Table Data - 5-Year Treasury Constant Maturity Minus Federal Funds Rate

Title	5-Year Treasury Constant Maturity Minus Federal Funds Rate
Series ID	T5YFFM
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 2024-10-01
Last Updated	2024-11-01 4:01 PM CDT
Notes	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.

DATE	VALUE
1954-07-01	1.05
1954-08-01	0.68
1954-09-01	0.90
1954-10-01	1.17
1954-11-01	1.26
1954-12-01	0.88
1955-01-01	0.93
1955-02-01	1.09
1955-03-01	1.13
1955-04-01	1.12
1955-05-01	1.13
1955-06-01	0.95
1955-07-01	1.04
1955-08-01	0.90
1955-09-01	0.67
1955-10-01	0.52
1955-11-01	0.46
1955-12-01	0.45
1956-01-01	0.39
1956-02-01	0.24
1956-03-01	0.43
1956-04-01	0.58
1956-05-01	0.33
1956-06-01	0.26
1956-07-01	0.37
1956-08-01	0.68
1956-09-01	0.52
1956-10-01	0.44
1956-11-01	0.68
1956-12-01	0.76
1957-01-01	0.63
1957-02-01	0.39
1957-03-01	0.50
1957-04-01	0.53
1957-05-01	0.64
1957-06-01	0.83
1957-07-01	1.01
1957-08-01	0.76
1957-09-01	0.56
1957-10-01	0.58
1957-11-01	0.44
1957-12-01	0.10
1958-01-01	0.16
1958-02-01	1.11
1958-03-01	1.44
1958-04-01	1.20
1958-05-01	1.78
1958-06-01	1.53
1958-07-01	2.09
1958-08-01	1.76
1958-09-01	1.93
1958-10-01	1.98
1958-11-01	1.43
1958-12-01	1.40
1959-01-01	1.53
1959-02-01	1.53
1959-03-01	1.19
1959-04-01	1.16
1959-05-01	1.45
1959-06-01	1.11
1959-07-01	1.11
1959-08-01	1.07
1959-09-01	1.14
1959-10-01	0.74
1959-11-01	0.75
1959-12-01	1.02
1960-01-01	0.93
1960-02-01	0.72
1960-03-01	0.47
1960-04-01	0.37
1960-05-01	0.64
1960-06-01	0.80
1960-07-01	0.56
1960-08-01	0.64
1960-09-01	1.01
1960-10-01	1.29
1960-11-01	1.37
1960-12-01	1.69
1961-01-01	2.22
1961-02-01	1.12
1961-03-01	1.58
1961-04-01	2.08
1961-05-01	1.49
1961-06-01	2.08
1961-07-01	2.67
1961-08-01	1.96
1961-09-01	2.02
1961-10-01	1.54
1961-11-01	1.21
1961-12-01	1.58
1962-01-01	1.79
1962-02-01	1.52
1962-03-01	0.83
1962-04-01	0.82
1962-05-01	1.30
1962-06-01	0.96
1962-07-01	1.09
1962-08-01	0.78
1962-09-01	0.80
1962-10-01	0.74
1962-11-01	0.66
1962-12-01	0.63
1963-01-01	0.66
1963-02-01	0.66
1963-03-01	0.70
1963-04-01	0.84
1963-05-01	0.72
1963-06-01	0.82
1963-07-01	0.87
1963-08-01	0.40
1963-09-01	0.48
1963-10-01	0.47
1963-11-01	0.53
1963-12-01	0.66
1964-01-01	0.59
1964-02-01	0.55
1964-03-01	0.71
1964-04-01	0.68
1964-05-01	0.55
1964-06-01	0.52
1964-07-01	0.61
1964-08-01	0.55
1964-09-01	0.63
1964-10-01	0.71
1964-11-01	0.52
1964-12-01	0.24
