Market Yield on U.S. Treasury Securities at 20-Year Constant Maturity, Quoted on an Investment Basis, Inflation-Indexed
DFII20 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.31
Year-over-Year Change
-5.71%
Date Range
10/6/2021 - 8/5/2025
Summary
The DFII20 tracks the 20-year inflation-adjusted Treasury yield, providing investors and policymakers with a critical measure of long-term real interest rates. This metric offers insights into market expectations of future inflation and economic growth.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This trend represents the theoretical yield of a 20-year U.S. Treasury inflation-protected security (TIPS), adjusted for expected inflation over the investment period. Economists use this indicator to understand market sentiment about long-term economic conditions and real investment returns.
Methodology
The data is calculated daily by the U.S. Treasury, using market-based pricing and adjusting for expected inflation through complex financial modeling.
Historical Context
Central banks and institutional investors use this metric to inform monetary policy decisions, investment strategies, and long-term economic forecasting.
Key Facts
- Provides a market-based measure of long-term inflation expectations
- Helps investors assess real returns after accounting for inflation
- Reflects broader economic sentiment about future economic conditions
FAQs
Q: What does the DFII20 actually measure?
A: It measures the yield of a 20-year Treasury security that is adjusted for expected inflation, providing a 'real' interest rate perspective.
Q: Why are inflation-adjusted yields important?
A: They help investors understand the true economic return of an investment after accounting for the eroding effects of inflation.
Q: How is this different from standard Treasury yields?
A: Unlike standard yields, DFII20 is explicitly adjusted for inflation expectations, offering a more nuanced view of potential returns.
Q: How do policymakers use this data?
A: Central banks and economic planners use these yields to gauge market expectations and inform monetary policy decisions.
Q: How frequently is this data updated?
A: The DFII20 is typically updated daily by the U.S. Treasury, reflecting current market conditions and expectations.
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Citation
U.S. Federal Reserve, Market Yield on U.S. Treasury Securities at 20-Year Constant Maturity, Quoted on an Investment Basis, Inflation-Indexed [DFII20], retrieved from FRED.
Last Checked: 8/1/2025