NOTE: THIS DATA FILE WILL CHANGE! To improve accessibility of data for all users, we will convert this file from a text format to an html table by the end of June 2024. Title: 1-Year Treasury Constant Maturity Minus Federal Funds Rate Series ID: T1YFFM Source: Federal Reserve Bank of St. Louis Release: Interest Rate Spreads (Not a Press Release) Seasonal Adjustment: Not Seasonally Adjusted Frequency: Monthly Units: Percent Date Range: 1954-07-01 to 2024-03-01 Last Updated: 2024-03-29 4:01 PM CDT Notes: Series is calculated as the spread between 1-Year Treasury Constant Maturity (BC_1YEARM) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFRM). 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). DATE VALUE 1954-07-01 0.04 1954-08-01 -0.34 1954-09-01 -0.03 1954-10-01 0.32 1954-11-01 0.31 1954-12-01 -0.07 1955-01-01 0.00 1955-02-01 0.28 1955-03-01 0.24 1955-04-01 0.32 1955-05-01 0.47 1955-06-01 0.27 1955-07-01 0.34 1955-08-01 0.41 1955-09-01 0.18 1955-10-01 0.15 1955-11-01 0.13 1955-12-01 0.25 1956-01-01 0.13 1956-02-01 -0.01 1956-03-01 0.11 1956-04-01 0.30 1956-05-01 0.19 1956-06-01 0.03 1956-07-01 0.01 1956-08-01 0.37 1956-09-01 0.40 1956-10-01 0.32 1956-11-01 0.56 1956-12-01 0.74 1957-01-01 0.53 1957-02-01 0.38 1957-03-01 0.46 1957-04-01 0.49 1957-05-01 0.48 1957-06-01 0.65 1957-07-01 0.82 1957-08-01 0.77 1957-09-01 0.60 1957-10-01 0.51 1957-11-01 0.29 1957-12-01 0.20 1958-01-01 -0.07 1958-02-01 0.32 1958-03-01 0.64 1958-04-01 0.19 1958-05-01 0.74 1958-06-01 0.30 1958-07-01 0.93 1958-08-01 0.97 1958-09-01 1.29 1958-10-01 1.39 1958-11-01 0.83 1958-12-01 0.87 1959-01-01 0.88 1959-02-01 1.11 1959-03-01 0.81 1959-04-01 0.76 1959-05-01 1.06 1959-06-01 0.68 1959-07-01 0.92 1959-08-01 0.92 1959-09-01 1.24 1959-10-01 0.82 1959-11-01 0.81 1959-12-01 1.15 1960-01-01 1.04 1960-02-01 0.69 1960-03-01 0.18 1960-04-01 0.12 1960-05-01 0.36 1960-06-01 0.04 1960-07-01 -0.03 1960-08-01 -0.03 1960-09-01 0.47 1960-10-01 0.57 1960-11-01 0.64 1960-12-01 0.88 1961-01-01 1.36 1961-02-01 0.39 1961-03-01 0.86 1961-04-01 1.39 1961-05-01 0.89 1961-06-01 1.33 1961-07-01 1.75 1961-08-01 1.06 1961-09-01 1.18 1961-10-01 0.79 1961-11-01 0.46 1961-12-01 0.85 1962-01-01 1.13 1962-02-01 0.91 1962-03-01 0.21 1962-04-01 0.21 1962-05-01 0.67 1962-06-01 0.35 1962-07-01 0.58 1962-08-01 0.27 1962-09-01 0.16 1962-10-01 0.08 1962-11-01 0.06 1962-12-01 0.08 1963-01-01 0.12 1963-02-01 0.01 