5-Year Yield Falls 6 bps to 3.95% (Mar 23, 2026)

Short-term Treasury rates were little changed to start the week. The 4-week Treasury bill rate stood at 3.73 percent, matching its Friday level, while the 6-week bill held at 3.71 percent and the 2-month rate at 3.72 percent. The 3-month rate was 3.74 percent and the 4-month rate slipped to 3.72 percent from 3.73 percent. The 6-month Treasury bill rate fell to 3.77 percent from 3.79 percent, and the 1-year Treasury rate declined to 3.76 percent from 3.80 percent. A month earlier, the 6-month rate was 3.61 percent and the 1-year rate 3.51 percent, so both remain higher over that span.

Longer maturities also moved lower on the day. The 2-year Treasury rate finished at 3.83 percent after 3.88 percent on Friday, and the 3-year rate eased to 3.85 percent from 3.90 percent. The 5-year Treasury yield came in at 3.95 percent versus 4.01 percent previously, while the 7-year rate was 4.15 percent, down from 4.20 percent. The 10-year Treasury yield settled at 4.34 percent, below Friday's 4.39 percent. The 20-year rate fell to 4.93 percent from 4.97 percent, and the 30-year Treasury yield ended at 4.91 percent after 4.96 percent. Compared with one week ago, the 10-year rate is higher than its 4.23 percent level, and the 30-year yield is up from 4.86 percent.

Measured against 30 days ago, the Treasury yield curve has shifted higher across most maturities. The 2-year Treasury rate is above its 3.48 percent February reading, the 5-year yield is higher than 3.65 percent, and the 10-year Treasury yield has risen from 4.08 percent. The gap between the 10-year and 30-year now stands at three percent of yield separation, with the 20-year rate of 4.93 percent sitting above the 30-year. One year ago, the 30-year Treasury yield was 4.59 percent and the 10-year rate 4.25 percent, leaving most long-dated yields higher over twelve months.