Par yield as of September 9, 2026 · official U.S. Treasury data
| Date | Yield | Change |
|---|---|---|
| September 9, 2026 | 4.17% | +2 bp |
| September 8, 2026 | 4.15% | +2 bp |
| September 4, 2026 | 4.13% | +2 bp |
| September 3, 2026 | 4.11% | -5 bp |
| September 2, 2026 | 4.16% | -2 bp |
| September 1, 2026 | 4.18% | +2 bp |
| August 31, 2026 | 4.16% | +1 bp |
| August 28, 2026 | 4.15% | +11 bp |
| August 27, 2026 | 4.04% | +2 bp |
| August 26, 2026 | 4.02% | — |
The 1-year Treasury yield comes from the 52-week bill, the longest maturity the government issues as a discount bill rather than a coupon-paying note. It sits at the boundary between cash and bonds, and it is the most direct market read on what the Federal Reserve is expected to do over the coming year.
Everything shorter than a year is a Treasury bill: sold at a discount to face value, paying no coupon, redeemed at par. Everything longer is a note or a bond paying interest twice a year. The 1-year sits exactly on that line, which is why it appears in both money-market and fixed-income conversations.
For savers this is often the practical maximum maturity worth considering, since it locks in a known return for a known period without exposing the holder to the price swings that come with multi-year duration. Held to maturity, a 52-week bill returns exactly what it promised regardless of what yields do in the meantime.
The 1-year yield approximates the average overnight rate the market expects over the next twelve months. Compare it with the current fed funds target and the difference tells you how much easing or tightening is priced in. A 1-year yield sitting well below fed funds means the market expects meaningful cuts within the year.
This makes it a useful sanity check against commentary. When headlines describe an expected number of rate cuts, the 1-year bill is where that expectation is expressed with real money, and it updates continuously rather than at each forecast round.
The Treasury auctions 52-week bills every four weeks, less frequently than the weekly 13-week and 26-week auctions. That thinner schedule means each auction carries a little more information about demand for front-end paper.
Bill supply as a whole can move these yields independently of policy expectations. When the Treasury needs to rebuild its cash balance quickly it leans on bills, and the resulting wave of issuance can lift short yields relative to where policy expectations alone would put them.
A 52-week bill competes directly with one-year certificates of deposit, money-market funds and high-yield savings accounts. Unlike those, the interest is exempt from state and local income tax, which for a saver in a high-tax state can be worth a meaningful amount on an after-tax basis.
The trade-off against a money-market fund is reinvestment risk versus flexibility. The bill locks the rate for a year, which is an advantage if rates fall and a disadvantage if they rise. A money-market fund floats with the market and gives up that certainty.
| Maturity | Yield | 1-Day Change | vs 1Y |
|---|---|---|---|
| 1M | 3.81% | +0 bp | -36 bp |
| 2M | 3.93% | +2 bp | -24 bp |
| 3M | 3.95% | +1 bp | -22 bp |
| 6M | 4.01% | +1 bp | -16 bp |
| 1Y | 4.17% | +2 bp | — |
| 2Y | 4.43% | +4 bp | +26 bp |
| 3Y | 4.49% | +5 bp | +32 bp |
| 5Y | 4.61% | +4 bp | +44 bp |
| 7Y | 4.71% | +3 bp | +54 bp |
| 10Y | 4.83% | +3 bp | +66 bp |
| 20Y | 5.28% | +2 bp | +111 bp |
| 30Y | 5.28% | +3 bp | +111 bp |
Source: U.S. Department of the Treasury daily par yield curve — official public-domain U.S. government data, published once per business day. This page is information, not investment advice; see our disclaimer.