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1,044 INDICATORS·15 CATEGORIES·PUBLIC DATA · FRED · U.S. TREASURY·UPDATED 2026-06-18
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3-Month Treasury Bill Minus Federal Funds Rate

Rates & Curve · FRED/Treasury · TB3SMFFM
MID▲ 2-yr high
What this measures. Series is calculated as the spread between 3-Month Treasury Bill: Secondary Market Rate (ROUND_B1_CLOSE_13WK_2M)) 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…Percent · Monthly · Not Seasonally Adjusted
-4.00-2.000.00 -0.03 % 1960197019801990200020102020

The latest reading sits at MID relative to this series' own history (863 observations) — a statement of where it is in its range, not a forecast. Hover the chart for values; the marked point is the most recent observation.

As of 2026-05-01 · source: FRED / U.S. Treasury · series TB3SMFFM

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