What is on the page
The home page shows two things: a strip of headline rates and the current US Treasury yield curve. Every value is the most recent observation published by the source, with no smoothing, interpolation, or filtering applied here.
Yield curve points
The curve is built from the Federal Reserve's daily constant-maturity Treasury series, retrieved from FRED. Constant-maturity yields are interpolated by the Treasury Department from the prices of actively traded securities; they are not yields on any single bond. The series used:
- 1M, 3M, 6M, 1Y — DGS1MO, DGS3MO, DGS6MO, DGS1
- 2Y, 3Y, 5Y, 7Y — DGS2, DGS3, DGS5, DGS7
- 10Y, 20Y, 30Y — DGS10, DGS20, DGS30
Source: Board of Governors of the Federal Reserve System (US), retrieved from FRED, Federal Reserve Bank of St. Louis. US-government series, public domain.
Headline rates
- 10Y — DGS10. The reference long rate; benchmark for mortgages, corporate spreads, and most international comparison.
- 2Y — DGS2. The short end the market uses to price near-term Fed expectations.
- 2s10s — DGS10 minus DGS2. Computed here. A negative value is an inverted curve.
- SOFR — the secured overnight financing rate. The successor to LIBOR for dollar funding.
- 30Y mortgage — MORTGAGE30US. Freddie Mac's weekly survey rate.
- 10Y breakeven — T10YIE. Nominal 10Y minus 10Y TIPS; the market's implied 10-year inflation rate.
Each metric shows the latest value, the change versus the prior business day, and the change versus the same date one year ago, both expressed in basis points.
Outstanding Treasury registry
The Treasuries page lists every marketable US Treasury security still outstanding. Each row aggregates two sources by CUSIP:
- Outstanding amount — Monthly Statement of the Public Debt, Table III ("Detail of Marketable Treasury Securities Outstanding"), via the Bureau of the Fiscal Service Treasury Fiscal Data API. MSPD reports issued, redeemed, and inflation-adjusted amounts at month-end. Outstanding equals issued minus redeemed (plus inflation accretion, for TIPS). MSPD lists each reopen tranche as a separate line; rows here sum tranches by CUSIP.
- Auction stats — TreasuryDirect Auction Web Service (TA_WS), most recent auction record per CUSIP. Provides high yield, bid-to-cover, and reopening status. About 19% of older outstanding bonds fall outside the TA_WS recent-records window; their auction columns show "—".
On-the-run. Marked with ★. Defined as the unique CUSIP with the most recent TA_WS auction date within each (security type, canonical-original-term) bucket, ties broken by larger outstanding amount. Canonical term is inferred from the issue-to-maturity span, which sidesteps inconsistencies in TreasuryDirect's securityTerm field for reopens.
Lag. MSPD publishes monthly, roughly a week into the following month. Outstanding figures are accordingly up to ~6 weeks behind real time. Securities issued after the latest MSPD snapshot but auctioned per TA_WS are included via supplement, so day-of issuance is captured for new CUSIPs even if their MSPD lines have not yet posted.
Auctions calendar
The Auctions page lists past auctions in the last 90 days plus all upcoming announced auctions. Both come directly from TreasuryDirect TA_WS endpoints (/securities/auctioned and /securities/announced). No transformation beyond date filtering and unit normalization.
Aggregates
Total marketable outstanding, weighted-average maturity, and supply by maturity bucket are computed once per run from the registry. WAM is the issuance-weighted mean of remaining years to maturity. Supply buckets are 0–2y, 2–5y, 5–10y, and 10+ years from today.
Refresh
The pages read JSON files written by a nightly job:
/data/curve.json— yield-curve history (FRED)/data/headline.json— six headline metrics (FRED, derived)/data/treasuries.json— outstanding-securities registry (MSPD + TA_WS)/data/auctions.json— recent + upcoming auctions (TA_WS)/data/aggregates.json— totals, WAM, bucket supply (computed)
The job runs once per day after the Treasury's 3:30 PM ET cut. Each file is written atomically. If a fetch fails, the previous day's file remains in place; the pages do not display partial state.
What this site does not do
- It does not interpolate or smooth values. What FRED publishes is what is shown.
- It does not forecast. There is no commentary on direction or interpretation.
- It does not redistribute licensed third-party data. Credit spreads (ICE BofA OAS) are display-only on subsequent pages and are not exposed via the JSON files behind this site.
Corrections
If a value on this site disagrees with the source, the source is correct. Use the contact form with the series ID and observation date and the entry will be re-fetched.