What the 30-year Treasury yield measures
The 30-year Treasury yield – the “long bond” – is the return on the longest-dated debt the US Treasury issues, measured at constant maturity and averaged by month. The Treasury stopped selling 30-year bonds from early 2002 to early 2006, so the Federal Reserve did not publish the series in those years and the chart shows a gap.
How to read this chart
The 30-year line moves with the 10-year but more slowly, and usually sits a little above it because investors want extra pay for tying up money for longer. When the 30-year is below shorter yields, investors are betting that today’s high rates will not last. Big moves in the long bond tend to reflect changes in long-run inflation expectations or worries about government debt rather than the next Fed meeting.
The latest reading in context
- At 5.47%, the latest reading is above its 5-year average of 4.18% and above its 10-year average of 3.33%.
- Of all 596 monthly readings since March 1977, 50% were lower than today’s and 50% were higher.
- Direction: up 0.10 points over the past month; up 0.56 points over the past six months; up 0.83 points over the past year.
- The highest value on record is 14.68% (October 1981, 45 years ago); the lowest is 1.27% (April 2020, 6 years ago).
- The full history spans 6 US recessions, shaded grey on the chart.
Why it matters
Pension funds and life insurers buy long bonds to match payments they owe decades ahead, so the 30-year yield sets their returns and the cost of annuities. It also anchors very long corporate borrowing and the discount rate used for long-lived assets such as infrastructure, utilities and real estate.
What moves the 30-year Treasury yield
- Long-run inflation expectations
- The term premium for duration risk
- Federal deficits and the amount of long debt Treasury issues
- Demand from pensions, insurers and foreign central banks
Key moments in its history
- Oct 1981Peaked above 15%.
- 2002–2006No data: the Treasury suspended 30-year bond sales.
- Mar 2020Fell below 1% for the first time.
- 2023Returned to about 5%, a level last seen in 2007.
30-Year Treasury Yield data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | 3.54% | 5.47% | 1.27% |
| 2010s | 3.19% | 4.69% | 2.12% |
| 2000s | 4.97% | 6.63% | 2.87% |
| 1990s | 7.00% | 9.03% | 5.01% |
| 1980s | 10.56% | 14.68% | 7.27% |
| 1970s | 8.55% | 10.30% | 7.64% |
Last 12 months
| Period | Value | Change |
|---|---|---|
| Oct 2026 | 5.47% | +0.10 pts |
| Sep 2026 | 5.37% | +0.15 pts |
| Aug 2026 | 5.22% | +0.12 pts |
| Jul 2026 | 5.10% | +0.15 pts |
| Jun 2026 | 4.95% | −0.08 pts |
| May 2026 | 5.03% | +0.12 pts |
| Apr 2026 | 4.91% | +0.06 pts |
| Mar 2026 | 4.85% | +0.09 pts |
| Feb 2026 | 4.76% | −0.08 pts |
| Jan 2026 | 4.84% | +0.04 pts |
| Dec 2025 | 4.80% | +0.10 pts |
| Nov 2025 | 4.70% | +0.06 pts |
Monthly values. Decade figures are averages of the monthly values in each decade. The complete history is available as a CSV file.
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30-Year Treasury Yield: questions and answers
Why is there a gap in the 30-year Treasury chart?
The Treasury stopped issuing 30-year bonds in February 2002 to cut borrowing costs while running surpluses, and resumed in February 2006. The Federal Reserve did not publish a constant-maturity 30-year yield in between.
Is the 30-year yield always higher than the 10-year?
Usually, but not always. The gap is small and can turn negative when markets expect rates to fall over the long run.
Who buys 30-year Treasury bonds?
Mostly long-horizon investors: pension funds, insurance companies, foreign official institutions and bond funds that need to match long-term liabilities.
Where does the data on this chart come from?
From the Board of Governors of the Federal Reserve System. ChartWidgets downloads the series (DGS30) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 4, 2026.