10-Year Treasury Yield

## What this measures

This series reports the daily market yield on U.S. Treasury securities with 10 years remaining to maturity, quoted on an investment basis. The yield is interpolated by the U.S. Treasury from the daily yield curve based on actively traded securities.

## Why it matters

The 10-year Treasury yield is the benchmark rate that anchors long-term borrowing costs across the economy, including mortgages, corporate bonds and project finance. It reflects the market's view of inflation expectations, growth prospects and the risk-free return available to capital, which determines the discount rate stewards apply to future cash flows and the relative appeal of equity versus debt.

## How to read it

A rise in the yield means investors demand higher returns to hold long-term government debt, which increases borrowing costs and lowers the present value of long-duration assets. A fall signals lower required returns and cheaper long-term credit. Compare the level to a borrower's own cost of capital and to historical averages to assess financing conditions.

## What it does not say

This yield does not reveal why investors are demanding more or less return, nor does it predict future interest rates or indicate credit risk in private debt. It reflects expectations embedded in today's market price, not a forecast.

## Source

The Federal Reserve Board publishes this series as part of its H.15 Statistical Release, using Treasury yield curve methodology. Palanor pulls this series from the FRED API (Federal Reserve Bank of St. Louis) nightly.