The Treasury curve in 2025

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 2, 2025Dec 31, 2025Jan 2, 20252Y zero rate4.228%10Y zero rate4.594%30Y zero rate4.825%Jan 10, 20252Y zero rate4.357%10Y zero rate4.817%30Y zero rate5.044%Jan 21, 20252Y zero rate4.267%10Y zero rate4.594%30Y zero rate4.784%Jan 29, 20252Y zero rate4.197%10Y zero rate4.581%30Y zero rate4.923%Feb 6, 20252Y zero rate4.174%10Y zero rate4.453%30Y zero rate4.780%Feb 14, 20252Y zero rate4.225%10Y zero rate4.501%30Y zero rate4.834%Feb 25, 20252Y zero rate4.067%10Y zero rate4.327%30Y zero rate4.685%Mar 5, 20252Y zero rate3.978%10Y zero rate4.322%30Y zero rate4.740%Mar 13, 20252Y zero rate3.922%10Y zero rate4.315%30Y zero rate4.761%Mar 21, 20252Y zero rate3.910%10Y zero rate4.288%30Y zero rate4.759%Mar 31, 20252Y zero rate3.876%10Y zero rate4.265%30Y zero rate4.762%Apr 8, 20252Y zero rate3.700%10Y zero rate4.341%30Y zero rate4.912%Apr 16, 20252Y zero rate3.760%10Y zero rate4.361%30Y zero rate4.938%Apr 24, 20252Y zero rate3.782%10Y zero rate4.390%30Y zero rate4.936%May 2, 20252Y zero rate3.812%10Y zero rate4.387%30Y zero rate4.957%May 12, 20252Y zero rate3.969%10Y zero rate4.523%30Y zero rate5.046%May 20, 20252Y zero rate3.954%10Y zero rate4.560%30Y zero rate5.070%May 29, 20252Y zero rate3.943%10Y zero rate4.497%30Y zero rate5.022%Jun 6, 20252Y zero rate4.028%10Y zero rate4.573%30Y zero rate5.054%Jun 16, 20252Y zero rate3.956%10Y zero rate4.520%30Y zero rate5.077%Jun 25, 20252Y zero rate3.770%10Y zero rate4.359%30Y zero rate5.009%Jul 3, 20252Y zero rate3.873%10Y zero rate4.417%30Y zero rate5.020%Jul 14, 20252Y zero rate3.880%10Y zero rate4.506%30Y zero rate5.093%Jul 22, 20252Y zero rate3.806%10Y zero rate4.413%30Y zero rate5.063%Jul 30, 20252Y zero rate3.927%10Y zero rate4.426%30Y zero rate5.006%Aug 7, 20252Y zero rate3.707%10Y zero rate4.303%30Y zero rate5.008%Aug 15, 20252Y zero rate3.733%10Y zero rate4.394%30Y zero rate5.082%Aug 25, 20252Y zero rate3.699%10Y zero rate4.342%30Y zero rate5.050%Sep 3, 20252Y zero rate3.608%10Y zero rate4.285%30Y zero rate5.070%Sep 11, 20252Y zero rate3.512%10Y zero rate4.083%30Y zero rate4.834%Sep 19, 20252Y zero rate3.553%10Y zero rate4.206%30Y zero rate4.934%Sep 29, 20252Y zero rate3.615%10Y zero rate4.215%30Y zero rate4.883%Oct 7, 20252Y zero rate3.556%10Y zero rate4.209%30Y zero rate4.917%Oct 16, 20252Y zero rate3.394%10Y zero rate4.055%30Y zero rate4.802%Oct 24, 20252Y zero rate3.458%10Y zero rate4.089%30Y zero rate4.786%Nov 3, 20252Y zero rate3.588%10Y zero rate4.191%30Y zero rate4.862%Nov 12, 20252Y zero rate3.539%10Y zero rate4.154%30Y zero rate4.855%Nov 20, 20252Y zero rate3.540%10Y zero rate4.180%30Y zero rate4.907%Dec 1, 20252Y zero rate3.538%10Y zero rate4.179%30Y zero rate4.896%Dec 9, 20252Y zero rate3.605%10Y zero rate4.264%30Y zero rate4.934%Dec 17, 20252Y zero rate3.484%10Y zero rate4.252%30Y zero rate5.013%Dec 26, 20252Y zero rate3.491%10Y zero rate4.220%30Y zero rate4.976%Dec 31, 20252Y zero rate3.485%10Y zero rate4.266%30Y zero rate5.056%
2Y zero rate10Y zero rate30Y zero rate
Zero rate first, last, low and high for each charted tenor across 2025.
TenorFirstLastChangeLowHigh
2Y4.228%3.485%-74.3 bp3.394%Oct 16, 20254.369%Jan 13, 2025
10Y4.594%4.266%-32.8 bp4.038%Oct 22, 20254.836%Jan 14, 2025
30Y4.825%5.056%+23.1 bp4.618%Mar 3, 20255.172%May 21, 2025

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.