Positive spread
The 10-year yield is above the 2-year yield. A larger positive number describes a steeper curve between those maturities.
Free calculator · official-source context
10Y–2Y yield curve spread calculator.
Subtract the 2-year Treasury constant-maturity yield from the 10-year yield. Compare your inputs with VisionBoard’s latest cached FRED observation, then inspect what the number can—and cannot—tell you.
Latest cached FRED T10Y2Y observation0.50 percentage pointsVisionBoard cache updated UTC
Official series formula10-year − 2-yearPercentage-point spread, published daily when observations are available.
Calculated curve slope
10Y–2Y spread formula
10Y–2Y spread = 10-year Treasury constant-maturity yield − 2-year Treasury constant-maturity yield
Near zero
The two yields are close together. “Flat” is a descriptive label; there is no universal official flat-curve threshold.
Negative spread
The 10-year yield is below the 2-year yield, commonly described as an inverted 10Y–2Y curve.
Sources and interpretation limits
FRED’s T10Y2Y series defines the spread and notes that its underlying Treasury data come from the U.S. Treasury. Treasury’s daily par yield-curve page explains that constant-maturity yields are interpolated from its daily par curve and based on indicative bid-side quotations.
Do not swap models silently: the New York Fed yield-curve recession model cited here uses the 10-year minus 3-month spread, not T10Y2Y, and states that its estimates are not official Federal Reserve forecasts. This calculator performs arithmetic only and does not estimate recession odds.
VisionBoard Finance is informational and educational only. Nothing on this page is individualized investment advice.
Yield-curve calculator questions
How do I calculate the 10Y–2Y spread?
Subtract the 2-year constant-maturity yield from the 10-year constant-maturity yield. A 4.50% 10-year yield and 4.00% 2-year yield produce a 0.50 percentage-point spread.
Does an inversion guarantee a recession?
No. An inversion describes the two yields at a point in time. It does not declare, guarantee, or precisely time a recession.
Can I compare yields from different dates?
You can calculate the arithmetic, but it would not describe the curve at one point in time. For a meaningful same-day spread, use observations from the same source and date.