The Treasury curve in 2019

The zero curve on each of 250 trading days, at the two, ten and thirty year points.

1.00%1.50%2.00%2.50%3.00%3.50%Jan 2, 2019Dec 31, 2019Jan 2, 20192Y zero rate2.512%10Y zero rate2.669%30Y zero rate3.014%Jan 10, 20192Y zero rate2.568%10Y zero rate2.745%30Y zero rate3.099%Jan 18, 20192Y zero rate2.613%10Y zero rate2.796%30Y zero rate3.133%Jan 29, 20192Y zero rate2.570%10Y zero rate2.721%30Y zero rate3.087%Feb 6, 20192Y zero rate2.522%10Y zero rate2.710%30Y zero rate3.076%Feb 14, 20192Y zero rate2.503%10Y zero rate2.675%30Y zero rate3.051%Feb 25, 20192Y zero rate2.502%10Y zero rate2.675%30Y zero rate3.093%Mar 5, 20192Y zero rate2.550%10Y zero rate2.737%30Y zero rate3.136%Mar 13, 20192Y zero rate2.453%10Y zero rate2.601%30Y zero rate3.104%Mar 21, 20192Y zero rate2.401%10Y zero rate2.540%30Y zero rate3.056%Mar 29, 20192Y zero rate2.273%10Y zero rate2.415%30Y zero rate2.939%Apr 8, 20192Y zero rate2.351%10Y zero rate2.518%30Y zero rate3.016%Apr 16, 20192Y zero rate2.403%10Y zero rate2.591%30Y zero rate3.084%Apr 25, 20192Y zero rate2.324%10Y zero rate2.536%30Y zero rate3.028%May 3, 20192Y zero rate2.327%10Y zero rate2.541%30Y zero rate3.051%May 13, 20192Y zero rate2.186%10Y zero rate2.419%30Y zero rate2.976%May 21, 20192Y zero rate2.251%10Y zero rate2.448%30Y zero rate2.972%May 30, 20192Y zero rate2.085%10Y zero rate2.242%30Y zero rate2.793%Jun 7, 20192Y zero rate1.864%10Y zero rate2.109%30Y zero rate2.728%Jun 17, 20192Y zero rate1.878%10Y zero rate2.103%30Y zero rate2.737%Jun 25, 20192Y zero rate1.747%10Y zero rate2.022%30Y zero rate2.706%Jul 3, 20192Y zero rate1.780%10Y zero rate1.963%30Y zero rate2.600%Jul 12, 20192Y zero rate1.861%10Y zero rate2.122%30Y zero rate2.770%Jul 22, 20192Y zero rate1.824%10Y zero rate2.052%30Y zero rate2.716%Jul 30, 20192Y zero rate1.863%10Y zero rate2.066%30Y zero rate2.714%Aug 7, 20192Y zero rate1.598%10Y zero rate1.717%30Y zero rate2.388%Aug 15, 20192Y zero rate1.521%10Y zero rate1.547%30Y zero rate2.114%Aug 23, 20192Y zero rate1.531%10Y zero rate1.545%30Y zero rate2.166%Sep 3, 20192Y zero rate1.496%10Y zero rate1.506%30Y zero rate2.080%Sep 11, 20192Y zero rate1.708%10Y zero rate1.767%30Y zero rate2.318%Sep 19, 20192Y zero rate1.779%10Y zero rate1.810%30Y zero rate2.317%Sep 27, 20192Y zero rate1.676%10Y zero rate1.711%30Y zero rate2.236%Oct 7, 20192Y zero rate1.507%10Y zero rate1.575%30Y zero rate2.170%Oct 16, 20192Y zero rate1.602%10Y zero rate1.765%30Y zero rate2.364%Oct 24, 20192Y zero rate1.613%10Y zero rate1.781%30Y zero rate2.382%Nov 1, 20192Y zero rate1.581%10Y zero rate1.732%30Y zero rate2.311%Nov 12, 20192Y zero rate1.678%10Y zero rate1.943%30Y zero rate2.502%Nov 20, 20192Y zero rate1.589%10Y zero rate1.773%30Y zero rate2.324%Nov 29, 20192Y zero rate1.649%10Y zero rate1.819%30Y zero rate2.315%Dec 9, 20192Y zero rate1.660%10Y zero rate1.868%30Y zero rate2.385%Dec 17, 20192Y zero rate1.665%10Y zero rate1.926%30Y zero rate2.430%Dec 26, 20192Y zero rate1.656%10Y zero rate1.940%30Y zero rate2.442%Dec 31, 20192Y zero rate1.602%10Y zero rate1.965%30Y zero rate2.507%
2Y zero rate10Y zero rate30Y zero rate
Zero rate first, last, low and high for each charted tenor across 2019.
TenorFirstLastChangeLowHigh
2Y2.512%1.602%-91.0 bp1.441%Oct 3, 20192.613%Jan 18, 2019
10Y2.669%1.965%-70.3 bp1.498%Aug 28, 20192.796%Jan 18, 2019
30Y3.014%2.507%-50.7 bp2.063%Aug 30, 20193.217%Mar 1, 2019

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.

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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.