The 10 Yr - 5 Yr spread (5s10s) is +17 basis points as of September 15, 2026, unchanged on the day. The 52-week range is 17 to 47 bps. The 5s10s spread measures steepness in the belly-to-long end of the curve, reflecting term premium dynamics.
| ΔD(bps) | ΔW(bps) | ΔM(bps) | ΔQ(bps) | ΔY(bps) |
|---|---|---|---|---|
| 0 | -6 | -15 | -12 | -26 |
Current spread is at the 1st percentile of its 52-week range.
The 10 Yr - 5 Yr Treasury spread is the difference between the 10 Yr and 5 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 17 bps sits at the 0th percentile of its 52-week range (17 to 47 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.