1963-03-01 0.05 1963-04-01 0.21 1963-05-01 0.12 1963-06-01 0.21 1963-07-01 0.46 1963-08-01 0.04 1963-09-01 0.09 1963-10-01 0.14 1963-11-01 0.26 1963-12-01 0.43 1964-01-01 0.31 1964-02-01 0.30 1964-03-01 0.48 1964-04-01 0.44 1964-05-01 0.34 1964-06-01 0.33 1964-07-01 0.30 1964-08-01 0.24 1964-09-01 0.39 1964-10-01 0.50 1964-11-01 0.39 1964-12-01 0.17 1965-01-01 0.04 1965-02-01 0.05 1965-03-01 0.02 1965-04-01 -0.05 1965-05-01 -0.07 1965-06-01 -0.05 1965-07-01 -0.11 1965-08-01 -0.05 1965-09-01 0.19 1965-10-01 0.22 1965-11-01 0.27 1965-12-01 0.40 1966-01-01 0.46 1966-02-01 0.34 1966-03-01 0.32 1966-04-01 0.23 1966-05-01 0.03 1966-06-01 -0.20 1966-07-01 -0.13 1966-08-01 0.01 1966-09-01 0.42 1966-10-01 0.05 1966-11-01 -0.22 1966-12-01 -0.20 1967-01-01 -0.19 1967-02-01 -0.29 1967-03-01 -0.18 1967-04-01 0.06 1967-05-01 0.21 1967-06-01 0.50 1967-07-01 1.22 1967-08-01 1.23 1967-09-01 1.25 1967-10-01 1.49 1967-11-01 1.48 1967-12-01 1.20 1968-01-01 0.83 1968-02-01 0.70 1968-03-01 0.53 1968-04-01 -0.05 1968-05-01 0.03 1968-06-01 -0.09 1968-07-01 -0.37 1968-08-01 -0.60 1968-09-01 -0.33 1968-10-01 -0.34 1968-11-01 -0.07 1968-12-01 0.17 1969-01-01 0.04 1969-02-01 -0.20 1969-03-01 -0.45 1969-04-01 -1.15 1969-05-01 -2.25 1969-06-01 -1.86 1969-07-01 -1.01 1969-08-01 -1.65 1969-09-01 -1.33 1969-10-01 -1.36 1969-11-01 -0.96 1969-12-01 -0.80 1970-01-01 -0.88 1970-02-01 -1.39 1970-03-01 -0.79 1970-04-01 -1.04 1970-05-01 -0.19 1970-06-01 -0.05 1970-07-01 -0.11 1970-08-01 0.37 1970-09-01 0.44 1970-10-01 0.23 1970-11-01 -0.09 1970-12-01 0.10 1971-01-01 0.43 1971-02-01 0.17 1971-03-01 -0.02 1971-04-01 0.15 1971-05-01 0.41 1971-06-01 0.73 1971-07-01 0.73 1971-08-01 0.24 1971-09-01 -0.14 1971-10-01 -0.29 1971-11-01 -0.24 1971-12-01 0.46 1972-01-01 0.78 1972-02-01 0.98 1972-03-01 0.84 1972-04-01 0.79 1972-05-01 0.37 1972-06-01 0.47 1972-07-01 0.41 1972-08-01 0.18 1972-09-01 0.65 1972-10-01 0.48 1972-11-01 0.21 1972-12-01 0.19 1973-01-01 -0.05 1973-02-01 -0.39 1973-03-01 -0.24 1973-04-01 -0.27 1973-05-01 -0.95 1973-06-01 -1.18 1973-07-01 -2.01 1973-08-01 -1.68 1973-09-01 -2.47 1973-10-01 -2.61 1973-11-01 -2.46 1973-12-01 -2.68 1974-01-01 -2.23 1974-02-01 -2.09 1974-03-01 -1.59 1974-04-01 -1.89 1974-05-01 -2.53 1974-06-01 -3.26 1974-07-01 -4.12 1974-08-01 -2.65 1974-09-01 -2.47 1974-10-01 -2.01 1974-11-01 -1.79 1974-12-01 -1.22 1975-01-01 -0.30 1975-02-01 -0.26 1975-03-01 0.57 1975-04-01 