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{{Underlinked|date=October 2019}}
'''Swap spreads''' are the difference between the '''[[swap rate]]''' (a fixed interest rate) and a corresponding '''government bond yield''' with the same maturity ([[[[United_States_Treasury_security#Treasury_bond|Treasury securities]] in the case of the United States).<ref>{{Cite web|url=https://www.thestreet.com/tsc/basics/tscglossary/Swaps&_SwapSpreads.html|title=
swaps and swap spreads|publisher=The Street}}</ref><ref>{{Cite web|url=https://www.cfainstitute.org/learning/products/publications/inv/Documents/fixed_income_chapter10.ppt|title=The term structure and interest rate dynamics Chapter 10|publisher=CFA Institute}}</ref>
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