Table Data - 3-Month Treasury Constant Maturity Minus Federal Funds Rate
| Title | 3-Month Treasury Constant Maturity Minus Federal Funds Rate |
|---|---|
| Series ID | T3MFFM |
| 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 | 1982-01-01 to 2024-10-01 |
| Last Updated | 2024-11-01 4:01 PM CDT |
| Notes | Series is calculated as the spread between 3-Month Treasury Constant Maturity (BC_3MONTHM) 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. |
| DATE | VALUE |
|---|---|
| 1982-01-01 | -0.30 |
| 1982-02-01 | -0.50 |
| 1982-03-01 | -1.37 |
| 1982-04-01 | -1.60 |
| 1982-05-01 | -1.74 |
| 1982-06-01 | -1.07 |
| 1982-07-01 | -0.73 |
| 1982-08-01 | -1.12 |
| 1982-09-01 | -2.12 |
| 1982-10-01 | -1.74 |
| 1982-11-01 | -0.85 |
| 1982-12-01 | -0.75 |
| 1983-01-01 | -0.56 |
| 1983-02-01 | -0.12 |
| 1983-03-01 | -0.11 |
| 1983-04-01 | -0.29 |
| 1983-05-01 | -0.13 |
| 1983-06-01 | 0.16 |
| 1983-07-01 | 0.08 |
| 1983-08-01 | 0.18 |
| 1983-09-01 | -0.09 |
| 1983-10-01 | -0.49 |
| 1983-11-01 | -0.23 |
| 1983-12-01 | -0.11 |
| 1984-01-01 | -0.30 |
| 1984-02-01 | -0.13 |
| 1984-03-01 | -0.02 |
| 1984-04-01 | -0.22 |
| 1984-05-01 | -0.10 |
| 1984-06-01 | -0.80 |
| 1984-07-01 | -0.70 |
| 1984-08-01 | -0.74 |
| 1984-09-01 | -0.50 |
| 1984-10-01 | 0.13 |
| 1984-11-01 | -0.51 |
| 1984-12-01 | -0.04 |
| 1985-01-01 | -0.33 |
| 1985-02-01 | 0.06 |
| 1985-03-01 | 0.25 |
| 1985-04-01 | -0.05 |
| 1985-05-01 | -0.24 |
| 1985-06-01 | -0.35 |
| 1985-07-01 | -0.56 |
| 1985-08-01 | -0.53 |
| 1985-09-01 | -0.59 |
| 1985-10-01 | -0.59 |
| 1985-11-01 | -0.57 |
| 1985-12-01 | -0.94 |
| 1986-01-01 | -0.84 |
| 1986-02-01 | -0.57 |
| 1986-03-01 | -0.72 |
| 1986-04-01 | -0.75 |
| 1986-05-01 | -0.52 |
| 1986-06-01 | -0.52 |
| 1986-07-01 | -0.56 |
| 1986-08-01 | -0.48 |
| 1986-09-01 | -0.54 |
| 1986-10-01 | -0.53 |
| 1986-11-01 | -0.54 |
| 1986-12-01 | -1.23 |
| 1987-01-01 | -0.85 |
| 1987-02-01 | -0.35 |
| 1987-03-01 | -0.36 |
| 1987-04-01 | -0.55 |
| 1987-05-01 | -1.00 |
| 1987-06-01 | -0.88 |
| 1987-07-01 | -0.70 |
| 1987-08-01 | -0.50 |
| 1987-09-01 | -0.60 |
| 1987-10-01 | -0.94 |
| 1987-11-01 | -0.80 |
| 1987-12-01 | -0.81 |
| 1988-01-01 | -0.83 |
| 1988-02-01 | -0.74 |
| 1988-03-01 | -0.71 |
| 1988-04-01 | -0.79 |
| 1988-05-01 | -0.64 |
| 1988-06-01 | -0.85 |
| 1988-07-01 | -0.80 |
| 1988-08-01 | -0.71 |
| 1988-09-01 | -0.71 |
| 1988-10-01 | -0.70 |
| 1988-11-01 | -0.32 |
| 1988-12-01 | -0.41 |
| 1989-01-01 | -0.56 |