1.41 1975-05-01 1.17 1975-06-01 0.74 1975-07-01 1.01 1975-08-01 1.56 1975-09-01 1.51 1975-10-01 1.13 1975-11-01 1.27 1975-12-01 1.40 1976-01-01 0.94 1976-02-01 1.14 1976-03-01 1.37 1976-04-01 1.10 1976-05-01 1.11 1976-06-01 1.04 1976-07-01 0.89 1976-08-01 0.71 1976-09-01 0.59 1976-10-01 0.48 1976-11-01 0.34 1976-12-01 0.24 1977-01-01 0.68 1977-02-01 0.79 1977-03-01 0.81 1977-04-01 0.71 1977-05-01 0.49 1977-06-01 0.41 1977-07-01 0.52 1977-08-01 0.47 1977-09-01 0.39 1977-10-01 0.50 1977-11-01 0.44 1977-12-01 0.40 1978-01-01 0.58 1978-02-01 0.56 1978-03-01 0.52 1978-04-01 0.56 1978-05-01 0.46 1978-06-01 0.49 1978-07-01 0.58 1978-08-01 0.27 1978-09-01 0.19 1978-10-01 0.18 1978-11-01 0.25 1978-12-01 0.27 1979-01-01 0.34 1979-02-01 0.18 1979-03-01 0.16 1979-04-01 0.11 1979-05-01 -0.12 1979-06-01 -0.72 1979-07-01 -0.83 1979-08-01 -0.96 1979-09-01 -0.59 1979-10-01 -1.33 1979-11-01 -0.79 1979-12-01 -1.80 1980-01-01 -1.76 1980-02-01 -0.21 1980-03-01 -1.37 1980-04-01 -4.31 1980-05-01 -1.59 1980-06-01 -1.31 1980-07-01 -0.38 1980-08-01 0.63 1980-09-01 0.65 1980-10-01 -0.32 1980-11-01 -1.70 1980-12-01 -4.02 1981-01-01 -5.00 1981-02-01 -1.36 1981-03-01 -0.99 1981-04-01 -1.40 1981-05-01 -2.32 1981-06-01 -4.24 1981-07-01 -3.32 1981-08-01 -1.10 1981-09-01 0.65 1981-10-01 0.30 1981-11-01 -0.90 1981-12-01 0.48 1982-01-01 1.10 1982-02-01 -0.05 1982-03-01 -0.73 1982-04-01 -0.96 1982-05-01 -1.11 1982-06-01 -0.08 1982-07-01 0.65 1982-08-01 1.31 1982-09-01 0.54 1982-10-01 -0.39 1982-11-01 -0.04 1982-12-01 -0.04 1983-01-01 -0.06 1983-02-01 0.41 1983-03-01 0.27 1983-04-01 0.18 1983-05-01 0.27 1983-06-01 0.68 1983-07-01 0.83 1983-08-01 0.97 1983-09-01 0.71 1983-10-01 0.33 1983-11-01 0.60 1983-12-01 0.64 1984-01-01 0.34 1984-02-01 0.45 1984-03-01 0.68 1984-04-01 0.61 1984-05-01 1.34 1984-06-01 1.02 1984-07-01 0.80 1984-08-01 0.18 1984-09-01 0.28 1984-10-01 0.91 1984-11-01 0.39 1984-12-01 0.95 1985-01-01 0.67 1985-02-01 0.79 1985-03-01 1.28 1985-04-01 0.87 1985-05-01 0.49 1985-06-01 0.27 1985-07-01 -0.02 1985-08-01 0.15 1985-09-01 0.15 1985-10-01 0.02 1985-11-01 -0.17 1985-12-01 -0.60 1986-01-01 -0.41 1986-02-01 -0.25 1986-03-01 -0.45 1986-04-01 -0.55 1986-05-01 -0.20 1986-06-01 -0.19 1986-07-01 -0.29 1986-08-01 -0.24 1986-09-01 -0.12 1986-10-01 -0.13 1986-11-01 -0.24 1986-12-01 -1.04 1987-01-01 -0.65 1987-02-01 -0.14 1987-03-01 -0.10 1987-04-01 0.13 1987-05-01 0.15 1987-06-01 