Thursday, January 01, 2026

U.S. Treasury 2s10s Curve has reached its Steepest Level of the year | Mohamed A. El-Erian @elerianm #economy #markets #bonds

 
To illustrate Rick Santelli’s point from this morning, the US Treasury 2s-10s curve has reached its steepest level of the year. 
From a longer-term perspective, two things are clear: 
While the curve has steepened significantly since its notable inversion, it has yet to return to historical norms. 
 
https://pbs.twimg.com/media/G9g0mbybgAAz02z?format=jpg&name=small
Indeed, I expect the curve to steepen further in 2026.
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2-YEAR TREASURY RATE 
 
https://charts.ycharts.com/generate_chart?mode=image_contents&aiSummaries=&axisExtremes=&calcs=include:true,id:level,,&chartAnnotations=&chartId=&chartType=interactive&correlations=&customGrowthAmount=&dataInLegend=value&dateSelection=range&displayDateRange=false&endDate=&format=real&hideValueFlags=false&legendOnChart=true&lineAnnotations=&maxPoints=&nameInLegend=name_and_ticker&note=&partner=basic_2000&performanceDisclosure=false&quoteLegend=false&quotes=&recessions=false&redesign=true&scaleType=linear&securities=include:true,id:I:2YTCMR,,&securityGroup=&securitylistName=&securitylistSecurityId=&sortColumn=&sortDirection=&source=false&splitType=single&startDate=&title=&units=false&useCustomColors=false&useEstimates=false&zoom=10 

 

10-YEAR TREASURY RATE

https://product.datastream.com/dscharting/gateway.aspx?guid=2cd33c2b-7b05-4c1c-860a-8fdf43fc5665&chartname=UNITED%20STATES%3A%2010--YEAR%20US%20TREASURY%20BOND%20YIELD%20(percent%2C%20daily)&action=REFRESH 

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