Real 2-Year Treasury Yield — Daily CSV Download (Short-Term Real Rates)
The real 2-year Treasury yield — nominal 2Y yield minus CPI inflation — captures the short end of the real rate curve. It reflects the true cost of short-term government borrowing after inflation and is the most direct market measure of expected real monetary policy. When negative, the Fed is effectively paying borrowers; when sharply positive, policy is genuinely restrictive.
Dataset: Real 2-Year Treasury Yield (1976–2026) · Updated —
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Source: FRED series DGS2 · US Treasury (DGS2) & BLS (CPIAUCSL) via FRED
Macro Takeaway
This indicator is a key component of the macro-financial monitoring framework. Its current level relative to its historical distribution — captured in the percentile and z-score above — provides immediate context for whether conditions are historically normal, stretched, or compressed.
Cross-referencing with the real 10-year yield and the real Fed Funds rate helps situate this indicator within the broader macro regime.
Dataset Overview
| Indicator | Real 2-Year Treasury Yield (1976–2026) |
|---|---|
| Geography | United States |
| Frequency | Monthly |
| Period | 1976–2026 |
| Variables | date, dgs2, cpi_yoy, real_2y_yield |
| Format | CSV, Excel (XLSX) |
| Sources | US Treasury (DGS2) & BLS (CPIAUCSL) via FRED |
| Last updated | — |
Dataset Variables
The CSV and Excel files contain the following columns.
| Column | Type | Description |
|---|---|---|
date | Date (YYYY-MM-DD) | Observation date |
dgs2 | Float | Nominal 2-year Treasury yield (%) |
cpi_yoy | Float | CPI year-over-year inflation (%) |
real_2y_yield | Float | Real 2Y yield: DGS2 minus CPI YoY (%) |
Column names match the CSV headers exactly.
Download the Complete Dataset
The full dataset is available in CSV and Excel formats.
FRED Direct CSV Access
The underlying data is available from FRED under series code DGS2:
https://fred.stlouisfed.org/graph/fredgraph.csv?id=DGS2
Direct CSV Access — Eco3min Structured Dataset
https://eco3min.fr/dataset/real-2y-treasury-yield.csv
This URL returns the complete dataset in CSV format. It can be used directly in pandas, R, curl, or any data tool.
Using the Dataset in Python
import pandas as pd url = "https://eco3min.fr/dataset/real-2y-treasury-yield.csv" df = pd.read_csv(url, parse_dates=["date"]) print(df.head()) print(df["dgs2"].describe())
Using the Dataset in R
library(readr) url <- "https://eco3min.fr/dataset/real-2y-treasury-yield.csv" df <- read_csv(url) head(df) summary(df$dgs2)
Both examples load the dataset directly from the URL — no download or API key required.
Methodology
Nominal 2-year Treasury yield (FRED: DGS2) minus CPI YoY inflation (FRED: CPIAUCSL). This is the ex-post real yield — using realized inflation rather than expected inflation.
This dataset is updated monthly via automated pull from the FRED API.
Historical Regimes
Historical regime analysis for this dataset will be added in a future update. The key stats block above provides immediate context for the current reading relative to the full historical distribution.
Related Macroeconomic Datasets
The real 2Y yield is the short-end counterpart to the real 10Y yield. Together, they define the real yield curve — the curve that matters for investment decisions after accounting for inflation erosion.
- Real 10-Year Treasury Yield — Long end of the real rate curve
- Real Federal Funds Rate — Overnight real rate — the policy anchor
- US 2-Year Treasury Yield (DGS2) — The nominal yield from which this is derived
- US CPI Inflation History — Inflation component subtracted
- Yield Curve Spread (T10Y2Y) — Nominal spread — compare with real spread
Related Research
The real rate regime — positive vs negative — determines whether savers are rewarded or penalized. Cross-referencing the real 2Y with the real 10Y reveals the slope of the inflation-adjusted yield curve.
Macroeconomic Dataset Hub
This dataset is part of the Eco3min macro-financial data repository.
Explore the Eco3min Dataset Hub
Sources
- US Treasury (DGS2) & BLS (CPIAUCSL) via FRED