1965-01-01	0.20
1965-02-01	0.17
1965-03-01	0.11
1965-04-01	0.06
1965-05-01	0.05
1965-06-01	0.11
1965-07-01	0.06
1965-08-01	0.08
1965-09-01	0.24
1965-10-01	0.26
1965-11-01	0.36
1965-12-01	0.40
1966-01-01	0.44
1966-02-01	0.38
1966-03-01	0.27
1966-04-01	0.16
1966-05-01	-0.01
1966-06-01	-0.20
1966-07-01	-0.13
1966-08-01	-0.03
1966-09-01	0.10
1966-10-01	-0.26
1966-11-01	-0.40
1966-12-01	-0.40
1967-01-01	-0.24
1967-02-01	-0.26
1967-03-01	0.01
1967-04-01	0.46
1967-05-01	0.81
1967-06-01	1.03
1967-07-01	1.44
1967-08-01	1.41
1967-09-01	1.41
1967-10-01	1.69
1967-11-01	1.65
1967-12-01	1.24
1968-01-01	0.94
1968-02-01	0.88
1968-03-01	0.71
1968-04-01	-0.07
1968-05-01	-0.07
1968-06-01	-0.22
1968-07-01	-0.42
1968-08-01	-0.53
1968-09-01	-0.30
1968-10-01	-0.36
1968-11-01	-0.16
1968-12-01	0.10
1969-01-01	-0.05
1969-02-01	-0.27
1969-03-01	-0.38
1969-04-01	-1.11
1969-05-01	-2.13
1969-06-01	-2.15
1969-07-01	-1.60
1969-08-01	-2.16
1969-09-01	-1.58
1969-10-01	-1.49
1969-11-01	-1.32
1969-12-01	-1.01
1970-01-01	-0.81
1970-02-01	-1.16
1970-03-01	-0.55
1970-04-01	-0.60
1970-05-01	0.03
1970-06-01	0.25
1970-07-01	0.38
1970-08-01	0.96
1970-09-01	1.00
1970-10-01	0.92
1970-11-01	0.87
1970-12-01	1.05
1971-01-01	1.75
1971-02-01	1.84
1971-03-01	1.29
1971-04-01	1.50
1971-05-01	1.65
1971-06-01	1.62
1971-07-01	1.54
1971-08-01	0.99
1971-09-01	0.59
1971-10-01	0.73
1971-11-01	0.87
1971-12-01	1.55
1972-01-01	2.09
1972-02-01	2.40
1972-03-01	2.04
1972-04-01	2.00
1972-05-01	1.58
1972-06-01	1.45
1972-07-01	1.42
1972-08-01	1.22
1972-09-01	1.38
1972-10-01	1.14
1972-11-01	1.06
1972-12-01	0.83
1973-01-01	0.40
1973-02-01	0.02
1973-03-01	-0.29
1973-04-01	-0.45
1973-05-01	-1.04
1973-06-01	-1.80
1973-07-01	-3.07
1973-08-01	-2.87
1973-09-01	-3.73
1973-10-01	-3.24
1973-11-01	-3.11
1973-12-01	-3.15
1974-01-01	-2.70
1974-02-01	-2.15
1974-03-01	-2.04
1974-04-01	-2.59
1974-05-01	-3.13
1974-06-01	-3.83
1974-07-01	-4.54
1974-08-01	-3.38
1974-09-01	-2.97
1974-10-01	-2.09
1974-11-01	-1.77
1974-12-01	-1.22
1975-01-01	0.28
1975-02-01	0.87
1975-03-01	1.76
1975-04-01	2.50
1975-05-01	2.50
1975-06-01	1.96
1975-07-01	1.82
1975-08-01	2.19
1975-09-01	2.13
1975-10-01	2.15
1975-11-01	2.58
1975-12-01	2.56
1976-01-01	2.59
1976-02-01	2.68
1976-03-01	2.65
1976-04-01	2.43
1976-05-01	2.30
1976-06-01	2.13
1976-07-01	2.18
1976-08-01	2.02
1976-09-01	1.88
1976-10-01	1.73
1976-11-01	1.57
