U.S. Federal Reserve (H.15)
Daily
DGS2
2-year Treasury yield
Level
4.17%
▲
Prev 4.05% (+0.12 pt)
2026-06-05 as of
The yield on the 2-year U.S. Treasury — the short-to-mid rate most sensitive to the Fed's expected policy path, reflecting hike and cut bets.
Key points
- Yield on the 2-year U.S. Treasury
- Most sensitive to the Fed's expected policy path
- Its gap to the 10-year signals the cycle
- Read the level and direction
How to read it
It prices the expected policy path, so it moves on Fed expectations. When the 10-year minus 2-year spread turns negative (an inversion), it is seen as a recession warning (see the 10Y-2Y spread).
Recent trend
| Period | Value | Change |
|---|---|---|
| 2026-06-05 | 4.17 | +0.12 |
| 2026-06-04 | 4.05 | -0.03 |
| 2026-06-03 | 4.08 | +0.03 |
| 2026-06-02 | 4.05 | 0 |
| 2026-06-01 | 4.05 | +0.07 |
| 2026-05-29 | 3.98 | -0.01 |
| 2026-05-28 | 3.99 | -0.01 |
| 2026-05-27 | 4 | -0.01 |
| 2026-05-26 | 4.01 | -0.12 |
| 2026-05-22 | 4.13 | +0.05 |
| 2026-05-21 | 4.08 | +0.04 |
| 2026-05-20 | 4.04 | -0.09 |
FAQ
Why watch the 2-year?
It best reflects the Fed's expected rate path and moves sharply on policy expectations. Its spread to the 10-year is also read for the cycle.
Sources (primary)
This article is an independent summary based on the official U.S. data below. Please verify the latest and exact details with the official sources.
- FRED (series page)：DGS2
- Source agency：U.S. Federal Reserve (H.15)
- FRED last updated：2026-06-08 15:18:46-05
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