '73.01May '73-.58Jun '73-.89Jul '73-1.41Aug '73-.08Sep '73-.65Oct '73-.61Nov '73-.56Dec '73-.48Jan '74-.45Feb '74-.87Mar '74-1.24Apr '74-.56May '74.30Jun '74.22Jul '74-.82Aug '741.82Sep '74-.01Oct '74.17Nov '74.34Dec '741.85Jan '752.06Feb '752.48Mar '752.81Apr '752.84May '752.10Jun '751.95Jul '751.86Aug '751.90Sep '752.40Oct '752.60Nov '752.56Dec '753.07Jan '762.77Feb '762.69Mar '762.76Apr '762.47May '762.49Jun '762.69Jul '762.57Aug '762.49Sep '762.53Oct '762.59Nov '762.47Dec '762.68Jan '772.75Feb '772.88Mar '772.76Apr '772.35May '772.22Jun '772.02Jul '771.72Aug '771.52Sep '771.44Oct '771.51Nov '771.65Dec '771.52Jan '781.62Feb '781.68Mar '781.89Apr '781.77May '781.61Jun '781.80Jul '78.85Aug '78.58Sep '78.21Oct '78-.15Nov '78-.11Dec '78-.34Jan '79-.28Feb '79-.33Mar '79-.21Apr '79-.51May '79-.14Jun '79-.17Jul '79-.57Aug '79-.68Sep '79-1.40Oct '79-1.11Nov '79-1.71Dec '79-.87Jan '80-1.29Feb '80-1.60Mar '80.37Apr '802.50May '802.21Jun '802.14Jul '801.59Aug '80.42Sep '80-.25Oct '80-1.76Nov '80-1.87Dec '80-1.91Jan '81-.79Feb '81.67Mar '81-.75Apr '81-1.60May '81-.42Jun '81-.20Jul '81-.11Aug '811.50Sep '811.88Oct '812.76Nov '812.90Dec '811.62Jan '821.59Feb '82.92Mar '821.53Apr '822.21May '821.68Jun '823.51Jul '824.39Aug '824.11Sep '822.81Oct '822.51Nov '822.44Dec '822.70Jan '832.34Feb '831.98Mar '832.19Apr '832.18May '832.17Jun '832.54Jul '832.72Aug '832.73Sep '833.23Oct '832.75Nov '832.85Dec '832.78Jan '842.90Feb '842.81Mar '843.10Apr '844.16May '843.92Jun '842.51Jul '842.16Aug '842.25Sep '842.78Oct '843.14Nov '843.70Dec '843.12Jan '853.41Feb '853.47Mar '853.56Apr '853.14May '853.42Jun '853.29Jul '853.14Aug '853.27Sep '852.82Oct '852.43Nov '851.95Dec '852.11Jan '861.11Feb '861.05Mar '861.28Apr '861.73May '861.37Jun '861.53Jul '861.73Aug '862.21Sep '862.09Oct '861.76Nov '861.55Dec '861.55Jan '871.73Feb '871.87Mar '872.65Apr '872.82May '872.68Jun '872.61Jul '872.71Aug '872.97Sep '873.58Oct '873.81Nov '873.24Dec '872.62Jan '882.57Feb '882.89Mar '882.90Apr '882.74May '882.24Jun '882.16Jul '881.93Aug '881.61Sep '881.26Oct '881.21Nov '881.03Dec '88.58Jan '89.57Feb '89.37Mar '89.63Apr '89-.01May '89.08Jun '89.00Jul '89.36Aug '89.38Sep '89.13Oct '89.24Nov '89.38Dec '89.66Jan '90.73Feb '90.83Mar '901.22Apr '90.84May '90.67Jun '90.85Jul '901.45Aug '901.66Sep '901.52Oct '901.23Nov '901.62Dec '901.83Jan '911.96Feb '912.30Mar '912.50Apr '912.55May '912.70Jun '912.63Jul '912.52Aug '912.37Sep '912.65Oct '913.06Nov '912.85Dec '913.48Jan '923.35Feb '923.49Mar '923.87Apr '923.60May '923.52Jun '923.42Jul '923.45Aug '923.66Sep '923.82Oct '923.66Nov '923.60Dec '923.47Jan '933.07Feb '933.13Mar '933.12Apr '933.08May '932.74Jun '932.77Jul '932.44Aug '932.48Sep '932.39Oct '932.66Nov '932.79Dec '932.69Jan '942.79Feb '943.28Mar '943.17Apr '943.01May '943.18Jun '942.84Jul '942.62Aug '942.94Sep '942.77Oct '942.35Nov '942.31Dec '941.77Jan '951.46Feb '951.50Mar '951.37Apr '95.67May '95.77Jun '951.02Jul '95.99Aug '95.93Sep '95.70Oct '95.44Nov '95.62Dec '95.68Jan '961.24Feb '961.33Mar '961.64Apr '961.81May '961.68Jun '961.62Jul '961.80Aug '961.80Sep '961.33Oct '961.05Nov '961.35Dec '961.49Jan '971.46Feb '971.71Mar '971.58Apr '971.85May '971.45Jun '97.91Jul '971.24Aug '971.19Sep '97.76Oct '97.80Nov '97.52Dec '97.46Jan '98.45Feb '98.65Mar '98.81Apr '98.67May '98.47Jun '98.53Jul '98.27Aug '98.16Sep '98.39Oct '98.31Nov '98.28Dec '98.29Jan '99.73Feb '99.87Mar '99.93Apr '991.11May '991.16Jun '991.29Jul '991.14Aug '991.15Sep '991.05Oct '991.02Nov '991.27Dec '991.14Jan '00.80Feb '00.30Mar '00.56Apr '00.81May '00.32Jun '00.01Jul '00-.39Aug '00-.25Sep '00-.43Oct '00-.58Nov '00-.62Dec '00.29Jan '01.18Feb '01.73Mar '011.47Apr '011.85May '011.83Jun '011.58Jul '011.53Aug '012.22Sep '012.26Oct '013.00Nov '013.32Dec '013.30Jan '023.11Feb '023.65Mar '023.35Apr '023.33May '023.16Jun '022.78Jul '022.48Aug '022.07Sep '022.48Oct '023.02Nov '022.63Dec '022.82Jan '032.52Feb '032.70Mar '032.75Apr '032.26May '032.64Jun '033.54Jul '033.49Aug '033.01Sep '033.36Oct '033.41Nov '033.33Dec '033.24Jan '043.04Feb '042.91Mar '043.54Apr '043.59May '043.31Jun '043.05Jul '042.56Aug '042.44Sep '042.16Oct '042.16Nov '042.04Dec '041.65Jan '051.64Feb '051.77Mar '051.36Apr '051.08May '05.88Jun '05.94Jul '05.58Aug '05.86Sep '05.67Oct '05.64Nov '05.41Dec '05.16Jan '06-.08Feb '06.24Mar '06.29Apr '06.25May '06.16Jun '06-.11Jul '06-.31Aug '06-.25Sep '06-.48Oct '06-.57Nov '06-.32Dec '06-.30Jan '07-.56Feb '07-.39Mar '07-.28Apr '07.17May '07.23Jun '07-.21Jul '07.42Aug '07.78Sep '07.55Oct '07.79Nov '07.92Dec '071.65Jan '081.67Feb '082.04Mar '082.34Apr '082.18May '082.10Jun '082.28Jul '082.10Aug '082.92Sep '083.59Oct '082.88Nov '081.97Dec '082.61Jan '092.77Feb '092.46Mar '092.98Apr '093.32May '093.33Jun '093.29Jul '093.25Aug '093.18Sep '093.33Oct '093.14Nov '093.77Dec '093.53Jan '103.47Feb '103.68Mar '103.50Apr '103.14May '102.77Jun '102.76Jul '102.34Aug '102.36Sep '102.49Oct '102.63Nov '103.17Dec '103.23Jan '113.28Feb '113.36Mar '113.25Apr '113.01May '113.15Jun '112.70Jul '112.21Aug '111.90Sep '112.13Oct '112.07Nov '111.87Dec '111.74Jan '121.89Feb '122.14Mar '121.83Apr '121.50May '121.56Jun '121.37Jul '121.47Aug '121.54Sep '121.57Oct '121.54Nov '121.71Dec '121.92Jan '131.78Feb '131.79Mar '131.63Apr '132.10May '132.45Jun '132.55Jul '132.77Aug '132.61Sep '132.53Oct '132.69Nov '132.97Dec '132.63Jan '142.59Feb '142.68Mar '142.62Apr '142.44May '142.51Jun '142.54Jul '142.32Aug '142.47Sep '142.33Oct '142.15Nov '142.12Dec '141.63Jan '151.98Feb '151.89Mar '152.03Apr '152.12May '152.34Jun '152.11Jul '152.22Aug '152.04Sep '152.07Oct '152.03Nov '152.10Dec '151.60Jan '161.42Feb '161.56Mar '161.62Apr '161.56May '161.22Jun '161.19Jul '161.25Aug '161.32Sep '161.53Oct '161.90Nov '161.94Dec '161.94Jan '171.78Feb '171.64Mar '171.48Apr '171.24May '171.28Jun '171.21Jul '171.13Aug '171.27Sep '171.23Oct '171.15Nov '171.02Dec '171.25Jan '181.22Feb '181.02Mar '181.12Apr '181.12

Data represent historical month end values

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, 2017, +/- 1 standard deviation* of historical month-end values have ranged from 0.33% to 2.66%.1

12 month trend

'17MJJASOND'18JFMA
Footnotes

Data Source: Factset

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