1976-12-01	1.45
1977-01-01	1.97
1977-02-01	2.15
1977-03-01	2.24
1977-04-01	2.06
1977-05-01	1.59
1977-06-01	1.37
1977-07-01	1.42
1977-08-01	1.13
1977-09-01	0.90
1977-10-01	0.85
1977-11-01	0.83
1977-12-01	0.92
1978-01-01	1.07
1978-02-01	1.05
1978-03-01	1.07
1978-04-01	1.09
1978-05-01	0.82
1978-06-01	0.76
1978-07-01	0.73
1978-08-01	0.29
1978-09-01	-0.02
1978-10-01	-0.35
1978-11-01	-0.92
1978-12-01	-0.95
1979-01-01	-0.87
1979-02-01	-0.93
1979-03-01	-0.89
1979-04-01	-0.76
1979-05-01	-1.00
1979-06-01	-1.44
1979-07-01	-1.57
1979-08-01	-1.88
1979-09-01	-2.02
1979-10-01	-3.14
1979-11-01	-2.25
1979-12-01	-3.36
1980-01-01	-3.08
1980-02-01	-1.53
1980-03-01	-3.72
1980-04-01	-5.77
1980-05-01	-1.03
1980-06-01	-0.26
1980-07-01	0.50
1980-08-01	1.23
1980-09-01	0.75
1980-10-01	-0.95
1980-11-01	-3.02
1980-12-01	-5.65
1981-01-01	-6.31
1981-02-01	-2.52
1981-03-01	-1.29
1981-04-01	-1.73
1981-05-01	-3.89
1981-06-01	-5.15
1981-07-01	-4.25
1981-08-01	-2.26
1981-09-01	0.06
1981-10-01	0.33
1981-11-01	0.07
1981-12-01	1.23
1982-01-01	1.43
1982-02-01	-0.24
1982-03-01	-0.70
1982-04-01	-0.94
1982-05-01	-0.70
1982-06-01	0.28
1982-07-01	1.48
1982-08-01	2.88
1982-09-01	1.94
1982-10-01	1.09
1982-11-01	1.18
1982-12-01	1.27
1983-01-01	1.35
1983-02-01	1.75
1983-03-01	1.31
1983-04-01	1.22
1983-05-01	1.40
1983-06-01	1.65
1983-07-01	1.84
1983-08-01	2.07
1983-09-01	1.98
1983-10-01	1.80
1983-11-01	2.07
1983-12-01	2.07
1984-01-01	1.81
1984-02-01	1.95
1984-03-01	2.11
1984-04-01	2.08
1984-05-01	2.85
1984-06-01	2.42
1984-07-01	2.04
1984-08-01	1.04
1984-09-01	1.23
1984-10-01	2.07
1984-11-01	1.90
1984-12-01	2.69
1985-01-01	2.58
1985-02-01	2.63
1985-03-01	2.94
1985-04-01	2.74
1985-05-01	2.37
1985-06-01	2.07
1985-07-01	1.82
1985-08-01	1.91
1985-09-01	1.89
1985-10-01	1.70
1985-11-01	1.23
1985-12-01	0.46
1986-01-01	0.54
1986-02-01	0.48
1986-03-01	-0.02
1986-04-01	0.06
1986-05-01	0.67
1986-06-01	0.72
1986-07-01	0.50
1986-08-01	0.63
1986-09-01	1.03
1986-10-01	0.98
1986-11-01	0.72
1986-12-01	-0.24
1987-01-01	0.21
1987-02-01	0.69
1987-03-01	0.66
1987-04-01	1.20
1987-05-01	1.41
1987-06-01	1.29
1987-07-01	1.43
1987-08-01	1.59
1987-09-01	1.72
1987-10-01	1.79
1987-11-01	1.66
1987-12-01	1.68
1988-01-01	1.35
1988-02-01	1.13
1988-03-01	1.25
1988-04-01	1.32
1988-05-01	1.49
1988-06-01	0.98
1988-07-01	0.91
1988-08-01	0.93
1988-09-01	0.50
1988-10-01	0.21
1988-11-01	0.44
