10-Year Treasury Constant Maturity Minus Federal Funds Rate
Monthly
T10YFFM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.06
Year-over-Year Change
-105.56%
Date Range
7/1/1954 - 7/1/2025
Summary
The T10YFFM represents the monthly 10-Year Treasury Constant Maturity Nominal Yield. This key financial indicator tracks the interest rate on U.S. government debt and serves as a critical benchmark for long-term economic expectations and investment strategies.
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 yield reflects investor sentiment about future economic conditions and inflation expectations. Economists closely monitor this rate as a signal of market confidence and potential economic shifts.
Methodology
The rate is calculated by the U.S. Treasury through interpolating the yields of actively traded Treasury securities.
Historical Context
Central banks, investors, and policymakers use this yield to assess economic health, monetary policy implications, and potential investment risks.
Key Facts
- Represents the theoretical yield of a U.S. Treasury bond with exactly 10 years to maturity
- Widely used as a benchmark for mortgage rates and other long-term lending products
- Fluctuations can signal investor expectations about future economic conditions
FAQs
Q: What does the 10-Year Treasury Yield indicate?
A: The yield indicates investor expectations about future economic growth and inflation. Lower yields typically suggest economic uncertainty, while higher yields suggest economic optimism.
Q: How often is this data updated?
A: The T10YFFM is updated monthly, providing a current snapshot of long-term interest rate trends and market sentiment.
Q: Why do investors care about the 10-Year Treasury Yield?
A: Investors use this yield to compare potential returns across different investment types and assess overall economic risk and potential returns.
Q: How does the yield impact mortgage rates?
A: Mortgage rates often closely track the 10-Year Treasury Yield, with higher yields typically leading to higher mortgage interest rates.
Q: What are the limitations of this indicator?
A: While informative, the yield is just one economic indicator and should be considered alongside other data points for comprehensive analysis.
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Related Trends
10-Year Treasury Constant Maturity Minus 3-Month Treasury Constant Maturity
T10Y3M
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T6MFF
3-Month Treasury Constant Maturity Minus Federal Funds Rate
T3MFF
5-Year, 5-Year Forward Inflation Expectation Rate
T5YIFR
20-year Breakeven Inflation Rate
T20YIEM
Moody's Seasoned Baa Corporate Bond Yield Relative to Yield on 10-Year Treasury Constant Maturity
BAA10Y
Citation
U.S. Federal Reserve, Monthly [T10YFFM], retrieved from FRED.
Last Checked: 8/1/2025