What is the federal funds rate?

The effective federal funds rate is the interest rate at which depository institutions lend reserve balances to each other overnight. It is an important policy rate tracked on FRED as FEDFUNDS.

What do DGS2 and DGS10 mean?

They are Treasury constant maturity yields (percent, not seasonally adjusted) for 2-year and 10-year maturities as published by the Board of Governors via FRED.

What is the T10Y2Y spread?

T10Y2Y is the difference between the 10-year and 2-year Treasury constant maturity yields. It is often discussed alongside yield curve shape, but it is not a forecast by itself.

Why can the latest dates differ across series?

Treasury yields may not update on weekends or holidays; FRED carries the latest available observation date for each series independently.

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US interest rates snapshot

Policy and Treasury benchmark yields from FRED—useful context next to mortgage and macro tools. Numbers show the latest published observation for each series.

Curve: upward-slopingDataset ingested: 8/7/2026, 7:53:22 AM

FEDFUNDS

Fed funds (effective)

3.630%

Observation: 2026-07-01

DGS2

2-Year Treasury

4.180%

Observation: 2026-08-05

DGS10

10-Year Treasury

4.630%

Observation: 2026-08-05

T10Y2Y

10Y − 2Y spread

0.440 pp

Observation: 2026-08-06

Methodology & source

Daily Treasury yields (DGS2, DGS10) and the 10y−2y spread (T10Y2Y) reflect Treasury constant maturities. The effective federal funds rate (FEDFUNDS) is a policy-sensitive overnight rate. Values show the latest published observation in FRED for each series (weekends/holidays may repeat the prior business day). This page is informational, not investment advice.

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FAQ

What is the federal funds rate?: The effective federal funds rate is the interest rate at which depository institutions lend reserve balances to each other overnight. It is an important policy rate tracked on FRED as FEDFUNDS.
What do DGS2 and DGS10 mean?: They are Treasury constant maturity yields (percent, not seasonally adjusted) for 2-year and 10-year maturities as published by the Board of Governors via FRED.
What is the T10Y2Y spread?: T10Y2Y is the difference between the 10-year and 2-year Treasury constant maturity yields. It is often discussed alongside yield curve shape, but it is not a forecast by itself.
Why can the latest dates differ across series?: Treasury yields may not update on weekends or holidays; FRED carries the latest available observation date for each series independently.

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