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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 50 bps, last updated .

50 bps
1W +13.64%1M +150.00%3M +78.57%
Updated 21m 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.

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Recent Data

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DateValueChange
May 14, 202650 bps+2.04%
May 13, 202649 bps+0.00%
May 12, 202649 bps+11.36%
May 11, 202644 bps+12.82%
May 8, 202639 bps-4.88%
May 7, 202641 bps+17.14%
May 6, 202635 bps-20.45%
May 5, 202644 bps+0.00%
May 4, 202644 bps+15.79%
May 1, 202638 bps+0.00%
Apr 30, 202638 bps-7.32%
Apr 29, 202641 bps+24.24%
Apr 28, 202633 bps+10.00%
Apr 27, 202630 bps+7.14%
Apr 24, 202628 bps-12.50%
Apr 23, 202632 bps+18.52%
Apr 22, 202627 bps+0.00%
Apr 21, 202627 bps+22.73%
Apr 20, 202622 bps+10.00%
Apr 17, 202620 bps-25.93%
Apr 16, 202627 bps+3.85%
Apr 15, 202626 bps+13.04%
Apr 14, 202623 bps-17.86%
Apr 13, 202628 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.