Official constant-maturity curve snapshots from the Treasury: nominal back to 1990, TIPS real since 2003. Overlay any two dates to see exactly how the curve moved between them — bull steepening or bear flattening, front end or long end — and read implied breakeven inflation off the nominal-minus-real gap.
This page shows the Treasury's daily constant-maturity (CMT) nominal and real curves, the latter fitted from TIPS prices. The data comes from the fiscal agent, but it lives in the Fed section for a reason: any point on the curve decomposes into the expected path of future short rates plus a term premium — the front end is pinned almost entirely by the Fed's policy path, while the long end owes more to term premium, driven by duration supply (see the outstanding and average-maturity pages), inflation uncertainty and overseas demand.
How to use it: The two-date overlay is built for shape analysis — a bear flattening (front end selling off) during hikes, a bull steepening (front end rallying) on easing expectations, and a bear steepening (long end selling off) on fiscal worries carry entirely different macro messages. Subtracting real from nominal gives breakevens: nominal up with real flat means inflation expectations are moving; both up together means real-rate tightening. The 2s10s and 3m10s inversions have a debated record as recession leads; more informative than the fact of un-inversion is its mode — a bull steepening led by the front end prices imminent easing, while a bear steepening led by the long end prices term premium rather than cuts, and the two carry opposite macro messages. Pick trading days; weekends and holidays have no data.