The 5 Yr - 2 Yr spread (2s5s) is +13 basis points as of April 17, 2026, unchanged on the day. The 52-week range is 2 to 28 bps. The 2s5s tracks the front-to-belly spread, sensitive to near-term rate expectations and forward guidance.
| ΔD(bps) | ΔW(bps) | ΔM(bps) | ΔQ(bps) | ΔY(bps) |
|---|---|---|---|---|
| 0 | 0 | +4 | -10 | -1 |
Current spread is at the 56th percentile of its 52-week range.
The 5 Yr - 2 Yr Treasury spread is the difference between the 5 Yr and 2 Yr par yields. When positive, the curve is "normal" — longer maturities yield more than shorter ones, compensating investors for duration risk. When negative (inverted), the curve signals that the market expects lower future rates, often associated with recession risk or aggressive monetary tightening. The current level of 13 bps sits at the 55th percentile of its 52-week range (2 to 28 bps). Spread changes are driven by shifts in rate expectations, term premium, and supply-demand dynamics. Fixed income traders use these spreads to construct curve trades — steepeners profit when the spread widens, flatteners when it narrows.