For a conventional fixed-rate Treasury note or bond, price and yield to maturity generally move in opposite directions: when market yields rise, its price tends to fall; when yields fall, its price tends to rise. The coupon on an already-issued fixed-rate security does not change. Instead, its market price adjusts so its remaining payments are competitive with current yields.
Why Treasury prices and yields move in opposite directions
A note or bond promises fixed interest payments based on its face value. If newly available investments offer higher yields, an existing bond with a lower fixed rate is less attractive at its old price. Its price therefore falls until a buyer paying that lower price can earn a yield competitive with the market. If market yields fall, the existing bond’s fixed payments become relatively attractive, so buyers may pay more for it.
The SEC Office of Investor Education and Advocacy summarizes the relationship this way: “market interest rates and bond prices move in opposite directions—for example, when market interest rates go up, prices of fixed-rate bonds fall.” This principle applies to fixed-rate bonds, not as a claim that every Treasury product has identical payment mechanics. SEC Investor Bulletin, June 26, 2013
Coupon rate, yield to maturity, and price are different
The coupon or interest rate is the stated rate applied to a security’s face value. Yield to maturity is a return measure tied to its price and remaining payment stream. Because the coupon is fixed for a conventional Treasury note or bond, the secondary-market price is the part that adjusts as the yield available to buyers changes.
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TreasuryDirect’s par-value rule makes the comparison straightforward:
- Yield to maturity above the interest rate: price below par (face value).
- Yield to maturity equal to the interest rate: price at par.
- Yield to maturity below the interest rate: price above par.
For example, a note with a fixed interest rate above the yield buyers currently require may trade above face value. A note whose fixed rate is below the required yield may trade below face value. TreasuryDirect sets out this relationship in its Understanding Pricing and Interest Rates explanation. The definitions of interest rate and yield are also available in its marketable securities glossary.
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How to compare a Treasury quote
- Identify the security type. Check whether the quote is for a bill, note, bond, Treasury Inflation-Protected Security (TIPS), or floating rate note (FRN). Their payment structures differ.
- For a fixed-rate note or bond, compare the coupon with yield to maturity. A yield above the fixed interest rate corresponds to a below-par price; a yield below it corresponds to an above-par price.
- Check remaining maturity and coupon. When comparing how much prices may respond to changing rates, compare securities with similar remaining maturities and coupons. Maturity and coupon affect price sensitivity; longer maturity and lower coupon generally mean greater sensitivity for fixed-rate securities.
- Keep the quote date and source in view. Treasury securities trade at auction and in the secondary market. A live comparison needs a dated price or yield quote, and a specific transaction should be checked against the broker’s full quote and settlement details.
- Do not treat a market price as a coupon change. The price changes in the secondary market; the stated coupon on an existing fixed-rate note or bond does not.
Treasury notes pay fixed interest every six months and may be held to maturity or sold earlier. TreasuryDirect describes note terms of 2, 3, 5, 7, or 10 years. Treasury Notes and About Treasury Marketable Securities
SEC examples: how the inverse relationship looks
The SEC’s June 26, 2013 bulletin uses an illustrative 10-year Treasury with a 3% coupon and a $1,000 price when market rates and yield are 3%. In its example after one year, market rates fall to 2%; with nine years remaining, the illustrative price rises to $1,082 and yield to maturity is 2%. In the reverse case, market rates rise to 4%; with nine years remaining, the example price falls to $925 and yield to maturity is 4%. These are examples published by the SEC, not current market quotes or a forecast. SEC Investor Bulletin
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Not every Treasury has the same payment structure
The inverse price/yield rule is easiest to apply to conventional fixed-rate notes and bonds. Treasury marketable securities include five types, and the difference matters when interpreting a quote:
- Treasury bills: Mature in one year or less and are sold at face value or at a discount. The discount to face value represents interest, rather than a regular fixed coupon payment.
- Treasury notes and bonds: Pay interest every six months at a rate set at auction. Notes can be held to maturity or sold earlier.
- TIPS: Their principal adjusts with inflation and deflation, while the interest rate is fixed. As adjusted principal changes, the dollar interest payment can change.
- Floating Rate Notes: Their index rate is tied to the highest accepted discount rate of the most recent 13-week Treasury bill, plus a spread set at auction; Treasury resets the index weekly.
TreasuryDirect explains the distinctions among these products in Understanding Pricing and Interest Rates and its pages on Floating Rate Notes and marketable securities. Treasury securities are transferable, and purchases can be made through auctions or in the secondary market. Treasury Marketable Securities FAQs
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What a price comparison does not tell you by itself
A displayed price is not necessarily the complete amount or terms of a specific transaction. For a purchase, use the broker’s full quote and settlement details rather than relying on a price figure alone. The price/yield relationship explains how a fixed-rate security’s market value and return measure relate; it does not replace transaction-specific information.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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