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Interest rates
Interest rates set by the Federal Reserve and by markets: the fed funds target and FOMC decisions, Treasury yields and the yield curve, mortgage rates and corporate credit spreads. From FRED and the Treasury; latest Oct 16, 2026.
Rates today
10-year minus 2-year spread
0.38% +0.03 pts
Oct 19, 2026; change vs prior reading
Negative means an inverted yield curveThe Treasury yield curve
Yields on Treasury securities by maturity on Oct 16, 2026, a month earlier and a year earlier. The 10-year yield is above the 3-month yield: the curve slopes upward at that point.
Latest (Oct 16, 2026)1 month earlier (Sep 16, 2026)1 year earlier (Oct 16, 2025)
| Maturity | Latest | 1 month earlier | 1 year earlier | Change, 1 year |
|---|---|---|---|---|
| 1M | 4.12% | 3.96% | 4.20% | −0.08 pts |
| 3M | 4.26% | 4.14% | 4.02% | +0.24 pts |
| 6M | 4.34% | 4.22% | 3.79% | +0.55 pts |
| 1Y | 4.46% | 4.45% | 3.54% | +0.92 pts |
| 2Y | 4.74% | 4.74% | 3.41% | +1.33 pts |
| 3Y | 4.82% | 4.82% | 3.42% | +1.40 pts |
| 5Y | 4.89% | 4.86% | 3.55% | +1.34 pts |
| 7Y | 4.98% | 4.94% | 3.74% | +1.24 pts |
| 10Y | 5.09% | 5.01% | 3.99% | +1.10 pts |
| 20Y | 5.47% | 5.39% | 4.56% | +0.91 pts |
| 30Y | 5.43% | 5.35% | 4.58% | +0.85 pts |
Source: U.S. Treasury constant-maturity yields via FRED (DGS1MO, DGS3MO, DGS6MO, DGS1, DGS2, DGS3, DGS5, DGS7, DGS10, DGS20, DGS30).
Federal Reserve policy
The effective fed funds rate and the decisions behind it.
Next meetings
- Oct 28
2026FOMC meeting, October 27-28Decision at 2:00 p.m. ET - Dec 9
2026FOMC meeting, December 8-9Decision at 2:00 p.m. ET; with the Summary of Economic Projections - Jan 27
2027FOMC meeting, January 26-27Decision at 2:00 p.m. ET - Mar 17
2027FOMC meeting, March 16-17Decision at 2:00 p.m. ET; with the Summary of Economic Projections
Recent decisions
| Decision date | Meeting | Decision | Change | Target range after |
|---|---|---|---|---|
| Sep 16, 2026 | September 15-16 | Raised | +0.25 pts | 3.75%–4.00% |
| Jul 29, 2026 | July 28-29 | Held | – | 3.50%–3.75% |
| Jun 17, 2026 | June 16-17 | Held | – | 3.50%–3.75% |
| Apr 29, 2026 | April 28-29 | Held | – | 3.50%–3.75% |
| Mar 18, 2026 | March 17-18 | Held | – | 3.50%–3.75% |
| Jan 28, 2026 | January 27-28 | Held | – | 3.50%–3.75% |
| Dec 10, 2025 | December 9-10 | Cut | −0.25 pts | 3.50%–3.75% |
| Oct 29, 2025 | October 28-29 | Cut | −0.25 pts | 3.75%–4.00% |
| Sep 17, 2025 | September 16-17 | Cut | −0.25 pts | 4.00%–4.25% |
| Aug 22, 2025 | August 22 (notation vote) | Held | – | 4.25%–4.50% |
| Jul 30, 2025 | July 29-30 | Held | – | 4.25%–4.50% |
| Jun 18, 2025 | June 17-18 | Held | – | 4.25%–4.50% |
