{"chart":{"slug":"when-the-yield-curve-inverted","title":"When has the Treasury yield curve been inverted?","takeaway":"The yield curve is inverted when short-term Treasury rates are higher than long-term ones: lending to the government for 2 years pays more a year than lending for 10. On this chart that is anything below zero. In August 2026 the 10-year rate was 0.46 percentage points above the 2-year, so the curve was not inverted. The longest inversion in these monthly averages lasted 26 months, from July 2022 to August 2024, and the deepest was in March 1980, when the 2-year rate was 2.13 points higher. Inversions have tended to come after the Federal Reserve raised short-term rates quickly, while investors expected rates to fall later. The chart starts in June 1976, when the 2-year rate begins.","topic":"Interest rates","chart_type":"line","ranking":false,"x_label":"Month","y_label":"10-year rate minus 2-year rate, percentage points","unit":null,"points_count":604,"source":{"name":"Federal Reserve Board, H.15 Selected Interest Rates (monthly averages)","url":"https://www.federalreserve.gov/releases/h15/"},"license":{"name":"Public domain (Federal Reserve Board; cite the Board as the source)","url":"https://www.federalreserve.gov/disclaimer.htm"},"data_as_of":"2026-09-30","updated_at":"2026-10-02T16:28:04.906Z","url":"https://chart.ly/charts/when-the-yield-curve-inverted","api_url":"https://chart.ly/api/v1/charts/when-the-yield-curve-inverted","csv_url":"https://chart.ly/charts/when-the-yield-curve-inverted/data.csv","image_url":"https://chart.ly/charts/when-the-yield-curve-inverted/image.png","embed_url":"https://chart.ly/charts/when-the-yield-curve-inverted/embed","average_label":null,"zero_axis":true,"data":[{"label":"Jun 1976","value":0.8},{"label":"Jul 1976","value":0.98},{"label":"Aug 1976","value":1.14},{"label":"Sep 1976","value":1.17},{"label":"Oct 1976","value":1.43},{"label":"Nov 1976","value":1.48},{"label":"Dec 1976","value":1.49},{"label":"Jan 1977","value":1.31},{"label":"Feb 1977","value":1.3},{"label":"Mar 1977","value":1.37},{"label":"Apr 1977","value":1.41},{"label":"May 1977","value":1.21},{"label":"Jun 1977","value":1.15},{"label":"Jul 1977","value":1.06},{"label":"Aug 1977","value":0.79},{"label":"Sep 1977","value":0.63},{"label":"Oct 1977","value":0.41},{"label":"Nov 1977","value":0.44},{"label":"Dec 1977","value":0.51},{"label":"Jan 1978","value":0.47},{"label":"Feb 1978","value":0.46},{"label":"Mar 1978","value":0.46},{"label":"Apr 1978","value":0.41},{"label":"May 1978","value":0.34},{"label":"Jun 1978","value":0.22},{"label":"Jul 1978","value":0.15},{"label":"Aug 1978","value":0.04},{"label":"Sep 1978","value":-0.15},{"label":"Oct 1978","value":-0.21},{"label":"Nov 1978","value":-0.61},{"label":"Dec 1978","value":-0.71},{"label":"Jan 1979","value":-0.76},{"label":"Feb 1979","value":-0.62},{"label":"Mar 1979","value":-0.67},{"label":"Apr 1979","value":-0.6},{"label":"May 1979","value":-0.53},{"label":"Jun 1979","value":-0.31},{"label":"Jul 1979","value":-0.19},{"label":"Aug 1979","value":-0.43},{"label":"Sep 1979","value":-0.73},{"label":"Oct 1979","value":-1.19},{"label":"Nov 1979","value":-1.16},{"label":"Dec 1979","value":-1.0},{"label":"Jan 1980","value":-0.7},{"label":"Feb 1980","value":-1.01},{"label":"Mar 1980","value":-2.13},{"label":"Apr 1980","value":-1.03},{"label":"May 