The Treasury curve in 2022

The zero curve on each of 249 trading days, at the two, ten and thirty year points.

0%1%2%3%4%5%Jan 3, 2022Dec 30, 2022Jan 3, 20222Y zero rate0.813%10Y zero rate1.720%30Y zero rate2.105%Jan 11, 20222Y zero rate0.938%10Y zero rate1.843%30Y zero rate2.145%Jan 20, 20222Y zero rate1.077%10Y zero rate1.872%30Y zero rate2.113%Jan 28, 20222Y zero rate1.164%10Y zero rate1.802%30Y zero rate2.045%Feb 7, 20222Y zero rate1.318%10Y zero rate1.935%30Y zero rate2.197%Feb 15, 20222Y zero rate1.613%10Y zero rate2.080%30Y zero rate2.392%Feb 24, 20222Y zero rate1.554%10Y zero rate1.971%30Y zero rate2.282%Mar 4, 20222Y zero rate1.506%10Y zero rate1.709%30Y zero rate2.194%Mar 14, 20222Y zero rate1.867%10Y zero rate2.120%30Y zero rate2.501%Mar 22, 20222Y zero rate2.198%10Y zero rate2.362%30Y zero rate2.603%Mar 30, 20222Y zero rate2.334%10Y zero rate2.328%30Y zero rate2.455%Apr 7, 20222Y zero rate2.481%10Y zero rate2.656%30Y zero rate2.654%Apr 18, 20222Y zero rate2.480%10Y zero rate2.855%30Y zero rate2.922%Apr 26, 20222Y zero rate2.558%10Y zero rate2.765%30Y zero rate2.863%May 4, 20222Y zero rate2.679%10Y zero rate2.930%30Y zero rate3.020%May 12, 20222Y zero rate2.572%10Y zero rate2.868%30Y zero rate3.048%May 20, 20222Y zero rate2.582%10Y zero rate2.782%30Y zero rate3.032%May 31, 20222Y zero rate2.524%10Y zero rate2.850%30Y zero rate3.077%Jun 8, 20222Y zero rate2.786%10Y zero rate3.032%30Y zero rate3.185%Jun 16, 20222Y zero rate3.206%10Y zero rate3.260%30Y zero rate3.313%Jun 27, 20222Y zero rate3.165%10Y zero rate3.285%30Y zero rate3.584%Jul 6, 20222Y zero rate3.020%10Y zero rate2.910%30Y zero rate3.136%Jul 14, 20222Y zero rate3.192%10Y zero rate2.927%30Y zero rate3.099%Jul 22, 20222Y zero rate3.010%10Y zero rate2.776%30Y zero rate3.036%Aug 1, 20222Y zero rate2.916%10Y zero rate2.589%30Y zero rate2.998%Aug 9, 20222Y zero rate3.276%10Y zero rate2.758%30Y zero rate3.043%Aug 17, 20222Y zero rate3.305%10Y zero rate2.856%30Y zero rate3.216%Aug 25, 20222Y zero rate3.380%10Y zero rate3.014%30Y zero rate3.302%Sep 2, 20222Y zero rate3.445%10Y zero rate3.219%30Y zero rate3.384%Sep 13, 20222Y zero rate3.814%10Y zero rate3.395%30Y zero rate3.495%Sep 21, 20222Y zero rate4.075%10Y zero rate3.487%30Y zero rate3.461%Sep 29, 20222Y zero rate4.252%10Y zero rate3.768%30Y zero rate3.659%Oct 7, 20222Y zero rate4.403%10Y zero rate3.922%30Y zero rate3.865%Oct 18, 20222Y zero rate4.487%10Y zero rate3.968%30Y zero rate3.983%Oct 26, 20222Y zero rate4.478%10Y zero rate4.037%30Y zero rate4.091%Nov 3, 20222Y zero rate4.747%10Y zero rate4.182%30Y zero rate4.113%Nov 14, 20222Y zero rate4.442%10Y zero rate3.967%30Y zero rate4.230%Nov 22, 20222Y zero rate4.529%10Y zero rate3.806%30Y zero rate3.950%Dec 1, 20222Y zero rate4.270%10Y zero rate3.598%30Y zero rate3.767%Dec 9, 20222Y zero rate4.350%10Y zero rate3.631%30Y zero rate3.631%Dec 19, 20222Y zero rate4.258%10Y zero rate3.611%30Y zero rate3.714%Dec 28, 20222Y zero rate4.388%10Y zero rate3.924%30Y zero rate4.077%Dec 30, 20222Y zero rate4.461%10Y zero rate3.927%30Y zero rate4.062%
2Y zero rate10Y zero rate30Y zero rate
Zero rate first, last, low and high for each charted tenor across 2022.
TenorFirstLastChangeLowHigh
2Y0.813%4.461%+364.8 bp0.791%Jan 4, 20224.755%Nov 7, 2022
10Y1.720%3.927%+220.7 bp1.709%Mar 4, 20224.274%Nov 7, 2022
30Y2.105%4.062%+195.7 bp2.045%Jan 28, 20224.330%Oct 24, 2022

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.