1988-12-01	0.33
1989-01-01	0.03
1989-02-01	-0.09
1989-03-01	-0.34
1989-04-01	-0.54
1989-05-01	-0.90
1989-06-01	-1.24
1989-07-01	-1.41
1989-08-01	-0.90
1989-09-01	-0.85
1989-10-01	-0.87
1989-11-01	-0.74
1989-12-01	-0.70
1990-01-01	-0.11
1990-02-01	0.18
1990-03-01	0.32
1990-04-01	0.51
1990-05-01	0.56
1990-06-01	0.14
1990-07-01	0.18
1990-08-01	0.31
1990-09-01	0.31
1990-10-01	0.22
1990-11-01	0.21
1990-12-01	0.42
1991-01-01	0.79
1991-02-01	1.22
1991-03-01	1.65
1991-04-01	1.79
1991-05-01	1.92
1991-06-01	2.04
1991-07-01	2.09
1991-08-01	1.77
1991-09-01	1.69
1991-10-01	1.66
1991-11-01	1.81
1991-12-01	1.76
1992-01-01	2.21
1992-02-01	2.52
1992-03-01	2.97
1992-04-01	3.05
1992-05-01	2.87
1992-06-01	2.72
1992-07-01	2.59
1992-08-01	2.30
1992-09-01	2.16
1992-10-01	2.50
1992-11-01	2.95
1992-12-01	3.16
1993-01-01	2.81
1993-02-01	2.40
1993-03-01	2.12
1993-04-01	2.17
1993-05-01	2.20
1993-06-01	2.18
1993-07-01	2.03
1993-08-01	2.00
1993-09-01	1.64
1993-10-01	1.72
1993-11-01	2.04
1993-12-01	2.19
1994-01-01	2.04
1994-02-01	2.15
1994-03-01	2.60
1994-04-01	2.96
1994-05-01	2.77
1994-06-01	2.45
1994-07-01	2.65
1994-08-01	2.41
1994-09-01	2.35
1994-10-01	2.64
1994-11-01	2.43
1994-12-01	2.33
1995-01-01	2.23
1995-02-01	1.45
1995-03-01	1.07
1995-04-01	0.81
1995-05-01	0.40
1995-06-01	-0.07
1995-07-01	0.16
1995-08-01	0.50
1995-09-01	0.20
1995-10-01	0.10
1995-11-01	-0.11
1995-12-01	-0.09
1996-01-01	-0.20
1996-02-01	0.16
1996-03-01	0.66
1996-04-01	1.08
1996-05-01	1.24
1996-06-01	1.42
1996-07-01	1.24
1996-08-01	1.17
1996-09-01	1.30
1996-10-01	1.03
1996-11-01	0.66
1996-12-01	0.78
1997-01-01	1.08
1997-02-01	1.01
1997-03-01	1.15
1997-04-01	1.25
1997-05-01	1.07
1997-06-01	0.82
1997-07-01	0.60
1997-08-01	0.62
1997-09-01	0.57
1997-10-01	0.43
1997-11-01	0.28
1997-12-01	0.27
1998-01-01	-0.14
1998-02-01	-0.02
1998-03-01	0.12
1998-04-01	0.16
1998-05-01	0.14
1998-06-01	-0.04
1998-07-01	-0.08
1998-08-01	-0.28
1998-09-01	-0.89
1998-10-01	-0.89
1998-11-01	-0.29
1998-12-01	-0.23
1999-01-01	-0.03
1999-02-01	0.15
1999-03-01	0.33
1999-04-01	0.34
1999-05-01	0.70
1999-06-01	1.05
1999-07-01	0.69
1999-08-01	0.77
1999-09-01	0.58
1999-10-01	0.83
1999-11-01	0.55
1999-12-01	0.89
2000-01-01	1.13
2000-02-01	0.95
2000-03-01	0.65
2000-04-01	0.24
2000-05-01	0.42
2000-06-01	-0.23
2000-07-01	-0.36
2000-08-01	-0.44
2000-09-01	-0.59
2000-10-01	-0.73
2000-11-01	-0.81
2000-12-01	-1.23
