Table Data - 3-Month Commercial Paper Minus Federal Funds Rate
| Title | 3-Month Commercial Paper Minus Federal Funds Rate |
|---|---|
| Series ID | CPFFM |
| 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 | 1997-01-01 to 2025-11-01 |
| Last Updated | 2025-12-01 4:02 PM CST |
| Notes | Series is calculated as the spread between 3-Month AA Financial Commercial Paper (RIFSPPFAAD90NBM) 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. |
| DATE | VALUE |
|---|---|
| 1997-01-01 | 0.07 |
| 1997-02-01 | 0.09 |
| 1997-03-01 | 0.03 |
| 1997-04-01 | 0.09 |
| 1997-05-01 | 0.10 |
| 1997-06-01 | 0.00 |
| 1997-07-01 | -0.01 |
| 1997-08-01 | -0.04 |
| 1997-09-01 | -0.03 |
| 1997-10-01 | 0.05 |
| 1997-11-01 | 0.12 |
| 1997-12-01 | 0.20 |
| 1998-01-01 | -0.12 |
| 1998-02-01 | -0.06 |
| 1998-03-01 | 0.00 |
| 1998-04-01 | 0.03 |
| 1998-05-01 | 0.01 |
| 1998-06-01 | -0.06 |
| 1998-07-01 | -0.04 |
| 1998-08-01 | -0.05 |
| 1998-09-01 | -0.19 |
| 1998-10-01 | 0.02 |
| 1998-11-01 | 0.32 |
| 1998-12-01 | 0.36 |
| 1999-01-01 | 0.18 |
| 1999-02-01 | 0.06 |
| 1999-03-01 | 0.03 |
| 1999-04-01 | 0.06 |
| 1999-05-01 | 0.09 |
| 1999-06-01 | 0.28 |
| 1999-07-01 | 0.15 |
| 1999-08-01 | 0.21 |
| 1999-09-01 | 0.10 |
| 1999-10-01 | 0.73 |
| 1999-11-01 | 0.43 |
| 1999-12-01 | 0.63 |
| 2000-01-01 | 0.36 |
| 2000-02-01 | 0.17 |
| 2000-03-01 | 0.18 |
| 2000-04-01 | 0.13 |
| 2000-05-01 | 0.30 |
| 2000-06-01 | 0.06 |
| 2000-07-01 | 0.00 |
| 2000-08-01 | -0.01 |
| 2000-09-01 | -0.05 |
| 2000-10-01 | 0.01 |
| 2000-11-01 | 0.01 |
| 2000-12-01 | -0.07 |
| 2001-01-01 | -0.47 |
| 2001-02-01 | -0.30 |
| 2001-03-01 | -0.50 |
| 2001-04-01 | -0.33 |
| 2001-05-01 | -0.25 |
| 2001-06-01 | -0.28 |
| 2001-07-01 | -0.15 |
| 2001-08-01 | -0.21 |
| 2001-09-01 | -0.23 |
| 2001-10-01 | -0.20 |
| 2001-11-01 | -0.09 |
| 2001-12-01 | -0.01 |
| 2002-01-01 | -0.01 |
| 2002-02-01 | 0.06 |
| 2002-03-01 | 0.14 |
| 2002-04-01 | 0.08 |
| 2002-05-01 | 0.05 |
| 2002-06-01 | 0.03 |
| 2002-07-01 | 0.03 |
| 2002-08-01 | -0.03 |
| 2002-09-01 | -0.01 |
| 2002-10-01 | -0.04 |
| 2002-11-01 | 0.03 |
| 2002-12-01 | 0.08 |
| 2003-01-01 | 0.03 |
| 2003-02-01 | -0.01 |
| 2003-03-01 | -0.04 |
