2-Year Treasury Yield Jumps 37 Basis Points in Week, 10-Year at 5.15%
The 2-year Treasury yield rose 37 basis points this week to 4.88% and the 10-year 29 to 5.15%, amid CPI and PPI data and three softer refunding auctions.
Why it matters
- The 2-year Treasury yield closed at 4.88% on Friday, Nov. 13, up 37 basis points from 4.51% on Nov. 6, according to the Treasury's daily par yield curve. It was the largest weekly rise since at least the start of 2025, by our calculation.
- The 10-year rose 29 basis points to 5.15%, ending a five-week run of declines with its biggest weekly gain of 2026. The 10-year's lead over the 2-year narrowed to 0.27 percentage point from 0.35.
- The week brought October CPI (+0.4%), October PPI (+0.3%, up 6.5% over 12 months) and the November refunding, where the 3-, 10- and 30-year auctions each drew a lower bid-to-cover ratio than the previous month.
Data Brief: a summary of published data, with our notes on what it shows.
The 2-year Treasury yield rose 37 basis points this week to 4.88% on Friday, Nov. 13, the largest weekly increase since at least January 2025, by our calculation from Treasury's daily par yield curve. The 10-year yield rose 29 basis points to 5.15%, its biggest weekly rise of 2026, ending five straight weeks of declines.
The 2-year and 10-year yields rose on each of the week's four trading days. The bond market was closed Wednesday, Nov. 11, for Veterans Day, as SIFMA recommended.
How did Treasury yields change this week?
| Maturity | Nov. 13 | Nov. 6 | Change |
|---|---|---|---|
| 3-month | 4.32% | 4.19% | +0.13 |
| 6-month | 4.42% | 4.23% | +0.19 |
| 1-year | 4.65% | 4.33% | +0.32 |
| 2-year | 4.88% | 4.51% | +0.37 |
| 5-year | 4.98% | 4.64% | +0.34 |
| 10-year | 5.15% | 4.86% | +0.29 |
| 30-year | 5.47% | 5.26% | +0.21 |
Source: U.S. Treasury daily par yield curve rates. Changes in percentage points.
The 2-year closed at 4.88%, matching its Sept. 30 level, and the 10-year at its highest since Oct. 19. In Treasury's data, which our comparison covers from January 2025, the only larger weekly 10-year rise was 47 basis points in the week to April 11, 2025, when the 2-year rose 28. The 10-year's daily closes this week were 4.88% Monday, 4.98% Tuesday, 5.10% Thursday and 5.15% Friday. See our 10-year Treasury yield today page.
What moved Treasury yields this week?
- Inflation data (Tuesday and Friday): October CPI rose 0.4% and core 0.3%, BLS said Nov. 10; it published no 12-month CPI rates because October 2025 data were not collected. On Nov. 13, BLS said October producer prices rose 0.3% and were up 6.5% from a year earlier, the most since November 2022. See our October CPI report and October PPI report. On Tuesday the 2-year rose 17 basis points, its biggest one-day rise of 2026, by our calculation.
- Refunding auctions (Monday, Tuesday, Thursday): The 3-year note drew a 2.53 bid-to-cover ratio, the 10-year 2.46 and the 30-year 2.36, each below the previous month's sale, TreasuryDirect data show. See our briefs on the 3-year, 10-year and 30-year auctions.
- Jobless claims (Thursday): Initial claims rose 9,000 to 200,000 in the week ending Nov. 7, the Labor Department said.
What is next for Treasury yields?
Treasury sells $95 billion of 13-week and $82 billion of new 26-week bills on Monday, Nov. 16, $100 billion of 6-week bills on Tuesday, $16 billion of new 20-year bonds on Wednesday, Nov. 18, and $19 billion of a TIPS reopening on Thursday, Nov. 19, TreasuryDirect shows. The 17-, 4- and 8-week bills follow on Nov. 18 and 19. The 2-year note, 5-year note, 7-year note and 2-year floating rate note sales come the week of Nov. 23, all to be announced Nov. 19. Our Treasury auction schedule and results lists every sale.
Will the Fed raise rates in December?
The Fed held its target range at 3.75% to 4% on Oct. 28 in a 10–2 vote, with Lisa Cook and Beth Hammack preferring a quarter-point increase, and said "inflation remains elevated." It next meets Dec. 8–9; see the FOMC meeting schedule for 2026 and 2027.
Sources
- U.S. Treasury, daily par yield curve rates, 2026 (accessed Nov. 13, 2026; latest row Nov. 13) and 2025
- U.S. Bureau of Labor Statistics, Consumer Price Index – October 2026 (Nov. 10, 2026) and Producer Price Index – October 2026 (Nov. 13, 2026)
- U.S. Department of Labor, Unemployment Insurance Weekly Claims (Nov. 12, 2026)
- TreasuryDirect, auctioned securities data and upcoming auctions data (accessed Nov. 13, 2026)
- SIFMA, Fixed Income Market Close Recommendation for the U.S. Veterans Day Holiday (Oct. 28, 2026)
- Federal Reserve, FOMC statement, Oct. 28, 2026 and FOMC meeting calendars (accessed Nov. 13, 2026)