1980","value":0.73},{"label":"Jun 1980","value":1.05},{"label":"Jul 1980","value":1.22},{"label":"Aug 1980","value":0.57},{"label":"Sep 1980","value":-0.06},{"label":"Oct 1980","value":-0.34},{"label":"Nov 1980","value":-0.83},{"label":"Dec 1980","value":-1.24},{"label":"Jan 1981","value":-0.69},{"label":"Feb 1981","value":-0.73},{"label":"Mar 1981","value":-0.45},{"label":"Apr 1981","value":-0.47},{"label":"May 1981","value":-1.36},{"label":"Jun 1981","value":-1.04},{"label":"Jul 1981","value":-1.07},{"label":"Aug 1981","value":-1.34},{"label":"Sep 1981","value":-1.14},{"label":"Oct 1981","value":-0.39},{"label":"Nov 1981","value":0.51},{"label":"Dec 1981","value":0.43},{"label":"Jan 1982","value":0.02},{"label":"Feb 1982","value":-0.39},{"label":"Mar 1982","value":-0.33},{"label":"Apr 1982","value":-0.33},{"label":"May 1982","value":-0.16},{"label":"Jun 1982","value":-0.17},{"label":"Jul 1982","value":0.15},{"label":"Aug 1982","value":0.74},{"label":"Sep 1982","value":0.56},{"label":"Oct 1982","value":0.72},{"label":"Nov 1982","value":0.75},{"label":"Dec 1982","value":0.88},{"label":"Jan 1983","value":1.13},{"label":"Feb 1983","value":1.08},{"label":"Mar 1983","value":0.85},{"label":"Apr 1983","value":0.83},{"label":"May 1983","value":0.89},{"label":"Jun 1983","value":0.67},{"label":"Jul 1983","value":0.69},{"label":"Aug 1983","value":0.78},{"label":"Sep 1983","value":0.86},{"label":"Oct 1983","value":0.97},{"label":"Nov 1983","value":1.03},{"label":"Dec 1983","value":0.99},{"label":"Jan 1984","value":1.03},{"label":"Feb 1984","value":1.05},{"label":"Mar 1984","value":1.01},{"label":"Apr 1984","value":0.94},{"label":"May 1984","value":0.94},{"label":"Jun 1984","value":0.65},{"label":"Jul 1984","value":0.48},{"label":"Aug 1984","value":0.29},{"label":"Sep 1984","value":0.32},{"label":"Oct 1984","value":0.56},{"label":"Nov 1984","value":0.92},{"label":"Dec 1984","value":1.32},{"label":"Jan 1985","value":1.45},{"label":"Feb 1985","value":1.34},{"label":"Mar 1985","value":1.15},{"label":"Apr 1985","value":1.34},{"label":"May 1985","value":1.46},{"label":"Jun 1985","value":1.47},{"label":"Jul 1985","value":1.54},{"label":"Aug 1985","value":1.39},{"label":"Sep 1985","value":1.39},{"label":"Oct 1985","value":1.38},{"label":"Nov 1985","value":1.2},{"label":"Dec 1985","value":1.11},{"label":"Jan 1986","value":1.05},{"label":"Feb 1986","value":0.73},{"label":"Mar 1986","value":0.57},{"label":"Apr 1986","value":0.6},{"label":"May 1986","value":0.64},{"label":"Jun 1986","value":0.62},{"label":"Jul 1986","value":0.63},{"label":"Aug 1986","value":0.84},{"label":"Sep 1986","value":1.1},{"label":"Oct 1986","value":1.15},{"label":"Nov 1986","value":0.97},{"label":"Dec 1986","value":0.84},{"label":"Jan 1987","value":0.85},{"label":"Feb 1987","value":0.85},{"label":"Mar 1987","value":0.83},{"label":"Apr 1987","value":1.0},{"label":"May 1987","value":0.85},{"label":"Jun 1987","value":0.83},{"label":"Jul 1987","value":1.01},{"label":"Aug 1987","value":1.01},{"label":"Sep 1987","value":1.08},{"label":"Oct 1987","value":1.12},{"label":"Nov 1987","value":1.17},{"label":"Dec 1987","value":1.13},{"label":"Jan 1988","value":1.04},{"label":"Feb 1988","value":1.03},{"label":"Mar 1988","value":1.1},{"label":"Apr 1988","value":1.13},{"label":"May 1988","value":1.09},{"label":"Jun 1988","value":0.89},{"label":"Jul 1988","value":0.78},{"label":"Aug 