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Top-rated bond spread (Aaa minus 10Y)
Top-rated bond spread (Aaa minus 10Y) is 1.0% and has been falling over the last 3 months. That is low by historical standards: higher than 19% of readings since 2006.
Latest (latest reading)
1.0%
As of
Nov 12, 2026
3-month change
−20 bps
1-year change
−13 bps
20-year percentile
19th
20-year median
1.5%
What it is. Extra yield the safest companies pay over Treasuries. A higher reading means more credit stress in the Credit reading.
What it affects next
Top-rated bond spread (Aaa minus 10Y) is falling: 1.0% (−20 bps in 3 months, 19th percentile of the last 20 years). Here is what has tended to follow, based on links the data backs up.
No tested downstream links to trace yet.
What is driving it
None of its tested drivers is moving much right now.
Source: Moody's via FRED (series AAA10Y). This series is copyrighted by its provider and shown here for educational, non-commercial use.