May 2023

The zero curve on each of 22 trading days this month.

3.25%3.50%3.75%4.00%4.25%4.50%4.75%May 1, 2023May 31, 2023May 1, 20232Y zero rate4.183%10Y zero rate3.632%30Y zero rate3.940%May 2, 20232Y zero rate4.020%10Y zero rate3.480%30Y zero rate3.831%May 3, 20232Y zero rate3.942%10Y zero rate3.427%30Y zero rate3.817%May 4, 20232Y zero rate3.799%10Y zero rate3.416%30Y zero rate3.864%May 5, 20232Y zero rate3.950%10Y zero rate3.486%30Y zero rate3.885%May 8, 20232Y zero rate4.034%10Y zero rate3.562%30Y zero rate3.958%May 9, 20232Y zero rate4.048%10Y zero rate3.574%30Y zero rate3.977%May 10, 20232Y zero rate3.927%10Y zero rate3.494%30Y zero rate3.936%May 11, 20232Y zero rate3.922%10Y zero rate3.443%30Y zero rate3.878%May 12, 20232Y zero rate3.999%10Y zero rate3.510%30Y zero rate3.924%May 15, 20232Y zero rate4.006%10Y zero rate3.553%30Y zero rate3.968%May 16, 20232Y zero rate4.078%10Y zero rate3.597%30Y zero rate3.987%May 17, 20232Y zero rate4.147%10Y zero rate3.628%30Y zero rate3.996%May 18, 20232Y zero rate4.268%10Y zero rate3.710%30Y zero rate4.018%May 19, 20232Y zero rate4.296%10Y zero rate3.764%30Y zero rate4.062%May 22, 20232Y zero rate4.314%10Y zero rate3.783%30Y zero rate4.074%May 23, 20232Y zero rate4.337%10Y zero rate3.767%30Y zero rate4.056%May 24, 20232Y zero rate4.397%10Y zero rate3.791%30Y zero rate4.060%May 25, 20232Y zero rate4.563%10Y zero rate3.883%30Y zero rate4.079%May 26, 20232Y zero rate4.607%10Y zero rate3.866%30Y zero rate4.032%May 30, 20232Y zero rate4.495%10Y zero rate3.766%30Y zero rate3.999%May 31, 20232Y zero rate4.422%10Y zero rate3.709%30Y zero rate3.945%
2Y zero rate10Y zero rate30Y zero rate
Zero rate first, last, low and high for each charted tenor across May 2023.
TenorFirstLastChangeLowHigh
2Y4.183%4.422%+23.9 bp3.799%May 4, 20234.607%May 26, 2023
10Y3.632%3.709%+7.6 bp3.416%May 4, 20233.883%May 25, 2023
30Y3.940%3.945%+0.5 bp3.817%May 3, 20234.079%May 25, 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.

Every trading day

Zero rate at 2, 10 and 30 years for every fitted trading day in May 2023.
Date2 year10 year30 year
May 1, 20234.183%3.632%3.940%
May 2, 20234.020%3.480%3.831%
May 3, 20233.942%3.427%3.817%
May 4, 20233.799%3.416%3.864%
May 5, 20233.950%3.486%3.885%
May 8, 20234.034%3.562%3.958%
May 9, 20234.048%3.574%3.977%
May 10, 20233.927%3.494%3.936%
May 11, 20233.922%3.443%3.878%
May 12, 20233.999%3.510%3.924%
May 15, 20234.006%3.553%3.968%
May 16, 20234.078%3.597%3.987%
May 17, 20234.147%3.628%3.996%
May 18, 20234.268%3.710%4.018%
May 19, 20234.296%3.764%4.062%
May 22, 20234.314%3.783%4.074%
May 23, 20234.337%3.767%4.056%
May 24, 20234.397%3.791%4.060%
May 25, 20234.563%3.883%4.079%
May 26, 20234.607%3.866%4.032%
May 30, 20234.495%3.766%3.999%
May 31, 20234.422%3.709%3.945%

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 Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ 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.