{"slug":"off-the-run-vs-on-the-run-treasuries","qid":"monthly_curve","label":"monthly_curve","post_title":"off-the-run-vs-on-the-run-treasuries","post_url":"/blog/off-the-run-vs-on-the-run-treasuries#q-monthly_curve","columns":["month","month_label","yield_2y_pct","yield_10y_pct","spread_2s10s_bps"],"rows":[{"month":"2024-10-01","month_label":"Oct 2024","yield_2y_pct":3.97,"yield_10y_pct":4.1,"spread_2s10s_bps":12.3},{"month":"2024-11-01","month_label":"Nov 2024","yield_2y_pct":4.26,"yield_10y_pct":4.36,"spread_2s10s_bps":9.8},{"month":"2024-12-01","month_label":"Dec 2024","yield_2y_pct":4.23,"yield_10y_pct":4.39,"spread_2s10s_bps":16.6},{"month":"2025-01-01","month_label":"Jan 2025","yield_2y_pct":4.27,"yield_10y_pct":4.63,"spread_2s10s_bps":35.7},{"month":"2025-02-01","month_label":"Feb 2025","yield_2y_pct":4.21,"yield_10y_pct":4.45,"spread_2s10s_bps":24.1},{"month":"2025-03-01","month_label":"Mar 2025","yield_2y_pct":3.97,"yield_10y_pct":4.28,"spread_2s10s_bps":31},{"month":"2025-04-01","month_label":"Apr 2025","yield_2y_pct":3.78,"yield_10y_pct":4.28,"spread_2s10s_bps":50.1},{"month":"2025-05-01","month_label":"May 2025","yield_2y_pct":3.92,"yield_10y_pct":4.42,"spread_2s10s_bps":50.4},{"month":"2025-06-01","month_label":"Jun 2025","yield_2y_pct":3.89,"yield_10y_pct":4.38,"spread_2s10s_bps":49.4},{"month":"2025-07-01","month_label":"Jul 2025","yield_2y_pct":3.88,"yield_10y_pct":4.39,"spread_2s10s_bps":51},{"month":"2025-08-01","month_label":"Aug 2025","yield_2y_pct":3.7,"yield_10y_pct":4.26,"spread_2s10s_bps":56.1},{"month":"2025-09-01","month_label":"Sep 2025","yield_2y_pct":3.57,"yield_10y_pct":4.12,"spread_2s10s_bps":55.2},{"month":"2025-10-01","month_label":"Oct 2025","yield_2y_pct":3.52,"yield_10y_pct":4.06,"spread_2s10s_bps":54},{"month":"2025-11-01","month_label":"Nov 2025","yield_2y_pct":3.55,"yield_10y_pct":4.09,"spread_2s10s_bps":54.4},{"month":"2025-12-01","month_label":"Dec 2025","yield_2y_pct":3.5,"yield_10y_pct":4.14,"spread_2s10s_bps":64.2},{"month":"2026-01-01","month_label":"Jan 2026","yield_2y_pct":3.54,"yield_10y_pct":4.21,"spread_2s10s_bps":67.7},{"month":"2026-02-01","month_label":"Feb 2026","yield_2y_pct":3.47,"yield_10y_pct":4.13,"spread_2s10s_bps":65.4},{"month":"2026-03-01","month_label":"Mar 2026","yield_2y_pct":3.71,"yield_10y_pct":4.25,"spread_2s10s_bps":53.1},{"month":"2026-04-01","month_label":"Apr 2026","yield_2y_pct":3.8,"yield_10y_pct":4.32,"spread_2s10s_bps":52},{"month":"2026-05-01","month_label":"May 2026","yield_2y_pct":4,"yield_10y_pct":4.48,"spread_2s10s_bps":48.9},{"month":"2026-06-01","month_label":"Jun 2026","yield_2y_pct":4.11,"yield_10y_pct":4.47,"spread_2s10s_bps":35.8},{"month":"2026-07-01","month_label":"Jul 2026","yield_2y_pct":4.22,"yield_10y_pct":4.6,"spread_2s10s_bps":37.7},{"month":"2026-08-01","month_label":"Aug 2026","yield_2y_pct":4.22,"yield_10y_pct":4.68,"spread_2s10s_bps":46.8},{"month":"2026-09-01","month_label":"Sep 2026","yield_2y_pct":4.61,"yield_10y_pct":4.94,"spread_2s10s_bps":33.3}],"shape":"series","sql":"SELECT\n    toString(toStartOfMonth(date))                AS month,\n    formatDateTime(toStartOfMonth(date), '%b %Y') AS month_label,\n    round(avg(toFloat64(yield_2_year)), 2)        AS yield_2y_pct,\n    round(avg(toFloat64(yield_10_year)), 2)       AS yield_10y_pct,\n    round((avg(toFloat64(yield_10_year)) - avg(toFloat64(yield_2_year))) * 100, 1) AS spread_2s10s_bps\nFROM global_markets.treasury_yields\nWHERE date >= toStartOfMonth(today() - 700)\n  AND yield_2_year > 0\n  AND yield_10_year > 0\nGROUP BY month, month_label\nORDER BY month","computed_at":"2026-09-29T14:50:44.579043+00:00","elapsed":0.0461736}