Historical Year Data · 2025

10Y-2Y Yield Spread in 2025

10Y-2Y Yield Spread opened 2025 at 32 bps and closed at 71 bps, a +121.87% move for the year. The high of 73 bps was reached on December 22, and the low of 20 bps on February 7.

Open

32 bps

2025-01

71 bps

249 data points

High

73 bps

Dec 22

Low

20 bps

Feb 7

Full Year Change

+121.87%

2024 Change

+186.84%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	32 bps	36 bps	41 bps	28 bps	+12.50%
Feb	28 bps	25 bps	31 bps	20 bps	-10.71%
Mar	20 bps	34 bps	41 bps	20 bps	+70.00%
Apr	30 bps	57 bps	67 bps	29 bps	+90.00%
May	55 bps	52 bps	58 bps	45 bps	-5.45%
Jun	52 bps	52 bps	56 bps	44 bps	+0.00%
Jul	48 bps	43 bps	58 bps	43 bps	-10.42%
Aug	54 bps	64 bps	65 bps	50 bps	+18.52%
Sep	62 bps	56 bps	62 bps	49 bps	-9.68%
Oct	57 bps	51 bps	58 bps	49 bps	-10.53%
Nov	53 bps	55 bps	58 bps	52 bps	+3.77%
Dec	55 bps	71 bps	73 bps	55 bps	+29.09%

Events During 2025

2025 US Tariff Shock

Stagflation

February – April 2025

The Trump administration imposed reciprocal tariffs averaging 25% on most trading partners in February-April 2025. Markets priced the most aggressive trade policy shift since 1930, with ripple effects across currencies, bond yields, and supply chains.

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