# Curves

Source: https://www.yieldcurve.pro/curves

This app allows users to chart Treasury [yield curves](https://www.yieldcurve.pro/learn/yield-curve), as a function of tenor,
for two distinct dates.



## Instructions

* choose the desired **Start** and **End** dates using the two date selectors — the chart updates automatically
* optionally select from the **Events** dropdown to load a preset historical date
* click the **sparkle** button to open **ChatYCP** and ask questions about the data (login required)

## Notes

* **Start** and **End** are pre-populated with the earliest and latest dates
available, respectively
* **Events** provides preset dates for significant market events
* each preset has a dedicated URL for easy sharing (e.g.,
<a href="/curves/lehman">/curves/lehman</a>)
* try asking ChatYCP: *"What is the current 10Y yield?"* or *"What was the yield curve shape on September 15, 2008?"*

Preset Events

* **2001 Post-9/11** - First trading day after the September 11 attacks
* **2003 Fed Funds 1%** - Trough of post-dot-com easing cycle (very steep curve)
* **2006 Tightening Peak** - Fed funds at 5.25% (classic late-cycle inversion)
* **2008 Lehman Bankruptcy** - Acute financial crisis (curve shape in chaos)
* **2008 ZIRP Begins** - Fed cuts to 0-0.25% (Zero Interest Rate Policy)
* **2011 Operation Twist** - Fed program to flatten curve by selling short-term and buying long-term Treasuries
* **2020 COVID Crash** - Treasury market dysfunction and liquidity crisis
* **2022 Fed Tightening** - Start of aggressive rate hike cycle (inversion developing)
* **2023 Deepest Inversion** - 10Y-3Mo at -189 bps (most inverted in decades)
* **2023 10 Yr Touches 5%** - Term premium resurgence (higher-for-longer peak)

Use Cases

* discover tenors with the highest or lowest yields
* determine dates with upward or downward sloping yield curves
* compare different interest rate environments through time
* quickly compare today's curve to historical events

Further Reading

* <a href="https://en.wikipedia.org/wiki/Yield_curve" target="_blank">Yield Curve</a>
* <a href="https://www.newyorkfed.org/research/capital_markets/ycfaq#/" target="_blank">The Yield Curve as a Leading Indicator</a>
* <a href="/blog/why-the-yield-curve-matters">The Importance of the US Treasury Yield Curve</a>
* <a href="/blog/ten-moments-treasury-curve">Ten Treasury Curve Snapshots That Defined the Modern Era</a>
* <a href="/blog/yield-curve-recession-false-positive">The Yield Curve Predicted a Recession That Never Came</a>
* <a href="/blog/examining-yield-curve-similarity-part-1">Examining Yield Curve Similarity (Part 1)</a>
* <a href="/blog/examining-yield-curve-similarity-part-2">Examining Yield Curve Similarity (Part 2)</a>
* <a href="/blog/is-the-yield-curve-cyclical">Does The Yield Curve Follow a Cycle?</a>