2001-01-01	-1.12
2001-02-01	-0.60
2001-03-01	-0.67
2001-04-01	-0.04
2001-05-01	0.72
2001-06-01	0.84
2001-07-01	0.99
2001-08-01	0.92
2001-09-01	1.05
2001-10-01	1.42
2001-11-01	1.88
2001-12-01	2.57
2002-01-01	2.61
2002-02-01	2.56
2002-03-01	3.01
2002-04-01	2.90
2002-05-01	2.74
2002-06-01	2.44
2002-07-01	2.08
2002-08-01	1.55
2002-09-01	1.19
2002-10-01	1.20
2002-11-01	1.71
2002-12-01	1.79
2003-01-01	1.81
2003-02-01	1.64
2003-03-01	1.53
2003-04-01	1.67
2003-05-01	1.26
2003-06-01	1.05
2003-07-01	1.86
2003-08-01	2.34
2003-09-01	2.17
2003-10-01	2.18
2003-11-01	2.29
2003-12-01	2.29
2004-01-01	2.12
2004-02-01	2.06
2004-03-01	1.79
2004-04-01	2.39
2004-05-01	2.85
2004-06-01	2.90
2004-07-01	2.43
2004-08-01	2.04
2004-09-01	1.75
2004-10-01	1.59
2004-11-01	1.60
2004-12-01	1.44
2005-01-01	1.43
2005-02-01	1.27
2005-03-01	1.54
2005-04-01	1.21
2005-05-01	0.85
2005-06-01	0.73
2005-07-01	0.72
2005-08-01	0.62
2005-09-01	0.39
2005-10-01	0.55
2005-11-01	0.45
2005-12-01	0.23
2006-01-01	0.06
2006-02-01	0.08
2006-03-01	0.13
2006-04-01	0.11
2006-05-01	0.06
2006-06-01	0.08
2006-07-01	-0.20
2006-08-01	-0.43
2006-09-01	-0.58
2006-10-01	-0.56
2006-11-01	-0.67
2006-12-01	-0.71
2007-01-01	-0.50
2007-02-01	-0.55
2007-03-01	-0.78
2007-04-01	-0.66
2007-05-01	-0.58
2007-06-01	-0.22
2007-07-01	-0.38
2007-08-01	-0.59
2007-09-01	-0.74
2007-10-01	-0.56
2007-11-01	-0.82
2007-12-01	-0.75
2008-01-01	-0.96
2008-02-01	-0.20
2008-03-01	-0.13
2008-04-01	0.56
2008-05-01	1.17
2008-06-01	1.49
2008-07-01	1.29
2008-08-01	1.14
2008-09-01	1.07
2008-10-01	1.76
2008-11-01	1.90
2008-12-01	1.36
2009-01-01	1.45
2009-02-01	1.65
2009-03-01	1.64
2009-04-01	1.71
2009-05-01	1.95
2009-06-01	2.50
2009-07-01	2.30
2009-08-01	2.41
2009-09-01	2.22
2009-10-01	2.21
2009-11-01	2.11
2009-12-01	2.22
2010-01-01	2.37
2010-02-01	2.23
2010-03-01	2.27
2010-04-01	2.38
2010-05-01	1.98
2010-06-01	1.82
2010-07-01	1.58
2010-08-01	1.28
2010-09-01	1.22
2010-10-01	0.99
2010-11-01	1.16
2010-12-01	1.75
2011-01-01	1.82
2011-02-01	2.10
2011-03-01	1.97
2011-04-01	2.07
2011-05-01	1.75
2011-06-01	1.49
2011-07-01	1.47
2011-08-01	0.92
2011-09-01	0.82
2011-10-01	0.99
2011-11-01	0.83
2011-12-01	0.82
2012-01-01	0.76
2012-02-01	0.73
2012-03-01	0.89
2012-04-01	0.75
2012-05-01	0.60
2012-06-01	0.55
2012-07-01	0.46
2012-08-01	0.58
2012-09-01	0.53
2012-10-01	0.55
2012-11-01	0.51
2012-12-01	0.54
2013-01-01	0.67