| May 7, 2025 | May 6-7 | Held | – | 4.25%–4.50% |
| Mar 19, 2025 | March 18-19 | Held | – | 4.25%–4.50% |
| Jan 29, 2025 | January 28-29 | Held | – | 4.25%–4.50% |
| Dec 18, 2024 | December 17-18 | Cut | −0.25 pts | 4.25%–4.50% |
| Nov 7, 2024 | November 6-7 | Cut | −0.25 pts | 4.50%–4.75% |
| Sep 18, 2024 | September 17-18 | Cut | −0.50 pts | 4.75%–5.00% |
| Jul 31, 2024 | July 30-31 | Held | – | 5.25%–5.50% |
| Jun 12, 2024 | June 11-12 | Held | – | 5.25%–5.50% |
| May 1, 2024 | Apr/May 30-1 | Held | – | 5.25%–5.50% |
| Mar 20, 2024 | March 19-20 | Held | – | 5.25%–5.50% |
| Jan 31, 2024 | January 30-31 | Held | – | 5.25%–5.50% |
| Dec 13, 2023 | December 12-13 | Held | – | 5.25%–5.50% |
| Nov 1, 2023 | Oct/Nov 31-1 | Held | – | 5.25%–5.50% |
| Sep 20, 2023 | September 19-20 | Held | – | 5.25%–5.50% |
| Jul 26, 2023 | July 25-26 | Raised | +0.25 pts | 5.25%–5.50% |
| Jun 14, 2023 | June 13-14 | Held | – | 5.00%–5.25% |
| May 3, 2023 | May 2-3 | Raised | +0.25 pts | 5.00%–5.25% |
| Mar 22, 2023 | March 21-22 | Raised | +0.25 pts | 4.75%–5.00% |
| Feb 1, 2023 | Jan/Feb 31-1 | Raised | +0.25 pts | 4.50%–4.75% |
| Dec 14, 2022 | December 13-14 | Raised | +0.50 pts | 4.25%–4.50% |
| Nov 2, 2022 | November 1-2 | Raised | +0.75 pts | 3.75%–4.00% |
| Sep 21, 2022 | September 20-21 | Raised | +0.75 pts | 3.00%–3.25% |
| Jul 27, 2022 | July 26-27 | Raised | +0.75 pts | 2.25%–2.50% |
| Jun 15, 2022 | June 14-15 | Raised | +0.75 pts | 1.50%–1.75% |
| May 4, 2022 | May 3-4 | Raised | +0.50 pts | 0.75%–1.00% |
| Mar 16, 2022 | March 15-16 | Raised | +0.25 pts | 0.25%–0.50% |
| Jan 26, 2022 | January 25-26 | Held | – | 0.00%–0.25% |
| Dec 15, 2021 | December 14-15 | Held | – | 0.00%–0.25% |
| Nov 3, 2021 | November 2-3 | Held | – | 0.00%–0.25% |
| Sep 22, 2021 | September 21-22 | Held | – | 0.00%–0.25% |
| Jul 28, 2021 | July 27-28 | Held | – | 0.00%–0.25% |
| Jun 16, 2021 | June 15-16 | Held | – | 0.00%–0.25% |
| Apr 28, 2021 | April 27-28 | Held | – | 0.00%–0.25% |
| Mar 17, 2021 | March 16-17 | Held | – | 0.00%–0.25% |
| Jan 27, 2021 | January 26-27 | Held | – | 0.00%–0.25% |
Sources: Federal Reserve FOMC calendar; the target range after each meeting from FRED DFEDTARL and DFEDTARU.
Treasury yields
Constant-maturity yields over ten years.
10-year minus 2-year spread
0.38% +0.03 pts Oct 19, 2026
Source: FRED T10Y2Y. Negative means an inverted yield curve.
Inflation-protected yields
Borrowing costs
Mortgage rates and corporate credit spreads over Treasuries.
What the Treasury pays on its debt
Average interest rate on outstanding marketable debt, monthly.
Average interest rate on marketable debt
3.52% +0.04 pts Sep 2026
Source: Treasury FiscalData avg_rate:marketable:total_marketable.