Bonds & Rates
A CMT yield is interpolated. A 10s–2s gap is subtraction.
A constant-maturity Treasury yield is a point read off Treasury’s official par curve at a fixed tenor. It is not the yield on the latest auctioned note of that name. The 10-year minus 2-year gap shown here is 4.69 minus 4.19 on 08-20-2026 — a calculation, not a traded instrument.
Explainer Reviewed 08-21-2026
What it is for
Reading a curve date without treating it as a live blotter, and without treating the spread as its own official series. On 08-20-2026 the 10-year CMT was 4.69% and the 2-year was 4.19%. 4.69 − 4.19 = 0.50 percentage point.
What it cannot tell you
Where yields are now. This guide uses delayed observations and cannot tell you what a specific bond in an account is worth. The 4.65% 10-year on H.15 is 08-19-2026. Different morning, different date.
How to verify the object
Treasury Daily Treasury Par Yield Curve Rates, August 2026 table, trade date 08-20-2026. For the prior official column, H.15. Tenor points from one row, one trade date. Spread is a calc. H.15 10-year 4.65 and EFFR 3.63 stay on 2026-08-19.
Further reading
Recommended reading
Independent bookstore picks via Bookshop.org. Education first — not a shopping mall.
Recommended reading
The Bond Book
3rd Edition (McGraw-Hill, 2010)
- Why
- Plain-English map of Treasuries, munis, corporates, zeros, and bond funds for fixed-income literacy.
- Best for
- Readers after bond prices/yields or Treasury CMT Learn notes.
- Limitation
- 2010 vintage — still useful for product taxonomy; pair with current Fed/Treasury prints for rates.
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Education only. Not individualized advice.