What does the US Treasury Term Premium measure?

It measures the extra compensation investors require for holding long-term United States Treasury debt rather than rolling over a series of short-term investments, calculated using the Adrian-Crump-Moench model.

How frequently is the term premium data updated and how far back does it go?

The data is published daily by the Federal Reserve Bank of New York, with historical daily observations available starting from 1961.

What components and maturities are included in the table?

The table includes term premia, risk-neutral yields, and model-based Treasury yields across multiple maturities, including the 2-year, 5-year, and 10-year United States Treasury securities.

How does the term premium differ from the nominal Treasury yield?

While the nominal yield reflects both expected future short-term interest rates driven by Federal Reserve policy and the term premium, the term premium isolates the specific risk compensation demanded by bond investors.

US Treasury Term Premium (ACM, Daily)

Name: US Treasury Term Premium (ACM, Daily)
Creator: Federal Reserve Bank of New York — ACM Term Premia
License: https://creativecommons.org/licenses/by/4.0/

US daily Treasury term premium and risk-neutral yields calculated via the ACM model by the New York Fed.

Source: Federal Reserve Bank of New York — ACM Term PremiaLast updated: Sep 26, 2026, 06:04Curated by Bui Thanh PhucAbout this data ↓

Indicator	24-09-2026	23-09-2026	22-09-2026	21-09-2026	18-09-2026	17-09-2026	16-09-2026	15-09-2026	14-09-2026	11-09-2026	10-09-2026	09-09-2026	08-09-2026	04-09-2026	03-09-2026	02-09-2026	01-09-2026	31-08-2026	28-08-2026	27-08-2026	26-08-2026	25-08-2026	24-08-2026	21-08-2026	20-08-2026	19-08-2026	18-08-2026	17-08-2026	14-08-2026	13-08-2026	12-08-2026
Term premium3
2-Year Maturity	0.38	0.35	0.3	0.32	0.34	0.3	0.35	0.36	0.34	0.35	0.35	0.3	0.33	0.16	0.3	0.14	0.15	0.15	0.13	0.15	0.14	0.14	0.16	0.18	0.17	0.16	0.2	0.21	0.19	0.17	0.18
5-Year Maturity	0.47	0.41	0.34	0.34	0.39	0.36	0.41	0.44	0.42	0.43	0.46	0.41	0.44	0.36	0.42	0.38	0.41	0.39	0.36	0.38	0.37	0.36	0.4	0.44	0.42	0.39	0.45	0.47	0.44	0.4	0.42
10-Year Maturity	0.73	0.65	0.58	0.58	0.64	0.61	0.67	0.71	0.7	0.72	0.76	0.71	0.76	0.68	0.76	0.72	0.78	0.76	0.73	0.76	0.75	0.74	0.79	0.84	0.81	0.77	0.87	0.89	0.85	0.8	0.83
Risk-Neutral Yield1
10-Year Maturity	4.41	4.43	4.34	4.34	4.34	4.29	4.32	4.27	4.26	4.23	4.18	4.11	4.06	4.12	4.03	4.11	4.09	4.05	4.07	3.98	3.97	3.96	3.98	3.96	3.94	3.94	3.91	3.9	3.91	3.9	3.93
Model-Based Treasury Yield1
10-Year Maturity	5.14	5.07	4.92	4.92	4.97	4.9	4.99	4.97	4.95	4.95	4.94	4.82	4.82	4.8	4.79	4.84	4.87	4.82	4.79	4.74	4.72	4.7	4.77	4.8	4.76	4.71	4.78	4.79	4.76	4.71	4.76

Latest reading

10-Year Maturity stood at 0.73 %/year in Sep 24, 2026. That is +0.1 pp from Sep 23, 2026 and +0.1 pp from a year earlier. The series on this page is daily and runs from Jun 14, 1961 to Sep 24, 2026. Source: Federal Reserve Bank of New York — ACM Term Premia.

Latest: 0.73 %/year; Sep 24, 2026
vs previous period: +0.1 pp; Sep 23, 2026
vs a year earlier: +0.1 pp

Look up any date

Pick a date between Jun 14, 1961 and Sep 24, 2026 to see every series in this table on that day. If there is no reading that day (weekend, holiday, or a weekly release), the last reading before it is shown.

About this data

US daily Treasury term premium and risk-neutral yields calculated via the ACM model by the New York Fed. This daily series decomposes long-term debt yields into expected short-term rates and investor risk compensation for the United States since 1961. The data provides a model-based assessment of market expectations and required yields for maturities up to 10 years.

Frequently asked questions

What does the US Treasury Term Premium measure?: It measures the extra compensation investors require for holding long-term United States Treasury debt rather than rolling over a series of short-term investments, calculated using the Adrian-Crump-Moench model.
How frequently is the term premium data updated and how far back does it go?: The data is published daily by the Federal Reserve Bank of New York, with historical daily observations available starting from 1961.
What components and maturities are included in the table?: The table includes term premia, risk-neutral yields, and model-based Treasury yields across multiple maturities, including the 2-year, 5-year, and 10-year United States Treasury securities.
How does the term premium differ from the nominal Treasury yield?: While the nominal yield reflects both expected future short-term interest rates driven by Federal Reserve policy and the term premium, the term premium isolates the specific risk compensation demanded by bond investors.