1988","value":0.63},{"label":"Sep 1988","value":0.52},{"label":"Oct 1988","value":0.45},{"label":"Nov 1988","value":0.29},{"label":"Dec 1988","value":0.02},{"label":"Jan 1989","value":-0.09},{"label":"Feb 1989","value":-0.2},{"label":"Mar 1989","value":-0.32},{"label":"Apr 1989","value":-0.27},{"label":"May 1989","value":-0.16},{"label":"Jun 1989","value":-0.13},{"label":"Jul 1989","value":0.2},{"label":"Aug 1989","value":-0.03},{"label":"Sep 1989","value":-0.09},{"label":"Oct 1989","value":0.03},{"label":"Nov 1989","value":0.07},{"label":"Dec 1989","value":0.06},{"label":"Jan 1990","value":0.12},{"label":"Feb 1990","value":0.1},{"label":"Mar 1990","value":-0.04},{"label":"Apr 1990","value":0.07},{"label":"May 1990","value":0.12},{"label":"Jun 1990","value":0.13},{"label":"Jul 1990","value":0.31},{"label":"Aug 1990","value":0.69},{"label":"Sep 1990","value":0.81},{"label":"Oct 1990","value":0.84},{"label":"Nov 1990","value":0.79},{"label":"Dec 1990","value":0.77},{"label":"Jan 1991","value":0.96},{"label":"Feb 1991","value":0.98},{"label":"Mar 1991","value":1.01},{"label":"Apr 1991","value":1.09},{"label":"May 1991","value":1.29},{"label":"Jun 1991","value":1.32},{"label":"Jul 1991","value":1.35},{"label":"Aug 1991","value":1.47},{"label":"Sep 1991","value":1.47},{"label":"Oct 1991","value":1.62},{"label":"Nov 1991","value":1.86},{"label":"Dec 1991","value":2.06},{"label":"Jan 1992","value":2.07},{"label":"Feb 1992","value":2.13},{"label":"Mar 1992","value":1.85},{"label":"Apr 1992","value":2.14},{"label":"May 1992","value":2.16},{"label":"Jun 1992","value":2.21},{"label":"Jul 1992","value":2.48},{"label":"Aug 1992","value":2.4},{"label":"Sep 1992","value":2.53},{"label":"Oct 1992","value":2.51},{"label":"Nov 1992","value":2.29},{"label":"Dec 1992","value":2.1},{"label":"Jan 1993","value":2.21},{"label":"Feb 1993","value":2.16},{"label":"Mar 1993","value":2.03},{"label":"Apr 1993","value":2.13},{"label":"May 1993","value":2.06},{"label":"Jun 1993","value":1.8},{"label":"Jul 1993","value":1.74},{"label":"Aug 1993","value":1.68},{"label":"Sep 1993","value":1.51},{"label":"Oct 1993","value":1.46},{"label":"Nov 1993","value":1.56},{"label":"Dec 1993","value":1.56},{"label":"Jan 1994","value":1.61},{"label":"Feb 1994","value":1.5},{"label":"Mar 1994","value":1.48},{"label":"Apr 1994","value":1.42},{"label":"May 1994","value":1.21},{"label":"Jun 1994","value":1.17},{"label":"Jul 1994","value":1.17},{"label":"Aug 1994","value":1.06},{"label":"Sep 1994","value":1.07},{"label":"Oct 1994","value":1.01},{"label":"Nov 1994","value":0.81},{"label":"Dec 1994","value":0.22},{"label":"Jan 1995","value":0.27},{"label":"Feb 1995","value":0.36},{"label":"Mar 1995","value":0.42},{"label":"Apr 1995","value":0.49},{"label":"May 1995","value":0.46},{"label":"Jun 1995","value":0.45},{"label":"Jul 1995","value":0.5},{"label":"Aug 1995","value":0.51},{"label":"Sep 1995","value":0.39},{"label":"Oct 1995","value":0.34},{"label":"Nov 1995","value":0.45},{"label":"Dec 1995","value":0.39},{"label":"Jan 1996","value":0.54},{"label":"Feb 1996","value":0.78},{"label":"Mar 1996","value":0.61},{"label":"Apr 1996","value":0.55},{"label":"May 1996","value":0.64},{"label":"Jun 1996","value":0.61},{"label":"Jul 1996","value":0.6},{"label":"Aug 1996","value":0.61},{"label":"Sep 1996","value":0.6},{"label":"Oct 1996","value":0.62},{"label":"Nov 1996","value":0.5},{"label":"Dec 