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10-Year Treasury Constant Maturity Minus 3-Month Treasury Constant Maturity T10Y3M

Percent • Daily • Not Seasonally Adjusted
Source: FRED | Last updated: 2025-09-30 16:02:11-05 | Range: 1982-01-04 → 2025-09-30

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Trend
Momentum

Trend Heat Strip & Seasonality

YoY Heat Strip

≤ −5% Decline > +5% Growth

Seasonality (Average by Month)

What am I looking at?

What it shows: the average level of the series for each calendar month (Jan…Dec) across the full history.

  • Computation: for each month m, take the mean of all observations whose calendar month = m (all years equally weighted).
  • Interpretation:
    • Not seasonally adjusted (NSA): clear recurring peaks/troughs by month.
    • Seasonally adjusted (SA): should be fairly flat (seasonality already removed).
  • Caveats: uses raw levels, so long-run trend can dominate; best for monthly series. For a relative view, consider a seasonal index (month_mean ÷ overall_mean − 1) or limit to the last N years.

Distribution & Extremes

Histogram of Monthly Changes

Context

Recent Prints

No observations available.

Release

Interest Rate Spreads
Typical schedule and next expected date may vary; check the release page for official timing.

What this measures & how to read it

Series is calculated as the spread between 10-Year Treasury Constant Maturity (BC_10YEAR) and 3-Month Treasury Constant Maturity (BC_3MONTH).
Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Tip: focus on multi-month trends to reduce noise from seasonality, one-off shocks, and revisions.

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