| 1989-02-01 | -0.52 |
| 1989-03-01 | -0.71 |
| 1989-04-01 | -0.88 |
| 1989-05-01 | -1.07 |
| 1989-06-01 | -1.10 |
| 1989-07-01 | -1.09 |
| 1989-08-01 | -0.82 |
| 1989-09-01 | -1.01 |
| 1989-10-01 | -0.94 |
| 1989-11-01 | -0.61 |
| 1989-12-01 | -0.57 |
| 1990-01-01 | -0.33 |
| 1990-02-01 | -0.24 |
| 1990-03-01 | -0.11 |
| 1990-04-01 | -0.22 |
| 1990-05-01 | -0.17 |
| 1990-06-01 | -0.30 |
| 1990-07-01 | -0.28 |
| 1990-08-01 | -0.44 |
| 1990-09-01 | -0.60 |
| 1990-10-01 | -0.71 |
| 1990-11-01 | -0.52 |
| 1990-12-01 | -0.36 |
| 1991-01-01 | -0.50 |
| 1991-02-01 | -0.13 |
| 1991-03-01 | -0.03 |
| 1991-04-01 | -0.08 |
| 1991-05-01 | -0.15 |
| 1991-06-01 | -0.15 |
| 1991-07-01 | -0.07 |
| 1991-08-01 | -0.16 |
| 1991-09-01 | -0.08 |
| 1991-10-01 | -0.07 |
| 1991-11-01 | -0.12 |
| 1991-12-01 | -0.25 |
| 1992-01-01 | -0.12 |
| 1992-02-01 | -0.11 |
| 1992-03-01 | 0.16 |
| 1992-04-01 | 0.11 |
| 1992-05-01 | -0.10 |
| 1992-06-01 | -0.01 |
| 1992-07-01 | 0.03 |
| 1992-08-01 | -0.10 |
| 1992-09-01 | -0.25 |
| 1992-10-01 | -0.17 |
| 1992-11-01 | 0.12 |
| 1992-12-01 | 0.37 |
| 1993-01-01 | 0.05 |
| 1993-02-01 | -0.04 |
| 1993-03-01 | -0.06 |
| 1993-04-01 | -0.03 |
| 1993-05-01 | 0.03 |
| 1993-06-01 | 0.10 |
| 1993-07-01 | 0.05 |
| 1993-08-01 | 0.06 |
| 1993-09-01 | -0.08 |
| 1993-10-01 | 0.10 |
| 1993-11-01 | 0.16 |
| 1993-12-01 | 0.17 |
| 1994-01-01 | -0.01 |
| 1994-02-01 | 0.08 |
| 1994-03-01 | 0.25 |
| 1994-04-01 | 0.22 |
| 1994-05-01 | 0.26 |
| 1994-06-01 | 0.00 |
| 1994-07-01 | 0.20 |
| 1994-08-01 | 0.14 |
| 1994-09-01 | 0.02 |
| 1994-10-01 | 0.34 |
| 1994-11-01 | 0.16 |
| 1994-12-01 | 0.31 |
| 1995-01-01 | 0.37 |
| 1995-02-01 | 0.02 |
| 1995-03-01 | -0.07 |
| 1995-04-01 | -0.21 |
| 1995-05-01 | -0.16 |
| 1995-06-01 | -0.36 |
| 1995-07-01 | -0.26 |
| 1995-08-01 | -0.17 |
| 1995-09-01 | -0.37 |
| 1995-10-01 | -0.32 |
| 1995-11-01 | -0.28 |
| 1995-12-01 | -0.31 |
| 1996-01-01 | -0.41 |
| 1996-02-01 | -0.26 |
| 1996-03-01 | -0.21 |
| 1996-04-01 | -0.13 |
| 1996-05-01 | -0.09 |
| 1996-06-01 | -0.04 |
| 1996-07-01 | -0.10 |
| 1996-08-01 | -0.03 |
| 1996-09-01 | -0.06 |
| 1996-10-01 | -0.12 |
| 1996-11-01 | -0.14 |
| 1996-12-01 | -0.25 |
| 1997-01-01 | -0.08 |
| 1997-02-01 | -0.05 |
| 1997-03-01 | -0.11 |
| 1997-04-01 | -0.21 |
| 1997-05-01 | -0.30 |
| 1997-06-01 | -0.49 |
| 1997-07-01 | -0.33 |
| 1997-08-01 | -0.26 |
| 1997-09-01 | -0.46 |
| 1997-10-01 | -0.39 |
| 1997-11-01 | -0.24 |
| 1997-12-01 | -0.20 |
