i there. I would like to try some trades on future bonds, and I am interested in trading the bond futures (much more liquid than the bond securities). Currently, the 2-years rates are above 10 years rates. Moreover, we can find on several websites the current yields (YTM, Yield To Maturity) of these bonds, for instance on yahoo: http://finance.yahoo.com/bonds/composite_bond_rates 2years: about 4.59% 5years: about 4.48% 10years: about 4.56% 30years: about 4.71% However, what is not clear is the real yield of the bond securities. That should be the same (cf Cheapest To Deliver bonds, and so on, which would not be different from the future price because of arbitrations), but I cannot understand how Yahoo can calculate the security bond yields and get these prices at LEFT: http://bonds.yahoo.com/glossary5.html 2Y : around 4.36% 5Y : around 4.36% 10Y : around 4.45% 30Y : around 4.65% Does someone know what is the difference? I cannot manage to get their yields when using MS Excel... Does Yahoo broadcast some false Yields in the last array?