0.07 1987-07-01 0.10 1987-08-01 0.30 1987-09-01 0.45 1987-10-01 0.30 1987-11-01 0.27 1987-12-01 0.40 1988-01-01 0.16 1988-02-01 0.06 1988-03-01 0.13 1988-04-01 0.14 1988-05-01 0.31 1988-06-01 -0.02 1988-07-01 0.00 1988-08-01 0.16 1988-09-01 -0.10 1988-10-01 -0.19 1988-11-01 0.13 1988-12-01 0.23 1989-01-01 -0.07 1989-02-01 -0.11 1989-03-01 -0.28 1989-04-01 -0.48 1989-05-01 -0.83 1989-06-01 -1.09 1989-07-01 -1.35 1989-08-01 -0.81 1989-09-01 -0.80 1989-10-01 -0.85 1989-11-01 -0.78 1989-12-01 -0.73 1990-01-01 -0.31 1990-02-01 -0.13 1990-03-01 0.07 1990-04-01 0.14 1990-05-01 0.14 1990-06-01 -0.19 1990-07-01 -0.21 1990-08-01 -0.35 1990-09-01 -0.44 1990-10-01 -0.56 1990-11-01 -0.50 1990-12-01 -0.26 1991-01-01 -0.27 1991-02-01 0.02 1991-03-01 0.28 1991-04-01 0.33 1991-05-01 0.35 1991-06-01 0.46 1991-07-01 0.49 1991-08-01 0.12 1991-09-01 0.12 1991-10-01 0.12 1991-11-01 0.08 1991-12-01 -0.05 1992-01-01 0.12 1992-02-01 0.23 1992-03-01 0.65 1992-04-01 0.57 1992-05-01 0.37 1992-06-01 0.41 1992-07-01 0.35 1992-08-01 0.17 1992-09-01 -0.04 1992-10-01 0.20 1992-11-01 0.59 1992-12-01 0.79 1993-01-01 0.48 1993-02-01 0.36 1993-03-01 0.26 1993-04-01 0.28 1993-05-01 0.36 1993-06-01 0.50 1993-07-01 0.41 1993-08-01 0.41 1993-09-01 0.27 1993-10-01 0.40 1993-11-01 0.56 1993-12-01 0.65 1994-01-01 0.49 1994-02-01 0.62 1994-03-01 0.98 1994-04-01 1.26 1994-05-01 1.30 1994-06-01 1.02 1994-07-01 1.22 1994-08-01 1.09 1994-09-01 1.03 1994-10-01 1.35 1994-11-01 1.25 1994-12-01 1.69 1995-01-01 1.52 1995-02-01 0.78 1995-03-01 0.45 1995-04-01 0.22 1995-05-01 -0.01 1995-06-01 -0.36 1995-07-01 -0.26 1995-08-01 0.01 1995-09-01 -0.18 1995-10-01 -0.17 1995-11-01 -0.37 1995-12-01 -0.29 1996-01-01 -0.47 1996-02-01 -0.28 1996-03-01 0.03 1996-04-01 0.32 1996-05-01 0.40 1996-06-01 0.54 1996-07-01 0.45 1996-08-01 0.45 1996-09-01 0.53 1996-10-01 0.31 1996-11-01 0.11 1996-12-01 0.18 1997-01-01 0.36 1997-02-01 0.34 1997-03-01 0.41 1997-04-01 0.48 1997-05-01 0.37 1997-06-01 0.13 1997-07-01 0.02 1997-08-01 0.02 1997-09-01 -0.02 1997-10-01 -0.04 1997-11-01 -0.06 1997-12-01 0.03 1998-01-01 -0.32 1998-02-01 -0.20 1998-03-01 -0.10 1998-04-01 -0.07 1998-05-01 -0.05 1998-06-01 -0.15 1998-07-01 -0.18 1998-08-01 -0.34 1998-09-01 -0.80 1998-10-01 -0.95 1998-11-01 -0.30 1998-12-01 -0.16 1999-01-01 -0.12 1999-02-01 -0.06 1999-03-01 -0.03 1999-04-01 -0.05 1999-05-01 0.11 1999-06-01 0.34 1999-07-01 0.04 1999-08-01 0.13 