What Happened
Effective federal funds rate: 3.88% on November 6, 2026, unchanged from 3.88% at the previous reading (November 5, 2026).
Secured Overnight Financing Rate (SOFR): 3.89% on November 6, 2026, down 3 basis points from 3.92% at the previous reading (November 5, 2026).
2-year Treasury yield: 4.51% on November 6, 2026, up 5 basis points from 4.46% at the previous reading (November 5, 2026).
10-year Treasury yield: 4.86% on November 6, 2026, up 2 basis points from 4.84% at the previous reading (November 5, 2026).
30-year Treasury yield: 5.26% on November 6, 2026, up 1 basis point from 5.25% at the previous reading (November 5, 2026).
Why It Matters
The 10-year Treasury yield rose 2 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 35 basis points, compared with 38 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 6, 2026, while the effective federal funds rate was 3.88% on November 6, 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 6, 2026, unchanged from 3.88% a week earlier (October 30, 2026).
Secured Overnight Financing Rate (SOFR): 3.89% on November 6, 2026, down 6 basis points from 3.95% a week earlier (October 30, 2026).
2-year Treasury yield: 4.51% on November 6, 2026, down 5 basis points from 4.56% a week earlier (October 30, 2026).
10-year Treasury yield: 4.86% on November 6, 2026, down 8 basis points from 4.94% a week earlier (October 30, 2026).
30-year Treasury yield: 5.26% on November 6, 2026, down 5 basis points from 5.31% a week earlier (October 30, 2026).
Over the past month
Effective federal funds rate: 3.88% on November 6, 2026, unchanged from 3.88% a month earlier (October 7, 2026).
Secured Overnight Financing Rate (SOFR): 3.89% on November 6, 2026, up 1 basis point from 3.88% a month earlier (October 7, 2026).
2-year Treasury yield: 4.51% on November 6, 2026, down 26 basis points from 4.77% a month earlier (October 7, 2026).
10-year Treasury yield: 4.86% on November 6, 2026, down 42 basis points from 5.28% a month earlier (October 7, 2026).
30-year Treasury yield: 5.26% on November 6, 2026, down 41 basis points from 5.67% a month earlier (October 7, 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.