Figure 1

Bond yields are at levels not seen since before 2003

Market 10-year federal bond yield and 10-year breakeven inflation rate, percentage

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Sources: “10-Year Breakeven Inflation Rate,” Federal Reserve Economic Data, Federal Reserve Bank of St. Louis, updated Sep 23, 2026; and “Market Yield on US Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis,” Federal Reserve Economic Data, Federal Reserve Bank of St. Louis, updated Sep 28, 2026.