Current Treasury yield curve rates as of September 17th, 2025. Data sourced from the Federal Reserve Economic Data (FRED) and represents the par yield curve for Treasury securities.
Duration Calculations: The modified durations shown are indicative and calculated using discount rates derived from the Treasury par yield curve itself. This approach provides a simplified but useful approximation for duration analysis.
Industry Standard: In practice, many institutional investors use SOFR swap curves for more precise duration calculations, as these better reflect the true cost of funding and hedging. The durations shown here should be considered as estimates for general analysis purposes.
| Maturity | Type | Yield (%) | Modified Duration | DV01 per $1MM |
| 1 Month | Bill | 4.20% | 0.1 years | $8 |
| 1 Year | Note | 3.62% | 1.0 years | $97 |
| 2 Year | Note | 3.51% | 1.9 years | $192 |
| 3 Year | Note | 3.47% | 2.8 years | $283 |
| 5 Year | Note | 3.59% | 4.5 years | $454 |
| 7 Year | Note | 3.78% | 6.1 years | $610 |
| 10 Year | Note | 4.04% | 8.2 years | $816 |
| 20 Year | Bond | 4.61% | 13.0 years | $1,297 |
| 30 Year | Bond | 4.65% | 16.1 years | $1,609 |
Calculate the dollar value of a 1 basis point (0.01%) change in interest rates for your Treasury bond holdings (DV01).
Note: DV01 calculations are indicative and based on Treasury curve discount rates. For institutional use, SOFR swap curves provide more precise duration analysis.
The US Treasury market is the largest and most liquid bond market in the world. Treasury securities are backed by the full faith and credit of the US government, making them among the safest investments available.
Treasury bills are short-term securities with maturities of 4, 8, 13, 26, and 52 weeks. They are sold at a discount to face value and do not pay periodic interest. The difference between the purchase price and face value represents the interest earned.
Treasury notes are medium-term securities with maturities of 2, 3, 5, 7, and 10 years. They pay interest every six months and are issued at face value. Notes are popular among individual and institutional investors for their balance of yield and safety.
Treasury bonds are long-term securities with maturities of 20 and 30 years. Like notes, they pay interest every six months and are issued at face value. Bonds are used by investors seeking long-term income and by institutions managing long-term liabilities.
Modified duration measures the sensitivity of a bond's price to changes in interest rates. It represents the percentage change in bond price for a 1% change in yield. Higher duration means greater price sensitivity to interest rate changes.
DV01 measures the dollar change in a bond's price for a 1 basis point (0.01%) change in yield. It's calculated as:
DV01 = Modified Duration × Bond Price × 0.0001
DV01 is particularly useful for:
A: Treasury yields fluctuate based on market expectations for inflation, economic growth, Federal Reserve policy, and global demand for US government debt. They reflect the market's assessment of future economic conditions.
A: An inverted yield curve occurs when short-term rates exceed long-term rates. This often happens when the Federal Reserve raises short-term rates to combat inflation while markets expect slower economic growth in the future.
A: Duration helps you understand interest rate risk. If you expect rates to rise, consider shorter-duration securities. If you expect rates to fall, longer-duration securities may provide better returns. However, always consider your investment horizon and risk tolerance.
A: The coupon rate is the fixed interest rate paid on the bond's face value. The yield (yield to maturity) is the total return you'll earn if you hold the bond until maturity, accounting for the current market price and all future cash flows.
A: While Treasury securities have no credit risk (default risk), they still have interest rate risk. If you need to sell before maturity and rates have risen, you may experience a loss. However, if held to maturity, you'll receive the full face value plus all coupon payments.
Use of any data published by the New York Fed is subject to their Terms of Use for Select Rate Data. New York Fed has no liability for your use.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.