Interest Rates · Yield curve

3-Month Treasury Bill vs Fed Funds Rate (since 1954)

Name: 3-Month Treasury Bill vs Fed Funds Rate (since 1954)
Creator: Federal Reserve Bank of St. Louis (FRED)

3-month T-bill: 3.94% (Sep 2026).
A year earlier: 3.92% (Sep 2025), a change of +0.02 pts.
Highest on record here: 16.30% (May 1981); lowest: 0.01% (Jan 1940).

Year	Average	Year close
1934	0.28%	0.23%
1935	0.17%	0.15%
1936	0.17%	0.12%
1937	0.28%	0.11%
1938	0.07%	0.03%
1939	0.05%	0.04%
1940	0.04%	0.02%
1941	0.13%	0.33%
1942	0.34%	0.38%
1943	0.38%	0.38%
1944	0.38%	0.38%
1945	0.38%	0.38%

Source: FRED TB3MS (3-Month Treasury Bill Secondary Market Rate, Discount Basis); FRED FEDFUNDS (Federal Funds Effective Rate). Federal Reserve Bank of St. Louis.

Gray bands mark U.S. recessions as dated by the NBER (FRED USREC).

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