DGS22-Year Treasury Yield (DGS2) — Current Value & Historical Data
2-Year Treasury Yield (DGS2) Chart & Data Table
Showing 2,497 of 12,527 observations. Pick "All" to see the full history (1976-06-01–2026-07-16).
Gray bands: NBER recessions·Dashed lines: key policy events
What is 2-Year Treasury Yield (DGS2)?
The 2-year Treasury yield is the constant-maturity interest rate on U.S. government debt with roughly two years to maturity, calculated daily by the Federal Reserve Board from secondary-market trading in on-the-run 2-year Treasury notes and published in the H.15 release. Of all points on the Treasury curve, the 2-year is the most sensitive to near-term expectations for Federal Reserve policy: traders treat it as a forward-looking proxy for where the federal funds rate will sit over the next 24 months, so it moves aggressively around FOMC meetings, CPI releases, and nonfarm payrolls. Its gap with the 10-year yield (see T10Y2Y) is the most-watched recession signal in U.S. finance. The 2-year reached a cycle high of 5.22% in October 2023, the highest level since mid-2006, as markets priced in a 'higher-for-longer' Fed stance; it bottomed near 0.09% in early 2021 during the post-pandemic zero-rate era.
Current 2-Year Treasury Yield (DGS2) Value
As of July 16, 2026, the current market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis is 4.16 Percent. This is the most recent observation available for this series, updated daily.
2-Year Treasury Yield Historical Trend
Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity, Quoted on an Investment Basis rose 0.73% day-over-day. Over the past year, market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis rose 6.67% from July 2025. In the series' tracked history, the highest recorded value was 16.95 (September 1981), and the lowest was 0.09 (February 2021).
Methodology & Source
Source
Federal Reserve Board
Frequency
Daily
Units
Percent
Notes
H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology). For questions on the data, please contact t...
Frequently Asked Questions About 2-Year Treasury Yield (DGS2)
What is the current market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis?
As of July 16, 2026, market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis stands at 4.16 Percent.
Where does market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis data come from?
Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity, Quoted on an Investment Basis data is sourced from the Federal Reserve Economic Data (FRED) system and related U.S. government agencies. Data quality and historical coverage vary by series.
How often is market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis updated?
This series is updated according to its publication schedule. Check FRED or the source agency for the most current release calendar.
What is the historical high and low for market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis?
In the available data, the highest value was 16.95 Percent in September 1981, and the lowest was 0.09 Percent in February 2021.
How has market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis changed over the past year?
Over the past year, market yield on u.s. treasury securities at 2-year constant maturity, quoted on an investment basis increased 6.67%.
See 2-Year Treasury Yield in context
DGS2 is tracked on the Interest Rates dashboard, alongside related indicators and historical context.
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How 2-Year Treasury Yield connects to the federal budget across GOVSPENDING.ORG:
Federal Debt
Total public debt, debt held by the public, and intragovernmental holdings.
Receipts vs Outlays
Federal revenue, spending, and the resulting surplus or deficit over time.
Congressional Activity
Recent legislation, appropriations, and fiscal-related bills in Congress.
Interest Expense vs Revenue
How rising debt service costs crowd out federal spending as a share of receipts over time.
Revenue Composition
Federal receipts broken down by source — individual income, corporate, social insurance, excise taxes, and customs duties as shares of total revenue.
Agency Spending (FY 2019 vs FY 2024)
Net outlays by federal agency for FY 2019 and FY 2024, from the Treasury Monthly Treasury Statement. Both nominal and inflation-adjusted comparisons.
Related Indicators
Compare 2-Year Treasury Yield with related indicators
See how 2-Year Treasury Yield stacks up against related series in a side-by-side chart and explainer: