Series is calculated as the spread between Moody's Seasoned Baa Corporate Bond© (https://fred.stlouisfed.org/series/DBAA) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). ©2017, Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "Moody's"). All rights reserved. Moody's ratings and other information ("Moody's Information") are proprietary to Moody's and/or its licensors and are protected by copyright and other intellectual property laws. Moody's Information is licensed to Client by Moody's. MOODY'S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between Moody's Seasoned Baa Corporate Bond© (https://fred.stlouisfed.org/series/DBAA) and 10-Year Treasury Constant Maturity (BC_10YEAR). ©2017, Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "Moody's"). All rights reserved. Moody's ratings and other information ("Moody's Information") are proprietary to Moody's and/or its licensors and are protected by copyright and other intellectual property laws. Moody's Information is licensed to Client by Moody's. MOODY'S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between Moody's Seasoned Aaa Corporate Bond© (https://fred.stlouisfed.org/series/DAAA) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/DFF). ©2017, Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "Moody's"). All rights reserved. Moody's ratings and other information ("Moody's Information") are proprietary to Moody's and/or its licensors and are protected by copyright and other intellectual property laws. Moody's Information is licensed to Client by Moody's. MOODY'S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between Moody's Seasoned Aaa Corporate Bond© (https://fred.stlouisfed.org/series/DAAA) and 10-Year Treasury Constant Maturity (BC_10YEARM). ©2017, Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "Moody's"). All rights reserved. Moody's ratings and other information ("Moody's Information") are proprietary to Moody's and/or its licensors and are protected by copyright and other intellectual property laws. Moody's Information is licensed to Client by Moody's. MOODY'S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between 6-Month Treasury Constant Maturity (BC_6MONTH) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

View a measure of the average expected inflation over the five-year period that begins five years from the date data are reported.

Series is calculated as the spread between 5-Year Treasury Constant Maturity (BC_5YEAR) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

The breakeven inflation rate represents a measure of expected inflation derived from 5-Year Treasury Constant Maturity Securities (BC_5YEAR) and 5-Year Treasury Inflation-Indexed Constant Maturity Securities (TC_5YEAR). The latest value implies what market participants expect inflation to be in the next 5 years, on average. Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between 3-Month Treasury Constant Maturity (BC_3MONTH) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between 1-Year Treasury Constant Maturity (BC_1YEAR) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/DFF). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

View the average 10-year expectation for the inflation rate among market participants, based upon Treasury securities.

Series is calculated as the spread between 10-Year Treasury Constant Maturity (BC_10YEAR) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

View the spread between 10-Year and 3-month Treasury Constant Maturities, which is used to predict recession probabilities.

The 10-year minus 2-year Treasury (constant maturity) yields: Positive values may imply future growth, negative values may imply economic downturns.

Starting July 29, 2021, the interest rate on excess reserves (IOER (https://fred.stlouisfed.org/series/IOER)) and the interest rate on required reserves (IORR (https://fred.stlouisfed.org/series/IORR)) were replaced with a single rate, the interest rate on reserve balances (IORB (https://fred.stlouisfed.org/series/IORB)). See the source's announcement (https://www.federalreserve.gov/newsevents/pressreleases/bcreg20210602a.htm) for more details. The interest rate on reserve balances (IORB rate) is the rate of interest that the Federal Reserve pays on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks. The interest rate is set by the Board of Governors, and it is an important tool of monetary policy. See Policy Tools (https://www.federalreserve.gov/monetarypolicy/reqresbalances.htm) and the IORB FAQs (https://www.federalreserve.gov/monetarypolicy/iorb-faqs.htm) for more information.

