These par yields are derived from indicative, bid-side market price quotations (not actual transactions) obtained by the Federal Reserve Bank of New York at or near 3:30 PM each trading day. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid prices on the most recently auctioned Treasury securities in the over-the-counter market. Yields are interpolated by the Treasury from the daily par yield curve. Treasury Par Yield Curve Rates: These rates are commonly referred to as "Constant Maturity Treasury" rates, or CMTs. As a result, there are no 20-year rates available for the time-period Januthrough September 30, 1993. Treasury discontinued the 20-year constant maturity series at the end of calendar year 1986 and reinstated that series on October 1, 1993. See Long-Term Average Rate for more information. From Februto February 8, 2006, Treasury published alternatives to a 30-year rate. The 2-month constant maturity series began on October 16, 2018, with the first auction of the 8-week Treasury bill.ģ0-year Treasury constant maturity series was discontinued on Februand reintroduced on February 9, 2006. Prior to this date, Treasury had issued Treasury bills with 17-week maturities as cash management bills. ** The 4-month constant maturity series began on October 19, 2022, with the first auction of a 17-week Treasury bill as a benchmark Treasury security. ![]() See the Yield Curve Methodology Change Information Sheet for more details. All Treasury yield curve rates derived from yield curves that used the HS methodology - prior to implementation of the MC method - remain official. On, Treasury began using a monotone convex spline (MC) method for deriving its official par yield curves and discontinued the use of the quasi-cubic Hermite spline (HS) methodology. *Series Break - Treasury updated its methodology for deriving yield curves.
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