Follow the Money
The spread stood still. The yields did not.
Compare the short and long ends separately. These are Treasury observations for 2026-10-22 and 2026-10-23, not a live intraday feed.
THE SHAPE OF THE MOVE
The same curve. Two dated observations.
| Maturity | 2026-10-22 | 2026-10-23 | Change, bp |
|---|---|---|---|
| 2-year | 4.65% | 4.69% | 4 |
| 10-year | 4.96% | 5.00% | 4 |
| 30-year | 5.29% | 5.33% | 4 |
Source: U.S. Treasury daily par yield curve. Dates identify observations; these are not intraday quotes. 1 basis point = 0.01 percentage point. Read the source and qualification below.
On 2026-10-23, Treasury reported par yields of 4.69% at 2 years, 5% at 10 years and 5.33% at 30 years. The comparison observation is 2026-10-22. [1]
The 10-year minus 2-year spread was 31 basis points, versus 31 basis points: a change of 0 basis points. The 2-year yield changed 4 basis points; the 10-year changed 4 basis points; the 30-year changed 4 basis points. [1]
A spread combines two moving parts. Inspecting both ends tells us which observed yield change contributed to the slope change; it does not establish why either yield moved. [1]
Inspect the sources and methods 1 source record
U.S. Treasury daily par yield curve
Rows 2026-10-22 and 2026-10-23; 2-year, 10-year and 30-year par yields; retained observation ev_822ad22ba8291233e0565614
Source reference