10-Year Treasury Yield
U.S. 10-year constant maturity Treasury yield, daily
The 10-year yield is the benchmark long rate that feeds into mortgage rates, corporate discount rates, and valuation multiples. It reflects both expected short rates (policy path) and term premium. In macro trading, moves in DGS10 often shape equity leadership, FX, and the broader risk regime.
Historical 10-Year Yield Chart
Related Indicators
How to interpret the 10-year yield
Expected short rates + term premium
The 10-year yield is often simplified as “growth expectations,” but it’s better viewed as: expected path of short rates (Fed policy) plus term premium (compensation for duration risk). Term premium can rise even if growth is slowing (e.g., heavy Treasury issuance or inflation uncertainty).
Why it matters for equities
Higher long rates raise the discount rate and can compress valuation multiples, especially for long-duration equities. Falling long rates can ease that pressure — but if yields fall because growth is deteriorating, cyclicals can still struggle.
FX and global spillovers
U.S. long rates influence global financial conditions through the dollar and cross-border capital flows. Sharp moves in DGS10 can ripple into EM FX, commodities, and global equity risk.
Cross-checks
Pair with inflation (Core PCE), the policy rate (Fed Funds), and the curve slope (10Y–2Y). The mix helps distinguish “reflation” from “slowdown.”
Current Reading
Interpreting the Signal
Best cross-check
Compare 10-year yields to inflation trends and the yield curve. Falling long yields with widening spreads is usually not “bullish.” Falling yields with easing inflation can be.
Release Notes
Updated daily from Treasury market yields. Expect volatility around CPI/PCE releases and Fed communications.
- Frequency: Daily
- Unit: Percent (%)
- Instrument: 10-year constant maturity Treasury