Definition. The yield curve spread between U.S. 10-Year and 2-Year Treasury yields, a closely watched recession indicator.

Technical. Computed as the 10-Year yield close minus the 2-Year yield close. On non-trading periods (weekends, market holidays, and outside market hours for intraday resolutions), the underlying yields are forward-filled from the last trading session's close price. Daily resolution has data since January 2009. Intraday resolutions (10m, 1h) have shorter history.

Interpretation. A narrowing or inverted spread (values at or below zero) is the canonical recession signal.