Yield curve calculator: slope, spreads, and what the shape means

What shape is this yield curve, and what is the gap between short and long yields?

Yield curve analyzer

Analyze interest rate environments, yield curve shapes, and economic implications for bond investing

Yield curve scenarios

Pick the Treasury yield curve from one date, or edit the yields yourself. Each button is a date.

Source: U.S. Treasury daily par yield curve rates, close of each date shown. The 2 Oct 2026 curve is a snapshot, not a live feed, and it goes out of date.

Yield curve points

Customize individual yield rates by maturity

3M (3M)

6M (6M)

1Y (1Y)

2Y (2Y)

3Y (3Y)

5Y (5Y)

7Y (7Y)

10Y (10Y)

20Y (20Y)

30Y (30Y)

Yield curve visualization

Yield by maturity for the curve you selected or edited

Understanding yield curves

Curve shapes & meanings:

• Normal (upward): Healthy economy, longer bonds pay more
• Inverted: Recession signal, short rates exceed long rates
• Flat: Economic uncertainty, similar rates across maturities
• Humped: Mixed signals, intermediate rates highest

What curve moves mean:

• The 2Y-10Y spread is the one most watched for inversion
• Steepening means long yields rise relative to short yields
• Flattening means the gap between long and short yields narrows
• Longer-duration bonds change price more than shorter ones for the same rate move

How this calculator works

The lab holds yields for ten maturities, from 3 months to 30 years. The four buttons load a stored curve from one date. Each yield can then be edited by hand.
The 2Y-10Y spread is the 10-year yield minus the 2-year yield. The 3M-10Y spread is the 10-year yield minus the 3-month yield. The slope is the 30-year yield minus the 3-month yield, divided by 29.75 years, shown in basis points per year.
The shape is set by the 2Y-10Y spread: below -0.2 points is inverted, from -0.2 up to 0.3 is flat, and above that it is normal. The humped test runs only when the spread is between 0.3 and 2.0 points: the curve is called humped if the 5-year yield is more than 0.5 points above the 3-month yield and also above the 10-year yield.
Each shape comes with a plain description of what it has historically been read to mean. These are descriptions of a pattern, not a forecast.

The 2 October 2026 curve against the 7 December 2022 curve

The lab opens on its stored 2 October 2026 curve: 4.19% at 3 months, 4.83% at 2 years, 5.28% at 10 years, and 5.63% at 30 years. That gives a 2Y-10Y spread of 0.45 points, a 3M-10Y spread of +1.09 points, and a slope of +4.84 basis points per year, so the lab labels it Normal. Load the 7 December 2022 curve instead, with a 2-year yield of 4.26% and a 10-year yield of 3.42%, and the 2Y-10Y spread is -0.84 points, which the lab labels Inverted.

What this assumes

The curves are typed-in snapshots, not a live feed. The 2 October 2026 curve is a sample that goes out of date, so check the Treasury's daily par yield curve rates for the current figures.
Only four points drive the result: the 3-month, 2-year, 10-year, and 30-year yields, plus the 5-year yield for the humped test. The other maturities appear on the chart and do not change the label.
The cutoffs for flat, inverted, and humped are rules built into the lab, not an official definition.
An inverted curve has often come before a recession, but it has not set the timing or the size of one. The lab states that as a pattern, not a prediction.
The lab uses par yields. It does not strip out zero-coupon rates or model term premiums.

Finance Quest is educational. It is not financial advice, and no calculator here knows your full situation.

The mistake: treating one spread as a forecast

A 2Y-10Y spread of -0.84 points looks decisive, but it is one number on one day, and the lag between an inversion and any slowdown has varied a lot. The same applies to a positive spread. Use the shape to see how much extra yield the market pays for lending longer, and what a bond with a longer maturity trades off against it, rather than to call the next year of the economy.

Common questions

What is a yield curve?

A yield curve plots the yields of bonds of the same credit quality, usually US Treasuries, against how long until they mature. The usual shape slopes upward, because lenders ask for more yield to lock money up for longer.

What does an inverted yield curve mean?

It means short-term yields are higher than long-term yields. In the lab, that is a 2Y-10Y spread below -0.2 points. Inversions have often come before recessions, which is a historical pattern and not a forecast.

Is the data in this lab live?

No. The four curves are stored in the lab, each tied to one date. Edit the yields yourself, or compare them with the Treasury's published daily par yield curve rates.

Why is the 2Y-10Y spread the one that is watched?

It is a widely quoted gap between a yield tied to the near-term path of short rates and one tied to long-run expectations. The lab also shows the 3M-10Y spread, which some analysts watch instead.

Learn the idea behind it

The lesson for this lab is in Chapter 14, Bonds & Fixed Income. Read the lesson

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