US Treasury 2-year and 10-year, change in basis points from 25 August 2026

The 2-year rose 22 basis points and the 10-year 15 across six sessions to 1 September; the spread narrowed to 0.40. Both are Federal Reserve constant-maturity series — no futures or spot series is mixed in. FRED carried no 2 September level value at time of writing.

UAO Editorial September 3, 2026 1 min read

Chart of the day — The 2-year rose 22 basis points and the 10-year 15 across six sessions to 1 September; the spread narrowed to 0.40. Both are Federal Reserve constant-maturity series — no futures or spot series is mixed in. FRED carried no 2 September level value at time of writing.

The morning briefing for the people who allocate long-horizon capital.

Research, charts, video and podcast analysis for the institutions investing at the scale of the world.