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Treasury par yield curve · estimated returns

How much did Treasury bills, notes and bonds return each year?

In 2025 a 10-year Treasury returned an estimated +7.65%, a 2-year Treasury note +5.34% and a 3-month Treasury bill +4.32% (estimated from Treasury par yields, month-ends through ).

The last whole yearOurs

In 2025 a 10-year Treasury returned an estimated +7.65%, a 2-year Treasury note +5.34% and a 3-month Treasury bill +4.32%.

After inflation: 10-year Treasury +4.85%, 2-year Treasury note +2.59%, 3-month Treasury bill +1.60%.

The newest whole year in the table is 2025. Each term's page also shows the months of 2026 through October. Every month, the highest and lowest months and years and the largest fall of a term are on its page: 3-month, 2-year, 5-year, 10-year, 20-year, 30-year.

What did each term return in each year?

Year3-month2-year5-year10-year20-year30-year
2025+4.32+5.34+6.94+7.65+5.66+3.72
2024+5.35+4.38+1.65−1.57−4.26−7.96
2023+5.34+5.00+4.74+3.80+3.08+2.55
2022+1.86−4.01−9.33−16.37−25.97−32.21
2021+0.04−0.91−3.47−4.07−6.33−4.04
2020+0.45+3.23+7.13+10.41+15.30+19.10
2019+2.16+3.72+5.90+9.21+12.39+16.07
2018+1.93+1.37+1.25+0.26−1.62−2.69
2017+0.89+0.06+0.62+2.78+5.99+9.63
2016+0.30+0.55+0.47+0.11+0.04+1.21
2015+0.05−0.08+0.95+1.12−0.84−2.79
2014+0.03−0.11+2.10+10.56+23.85+29.54
2013+0.05+0.04−3.74−8.50−13.56−14.46
2012+0.08+0.27+1.26+2.72+2.76+1.37
2011+0.07+1.15+7.38+16.12+29.42+34.61
Show 20 more rows
Year3-month2-year5-year10-year20-year30-year
2010+0.14+1.71+5.13+7.87+10.08+8.96
2009+0.16+0.20−3.17−10.10−16.26−27.42
2008+1.56+6.59+12.23+20.37+27.07+42.92
2007+4.65+7.89+10.37+10.34+10.51+11.00
2006+4.91+4.06+3.17+2.16+0.98n/a
2005+3.19+1.33+0.76+2.99+7.77n/a
2004+1.35−0.01+1.64+4.46+8.30n/a
2003+1.06+1.20+0.70+0.15+1.11n/a
2002+1.67+5.52+11.50+15.33+17.70n/a
2001+3.76+7.84+7.37+5.35+3.66+5.02
2000+6.12+8.57+12.60+17.12+22.26+22.00
1999+4.87+2.24−2.26−7.81−9.93−13.05
1998+5.07+7.37+10.53+14.51+13.86+19.26
1997+5.33+6.49+8.55+11.84+15.47+17.37
1996+5.28+4.58+2.55−0.05−1.48−2.71
1995+5.83+11.20+17.88+25.32+32.45+36.20
1994+4.29−0.44−4.34−7.21−8.50−11.17
1993+3.10+4.70+8.99+12.85n/a+21.70
1992+3.64+5.26+5.77+7.12n/a+7.90
1991+5.83+11.29+15.53+18.70n/a+19.30

The table scrolls sideways; the first column stays in place.

Percent, estimated. A year is its twelve months compounded. n/a: the term has no figure for every month of that year.

The numbers behind the table

What did each term return in each year after inflation?With the change in prices
The estimated return of each term in each whole year after inflation, 1991 to 2025, in percent, newest year first, with the change in the CPI-U from December to December
YearChange in prices3-month2-year5-year10-year20-year30-year
2025+2.68+1.60+2.59+4.16+4.85+2.91+1.01
2024+2.89+2.39+1.45−1.20−4.34−6.95−10.54
2023+3.35+1.93+1.59+1.34+0.44−0.27−0.78
2022+6.45−4.31−9.83−14.83−21.44−30.46−36.32
2021+7.04−6.53−7.42−9.81−10.38−12.49−10.35
2020+1.36−0.90+1.84+5.69+8.93+13.75+17.50
2019+2.29−0.12+1.40+3.54+6.77+9.88+13.48
2018+1.91+0.02−0.53−0.65−1.62−3.46−4.51
2017+2.11−1.19−2.01−1.45+0.65+3.80+7.37
2016+2.07−1.74−1.50−1.57−1.93−1.99−0.85
2015+0.73−0.67−0.81+0.22+0.39−1.56−3.49
2014+0.76−0.72−0.86+1.34+9.73+22.92+28.57
2013+1.50−1.43−1.44−5.17−9.86−14.84−15.72
2012+1.74−1.63−1.45−0.47+0.96+1.00−0.37
2011+2.96−2.81−1.76+4.29+12.78+25.70+30.74
Show 20 more rows
YearChange in prices3-month2-year5-year10-year20-year30-year
2010+1.50−1.34+0.21+3.58+6.28+8.46+7.36
2009+2.72−2.50−2.46−5.74−12.48−18.48−29.34
2008+0.09+1.46+6.49+12.12+20.26+26.96+42.79
2007+4.08+0.55+3.66+6.05+6.01+6.17+6.65
2006+2.54+2.31+1.48+0.62−0.37−1.52n/a
2005+3.42−0.22−2.01−2.57−0.42+4.21n/a
2004+3.26−1.85−3.16−1.56+1.16+4.88n/a
2003+1.88−0.80−0.66−1.16−1.70−0.75n/a
2002+2.38−0.69+3.07+8.91+12.65+14.96n/a
2001+1.55+2.18+6.20+5.73+3.74+2.08+3.42
2000+3.39+2.65+5.01+8.91+13.28+18.26+18.00
1999+2.68+2.12−0.43−4.81−10.22−12.28−15.32
1998+1.61+3.40+5.67+8.78+12.70+12.05+17.37
1997+1.70+3.56+4.71+6.73+9.97+13.54+15.41
1996+3.32+1.89+1.21−0.75−3.26−4.64−5.84
1995+2.54+3.21+8.44+14.96+22.22+29.17+32.82
1994+2.67+1.57−3.04−6.83−9.63−10.89−13.48
1993+2.75+0.35+1.89+6.07+9.83n/a+18.45
1992+2.90+0.72+2.30+2.79+4.10n/a+4.85
1991+3.06+2.68+7.98+12.10+15.17n/a+15.75

The table scrolls sideways; the first column stays in place.

How are these returns worked out, and what do they leave out?Method, limits and source

Method and limits

  • These are estimates for a bond of constant length, worked out from Treasury's par yields. They are not the prices or returns of a real bond or fund, and they leave out costs, taxes and trading.
  • Each month a note or bond is bought at par at the previous month-end's yield and valued one month later at the new month-end's yield of the same term, with the month's interest added; a 3-month bill earns a twelfth of the previous month-end's yield. A year is its twelve months compounded. After inflation, a year is divided by the change in the CPI-U from December to December. Each term's page gives the method in full.
  • A month-end is the last day Treasury published a curve in that month, and the newest month-end held is October 2026. A year appears once its December month-end exists, and its figure after inflation once the index for that December is published. A year shows n/a for a term with no figure for every month of it.

Source: U.S. Treasury, daily par yield curve rates; U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U), all items, U.S. city average, not seasonally adjusted, series CUUR0000SA0.

Observed .

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