Treasury Yields Snapshot: October 24, 2025

Group 1: Treasury Yields and Economic Indicators - The yield on the 10-year Treasury note ended at 4.02% on October 24, 2025, with the 2-year note at 3.48% and the 30-year note at 4.59% [1] - An inverted yield curve, where longer-term Treasury yields are lower than shorter-term yields, is considered a reliable leading indicator for recessions, with the 10-2 spread turning negative before recessions [2][3] - The average lead time to a recession based on the first negative spread date is approximately 48 weeks, while using the last positive spread date yields an average lead time of 18.5 weeks [4][6] Group 2: Mortgage Rates and Federal Funds Rate - The Federal Funds Rate influences borrowing costs for banks, which typically leads to higher mortgage rates when the FFR increases; however, recent trends show mortgage rates declining despite the Fed holding rates steady [7] - The latest Freddie Mac Weekly Primary Mortgage Market Survey reported the 30-year fixed mortgage rate at 6.19%, marking its lowest level in a year [7] Group 3: Treasury ETFs - ETFs associated with Treasuries include Vanguard 0-3 Month Treasury Bill ETF (VBIL), Vanguard Intermediate-Term Treasury ETF (VGIT), and Vanguard Long-Term Treasury ETF (VGLT) [9]