2-Year Treasury Yield Today: 4.88%
The 2-year Treasury yield is the rate on US government debt maturing in two years. It is currently 4.88% as of September 30, 2026, −0.01pp versus the prior session.
More than any other maturity, the 2-year tracks the market’s expectation for Federal Reserve policy. Because the Fed sets only the overnight rate, a two-year bond spans roughly the horizon over which the market prices the next several policy moves. When traders expect rate cuts, the 2-year falls quickly; when they expect hikes or a “higher for longer” stance, it rises.
That sensitivity makes the 2-year the cleanest read on the policy path. The gap between the 2-year yield and the current fed funds rate is effectively a market forecast of where the committee is heading. The 2-year also sets the short end of the curve used in the 10Y–2Y spread, the most cited recession indicator in macro.
For investors, the 2-year drives the front end of duration positioning and is the instrument of choice for expressing a view on Fed policy without taking long-duration risk. We track its level daily alongside the full Treasury curve.
It is 0.54pp higher than a month ago (Aug 31, 2026), and 1.28pp higher than a year ago (Sep 30, 2025).
It is above the 3.84% average of the period we track, which has run from 3.38% (Feb 27, 2026) to 4.92% (Sep 28, 2026) — the highest since Sep 29, 2026.
2-Year Treasury Yield — recent values
| Date | Value |
|---|---|
| Sep 30, 2026 | 4.88% |
| Sep 29, 2026 | 4.89% |
| Sep 28, 2026 | 4.92% |
| Sep 25, 2026 | 4.81% |
| Sep 24, 2026 | 4.87% |
| Sep 23, 2026 | 4.85% |
| Sep 22, 2026 | 4.71% |
| Sep 21, 2026 | 4.76% |
| Sep 18, 2026 | 4.76% |
| Sep 17, 2026 | 4.67% |
Values as published by the source. Macro series are revised after first release; this table shows the most recent vintage. Saved dataset: JSON.