1999-09-01 0.03 1999-10-01 0.23 1999-11-01 0.13 1999-12-01 0.54 2000-01-01 0.67 2000-02-01 0.49 2000-03-01 0.37 2000-04-01 0.13 2000-05-01 0.06 2000-06-01 -0.36 2000-07-01 -0.46 2000-08-01 -0.32 2000-09-01 -0.39 2000-10-01 -0.50 2000-11-01 -0.42 2000-12-01 -0.80 2001-01-01 -1.17 2001-02-01 -0.81 2001-03-01 -1.01 2001-04-01 -0.82 2001-05-01 -0.43 2001-06-01 -0.39 2001-07-01 -0.15 2001-08-01 -0.18 2001-09-01 -0.25 2001-10-01 -0.16 2001-11-01 0.09 2001-12-01 0.40 2002-01-01 0.43 2002-02-01 0.49 2002-03-01 0.84 2002-04-01 0.73 2002-05-01 0.60 2002-06-01 0.45 2002-07-01 0.23 2002-08-01 0.02 2002-09-01 -0.03 2002-10-01 -0.10 2002-11-01 0.15 2002-12-01 0.21 2003-01-01 0.12 2003-02-01 0.04 2003-03-01 -0.01 2003-04-01 0.01 2003-05-01 -0.08 2003-06-01 -0.21 2003-07-01 0.11 2003-08-01 0.28 2003-09-01 0.23 2003-10-01 0.24 2003-11-01 0.34 2003-12-01 0.33 2004-01-01 0.24 2004-02-01 0.23 2004-03-01 0.19 2004-04-01 0.43 2004-05-01 0.78 2004-06-01 1.09 2004-07-01 0.84 2004-08-01 0.59 2004-09-01 0.51 2004-10-01 0.47 2004-11-01 0.57 2004-12-01 0.51 2005-01-01 0.58 2005-02-01 0.53 2005-03-01 0.67 2005-04-01 0.53 2005-05-01 0.33 2005-06-01 0.32 2005-07-01 0.38 2005-08-01 0.37 2005-09-01 0.23 2005-10-01 0.40 2005-11-01 0.33 2005-12-01 0.19 2006-01-01 0.16 2006-02-01 0.19 2006-03-01 0.18 2006-04-01 0.11 2006-05-01 0.06 2006-06-01 0.17 2006-07-01 -0.02 2006-08-01 -0.17 2006-09-01 -0.28 2006-10-01 -0.24 2006-11-01 -0.24 2006-12-01 -0.30 2007-01-01 -0.19 2007-02-01 -0.21 2007-03-01 -0.34 2007-04-01 -0.32 2007-05-01 -0.34 2007-06-01 -0.29 2007-07-01 -0.30 2007-08-01 -0.55 2007-09-01 -0.80 2007-10-01 -0.66 2007-11-01 -0.99 2007-12-01 -0.98 2008-01-01 -1.23 2008-02-01 -0.93 2008-03-01 -1.07 2008-04-01 -0.54 2008-05-01 0.08 2008-06-01 0.42 2008-07-01 0.27 2008-08-01 0.18 2008-09-01 0.10 2008-10-01 0.45 2008-11-01 0.68 2008-12-01 0.33 2009-01-01 0.29 2009-02-01 0.40 2009-03-01 0.46 2009-04-01 0.40 2009-05-01 0.32 2009-06-01 0.30 2009-07-01 0.32 2009-08-01 0.30 2009-09-01 0.25 2009-10-01 0.25 2009-11-01 0.19 2009-12-01 0.25 2010-01-01 0.24 2010-02-01 0.22 2010-03-01 0.24 2010-04-01 0.25 2010-05-01 0.17 2010-06-01 0.14 2010-07-01 0.11 2010-08-01 0.07 2010-09-01 0.07 2010-10-01 0.04 2010-11-01 0.06 2010-12-01 0.11 2011-01-01 0.10 2011-02-01 0.13 2011-03-01 0.12 2011-04-01 0.15 2011-05-01 0.10 2011-06-01 0.09 2011-07-01 0.12 2011-08-01 0.01 2011-09-01 0.02 2011-10-01 0.04 2011-11-01 