The Treasury curve in 2023

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

3.00%3.50%4.00%4.50%5.00%5.50%Jan 3, 2023Dec 29, 2023Jan 3, 20232Y zero rate4.420%10Y zero rate3.829%30Y zero rate3.991%Jan 11, 20232Y zero rate4.226%10Y zero rate3.591%30Y zero rate3.769%Jan 20, 20232Y zero rate4.162%10Y zero rate3.497%30Y zero rate3.746%Jan 30, 20232Y zero rate4.277%10Y zero rate3.559%30Y zero rate3.733%Feb 7, 20232Y zero rate4.468%10Y zero rate3.707%30Y zero rate3.810%Feb 15, 20232Y zero rate4.632%10Y zero rate3.823%30Y zero rate3.875%Feb 24, 20232Y zero rate4.794%10Y zero rate3.978%30Y zero rate3.942%Mar 6, 20232Y zero rate4.884%10Y zero rate4.009%30Y zero rate3.876%Mar 14, 20232Y zero rate4.273%10Y zero rate3.632%30Y zero rate3.757%Mar 22, 20232Y zero rate4.017%10Y zero rate3.562%30Y zero rate3.807%Mar 30, 20232Y zero rate4.158%10Y zero rate3.582%30Y zero rate3.780%Apr 7, 20232Y zero rate4.029%10Y zero rate3.446%30Y zero rate3.740%Apr 17, 20232Y zero rate4.206%10Y zero rate3.641%30Y zero rate3.924%Apr 25, 20232Y zero rate3.940%10Y zero rate3.453%30Y zero rate3.777%May 3, 20232Y zero rate3.942%10Y zero rate3.427%30Y zero rate3.817%May 11, 20232Y zero rate3.922%10Y zero rate3.443%30Y zero rate3.878%May 19, 20232Y zero rate4.296%10Y zero rate3.764%30Y zero rate4.062%May 30, 20232Y zero rate4.495%10Y zero rate3.766%30Y zero rate3.999%Jun 7, 20232Y zero rate4.569%10Y zero rate3.856%30Y zero rate4.015%Jun 15, 20232Y zero rate4.630%10Y zero rate3.765%30Y zero rate3.897%Jun 26, 20232Y zero rate4.703%10Y zero rate3.766%30Y zero rate3.876%Jul 5, 20232Y zero rate4.952%10Y zero rate3.973%30Y zero rate3.959%Jul 13, 20232Y zero rate4.612%10Y zero rate3.806%30Y zero rate3.961%Jul 21, 20232Y zero rate4.817%10Y zero rate3.870%30Y zero rate3.944%Jul 31, 20232Y zero rate4.873%10Y zero rate3.990%30Y zero rate4.045%Aug 8, 20232Y zero rate4.746%10Y zero rate4.046%30Y zero rate4.247%Aug 16, 20232Y zero rate4.957%10Y zero rate4.309%30Y zero rate4.402%Aug 24, 20232Y zero rate4.962%10Y zero rate4.269%30Y zero rate4.318%Sep 1, 20232Y zero rate4.855%10Y zero rate4.235%30Y zero rate4.328%Sep 12, 20232Y zero rate4.976%10Y zero rate4.302%30Y zero rate4.380%Sep 20, 20232Y zero rate5.086%10Y zero rate4.369%30Y zero rate4.416%Sep 28, 20232Y zero rate5.059%10Y zero rate4.656%30Y zero rate4.733%Oct 6, 20232Y zero rate5.060%10Y zero rate4.807%30Y zero rate4.817%Oct 17, 20232Y zero rate5.161%10Y zero rate4.840%30Y zero rate4.768%Oct 25, 20232Y zero rate5.112%10Y zero rate4.999%30Y zero rate4.969%Nov 2, 20232Y zero rate4.961%10Y zero rate4.711%30Y zero rate4.750%Nov 10, 20232Y zero rate5.007%10Y zero rate4.640%30Y zero rate4.637%Nov 20, 20232Y zero rate4.847%10Y zero rate4.443%30Y zero rate4.496%Nov 29, 20232Y zero rate4.635%10Y zero rate4.345%30Y zero rate4.407%Dec 7, 20232Y zero rate4.550%10Y zero rate4.179%30Y zero rate4.229%Dec 15, 20232Y zero rate4.399%10Y zero rate3.959%30Y zero rate4.032%Dec 26, 20232Y zero rate4.284%10Y zero rate3.950%30Y zero rate4.175%Dec 29, 20232Y zero rate4.224%10Y zero rate3.929%30Y zero rate4.166%
2Y zero rate10Y zero rate30Y zero rate
Zero rate first, last, low and high for each charted tenor across 2023.
TenorFirstLastChangeLowHigh
2Y4.420%4.224%-19.6 bp3.799%May 4, 20235.172%Oct 18, 2023
10Y3.829%3.929%+9.9 bp3.363%Apr 6, 20235.033%Oct 19, 2023
30Y3.991%4.166%+17.6 bp3.613%Jan 18, 20235.232%Oct 30, 2023

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.