5-Year Yield Falls 7 bps to 3.96% (Mar 25, 2026)

Across the Treasury yield curve on Wednesday, rates stepped up gradually from the short end, with neighboring maturities at the front barely separated: the 4-week Treasury bill rate stood at 3.73 percent and the 6-month at 3.76 percent, while the middle of the curve widened more quickly, moving from the 5-year at 3.96 percent to the 7-year at 4.15 percent and the 10-year at 4.33 percent. At the long end, the 20-year Treasury yield of 4.90 percent sat just above the 30-year Treasury yield of 4.89 percent, a slight inversion between the two longest maturities.

Most maturities moved lower compared with Tuesday. The 10-year Treasury rate fell to 4.33 percent from 4.39 percent, the 7-year slipped to 4.15 percent from 4.21 percent, and the 5-year declined to 3.96 percent from 4.03 percent. The 3-year moved down to 3.88 percent from 3.93 percent, the 2-year Treasury rate eased to 3.84 percent from 3.90 percent, and the 1-year settled at 3.77 percent versus 3.81 percent the prior day. The 30-year Treasury yield, at 4.89 percent, was essentially level with last week's 4.88 percent, while the 20-year rate of 4.90 percent remained above last week's 4.84 percent.

Over the past month, yields climbed across nearly the whole curve. The 30-year rose from 4.82 percent to 4.89 percent, the 10-year advanced from 4.18 percent to 4.33 percent, and the 5-year moved from 3.75 percent to 3.96 percent. Shorter maturities rose more sharply, with the 1-year going from 3.47 percent to 3.77 percent and the 6-month from 3.60 percent to 3.76 percent.