The yield curve remains flat relative to its historical shape, with the benchmark 3-year, 3-month and 10- year, 3-month spreads at 40 and 44 basis points, respectively. The flatness is particularly noticeable at the long end. Since last month, the curve has steepened slightly because of lower 3-month rates and higher rates on maturities of two to 10 years. The yield curve continues to show a rather bumpy shape over those years.
Suggested citation: “Interest Rates,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-04, pp. 06, 04.01.1998.