3-Month Bill Rate Rises 5 bps to 3.67% (Jan 12, 2026)

Middle maturities moved higher over the past week. The 2-year Treasury rate climbed from 3.46 percent to 3.54 percent, the 5-year Treasury yield rose from 3.71 percent to 3.77 percent, and the 7-year Treasury rate advanced from 3.92 percent to 3.97 percent. The 3-year Treasury yield also increased, standing at 3.59 percent. Over one month, the 2-year sits at 3.54 percent versus 3.54 percent a month ago, essentially unchanged, while the 5-year rose to 3.77 percent from 3.67 percent and the 7-year moved to 3.97 percent from 3.86 percent.

At the wings, the 30-year Treasury yield closed at 4.83 percent Monday, down slightly from 4.85 percent one week ago, a modest retreat for the longest maturity after three consecutive weeks of steady climbing. The 20-year Treasury rate fell to 4.78 percent. The 10-year Treasury yield edged up to 4.19 percent, and has climbed from 4.09 percent over the past month. Short-term rates between 1 and 4 months all rose modestly, with the 3-month Treasury bill rate at 3.67 percent, up from 3.81 percent a month ago.

The Treasury yield curve remains upward sloping, with no inversions between any maturities. The gap between the 2-year and 10-year stands at roughly 65 basis points, narrower than the 71 basis points observed last week but wider than the 55 basis points seen a month ago. Rates shifted higher across most of the curve compared to last week, while longer maturities ticked lower.