1996","value":0.52},{"label":"Jan 1997","value":0.57},{"label":"Feb 1997","value":0.52},{"label":"Mar 1997","value":0.47},{"label":"Apr 1997","value":0.44},{"label":"May 1997","value":0.43},{"label":"Jun 1997","value":0.4},{"label":"Jul 1997","value":0.33},{"label":"Aug 1997","value":0.36},{"label":"Sep 1997","value":0.33},{"label":"Oct 1997","value":0.26},{"label":"Nov 1997","value":0.17},{"label":"Dec 1997","value":0.09},{"label":"Jan 1998","value":0.18},{"label":"Feb 1998","value":0.15},{"label":"Mar 1998","value":0.09},{"label":"Apr 1998","value":0.08},{"label":"May 1998","value":0.06},{"label":"Jun 1998","value":-0.02},{"label":"Jul 1998","value":0.0},{"label":"Aug 1998","value":0.07},{"label":"Sep 1998","value":0.14},{"label":"Oct 1998","value":0.44},{"label":"Nov 1998","value":0.29},{"label":"Dec 1998","value":0.14},{"label":"Jan 1999","value":0.1},{"label":"Feb 1999","value":0.12},{"label":"Mar 1999","value":0.18},{"label":"Apr 1999","value":0.2},{"label":"May 1999","value":0.29},{"label":"Jun 1999","value":0.28},{"label":"Jul 1999","value":0.24},{"label":"Aug 1999","value":0.26},{"label":"Sep 1999","value":0.26},{"label":"Oct 1999","value":0.25},{"label":"Nov 1999","value":0.17},{"label":"Dec 1999","value":0.18},{"label":"Jan 2000","value":0.22},{"label":"Feb 2000","value":-0.09},{"label":"Mar 2000","value":-0.27},{"label":"Apr 2000","value":-0.41},{"label":"May 2000","value":-0.37},{"label":"Jun 2000","value":-0.38},{"label":"Jul 2000","value":-0.29},{"label":"Aug 2000","value":-0.4},{"label":"Sep 2000","value":-0.28},{"label":"Oct 2000","value":-0.17},{"label":"Nov 2000","value":-0.16},{"label":"Dec 2000","value":-0.11},{"label":"Jan 2001","value":0.4},{"label":"Feb 2001","value":0.44},{"label":"Mar 2001","value":0.55},{"label":"Apr 2001","value":0.91},{"label":"May 2001","value":1.13},{"label":"Jun 2001","value":1.2},{"label":"Jul 2001","value":1.2},{"label":"Aug 2001","value":1.21},{"label":"Sep 2001","value":1.61},{"label":"Oct 2001","value":1.84},{"label":"Nov 2001","value":1.87},{"label":"Dec 2001","value":1.98},{"label":"Jan 2002","value":2.01},{"label":"Feb 2002","value":1.89},{"label":"Mar 2002","value":1.72},{"label":"Apr 2002","value":1.79},{"label":"May 2002","value":1.9},{"label":"Jun 2002","value":1.94},{"label":"Jul 2002","value":2.09},{"label":"Aug 2002","value":2.13},{"label":"Sep 2002","value":1.87},{"label":"Oct 2002","value":2.03},{"label":"Nov 2002","value":2.13},{"label":"Dec 2002","value":2.19},{"label":"Jan 2003","value":2.31},{"label":"Feb 2003","value":2.27},{"label":"Mar 2003","value":2.24},{"label":"Apr 2003","value":2.34},{"label":"May 2003","value":2.15},{"label":"Jun 2003","value":2.1},{"label":"Jul 2003","value":2.51},{"label":"Aug 2003","value":2.59},{"label":"Sep 2003","value":2.56},{"label":"Oct 2003","value":2.54},{"label":"Nov 2003","value":2.37},{"label":"Dec 2003","value":2.36},{"label":"Jan 2004","value":2.39},{"label":"Feb 2004","value":2.34},{"label":"Mar 2004","value":2.25},{"label":"Apr 2004","value":2.28},{"label":"May 2004","value":2.19},{"label":"Jun 2004","value":1.97},{"label":"Jul 2004","value":1.86},{"label":"Aug 2004","value":1.77},{"label":"Sep 2004","value":1.6},{"label":"Oct 2004","value":1.52},{"label":"Nov 2004","value":1.34},{"label":"Dec 2004","value":1.22},{"label":"Jan 2005","value":1.0},{"label":"Feb 2005","value":0.79},{"label":"Mar 