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Yield Curve & Ratesdaily

5Y Treasury minus Fed Funds

Spread of 5-year Treasury yield over the effective federal funds rate; tracks market-implied Fed path vs short end.

ByConvex Research Desk·Edited byBen Bleierⓘ·

The 5Y Treasury minus Fed Funds is currently 55 bps, last updated .

55 bps
1W -15.38%1M -14.06%3M +12.24%
Updated 4h ago
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Statistical forecast 2026
Model-based central estimate, 68% and 95% confidence bands for 5Y Treasury minus Fed Funds, blended across current macro regimes.
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Interest rates set the price of money and ripple through every asset class. An inverted yield curve has preceded every U.S. recession since the 1960s, making this the single most-watched corner of fixed income. Monitoring rate differentials, real yields, and forward expectations helps traders anticipate risk-on or risk-off regime shifts.

Updated 4h ago

Recent Data

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DateValueChange
Jun 15, 202655 bps-6.78%
Jun 12, 202659 bps+5.36%
Jun 11, 202656 bps-13.85%
Jun 10, 202665 bps+1.56%
Jun 9, 202664 bps-4.48%
Jun 8, 202667 bps+0.00%
Jun 5, 202667 bps+19.64%
Jun 4, 202656 bps-5.08%
Jun 3, 202659 bps+7.27%
Jun 2, 202655 bps-1.79%
Jun 1, 202656 bps+9.80%
May 29, 202651 bps-3.77%
May 28, 202653 bps-3.64%
May 27, 202655 bps-3.51%
May 26, 202657 bps-12.31%
May 22, 202665 bps+3.17%
May 21, 202663 bps+5.00%
May 20, 202660 bps-14.29%
May 19, 202670 bps+9.37%
May 18, 202664 bps+1.59%
May 15, 202663 bps+26.00%
May 14, 202650 bps+2.04%
May 13, 202649 bps+0.00%
May 12, 202649 bps—

Related in Yield Curve & Rates

3-Month Treasury Yield
Yield on 3-month US Treasury bill, the shortest benchmark maturity on the curve.
1Y Treasury Yield
Yield on 1-year US Treasury constant maturity securities.
2Y Treasury Yield
Yield on 2-year US Treasury, key Fed expectations proxy.
5Y Treasury Yield
Yield on 5-year US Treasury constant maturity securities.

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Frequently Asked Questions

▶What is 5Y Treasury minus Fed Funds?
Spread of 5-year Treasury yield over the effective federal funds rate; tracks market-implied Fed path vs short end.
▶How does 5Y Treasury minus Fed Funds relate to yield curve & rates?
5Y Treasury minus Fed Funds is part of the Yield Curve & Rates category. Interest rates set the price of money and ripple through every asset class. An inverted yield curve has preceded every U.S. recession since the 1960s, making this the single most-watched corner of fixed income. Monitoring rate differentials, real yields, and forward expectations helps traders anticipate risk-on or risk-off regime shifts.
▶How often is 5Y Treasury minus Fed Funds updated?
5Y Treasury minus Fed Funds is updated once per day after market close. Each metric page on Convex shows the exact time of the last data update and provides historical data going back up to five years.
▶Where does Convex source 5Y Treasury minus Fed Funds data?
Convex sources 5Y Treasury minus Fed Funds data from the Federal Reserve Economic Data (FRED) API, maintained by the Federal Reserve Bank of St. Louis. Data is fetched automatically and displayed alongside interactive charts, AI analysis, and historical context.
▶What can I do on the 5Y Treasury minus Fed Funds chart page?
The 5Y Treasury minus Fed Funds page includes an interactive chart with selectable time ranges (1 month to 5 years), percentage changes over multiple timeframes, a table of recent readings, AI-generated analysis, and links to related metrics and comparisons.
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Data sourced from FRED, CoinGecko, CBOE, CFTC, and EIA. Updated daily. This page is for informational purposes only and does not constitute financial advice.