3-Month Bill Rate Falls 6 bps to 3.90% (Jul 28, 2026)

Leading the day's moves, the 2-year Treasury rate fell to 4.26 percent from 4.31 percent on the previous business day. The 30-year Treasury yield came in at 5.09 percent on Tuesday, down from 5.13 percent one week ago, marking the fourth consecutive session of declines for the long bond. The 20-year Treasury yield dropped to 5.11 percent from 5.14 percent a week earlier, while the 7-year slipped to 4.47 percent from 4.50 percent.

Elsewhere on the curve, the 10-year Treasury yield fell to 4.61 percent from 4.63 percent last Tuesday, and the 2-year held steady against its week-ago level. Short-term rates showed mixed movement: the 4-week Treasury bill rate ticked up to 3.76 percent from 3.75 percent, while the 3-month rate moved lower to 3.90 percent from 3.96 percent the prior day. The 6-month rate eased to 4.07 percent from 4.10 percent, and the 1-year yield declined to 4.09 percent from 4.14 percent.

Over the past month, the entire curve has moved higher. The 4-week rate climbed to 3.76 percent from 3.67 percent, the 6-month rose to 4.07 percent from 3.81 percent, and the 1-year yield increased to 4.09 percent from 3.84 percent. The 10-year rose to 4.61 percent from 4.43 percent, the 20-year climbed to 5.11 percent from 4.92 percent, and the 2-year jumped to 4.26 percent from 4.05 percent. The yield curve remains inverted between the 2-year and 10-year, with the 10-year trading 0.35 percent above the 2-year. The gap between the 20-year and 10-year has widened to 0.50 percent, the largest spread on the curve, while the 30-year sits just 0.02 percent below the 20-year.