2005","value":0.77},{"label":"Apr 2005","value":0.69},{"label":"May 2005","value":0.5},{"label":"Jun 2005","value":0.36},{"label":"Jul 2005","value":0.31},{"label":"Aug 2005","value":0.22},{"label":"Sep 2005","value":0.25},{"label":"Oct 2005","value":0.19},{"label":"Nov 2005","value":0.12},{"label":"Dec 2005","value":0.07},{"label":"Jan 2006","value":0.02},{"label":"Feb 2006","value":-0.1},{"label":"Mar 2006","value":-0.01},{"label":"Apr 2006","value":0.1},{"label":"May 2006","value":0.14},{"label":"Jun 2006","value":-0.01},{"label":"Jul 2006","value":-0.03},{"label":"Aug 2006","value":-0.02},{"label":"Sep 2006","value":-0.05},{"label":"Oct 2006","value":-0.07},{"label":"Nov 2006","value":-0.14},{"label":"Dec 2006","value":-0.11},{"label":"Jan 2007","value":-0.12},{"label":"Feb 2007","value":-0.13},{"label":"Mar 2007","value":-0.01},{"label":"Apr 2007","value":0.02},{"label":"May 2007","value":-0.02},{"label":"Jun 2007","value":0.12},{"label":"Jul 2007","value":0.18},{"label":"Aug 2007","value":0.36},{"label":"Sep 2007","value":0.51},{"label":"Oct 2007","value":0.56},{"label":"Nov 2007","value":0.81},{"label":"Dec 2007","value":0.98},{"label":"Jan 2008","value":1.26},{"label":"Feb 2008","value":1.77},{"label":"Mar 2008","value":1.89},{"label":"Apr 2008","value":1.63},{"label":"May 2008","value":1.43},{"label":"Jun 2008","value":1.33},{"label":"Jul 2008","value":1.44},{"label":"Aug 2008","value":1.47},{"label":"Sep 2008","value":1.61},{"label":"Oct 2008","value":2.2},{"label":"Nov 2008","value":2.32},{"label":"Dec 2008","value":1.6},{"label":"Jan 2009","value":1.71},{"label":"Feb 2009","value":1.89},{"label":"Mar 2009","value":1.89},{"label":"Apr 2009","value":2.0},{"label":"May 2009","value":2.36},{"label":"Jun 2009","value":2.54},{"label":"Jul 2009","value":2.54},{"label":"Aug 2009","value":2.47},{"label":"Sep 2009","value":2.44},{"label":"Oct 2009","value":2.44},{"label":"Nov 2009","value":2.6},{"label":"Dec 2009","value":2.72},{"label":"Jan 2010","value":2.8},{"label":"Feb 2010","value":2.83},{"label":"Mar 2010","value":2.77},{"label":"Apr 2010","value":2.79},{"label":"May 2010","value":2.59},{"label":"Jun 2010","value":2.48},{"label":"Jul 2010","value":2.39},{"label":"Aug 2010","value":2.18},{"label":"Sep 2010","value":2.17},{"label":"Oct 2010","value":2.16},{"label":"Nov 2010","value":2.31},{"label":"Dec 2010","value":2.67},{"label":"Jan 2011","value":2.78},{"label":"Feb 2011","value":2.81},{"label":"Mar 2011","value":2.71},{"label":"Apr 2011","value":2.73},{"label":"May 2011","value":2.61},{"label":"Jun 2011","value":2.59},{"label":"Jul 2011","value":2.59},{"label":"Aug 2011","value":2.07},{"label":"Sep 2011","value":1.77},{"label":"Oct 2011","value":1.87},{"label":"Nov 2011","value":1.76},{"label":"Dec 2011","value":1.72},{"label":"Jan 2012","value":1.73},{"label":"Feb 2012","value":1.69},{"label":"Mar 2012","value":1.83},{"label":"Apr 2012","value":1.76},{"label":"May 2012","value":1.51},{"label":"Jun 2012","value":1.33},{"label":"Jul 2012","value":1.28},{"label":"Aug 2012","value":1.41},{"label":"Sep 2012","value":1.46},{"label":"Oct 2012","value":1.47},{"label":"Nov 2012","value":1.38},{"label":"Dec 2012","value":1.46},{"label":"Jan 2013","value":1.64},{"label":"Feb 2013","value":1.71},{"label":"Mar 2013","value":1.7},{"label":"Apr 2013","value":1.53},{"label":"May 2013","value":1.68},{"label":"Jun 