Rates Week: 10-Year Yield Rises 16 Basis Points to 5.17%
The 10-year Treasury yield rose 16 basis points over the week to 5.17% as of September 25, with the 2-year at 4.81% and the VIX at 14.87.
Treasury yields moved higher over the week ending Friday, September 25, 2026, according to FRED data. The 10-year yield rose from 5.01% on Friday, September 18, to 5.17% on September 25, an increase of 16 basis points from the prior week's last observation.
At the shorter end, the 2-year yield was 4.81% as of September 25. The spread between the 10-year and 2-year yields stood at 36 basis points, keeping the curve positively sloped. The effective federal funds rate was 3.88% in the observation dated September 26, which left the 10-year yield 129 basis points above the overnight rate.
Other market gauges were steady as of September 25. The VIX volatility index was 14.87, and the high-yield option-adjusted spread was 2.93 percentage points. The Fed's nominal broad dollar index stood at 120.33.
The data calendar showed no U.S. economic releases on Saturday, and markets were closed. FRED series for the 10-year and 2-year yields, the VIX and credit spreads are published for business days only, so the latest available readings are those of Friday.
Weekend headlines put the move in yields in a longer-term context. A CNBC headline read "The 10-year Treasury yield is at its highest in nearly two decades. How we got here." A WSJ article carried the headline "Stocks Are Defying Surging Bond Yields. Here's What History Says Could Come Next."
Data
| Measure | Value | As of |
|---|---|---|
| 10-year Treasury | 5.17% | 2026-09-25 |
| 10-year weekly change | +16 bp | 2026-09-18 to 2026-09-25 |
| 2-year Treasury | 4.81% | 2026-09-25 |
| 10y-2y spread | 0.36 | 2026-09-25 |
| Effective fed funds | 3.88% | 2026-09-26 |
| VIX | 14.87 | 2026-09-25 |
| High-yield OAS | 2.93 | 2026-09-25 |
Data: FRED. Figures are close to close unless stated otherwise.
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