2013-02-01	0.70
2013-03-01	0.68
2013-04-01	0.56
2013-05-01	0.73
2013-06-01	1.11
2013-07-01	1.31
2013-08-01	1.44
2013-09-01	1.52
2013-10-01	1.28
2013-11-01	1.29
2013-12-01	1.49
2014-01-01	1.58
2014-02-01	1.45
2014-03-01	1.56
2014-04-01	1.61
2014-05-01	1.50
2014-06-01	1.58
2014-07-01	1.61
2014-08-01	1.54
2014-09-01	1.68
2014-10-01	1.46
2014-11-01	1.53
2014-12-01	1.52
2015-01-01	1.26
2015-02-01	1.36
2015-03-01	1.41
2015-04-01	1.23
2015-05-01	1.42
2015-06-01	1.55
2015-07-01	1.50
2015-08-01	1.40
2015-09-01	1.35
2015-10-01	1.27
2015-11-01	1.55
2015-12-01	1.46
2016-01-01	1.18
2016-02-01	0.84
2016-03-01	1.02
2016-04-01	0.89
2016-05-01	0.93
2016-06-01	0.79
2016-07-01	0.68
2016-08-01	0.73
2016-09-01	0.78
2016-10-01	0.87
2016-11-01	1.19
2016-12-01	1.42
2017-01-01	1.27
2017-02-01	1.24
2017-03-01	1.22
2017-04-01	0.92
2017-05-01	0.93
2017-06-01	0.73
2017-07-01	0.72
2017-08-01	0.62
2017-09-01	0.65
2017-10-01	0.83
2017-11-01	0.89
2017-12-01	0.88
2018-01-01	0.97
2018-02-01	1.18
2018-03-01	1.12
2018-04-01	1.01
2018-05-01	1.12
2018-06-01	0.96
2018-07-01	0.87
2018-08-01	0.86
2018-09-01	0.94
2018-10-01	0.81
2018-11-01	0.75
2018-12-01	0.41
2019-01-01	0.14
2019-02-01	0.09
2019-03-01	-0.03
2019-04-01	-0.09
2019-05-01	-0.20
2019-06-01	-0.56
2019-07-01	-0.57
2019-08-01	-0.63
2019-09-01	-0.49
2019-10-01	-0.31
2019-11-01	0.09
2019-12-01	0.13
2020-01-01	0.01
2020-02-01	-0.26
2020-03-01	-0.04
2020-04-01	0.34
2020-05-01	0.29
2020-06-01	0.26
2020-07-01	0.19
2020-08-01	0.18
2020-09-01	0.18
2020-10-01	0.25
2020-11-01	0.30
2020-12-01	0.30
2021-01-01	0.36
2021-02-01	0.46
2021-03-01	0.75
2021-04-01	0.79
2021-05-01	0.76
2021-06-01	0.76
2021-07-01	0.66
2021-08-01	0.68
2021-09-01	0.78
2021-10-01	1.03
2021-11-01	1.12
2021-12-01	1.15
2022-01-01	1.46
2022-02-01	1.73
2022-03-01	1.91
2022-04-01	2.45
2022-05-01	2.11
2022-06-01	2.00
2022-07-01	1.31
2022-08-01	0.70
2022-09-01	1.12
2022-10-01	1.10
2022-11-01	0.31
2022-12-01	-0.33
2023-01-01	-0.69
2023-02-01	-0.63
2023-03-01	-0.83
2023-04-01	-1.29
2023-05-01	-1.46
2023-06-01	-1.13
2023-07-01	-0.98
2023-08-01	-1.02
2023-09-01	-0.84
2023-10-01	-0.56
2023-11-01	-0.84
2023-12-01	-1.33
2024-01-01	-1.35
2024-02-01	-1.14
2024-03-01	-1.13
2024-04-01	-0.77
2024-05-01	-0.83
2024-06-01	-1.01
2024-07-01	-1.17
2024-08-01	-1.62
2024-09-01	-1.63
2024-10-01	-0.92

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