US 2-year Treasury futures are dated contracts backed by deliverable Treasury securities. The chart shows price points, not yield: prices generally rise as yields fall. Deliverable bonds fall within a defined maturity range. The series follows successive front contracts and reflects policy-rate expectations.
History and development
Treasury futures developed within the financial-futures markets of the 1970s, meeting demand to manage changes in bond prices through standardized contracts. The two-year contract was relaunched in 1990. This is a history of trading interest-rate risk, separate from the history of government borrowing.
Trading expanded from exchange floors to electronic markets, allowing international participation beyond US cash-market hours. Deliverable bonds fall within a defined maturity range. A futures expiry and a bond maturity are different concepts; switching the representative contract is part of a continuous price series.
References: CME: Treasury futures · CME: first trade dates
Comparing charts on this board
Put the US 2-year yield beside its futures price and compare the timing of rising yields and falling prices, or falling yields and rising prices. Their percentage changes are not equivalent: one describes a yield and the other a price. Maturity exposure and delivery rules also affect the response.
Compare the four futures tenors to identify strength at the short or long end. Add the S&P 500 to separate shared stock-and-bond gains from stock declines accompanied by bond gains. The chart displays the latest trading session rather than joining overnight contract-roll gaps into an intraday move.
Related charts: US 2Y Yield · S&P 500 · BND
Official references: CME: Treasury futures · CME: first trade dates