Treasury Yields Little Changed, 20-Year Yield at 4.66% (Feb 20, 2026)

Middle maturities of the Treasury yield curve moved higher over the week. The 2-year Treasury rate rose to 3.48 percent from 3.40 percent, the 3-year climbed to 3.50 percent from 3.43 percent, the 5-year reached 3.65 percent versus 3.61 percent, and the 7-year increased to 3.85 percent from 3.81 percent. The 10-year Treasury yield advanced to 4.08 percent from 4.04 percent. Compared with one month ago, these maturities sit lower, as the 5-year was at 3.83 percent and the 7-year at 4.04 percent in mid-January.

At the wings, the 30-year Treasury yield closed at 4.72 percent, higher than the 4.69 percent level of last week, while the 20-year rate climbed to 4.66 percent from 4.64 percent. Short-term bills were mixed: the 3-month Treasury bill rate stood at 3.69 percent versus 3.68 percent a week earlier, the 6-month rate moved to 3.61 percent from 3.59 percent, and the 2-month rate was 3.74 percent, up from 3.73 percent. The 4-week Treasury bill rate held at 3.72 percent. Over the past month, the 30-year fell from 4.87 percent and the 20-year declined from 4.82 percent, while the 2-month rate rose from 3.70 percent.

The curve remains inverted at the short end, with the 1-year Treasury rate at 3.51 percent below the 30-year at 4.72 percent. One year ago, the 2-year Treasury rate stood at 4.28 percent, the 10-year at 4.50 percent, and the 30-year at 4.74 percent.