| 2003-04-01 | -0.03 |
| 2003-05-01 | -0.06 |
| 2003-06-01 | -0.20 |
| 2003-07-01 | 0.02 |
| 2003-08-01 | 0.03 |
| 2003-09-01 | 0.05 |
| 2003-10-01 | 0.05 |
| 2003-11-01 | 0.08 |
| 2003-12-01 | 0.09 |
| 2004-01-01 | 0.04 |
| 2004-02-01 | 0.02 |
| 2004-03-01 | 0.03 |
| 2004-04-01 | 0.06 |
| 2004-05-01 | 0.16 |
| 2004-06-01 | 0.36 |
| 2004-07-01 | 0.25 |
| 2004-08-01 | 0.22 |
| 2004-09-01 | 0.20 |
| 2004-10-01 | 0.21 |
| 2004-11-01 | 0.27 |
| 2004-12-01 | 0.22 |
| 2005-01-01 | 0.28 |
| 2005-02-01 | 0.21 |
| 2005-03-01 | 0.28 |
| 2005-04-01 | 0.23 |
| 2005-05-01 | 0.15 |
| 2005-06-01 | 0.26 |
| 2005-07-01 | 0.23 |
| 2005-08-01 | 0.19 |
| 2005-09-01 | 0.17 |
| 2005-10-01 | 0.27 |
| 2005-11-01 | 0.23 |
| 2005-12-01 | 0.21 |
| 2006-01-01 | 0.19 |
| 2006-02-01 | 0.14 |
| 2006-03-01 | 0.20 |
| 2006-04-01 | 0.15 |
| 2006-05-01 | 0.11 |
| 2006-06-01 | 0.26 |
| 2006-07-01 | 0.13 |
| 2006-08-01 | 0.04 |
| 2006-09-01 | 0.00 |
| 2006-10-01 | -0.01 |
| 2006-11-01 | -0.01 |
| 2006-12-01 | 0.00 |
| 2007-01-01 | -0.01 |
| 2007-02-01 | -0.03 |
| 2007-03-01 | -0.04 |
| 2007-04-01 | -0.02 |
| 2007-05-01 | -0.02 |
| 2007-06-01 | 0.00 |
| 2007-07-01 | -0.01 |
| 2007-08-01 | 0.28 |
| 2007-09-01 | 0.25 |
| 2007-10-01 | 0.15 |
| 2007-11-01 | 0.26 |
| 2007-12-01 | 0.52 |
| 2008-01-01 | -0.24 |
| 2008-02-01 | 0.05 |
| 2008-03-01 | 0.09 |
| 2008-04-01 | 0.44 |
| 2008-05-01 | 0.63 |
| 2008-06-01 | 0.70 |
| 2008-07-01 | 0.71 |
| 2008-08-01 | 0.76 |
| 2008-09-01 | 1.10 |
| 2008-10-01 | 2.22 |
| 2008-11-01 | 1.15 |
| 2008-12-01 | 0.93 |
| 2009-01-01 | 0.95 |
| 2009-02-01 | 0.45 |
| 2009-03-01 | 0.44 |
| 2009-04-01 | 0.33 |
| 2009-05-01 | 0.19 |
| 2009-06-01 | 0.15 |
| 2009-07-01 | 0.17 |
| 2009-08-01 | 0.13 |
| 2009-09-01 | 0.08 |
| 2009-10-01 | 0.10 |
| 2009-11-01 | 0.07 |
| 2009-12-01 | 0.08 |
| 2010-01-01 | 0.07 |
| 2010-02-01 | 0.07 |
| 2010-03-01 | 0.08 |
| 2010-04-01 | 0.10 |
| 2010-05-01 | 0.24 |
| 2010-06-01 | 0.28 |
| 2010-07-01 | 0.19 |
| 2010-08-01 | 0.08 |
| 2010-09-01 | 0.06 |
| 2010-10-01 | 0.06 |
| 2010-11-01 | 0.06 |
| 2010-12-01 | 0.09 |
| 2011-01-01 | 0.09 |
| 2011-02-01 | 0.09 |
| 2011-03-01 | 0.09 |
| 2011-04-01 | 0.12 |
| 2011-05-01 | 0.09 |
