Hybrid Steepening Breaks Traditional Patterns
As of November 2025, the U.S. Treasury yield curve has normalized, showing a positive spread of 51 basis points, with the 10-year Treasury standing at 4.12% and the 2-year at 3.60%. This marks the end of a historic yield curve inversion, lasting for 793 days and being the longest since the 80s. In the chart below, the 2-year Treasury yield is subtracted from the 10-year yield, with the section representing the curve inversion highlighted.