Treasury Rates Update: November 20th, 2025
- Bill Knudson
- 5 minutes ago
- 2 min read
The US Treasury market exhibited a calm demeanor this past week, largely maintaining the stability seen recently, though rates across the majority of the curve did tick slightly lower. This period of quiet movement follows the key economic data releases of jobs and CPI earlier in the month, leaving the market in a holding pattern ahead of the next Federal Reserve meeting.
Upcoming Key Economic Data Release:Â Â
Next net new job release is 11.7.25Â (10.3.25 Fed Govt shutdown, no data)
Next inflation release 11.13.25  (10.15.25 Fed Govt shutdown, data delayed to 10.24.25. no release 11.13.25)
Next Fed meeting is 12.10.25 (Fed reduced rates 25bp on 10.29.25)
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Key Developments
The 10 Year Treasury rate was down a nominal 1bp for the week. Over the past two weeks, the net change decreased by 7bp. Daily activity was relatively muted, though the largest movement was a decline of 0.03 on November 20th.
A comparison of the current yield curve (November 20th) to the previous week (November 13th) shows marginal declines in short to intermediate maturities:
The 1 year, 2 year, 5 year, 7 year, and 10 year rates all decreased by either 1bp or 3bp. The 30 year rate was the sole maturity to increase, rising by 3bp. The short end of the curve is still inverted, with the 1 month rate sitting 39bp above the 1 year rate.
As a result of these minor changes, the curve became slightly steeper, with the 10 to 2 year spread increasing to 0.55% from 0.53%. For terms of two years and longer, the yield curve remains positive. With minimal directional change this week, the focus now squarely shifts to the Next Fed meet on December 10th.