2013","value":1.97},{"label":"Jul 2013","value":2.24},{"label":"Aug 2013","value":2.38},{"label":"Sep 2013","value":2.41},{"label":"Oct 2013","value":2.28},{"label":"Nov 2013","value":2.42},{"label":"Dec 2013","value":2.56},{"label":"Jan 2014","value":2.47},{"label":"Feb 2014","value":2.38},{"label":"Mar 2014","value":2.32},{"label":"Apr 2014","value":2.29},{"label":"May 2014","value":2.17},{"label":"Jun 2014","value":2.15},{"label":"Jul 2014","value":2.03},{"label":"Aug 2014","value":1.95},{"label":"Sep 2014","value":1.96},{"label":"Oct 2014","value":1.85},{"label":"Nov 2014","value":1.8},{"label":"Dec 2014","value":1.57},{"label":"Jan 2015","value":1.33},{"label":"Feb 2015","value":1.36},{"label":"Mar 2015","value":1.4},{"label":"Apr 2015","value":1.4},{"label":"May 2015","value":1.59},{"label":"Jun 2015","value":1.67},{"label":"Jul 2015","value":1.65},{"label":"Aug 2015","value":1.47},{"label":"Sep 2015","value":1.46},{"label":"Oct 2015","value":1.43},{"label":"Nov 2015","value":1.38},{"label":"Dec 2015","value":1.26},{"label":"Jan 2016","value":1.19},{"label":"Feb 2016","value":1.05},{"label":"Mar 2016","value":1.01},{"label":"Apr 2016","value":1.04},{"label":"May 2016","value":0.99},{"label":"Jun 2016","value":0.91},{"label":"Jul 2016","value":0.83},{"label":"Aug 2016","value":0.82},{"label":"Sep 2016","value":0.86},{"label":"Oct 2016","value":0.92},{"label":"Nov 2016","value":1.16},{"label":"Dec 2016","value":1.29},{"label":"Jan 2017","value":1.22},{"label":"Feb 2017","value":1.22},{"label":"Mar 2017","value":1.17},{"label":"Apr 2017","value":1.06},{"label":"May 2017","value":1.0},{"label":"Jun 2017","value":0.85},{"label":"Jul 2017","value":0.95},{"label":"Aug 2017","value":0.87},{"label":"Sep 2017","value":0.82},{"label":"Oct 2017","value":0.81},{"label":"Nov 2017","value":0.65},{"label":"Dec 2017","value":0.56},{"label":"Jan 2018","value":0.55},{"label":"Feb 2018","value":0.68},{"label":"Mar 2018","value":0.56},{"label":"Apr 2018","value":0.49},{"label":"May 2018","value":0.47},{"label":"Jun 2018","value":0.38},{"label":"Jul 2018","value":0.28},{"label":"Aug 2018","value":0.25},{"label":"Sep 2018","value":0.23},{"label":"Oct 2018","value":0.29},{"label":"Nov 2018","value":0.26},{"label":"Dec 2018","value":0.15},{"label":"Jan 2019","value":0.17},{"label":"Feb 2019","value":0.18},{"label":"Mar 2019","value":0.16},{"label":"Apr 2019","value":0.19},{"label":"May 2019","value":0.19},{"label":"Jun 2019","value":0.26},{"label":"Jul 2019","value":0.22},{"label":"Aug 2019","value":0.06},{"label":"Sep 2019","value":0.05},{"label":"Oct 2019","value":0.16},{"label":"Nov 2019","value":0.2},{"label":"Dec 2019","value":0.25},{"label":"Jan 2020","value":0.24},{"label":"Feb 2020","value":0.17},{"label":"Mar 2020","value":0.42},{"label":"Apr 2020","value":0.44},{"label":"May 2020","value":0.5},{"label":"Jun 2020","value":0.54},{"label":"Jul 2020","value":0.47},{"label":"Aug 2020","value":0.51},{"label":"Sep 2020","value":0.55},{"label":"Oct 2020","value":0.64},{"label":"Nov 2020","value":0.7},{"label":"Dec 2020","value":0.79},{"label":"Jan 2021","value":0.95},{"label":"Feb 2021","value":1.14},{"label":"Mar 2021","value":1.46},{"label":"Apr 2021","value":1.48},{"label":"May 2021","value":1.46},{"label":"Jun 2021","value":1.32},{"label":"Jul 2021","value":1.1},{"label":"Aug 2021","value":1.06},{"label":"Sep 2021","value":1.13},{"label":"Oct 