The 20 Yr - 2 Yr spread (2s20s) is +100 basis points as of July 31, 2026, up 1 bps on the day. The 52-week range is 72 to 134 bps.
| ΔD(bps) | ΔW(bps) | ΔM(bps) | ΔQ(bps) | ΔY(bps) |
|---|---|---|---|---|
| +1 | +15 | +20 | -9 | +4 |
Current spread is at the 20th percentile of its 52-week range.
The 20 Yr - 2 Yr Treasury spread is the difference between the 20 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 100 bps sits at the 19th percentile of its 52-week range (72 to 134 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.