What Happened
Effective federal funds rate: 3.88% on November 11, 2026, unchanged from 3.88% at the previous reading (November 10, 2026).
Secured Overnight Financing Rate (SOFR): 3.89% on November 10, 2026, up 1 basis point from 3.88% at the previous reading (November 9, 2026).
2-year Treasury yield: 4.73% on November 10, 2026, up 17 basis points from 4.56% at the previous reading (November 9, 2026).
10-year Treasury yield: 4.98% on November 10, 2026, up 10 basis points from 4.88% at the previous reading (November 9, 2026).
30-year Treasury yield: 5.35% on November 10, 2026, up 9 basis points from 5.26% at the previous reading (November 9, 2026).
Why It Matters
The 10-year Treasury yield rose 10 basis points. Fixed-rate corporate bonds, commercial mortgages, and many term loans are priced as a spread over this yield, so a higher 10-year reading raises the all-in cost of new fixed-rate borrowing even if credit spreads are unchanged.
The gap between the 10-year and 2-year yields was 25 basis points, compared with 32 basis points at the previous reading. A positive slope means lenders are paid more to commit funds for longer, which affects whether borrowers choose to lock in fixed rates or stay floating.
SOFR, the benchmark most floating-rate loans now reset against, was 3.89% on November 10, 2026, while the effective federal funds rate was 3.88% on November 11, 2026. Floating-rate borrowers, including most leveraged loans and private credit facilities, pay interest that resets off this overnight level plus their contractual spread.
Over the past week
Effective federal funds rate: 3.88% on November 11, 2026, unchanged from 3.88% a week earlier (November 4, 2026).
Secured Overnight Financing Rate (SOFR): 3.89% on November 10, 2026, down 8 basis points from 3.97% a week earlier (November 3, 2026).
2-year Treasury yield: 4.73% on November 10, 2026, up 12 basis points from 4.61% a week earlier (November 3, 2026).
10-year Treasury yield: 4.98% on November 10, 2026, up 3 basis points from 4.95% a week earlier (November 3, 2026).
30-year Treasury yield: 5.35% on November 10, 2026, up 3 basis points from 5.32% a week earlier (November 3, 2026).
Over the past month
Effective federal funds rate: 3.88% on November 11, 2026, unchanged from 3.88% a month earlier (October 12, 2026).
Secured Overnight Financing Rate (SOFR): 3.89% on November 10, 2026, up 2 basis points from 3.87% a month earlier (October 9, 2026).
2-year Treasury yield: 4.73% on November 10, 2026, down 7 basis points from 4.80% a month earlier (October 9, 2026).
10-year Treasury yield: 4.98% on November 10, 2026, down 26 basis points from 5.24% a month earlier (October 9, 2026).
30-year Treasury yield: 5.35% on November 10, 2026, down 25 basis points from 5.60% a month earlier (October 9, 2026).
Source and timing
Treasury yields are Federal Reserve H.15 constant-maturity rates; SOFR is published by the Federal Reserve Bank of New York; the effective federal funds rate is published by the Federal Reserve. All observations were retrieved from FRED, Federal Reserve Bank of St. Louis. Readings are dated to their observation date, which can lag publication by a business day. These comparisons describe published observations only; they do not identify a cause or predict later readings.