20-Year Treasury Yield

## What this measures

The yield on U.S. Treasury securities at a constant 20-year maturity, in percent, each business day: the Federal Reserve Board's H.15 release, interpolated by the Treasury from the yields of actively traded bonds, quoted on an investment basis. Coverage: 1962-01-02 to 2026-10-16.

## Why it matters

The 20-year sits between the 10-year benchmark and the 30-year bond. It is a common hedge for long liabilities (pensions, insurers) and has repeatedly traded above the 30-year since the Treasury restarted 20-year issuance in May 2020, a sign of thin demand at that point of the curve.

## How to read it

Higher means the government, and every long-term borrower priced off Treasuries, pays more to borrow for two decades. Read it beside the 10-year (fred_dgs10) and 30-year (fred_dgs30) yields for the shape of the long end.

## What it does not say

There is a gap from January 1987 to September 1993, when the Treasury issued no 20-year bonds and published no 20-year constant-maturity yield. A yield is not a total return.

## Source

Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates, via FRED (Federal Reserve Bank of St. Louis), series DGS20: https://fred.stlouisfed.org/series/DGS20. U.S. government data, public domain. Synced daily by fred-sync.