| 1998-01-01 | -0.38 |
| 1998-02-01 | -0.28 |
| 1998-03-01 | -0.33 |
| 1998-04-01 | -0.37 |
| 1998-05-01 | -0.35 |
| 1998-06-01 | -0.44 |
| 1998-07-01 | -0.45 |
| 1998-08-01 | -0.51 |
| 1998-09-01 | -0.77 |
| 1998-10-01 | -1.00 |
| 1998-11-01 | -0.30 |
| 1998-12-01 | -0.18 |
| 1999-01-01 | -0.18 |
| 1999-02-01 | -0.20 |
| 1999-03-01 | -0.24 |
| 1999-04-01 | -0.33 |
| 1999-05-01 | -0.11 |
| 1999-06-01 | -0.04 |
| 1999-07-01 | -0.30 |
| 1999-08-01 | -0.20 |
| 1999-09-01 | -0.40 |
| 1999-10-01 | -0.18 |
| 1999-11-01 | -0.19 |
| 1999-12-01 | 0.06 |
| 2000-01-01 | 0.05 |
| 2000-02-01 | 0.00 |
| 2000-03-01 | 0.01 |
| 2000-04-01 | -0.20 |
| 2000-05-01 | -0.28 |
| 2000-06-01 | -0.67 |
| 2000-07-01 | -0.40 |
| 2000-08-01 | -0.22 |
| 2000-09-01 | -0.34 |
| 2000-10-01 | -0.22 |
| 2000-11-01 | -0.15 |
| 2000-12-01 | -0.46 |
| 2001-01-01 | -0.69 |
| 2001-02-01 | -0.48 |
| 2001-03-01 | -0.77 |
| 2001-04-01 | -0.83 |
| 2001-05-01 | -0.51 |
| 2001-06-01 | -0.40 |
| 2001-07-01 | -0.18 |
| 2001-08-01 | -0.21 |
| 2001-09-01 | -0.38 |
| 2001-10-01 | -0.29 |
| 2001-11-01 | -0.18 |
| 2001-12-01 | -0.10 |
| 2002-01-01 | -0.05 |
| 2002-02-01 | 0.02 |
| 2002-03-01 | 0.10 |
| 2002-04-01 | 0.00 |
| 2002-05-01 | 0.01 |
| 2002-06-01 | -0.02 |
| 2002-07-01 | -0.02 |
| 2002-08-01 | -0.09 |
| 2002-09-01 | -0.09 |
| 2002-10-01 | -0.14 |
| 2002-11-01 | -0.09 |
| 2002-12-01 | -0.03 |
| 2003-01-01 | -0.05 |
| 2003-02-01 | -0.07 |
| 2003-03-01 | -0.10 |
| 2003-04-01 | -0.11 |
| 2003-05-01 | -0.17 |
| 2003-06-01 | -0.28 |
| 2003-07-01 | -0.09 |
| 2003-08-01 | -0.06 |
| 2003-09-01 | -0.05 |
| 2003-10-01 | -0.07 |
| 2003-11-01 | -0.05 |
| 2003-12-01 | -0.07 |
| 2004-01-01 | -0.10 |
| 2004-02-01 | -0.07 |
| 2004-03-01 | -0.05 |
| 2004-04-01 | -0.04 |
| 2004-05-01 | 0.04 |
| 2004-06-01 | 0.26 |
| 2004-07-01 | 0.10 |
| 2004-08-01 | 0.07 |
| 2004-09-01 | 0.07 |
| 2004-10-01 | 0.03 |
| 2004-11-01 | 0.18 |
| 2004-12-01 | 0.06 |
| 2005-01-01 | 0.09 |
| 2005-02-01 | 0.08 |
| 2005-03-01 | 0.17 |
| 2005-04-01 | 0.05 |
| 2005-05-01 | -0.10 |
| 2005-06-01 | 0.00 |
| 2005-07-01 | 0.03 |
| 2005-08-01 | 0.02 |
| 2005-09-01 | -0.13 |
| 2005-10-01 | 0.01 |
| 2005-11-01 | -0.03 |
| 2005-12-01 | -0.19 |
| 2006-01-01 | 0.05 |
| 2006-02-01 | 0.05 |
| 2006-03-01 | 0.04 |
| 2006-04-01 | -0.07 |
| 2006-05-01 | -0.10 |
| 2006-06-01 | -0.07 |
| 2006-07-01 | -0.16 |
| 2006-08-01 | -0.16 |
| 2006-09-01 | -0.32 |
| 2006-10-01 | -0.20 |
| 2006-11-01 | -0.18 |