2021","value":1.19},{"label":"Nov 2021","value":1.05},{"label":"Dec 2021","value":0.79},{"label":"Jan 2022","value":0.78},{"label":"Feb 2022","value":0.49},{"label":"Mar 2022","value":0.22},{"label":"Apr 2022","value":0.21},{"label":"May 2022","value":0.28},{"label":"Jun 2022","value":0.14},{"label":"Jul 2022","value":-0.14},{"label":"Aug 2022","value":-0.35},{"label":"Sep 2022","value":-0.34},{"label":"Oct 2022","value":-0.4},{"label":"Nov 2022","value":-0.61},{"label":"Dec 2022","value":-0.67},{"label":"Jan 2023","value":-0.68},{"label":"Feb 2023","value":-0.78},{"label":"Mar 2023","value":-0.64},{"label":"Apr 2023","value":-0.56},{"label":"May 2023","value":-0.56},{"label":"Jun 2023","value":-0.89},{"label":"Jul 2023","value":-0.93},{"label":"Aug 2023","value":-0.73},{"label":"Sep 2023","value":-0.64},{"label":"Oct 2023","value":-0.27},{"label":"Nov 2023","value":-0.38},{"label":"Dec 2023","value":-0.44},{"label":"Jan 2024","value":-0.26},{"label":"Feb 2024","value":-0.33},{"label":"Mar 2024","value":-0.38},{"label":"Apr 2024","value":-0.33},{"label":"May 2024","value":-0.38},{"label":"Jun 2024","value":-0.43},{"label":"Jul 2024","value":-0.25},{"label":"Aug 2024","value":-0.1},{"label":"Sep 2024","value":0.1},{"label":"Oct 2024","value":0.13},{"label":"Nov 2024","value":0.1},{"label":"Dec 2024","value":0.16},{"label":"Jan 2025","value":0.36},{"label":"Feb 2025","value":0.24},{"label":"Mar 2025","value":0.31},{"label":"Apr 2025","value":0.5},{"label":"May 2025","value":0.5},{"label":"Jun 2025","value":0.49},{"label":"Jul 2025","value":0.51},{"label":"Aug 2025","value":0.56},{"label":"Sep 2025","value":0.55},{"label":"Oct 2025","value":0.54},{"label":"Nov 2025","value":0.54},{"label":"Dec 2025","value":0.64},{"label":"Jan 2026","value":0.67},{"label":"Feb 2026","value":0.66},{"label":"Mar 2026","value":0.54},{"label":"Apr 2026","value":0.52},{"label":"May 2026","value":0.48},{"label":"Jun 2026","value":0.36},{"label":"Jul 2026","value":0.38},{"label":"Aug 2026","value":0.46},{"label":"Sep 2026","value":0.34}],"annotations":[{"to":"Jun 1982","from":"Sep 1978","text":"With prices rising about 10% a year or more, the Federal Reserve pushed short-term rates to records, and the curve was inverted in most months from late 1978 to mid-1982, by as much as 2.13 points in March 1980.","title":"Fighting high inflation"},{"to":"Sep 1989","from":"Jan 1989","text":"After the Federal Reserve raised rates through 1988 to hold down inflation, the 2-year rate was above the 10-year for most of 1989.","title":"1989"},{"to":"Dec 2000","from":"Feb 2000","text":"The Federal Reserve raised its rate to 6.5% in 2000, and the curve stayed inverted for most of the year.","title":"2000"},{"to":"May 2007","from":"Jun 2006","text":"After 17 rate increases from 2004 to 2006, the curve was slightly inverted, by at most 0.14 points, for most of a year.","title":"2006 to 2007"},{"to":"Aug 2024","from":"Jul 2022","text":"As the Federal Reserve raised its rate from near zero to over 5% to bring inflation down, the curve was inverted for 26 months in a row, the longest stretch on this chart, and by as much as 0.93 points in July 2023.","title":"2022 to 2024"}]},"docs":"https://chart.ly/developers","credit":"Federal Reserve Board, H.15 Selected Interest Rates (monthly averages), via Chartly (https://chart.ly/charts/when-the-yield-curve-inverted)"}