Real 10-Year Yield
10Y Treasury yield minus 12-month CPI YoY (%, daily)
| Property | Value |
|---|---|
| Category | macro |
| Unit | % |
| Resolution | 1d |
| Assets | MACRO |
| Tier | Basic |
| API Endpoint | GET /v1/macro/liquidity |
| Field | real_yield |
Overview
Real 10-Year Yield, computed as the nominal 10-year Treasury yield minus the 12-month CPI year-over-year inflation rate (macro_ust_10y − macro_cpi YoY). Daily frequency, expressed in percent. A simple market proxy for the inflation-adjusted return on a long-duration risk-free bond.
Interpretation
- Rising real yields: tighter monetary conditions in real terms — historically a strong headwind for non-yielding assets including gold and Bitcoin.
- Falling or negative real yields: inflation outpacing nominal rates — historically a tailwind for hard assets and BTC.
- Real yields have been the dominant single driver of gold and a meaningful driver of BTC valuation since 2020.
Use Cases
- Use as a primary discount-rate input for BTC fair-value models.
- Cross-reference with TIPS-based real yields (sourced externally) to validate the simpler CPI-derived approximation.
- Combine with
macro_dxyto assess the joint backdrop of dollar strength and real rates that governs gold and BTC.
API Usage
curl -H "Authorization: Bearer YOUR_API_KEY" \
"https://api.blocklens.co/v1/macro/liquidity?start_date=2024-01-01&end_date=2024-12-31&limit=365"
Related Metrics
- 10-Year Treasury Yield — US 10-year Treasury constant maturity yield (%, daily)
- CPI (All Urban) — Consumer Price Index for all urban consumers (index, monthly)
- Gold Futures (GC=F) — COMEX Gold futures continuous contract ($/oz, daily)
- US Dollar Index (DXY) — ICE US Dollar Index DX-Y.NYB (points, daily)