| 2006-12-01 | -0.27 |
| 2007-01-01 | -0.14 |
| 2007-02-01 | -0.10 |
| 2007-03-01 | -0.18 |
| 2007-04-01 | -0.24 |
| 2007-05-01 | -0.38 |
| 2007-06-01 | -0.51 |
| 2007-07-01 | -0.30 |
| 2007-08-01 | -0.70 |
| 2007-09-01 | -0.95 |
| 2007-10-01 | -0.76 |
| 2007-11-01 | -1.14 |
| 2007-12-01 | -1.17 |
| 2008-01-01 | -1.12 |
| 2008-02-01 | -0.81 |
| 2008-03-01 | -1.33 |
| 2008-04-01 | -0.97 |
| 2008-05-01 | -0.22 |
| 2008-06-01 | -0.11 |
| 2008-07-01 | -0.35 |
| 2008-08-01 | -0.25 |
| 2008-09-01 | -0.66 |
| 2008-10-01 | -0.28 |
| 2008-11-01 | -0.20 |
| 2008-12-01 | -0.13 |
| 2009-01-01 | -0.02 |
| 2009-02-01 | 0.08 |
| 2009-03-01 | 0.04 |
| 2009-04-01 | 0.01 |
| 2009-05-01 | 0.00 |
| 2009-06-01 | -0.03 |
| 2009-07-01 | 0.02 |
| 2009-08-01 | 0.01 |
| 2009-09-01 | -0.03 |
| 2009-10-01 | -0.05 |
| 2009-11-01 | -0.07 |
| 2009-12-01 | -0.07 |
| 2010-01-01 | -0.05 |
| 2010-02-01 | -0.02 |
| 2010-03-01 | -0.01 |
| 2010-04-01 | -0.04 |
| 2010-05-01 | -0.04 |
| 2010-06-01 | -0.06 |
| 2010-07-01 | -0.02 |
| 2010-08-01 | -0.03 |
| 2010-09-01 | -0.04 |
| 2010-10-01 | -0.06 |
| 2010-11-01 | -0.05 |
| 2010-12-01 | -0.04 |
| 2011-01-01 | -0.02 |
| 2011-02-01 | -0.03 |
| 2011-03-01 | -0.04 |
| 2011-04-01 | -0.04 |
| 2011-05-01 | -0.05 |
| 2011-06-01 | -0.05 |
| 2011-07-01 | -0.03 |
| 2011-08-01 | -0.08 |
| 2011-09-01 | -0.07 |
| 2011-10-01 | -0.05 |
| 2011-11-01 | -0.07 |
| 2011-12-01 | -0.06 |
| 2012-01-01 | -0.05 |
| 2012-02-01 | -0.01 |
| 2012-03-01 | -0.05 |
| 2012-04-01 | -0.06 |
| 2012-05-01 | -0.07 |
| 2012-06-01 | -0.07 |
| 2012-07-01 | -0.06 |
| 2012-08-01 | -0.03 |
| 2012-09-01 | -0.03 |
| 2012-10-01 | -0.06 |
| 2012-11-01 | -0.07 |
| 2012-12-01 | -0.09 |
| 2013-01-01 | -0.07 |
| 2013-02-01 | -0.05 |
| 2013-03-01 | -0.05 |
| 2013-04-01 | -0.09 |
| 2013-05-01 | -0.07 |
| 2013-06-01 | -0.04 |
| 2013-07-01 | -0.05 |
| 2013-08-01 | -0.04 |
| 2013-09-01 | -0.06 |
| 2013-10-01 | -0.04 |
| 2013-11-01 | -0.01 |
| 2013-12-01 | -0.02 |
| 2014-01-01 | -0.03 |
| 2014-02-01 | -0.02 |
| 2014-03-01 | -0.03 |
| 2014-04-01 | -0.06 |
| 2014-05-01 | -0.06 |
| 2014-06-01 | -0.06 |
| 2014-07-01 | -0.06 |
| 2014-08-01 | -0.06 |
| 2014-09-01 | -0.07 |
| 2014-10-01 | -0.07 |
| 2014-11-01 | -0.07 |
| 2014-12-01 | -0.09 |
| 2015-01-01 | -0.08 |
| 2015-02-01 | -0.09 |
| 2015-03-01 | -0.08 |
| 2015-04-01 | -0.10 |
| 2015-05-01 | -0.10 |
| 2015-06-01 | -0.11 |
| 2015-07-01 | -0.10 |
| 2015-08-01 | -0.07 |
| 2015-09-01 | -0.12 |
