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Interest rates & bonds

2-Year Treasury Yield Today

The 2-year Treasury yield was 4.46% on Nov 5, 2026, down 0.12 percentage points from 4.58% the previous business day. That is 0.58 percentage points above the effective fed funds rate of 3.88%, which typically means investors expect rates to stay high or rise. A year earlier (Nov 5, 2025), the reading was 3.63%.

4.46%
-0.12 pp vs prior day
Nov 5, 2026 · Daily data
Previous4.58%Nov 4, 2026
A year earlier3.63%Nov 5, 2025 · +0.83 pp
1-year high4.92%Sep 28, 2026
1-year low3.38%Feb 27, 2026
5-year high5.19%Oct 17, 2023
5-year low0.41%Nov 9, 2021
vs fed funds rate+0.58 ppEffective rate 3.88%

2-Year Treasury Yield: chart

2-Year Treasury Yield, Nov 7, 2025 to Nov 5, 2026Line chart from Nov 7, 2025 to Nov 5, 2026. Latest 4.46%; high 4.92% on Sep 28, 2026; low 3.38% on Feb 27, 2026.3.0%3.5%4.0%4.5%5.0%Jan '26Apr '26Jul '26Oct '264.46%High 4.92%Low 3.38%
2-Year Treasury Yield, Nov 9, 2021 to Nov 5, 2026Line chart from Nov 9, 2021 to Nov 5, 2026. Latest 4.46%; high 5.19% on Oct 17, 2023; low 0.41% on Nov 9, 2021.0%1%2%3%4%5%6%202220232024202520264.46%High 5.19%Low 0.41%
2-Year Treasury Yield, Nov 10, 2016 to Nov 5, 2026Line chart from Nov 10, 2016 to Nov 5, 2026. Latest 4.46%; high 5.19% on Oct 17, 2023; low 0.09% on Feb 5, 2021.0%2%4%6%201820202022202420264.46%High 5.19%Low 0.09%

Percent, constant maturity, daily. The chart plots the last reading of each week plus the daily highs and lows; the table below shows daily values.

Latest readings

Daily data
DateYieldChange (pp)
Nov 5, 20264.46%-0.12
Nov 4, 20264.58%-0.03
Nov 3, 20264.61%+0.02
Nov 2, 20264.59%+0.03
Oct 30, 20264.56%-0.05
Oct 29, 20264.61%-0.06
Oct 28, 20264.67%-0.03
Oct 27, 20264.70%+0.02
Oct 26, 20264.68%-0.01
Oct 23, 20264.69%+0.04
Oct 22, 20264.65%-0.16
Oct 21, 20264.81%+0.02
Oct 20, 20264.79%+0.02
Oct 19, 20264.77%+0.03
Oct 16, 20264.74%-0.03
Oct 15, 20264.77%-0.05
Oct 14, 20264.82%+0.03
Oct 13, 20264.79%-0.01
Oct 9, 20264.80%+0.05
Oct 8, 20264.75%-0.02
Oct 7, 20264.77%-0.02
Oct 6, 20264.79%-0.05
Oct 5, 20264.84%+0.01
Oct 2, 20264.83%+0.05

pp = percentage points.

Related indicators

All US economy indicators →
Fed funds rate
3.88%
unch. vs prior day
Nov 5, 2026 · Federal Reserve Board (H.15)
10-year Treasury
4.84%
-0.06 pp vs prior day
Nov 5, 2026 · Federal Reserve Board (H.15)
Yield curve (10y-2y)Not inverted
+0.35%
-0.03 pp vs prior day
Nov 6, 2026 · Federal Reserve Bank of St. Louis
Core PCE inflation
3.1%
+0.1 pp vs prior month
Sep 2026 · U.S. Bureau of Economic Analysis
Unemployment rate
4.1%
-0.1 pp vs prior month
Oct 2026 · U.S. Bureau of Labor Statistics

Frequently asked questions

What is the 2-year Treasury yield today?

The 2-year Treasury yield was 4.46% on Nov 5, 2026, down 0.12 percentage points from 4.58% the previous business day. That is 0.58 percentage points above the effective fed funds rate of 3.88%, which typically means investors expect rates to stay high or rise. A year earlier (Nov 5, 2025), the reading was 3.63%.

What does it mean when the 2-year yield is below the fed funds rate?

It usually means investors expect the Federal Reserve to cut rates within the next two years, because lending for two years pays less than rolling over overnight money at today's rate. A 2-year yield above the funds rate points to expected hikes or rates staying high.

Why does the 2-year yield jump around Fed meetings and jobs reports?

It is the maturity most tied to the expected path of the fed funds rate, so news that changes that path — inflation data, payrolls, guidance from Fed officials — moves it the most.

Source: Federal Reserve Board (H.15), via FRED, Federal Reserve Bank of St. Louis (series DGS2). Data checked Nov 6, 5:40 PM ET. Not investment advice.