Treasury Yields Little Changed, 5-Year Yield at 3.71% (Jan 5, 2026)

At 3.46 percent, the 2-year Treasury rate anchored a front-to-back climb across maturities on Monday, with the 3-year at 3.53 percent, the 5-year at 3.71 percent, the 10-year Treasury yield at 4.17 percent, the 20-year at 4.79 percent, and the 30-year Treasury yield at 4.85 percent. Every maturity from the 2-year through the 30-year finished the day higher than a week earlier, when the 2-year stood at 3.45 percent and the 30-year at 4.80 percent. The one-year was essentially flat at 3.47 percent versus 3.48 percent last Monday.

Short-term bills moved in the opposite direction. The 4-week Treasury bill rate slipped to 3.71 percent from 3.69 percent a week ago, while the 6-week fell to 3.68 percent from 3.70 percent. The 3-month Treasury rate slid to 3.64 percent and the 6-month to 3.57 percent. Over the past month the short end has come in sharply: the 4-week dropped from 4.03 percent to 3.71 percent, the 3-month from 3.91 percent to 3.64 percent, and the 6-month from 3.76 percent to 3.57 percent. The 2-year has barely budged, sitting at 3.46 percent both a month ago and now.

From the 3-year through the 30-year, rates sit above their levels of a month ago, with the 10-year Treasury rate climbing from 4.04 percent to 4.17 percent and the 30-year rising from 4.68 percent to 4.85 percent. The Treasury yield curve shows a positive slope across all maturities with no inversions. The gap between the 2-year and 10-year has widened to 0.71 percent from 0.66 percent a month ago, while the 10-year to 30-year spread stands at 0.68 percent, roughly unchanged in recent weeks. Lower short rates alongside higher long rates have steepened the curve over the past 30 days.