The daily Treasury long-term rates are the arithmetic mean, or average, of closing bid yields on all outstanding fixed coupon bonds on each day. The daily Treasury yield curve rates are specific rates read from the daily Treasury yield curve at the specific constant maturity indicated.

Difference Between Daily Treasury Long-Term Rates and Treasury Yield Curve Rates

As of Feb. 15, 2008, the daily Treasury long-term rates includes 34 bonds in the calculation of the arithmetic average of the daily closing bid yields on all outstanding fixed coupon bonds except for inflation indexed bonds, which are not due or callable for at least 10 years from the calculated date.

For example, on June 17, 2015, the average of the long-term composite Treasury rates is 2.87%. This average includes 34 bonds in this calculation, and those bonds are not due or callable for at least 10 years.

On the other hand, the daily Treasury yield curve rates are specific Treasury bond (T-bond) rates, which are read from the daily Treasury yield curve at the specified constant maturity Treasury series rates.

These yields are interpolated by the U.S. Department of Treasury from the daily yield curve. Unlike the daily Treasury long-term rates, the daily Treasury yield curve relates a security's yield to its time to maturity, which is based on the closing market bid yields on the actively traded Treasury securities in the over-the-counter market.

These securities' yields are calculated from combined quotations that the Federal Reserve Bank of New York releases. The yield values are read from the yield curve at fixed maturities; currently, these maturities are one, three and six months, and one, two, three, five, seven, 10, 20 and 30 years. This method provides a yield for a 10-year maturity.

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