| 2015-10-01 | -0.10 |
| 2015-11-01 | 0.01 |
| 2015-12-01 | -0.01 |
| 2016-01-01 | -0.08 |
| 2016-02-01 | -0.07 |
| 2016-03-01 | -0.06 |
| 2016-04-01 | -0.14 |
| 2016-05-01 | -0.09 |
| 2016-06-01 | -0.11 |
| 2016-07-01 | -0.09 |
| 2016-08-01 | -0.10 |
| 2016-09-01 | -0.11 |
| 2016-10-01 | -0.07 |
| 2016-11-01 | 0.04 |
| 2016-12-01 | -0.03 |
| 2017-01-01 | -0.13 |
| 2017-02-01 | -0.13 |
| 2017-03-01 | -0.04 |
| 2017-04-01 | -0.09 |
| 2017-05-01 | -0.01 |
| 2017-06-01 | -0.04 |
| 2017-07-01 | -0.06 |
| 2017-08-01 | -0.13 |
| 2017-09-01 | -0.10 |
| 2017-10-01 | -0.06 |
| 2017-11-01 | 0.09 |
| 2017-12-01 | 0.04 |
| 2018-01-01 | 0.02 |
| 2018-02-01 | 0.17 |
| 2018-03-01 | 0.22 |
| 2018-04-01 | 0.10 |
| 2018-05-01 | 0.20 |
| 2018-06-01 | 0.12 |
| 2018-07-01 | 0.08 |
| 2018-08-01 | 0.16 |
| 2018-09-01 | 0.22 |
| 2018-10-01 | 0.10 |
| 2018-11-01 | 0.17 |
| 2018-12-01 | 0.14 |
| 2019-01-01 | 0.02 |
| 2019-02-01 | 0.04 |
| 2019-03-01 | 0.05 |
| 2019-04-01 | 0.01 |
| 2019-05-01 | 0.01 |
| 2019-06-01 | -0.16 |
| 2019-07-01 | -0.26 |
| 2019-08-01 | -0.13 |
| 2019-09-01 | -0.12 |
| 2019-10-01 | -0.15 |
| 2019-11-01 | 0.02 |
| 2019-12-01 | 0.02 |
| 2020-01-01 | 0.00 |
| 2020-02-01 | -0.04 |
| 2020-03-01 | -0.33 |
| 2020-04-01 | 0.09 |
| 2020-05-01 | 0.08 |
| 2020-06-01 | 0.08 |
| 2020-07-01 | 0.04 |
| 2020-08-01 | 0.01 |
| 2020-09-01 | 0.02 |
| 2020-10-01 | 0.01 |
| 2020-11-01 | 0.00 |
| 2020-12-01 | 0.00 |
| 2021-01-01 | -0.01 |
| 2021-02-01 | -0.04 |
| 2021-03-01 | -0.04 |
| 2021-04-01 | -0.05 |
| 2021-05-01 | -0.04 |
| 2021-06-01 | -0.04 |
| 2021-07-01 | -0.05 |
| 2021-08-01 | -0.04 |
| 2021-09-01 | -0.04 |
| 2021-10-01 | -0.03 |
| 2021-11-01 | -0.03 |
| 2021-12-01 | -0.02 |
| 2022-01-01 | 0.07 |
| 2022-02-01 | 0.23 |
| 2022-03-01 | 0.25 |
| 2022-04-01 | 0.43 |
| 2022-05-01 | 0.23 |
| 2022-06-01 | 0.35 |
| 2022-07-01 | 0.65 |
| 2022-08-01 | 0.39 |
| 2022-09-01 | 0.64 |
| 2022-10-01 | 0.79 |
| 2022-11-01 | 0.57 |
| 2022-12-01 | 0.27 |
| 2023-01-01 | 0.36 |
| 2023-02-01 | 0.22 |
| 2023-03-01 | 0.21 |
| 2023-04-01 | 0.24 |
| 2023-05-01 | 0.26 |
| 2023-06-01 | 0.34 |
| 2023-07-01 | 0.37 |
| 2023-08-01 | 0.23 |
| 2023-09-01 | 0.23 |
| 2023-10-01 | 0.27 |
| 2023-11-01 | 0.19 |
| 2023-12-01 | 0.11 |
| 2024-01-01 | 0.12 |
| 2024-02-01 | 0.11 |
| 2024-03-01 | 0.14 |
| 2024-04-01 | 0.11 |
| 2024-05-01 | 0.12 |
| 2024-06-01 | 0.18 |
| 2024-07-01 | 0.10 |
| 2024-08-01 | -0.03 |
| 2024-09-01 | -0.21 |
| 2024-10-01 | -0.11 |
