DGS10
Benchmark long-term risk-free rate — the anchor for almost everything
Official name: Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis
Latest value
4.2900
as of 2026-04-09
All-time percentile
36th
1-year change
-1.2%
Time series
Showing 624 of 1 248 data points
About this series
The yield on a 10-year US Treasury note, updated daily. This is the closest thing to a risk-free long-term interest rate in the world's largest bond market.
Why it matters: DGS10 is the discount rate for almost every other asset. When it rises, bond prices fall, mortgage rates climb, and the present value of future cash flows drops — which hurts long-duration assets like growth stocks, real estate, and long bonds. When it falls, the opposite. It's also a live readout of market inflation and growth expectations.
How to read it: Direction and level both matter. A rapidly-rising 10Y usually means the market is pricing higher inflation or stronger growth. A falling 10Y can mean disinflation, recession fears, or safe-haven demand. Compare it to the 2-year yield (DGS2, not currently collected) — when 10Y is below 2Y (an "inverted yield curve") it has historically preceded recessions by 6-24 months.
Caveats: This is the nominal yield — it reflects both real rates and expected inflation. To separate them, pair it with T10YIE (breakeven inflation). The real yield is DGS10 minus T10YIE, roughly.