0.03 2011-12-01 0.05 2012-01-01 0.04 2012-02-01 0.06 2012-03-01 0.06 2012-04-01 0.04 2012-05-01 0.03 2012-06-01 0.03 2012-07-01 0.03 2012-08-01 0.05 2012-09-01 0.04 2012-10-01 0.02 2012-11-01 0.02 2012-12-01 0.00 2013-01-01 0.01 2013-02-01 0.01 2013-03-01 0.01 2013-04-01 -0.03 2013-05-01 0.01 2013-06-01 0.05 2013-07-01 0.03 2013-08-01 0.05 2013-09-01 0.04 2013-10-01 0.03 2013-11-01 0.04 2013-12-01 0.04 2014-01-01 0.05 2014-02-01 0.05 2014-03-01 0.05 2014-04-01 0.02 2014-05-01 0.01 2014-06-01 0.00 2014-07-01 0.02 2014-08-01 0.02 2014-09-01 0.02 2014-10-01 0.01 2014-11-01 0.04 2014-12-01 0.09 2015-01-01 0.09 2015-02-01 0.11 2015-03-01 0.14 2015-04-01 0.11 2015-05-01 0.12 2015-06-01 0.15 2015-07-01 0.17 2015-08-01 0.24 2015-09-01 0.23 2015-10-01 0.14 2015-11-01 0.36 2015-12-01 0.41 2016-01-01 0.20 2016-02-01 0.15 2016-03-01 0.30 2016-04-01 0.19 2016-05-01 0.22 2016-06-01 0.17 2016-07-01 0.12 2016-08-01 0.17 2016-09-01 0.19 2016-10-01 0.26 2016-11-01 0.33 2016-12-01 0.33 2017-01-01 0.18 2017-02-01 0.16 2017-03-01 0.22 2017-04-01 0.14 2017-05-01 0.21 2017-06-01 0.16 2017-07-01 0.07 2017-08-01 0.07 2017-09-01 0.13 2017-10-01 0.25 2017-11-01 0.40 2017-12-01 0.40 2018-01-01 0.39 2018-02-01 0.54 2018-03-01 0.55 2018-04-01 0.46 2018-05-01 0.57 2018-06-01 0.51 2018-07-01 0.48 2018-08-01 0.54 2018-09-01 0.61 2018-10-01 0.46 2018-11-01 0.50 2018-12-01 0.39 2019-01-01 0.18 2019-02-01 0.15 2019-03-01 0.09 2019-04-01 0.00 2019-05-01 -0.05 2019-06-01 -0.38 2019-07-01 -0.44 2019-08-01 -0.35 2019-09-01 -0.25 2019-10-01 -0.22 2019-11-01 0.02 2019-12-01 0.00 2020-01-01 -0.02 2020-02-01 -0.17 2020-03-01 -0.30 2020-04-01 0.13 2020-05-01 0.11 2020-06-01 0.10 2020-07-01 0.06 2020-08-01 0.04 2020-09-01 0.04 2020-10-01 0.04 2020-11-01 0.03 2020-12-01 0.01 2021-01-01 0.01 2021-02-01 -0.01 2021-03-01 0.01 2021-04-01 -0.01 2021-05-01 -0.01 2021-06-01 -0.01 2021-07-01 -0.02 2021-08-01 -0.02 2021-09-01 0.00 2021-10-01 0.03 2021-11-01 0.10 2021-12-01 0.22 2022-01-01 0.47 2022-02-01 0.92 2022-03-01 1.14 2022-04-01 1.56 2022-05-01 1.30 2022-06-01 1.46 2022-07-01 1.37 2022-08-01 0.95 2022-09-01 1.31 2022-10-01 1.35 2022-11-01 0.98 2022-12-01 0.59 2023-01-01 0.36 2023-02-01 0.36 2023-03-01 0.03 2023-04-01 -0.15 2023-05-01 -0.14 2023-06-01 0.16 2023-07-01 0.25 2023-08-01 0.04 2023-09-01 0.11 2023-10-01 0.09 2023-11-01 -0.05 2023-12-01 -0.37 2024-01-01 -0.54 2024-02-01 -0.41 2024-03-01 -0.34