For additional historical federal funds rate data, please see Daily Federal Funds Rate from 1928-1954 (https://fred.stlouisfed.org/categories/33951). The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. When a depository institution has surplus balances in its reserve account, it lends to other banks in need of larger balances. In simpler terms, a bank with excess cash, which is often referred to as liquidity, will lend to another bank that needs to quickly raise liquidity. (1) The rate that the borrowing institution pays to the lending institution is determined between the two banks; the weighted average rate for all of these types of negotiations is called the effective federal funds rate.(2) The effective federal funds rate is essentially determined by the market but is influenced by the Federal Reserve through open market operations to reach the federal funds rate target.(2) The Federal Open Market Committee (FOMC) meets eight times a year to determine the federal funds target rate. As previously stated, this rate influences the effective federal funds rate through open market operations or by buying and selling of government bonds (government debt).(2) More specifically, the Federal Reserve decreases liquidity by selling government bonds, thereby raising the federal funds rate because banks have less liquidity to trade with other banks. Similarly, the Federal Reserve can increase liquidity by buying government bonds, decreasing the federal funds rate because banks have excess liquidity for trade. Whether the Federal Reserve wants to buy or sell bonds depends on the state of the economy. If the FOMC believes the economy is growing too fast and inflation pressures are inconsistent with the dual mandate of the Federal Reserve, the Committee may set a higher federal funds rate target to temper economic activity. In the opposing scenario, the FOMC may set a lower federal funds rate target to spur greater economic activity. Therefore, the FOMC must observe the current state of the economy to determine the best course of monetary policy that will maximize economic growth while adhering to the dual mandate set forth by Congress. In making its monetary policy decisions, the FOMC considers a wealth of economic data, such as: trends in prices and wages, employment, consumer spending and income, business investments, and foreign exchange markets. The federal funds rate is the central interest rate in the U.S. financial market. It influences other interest rates such as the prime rate, which is the rate banks charge their customers with higher credit ratings. Additionally, the federal funds rate indirectly influences longer- term interest rates such as mortgages, loans, and savings, all of which are very important to consumer wealth and confidence.(2) References (1) Federal Reserve Bank of New York. "Federal funds." Fedpoints, August 2007. (2) Board of Governors of the Federal Reserve System. "Monetary Policy (https://www.federalreserve.gov/monetarypolicy.htm)".

This data represent rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program (https://www.frbdiscountwindow.org/), which became effective January 9, 2003. Primary credit is available to generally sound depository institutions at a rate set relative to the Federal Open Market Committee's (FOMC) target range for the federal funds rate. Depository institutions are not required to seek alternative sources of funds before requesting advances of primary credit. Primary credit may be used for any purpose, including financing the sale of federal funds. By making funds readily available at the primary credit rate the primary credit program complements open market operations in the implementation of monetary policy. Reserve Banks ordinarily do not require depository institutions to provide reasons for requesting very short-term primary credit. Rather, borrowers are asked to provide only the minimum information necessary to process a loan, usually the amount and term of the loan. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see Board of Governor's announcement (https://www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/). The rate reported is that for the Federal Reserve Bank of New York.

Discount Basis

Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans.

View values of the average interest rate at which Treasury bills with a 3-month maturity are sold on the secondary market.

Discount basis.

Discount Basis

Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.

This data represent rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program (https://www.frbdiscountwindow.org/), which became effective January 9, 2003. Primary credit is available to generally sound depository institutions at a rate set relative to the Federal Open Market Committee's (FOMC) target range for the federal funds rate. Depository institutions are not required to seek alternative sources of funds before requesting advances of primary credit. Primary credit may be used for any purpose, including financing the sale of federal funds. By making funds readily available at the primary credit rate the primary credit program complements open market operations in the implementation of monetary policy. Reserve Banks ordinarily do not require depository institutions to provide reasons for requesting very short-term primary credit. Rather, borrowers are asked to provide only the minimum information necessary to process a loan, usually the amount and term of the loan. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see Board of Governor's announcement (https://www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/). The rate reported is that for the Federal Reserve Bank of New York.

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

Yields on actively traded non-inflation-indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

View a 10-year yield estimated from the average yields of a variety of Treasury securities with different maturities derived from the Treasury yield curve.

View a 1-year yield estimated from the average yields of a variety of Treasury securities with different maturities derived from the Treasury yield curve.

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes (https://www.federalreserve.gov/releases/h15/default.htm) and the Treasury Yield Curve Methodology (https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology).

View data of the inflation-adjusted interest rates on 10-year Treasury securities with a constant maturity.

View data of the Effective Federal Funds Rate, or the interest rate depository institutions charge each other for overnight loans of funds.

Discount Basis

Discount Basis

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

For more information, please see http://www.federalreserve.gov/releases/cp/about.htm.

These instruments are based on bonds with maturities 20 years and above. © 2017, Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “Moody’s”). All rights reserved. Moody’s ratings and other information (“Moody’s Information”) are proprietary to Moody’s and/or its licensors and are protected by copyright and other intellectual property laws. Moody’s Information is licensed to Client by Moody’s. MOODY’S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.