Rates and credit: the yield curve, term premium and credit spreads

Interest rates across maturities and the premium lenders charge: Treasury yield curve and inversion, 10-year real yield and term premium, Treasury auctions, high-yield and investment-grade credit spreads, bank lending standards (SLOOS) and business loans.

Current readings · Oct 15, 2026

• UST curve: 10Y−3M: 95 bp
• 10Y real yield: 2.84%
• Days inverted, 10Y−2Y: 0 days
• 30Y: 3-month change: 46 bp
• 10Y term premium: 1.07%
• IG spread (OAS): 84 bp
• HY spread (OAS): 325 bp
• Banks tightening loan standards (SLOOS): 0.0%

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