The Treasury curve in 2014

The zero curve on each of 248 trading days, at the two, ten and thirty year points.

0%1%2%3%4%5%Jan 2, 2014Dec 31, 2014Jan 2, 20142Y zero rate0.401%10Y zero rate3.173%30Y zero rate4.139%Jan 10, 20142Y zero rate0.392%10Y zero rate2.995%30Y zero rate4.088%Jan 21, 20142Y zero rate0.428%10Y zero rate2.997%30Y zero rate3.955%Jan 29, 20142Y zero rate0.371%10Y zero rate2.824%30Y zero rate3.884%Feb 6, 20142Y zero rate0.350%10Y zero rate2.861%30Y zero rate3.952%Feb 14, 20142Y zero rate0.355%10Y zero rate2.873%30Y zero rate3.970%Feb 25, 20142Y zero rate0.357%10Y zero rate2.836%30Y zero rate3.920%Mar 5, 20142Y zero rate0.356%10Y zero rate2.834%30Y zero rate3.896%Mar 13, 20142Y zero rate0.372%10Y zero rate2.789%30Y zero rate3.840%Mar 21, 20142Y zero rate0.482%10Y zero rate2.888%30Y zero rate3.848%Mar 31, 20142Y zero rate0.456%10Y zero rate2.876%30Y zero rate3.803%Apr 8, 20142Y zero rate0.443%10Y zero rate2.831%30Y zero rate3.736%Apr 16, 20142Y zero rate0.432%10Y zero rate2.780%30Y zero rate3.670%Apr 25, 20142Y zero rate0.455%10Y zero rate2.814%30Y zero rate3.663%May 5, 20142Y zero rate0.451%10Y zero rate2.751%30Y zero rate3.621%May 13, 20142Y zero rate0.420%10Y zero rate2.725%30Y zero rate3.668%May 21, 20142Y zero rate0.383%10Y zero rate2.670%30Y zero rate3.593%May 30, 20142Y zero rate0.401%10Y zero rate2.596%30Y zero rate3.547%Jun 9, 20142Y zero rate0.461%10Y zero rate2.747%30Y zero rate3.678%Jun 17, 20142Y zero rate0.525%10Y zero rate2.793%30Y zero rate3.581%Jun 25, 20142Y zero rate0.482%10Y zero rate2.708%30Y zero rate3.524%Jul 3, 20142Y zero rate0.538%10Y zero rate2.791%30Y zero rate3.624%Jul 14, 20142Y zero rate0.506%10Y zero rate2.663%30Y zero rate3.566%Jul 22, 20142Y zero rate0.539%10Y zero rate2.610%30Y zero rate3.390%Jul 30, 20142Y zero rate0.590%10Y zero rate2.702%30Y zero rate3.433%Aug 7, 20142Y zero rate0.492%10Y zero rate2.567%30Y zero rate3.376%Aug 15, 20142Y zero rate0.500%10Y zero rate2.474%30Y zero rate3.271%Aug 25, 20142Y zero rate0.585%10Y zero rate2.504%30Y zero rate3.291%Sep 3, 20142Y zero rate0.578%10Y zero rate2.557%30Y zero rate3.258%Sep 11, 20142Y zero rate0.620%10Y zero rate2.683%30Y zero rate3.370%Sep 22, 20142Y zero rate0.620%10Y zero rate2.710%30Y zero rate3.392%Sep 30, 20142Y zero rate0.632%10Y zero rate2.656%30Y zero rate3.311%Oct 8, 20142Y zero rate0.515%10Y zero rate2.474%30Y zero rate3.186%Oct 17, 20142Y zero rate0.457%10Y zero rate2.345%30Y zero rate3.110%Oct 27, 20142Y zero rate0.454%10Y zero rate2.387%30Y zero rate3.245%Nov 4, 20142Y zero rate0.566%10Y zero rate2.484%30Y zero rate3.140%Nov 13, 20142Y zero rate0.579%10Y zero rate2.493%30Y zero rate3.180%Nov 24, 20142Y zero rate0.559%10Y zero rate2.448%30Y zero rate3.113%Dec 3, 20142Y zero rate0.591%10Y zero rate2.423%30Y zero rate3.075%Dec 11, 20142Y zero rate0.660%10Y zero rate2.269%30Y zero rate3.037%Dec 19, 20142Y zero rate0.721%10Y zero rate2.257%30Y zero rate2.964%Dec 30, 20142Y zero rate0.733%10Y zero rate2.274%30Y zero rate2.934%Dec 31, 20142Y zero rate0.717%10Y zero rate2.253%30Y zero rate2.925%
2Y zero rate10Y zero rate30Y zero rate
Zero rate first, last, low and high for each charted tenor across 2014.
TenorFirstLastChangeLowHigh
2Y0.401%0.717%+31.6 bp0.326%Feb 3, 20140.793%Dec 24, 2014
10Y3.173%2.253%-92.0 bp2.144%Dec 16, 20143.178%Jan 3, 2014
30Y4.139%2.925%-121.5 bp2.885%Dec 16, 20144.149%Jan 3, 2014

Rates are percent; the change column is basis points. A rise in yield is a fall in price, so the colours here describe the rate rather than a bondholder's return.

Month by month

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

Safe Rateâ„¢, Safe Rate Indicesâ„¢ and the Safe Rate US Treasury Indexâ„¢ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.