Inquiring minds may be interested in a detailed look at the yield curve and spreads between various durations following the Fed’s Wednesday rate hike. Let’s start with a long-term chart from 1996 to 2015.

Yield Curve 1996-Present

Click on any chart for much sharper image

Legend

  • Red-Black: 30-Year Yield
  • Orange: 10-Year Yield
  • Blue: 5-Year Yield
  • Green: 3-Year Yield
  • Purple: 2-Year Yield
  • Pink: 1-Year Yield

    • Notes

  • The above chart shows month-end closing yields except for December 2015 which is as of December 18.
  • The Fed stopped 30-year bond auctions on August 9, 2001.
  • The Fed resumed 30-year bond auctions on February 9, 2006.
  • The yield and various spreads on the 30-year bond are imprecise between those dates.

    • Spotlight on Spreads and Inversions

    It is very difficult to see spreads and inversions over such a long duration in the above chart. There are simply too many data points.

    For ease in viewing, I took year-end closing numbers (except the current year which is as of close on December 16, the day of the hike), and plotted them in Excel.

    Yield Curve 1998-2015 (Year-End Values)

    Yield Curve Differentials 1998-2015 (Year-End Values)

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