Every 3m10y inversion since 1985, on monthly averages
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-11-01, from What Is the 3m10y Spread? The Fed's Yield Curve.
| began | ended | start_date | months_inverted | deepest_month_bps | average_depth_bps |
|---|---|---|---|---|---|
| Jun 1989 | Aug 1989 | 1989-06-01 | 3 | -16 | -11 |
| Nov 1989 | Dec 1989 | 1989-11-01 | 2 | -7 | -6 |
| Jul 2000 | Jan 2001 | 2000-07-01 | 7 | -70 | -42 |
| Aug 2006 | May 2007 | 2006-08-01 | 10 | -52 | -34 |
| May 2019 | Sep 2019 | 2019-05-01 | 5 | -36 | -17 |
| Feb 2020 | Feb 2020 | 2020-02-01 | 1 | -4 | -4 |
| Nov 2022 | Nov 2024 | 2022-11-01 | 25 | -173 | -115 |
| Mar 2025 | Apr 2025 | 2025-03-01 | 2 | -6 | -5 |
| Jun 2025 | Aug 2025 | 2025-06-01 | 3 | -4 | -3 |
- Rows × columns
- 9 × 6
- Period covered
- to
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
began |
text | 9 distinct values (Aug 2006, Feb 2020, Jul 2000…) | |
ended |
text | 9 distinct values (Apr 2025, Aug 1989, Aug 2025…) | |
start_date |
date | 1989-06-01 to 2025-06-01 | |
months_inverted |
number | 1 to 25 | |
deepest_month_bps |
number | -173 to -4 | |
average_depth_bps |
number | -115 to -3 |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
SELECT
formatDateTime(min(month), '%b %Y') AS began,
formatDateTime(max(month), '%b %Y') AS ended,
toString(min(month)) AS start_date,
count() AS months_inverted,
toInt32(round(min(spread_bps))) AS deepest_month_bps,
toInt32(round(avg(spread_bps))) AS average_depth_bps
FROM
(
SELECT
month,
spread_bps,
sum(if(spread_bps < 0, 0, 1)) OVER (ORDER BY month ROWS BETWEEN UNBOUNDED PRECEDING AND CURRENT ROW) AS run_id
FROM
(
SELECT
toStartOfMonth(date) AS month,
avg(toFloat64(yield_10_year) - toFloat64(yield_3_month)) * 100 AS spread_bps
FROM global_markets.treasury_yields
WHERE date >= toDate('1985-01-01')
AND yield_3_month > 0
AND yield_10_year > 0
GROUP BY month
)
)
WHERE spread_bps < 0
GROUP BY run_id
ORDER BY start_date
Work with this data in your AI assistant
Opens ready to query, with this page's data. Free, no account.