Unlike most, this month’s yield curve cannot be described as either flatter or steeper than last month’s. Rather, it is more hump-shaped. The inversion at the long end has become more pronounced, as the 30-year rate fell below even the 1-year rate. The short end remains upward sloping, however, with the 3-year, 3-month spread at 76 basis points (bp), near its historical average; likewise, the 10-year, 3-month spread remains positive at 57 bp.
Suggested citation: "Interest Rates," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-03, pp. 06, 03.01.2000.