Treasury Yields Little Changed, 3-Year Yield at 4.89% (Oct 21, 2026)

The middle of the Treasury curve slipped modestly on Wednesday, October 21, 2026, with the 2-year Treasury rate at 4.81 percent, the 3-year at 4.89 percent, the 5-year at 4.95 percent, and the 7-year at 5.03 percent. The 10-year Treasury rate moved up to 5.13 percent from 5.12 percent on Tuesday. Longer-dated yields held steadier through the session, as the 30-year Treasury yield was unchanged at 5.42 percent. The 20-year also finished flat at 5.47 percent.

Compared with a week ago, the belly of the curve has pulled back even as shorter tenors barely budged. The 3-year Treasury is 3 basis points lower than its October 14 level of 4.92 percent, the 5-year is down from 5.00 percent, and the 7-year has slipped from 5.09 percent. The 10-year has fallen 6 basis points over that span, while the 20-year and 30-year have each retreated from 5.57 percent and 5.52 percent respectively. At the front end, the 4-week rate is essentially where it was last week at 4.09 percent versus 4.11 percent.

Over the past month, the rise in yields has been concentrated in the middle and long portions of the curve. Since September 21, the 5-year has climbed 12 basis points from 4.83 percent and the 7-year has added 14 basis points, while the 10-year has jumped 17 basis points from 4.96 percent. The 30-year has risen 13 basis points over the same period. The short end has moved less dramatically, with the 4-week rate up 13 basis points from 3.96 percent and the 1-year up 7 basis points from 4.45 percent. Against one year ago, today's 10-year sits well above its October 2025 level of 3.98 percent, and the 30-year stands higher than last year's 4.55 percent.

The Treasury yield curve remains upward sloping from the front end through the 20-year point. The 20-year, at 5.47 percent, sits above the 30-year, leaving a small dip of 5 basis points between those two maturities. A week ago the same relationship held, with the 20-year at 5.57 percent versus 5.52 percent on the 30-year. Thirty days ago the gap was 4 basis points, with the 20-year at 5.33 percent and the 30-year at 5.29 percent. No inversions appear anywhere else on the curve, as each maturity from 4 weeks out through 20 years carries a progressively higher rate than the one before it.