| 2011-06-01 | 0.08 |
| 2011-07-01 | 0.10 |
| 2011-08-01 | 0.11 |
| 2011-09-01 | 0.14 |
| 2011-10-01 | 0.17 |
| 2011-11-01 | 0.13 |
| 2011-12-01 | 0.11 |
| 2012-01-01 | 0.18 |
| 2012-02-01 | 0.11 |
| 2012-03-01 | 0.07 |
| 2012-04-01 | 0.06 |
| 2012-05-01 | 0.04 |
| 2012-06-01 | 0.05 |
| 2012-07-01 | 0.08 |
| 2012-08-01 | 0.06 |
| 2012-09-01 | 0.03 |
| 2012-10-01 | 0.03 |
| 2012-11-01 | 0.05 |
| 2012-12-01 | 0.01 |
| 2013-01-01 | 0.05 |
| 2013-02-01 | 0.01 |
| 2013-03-01 | 0.01 |
| 2013-04-01 | 0.01 |
| 2013-05-01 | 0.03 |
| 2013-06-01 | 0.05 |
| 2013-07-01 | 0.05 |
| 2013-08-01 | 0.04 |
| 2013-09-01 | 0.03 |
| 2013-10-01 | 0.03 |
| 2013-11-01 | 0.04 |
| 2013-12-01 | 0.05 |
| 2014-01-01 | 0.05 |
| 2014-02-01 | 0.06 |
| 2014-03-01 | 0.04 |
| 2014-04-01 | 0.03 |
| 2014-05-01 | 0.02 |
| 2014-06-01 | 0.01 |
| 2014-07-01 | 0.04 |
| 2014-08-01 | 0.04 |
| 2014-09-01 | 0.03 |
| 2014-10-01 | 0.03 |
| 2014-11-01 | 0.04 |
| 2014-12-01 | 0.03 |
| 2015-01-01 | 0.05 |
| 2015-02-01 | 0.04 |
| 2015-03-01 | 0.03 |
| 2015-04-01 | 0.01 |
| 2015-05-01 | 0.03 |
| 2015-06-01 | 0.05 |
| 2015-07-01 | 0.06 |
| 2015-08-01 | 0.12 |
| 2015-09-01 | 0.13 |
| 2015-10-01 | 0.13 |
| 2015-11-01 | 0.18 |
| 2015-12-01 | 0.30 |
| 2016-01-01 | 0.23 |
| 2016-02-01 | 0.16 |
| 2016-03-01 | 0.19 |
| 2016-04-01 | 0.18 |
| 2016-05-01 | 0.20 |
| 2016-06-01 | 0.17 |
| 2016-07-01 | 0.23 |
| 2016-08-01 | 0.33 |
| 2016-09-01 | 0.35 |
| 2016-10-01 | 0.32 |
| 2016-11-01 | 0.30 |
| 2016-12-01 | 0.33 |
| 2017-01-01 | 0.25 |
| 2017-02-01 | 0.21 |
| 2017-03-01 | 0.19 |
| 2017-04-01 | 0.13 |
| 2017-05-01 | 0.14 |
| 2017-06-01 | 0.12 |
| 2017-07-01 | 0.07 |
| 2017-08-01 | 0.09 |
| 2017-09-01 | 0.10 |
| 2017-10-01 | 0.11 |
| 2017-11-01 | 0.16 |
| 2017-12-01 | 0.24 |
| 2018-01-01 | 0.22 |
| 2018-02-01 | 0.36 |
| 2018-03-01 | 0.57 |
| 2018-04-01 | 0.51 |
| 2018-05-01 | 0.46 |
| 2018-06-01 | 0.37 |
| 2018-07-01 | 0.26 |
| 2018-08-01 | 0.28 |
| 2018-09-01 | 0.29 |
| 2018-10-01 | 0.18 |
| 2018-11-01 | 0.36 |
| 2018-12-01 | 0.42 |
| 2019-01-01 | 0.19 |
| 2019-02-01 | 0.09 |
| 2019-03-01 | 0.08 |
| 2019-04-01 | 0.05 |
| 2019-05-01 | 0.05 |
| 2019-06-01 | -0.08 |
| 2019-07-01 | -0.18 |
| 2019-08-01 | -0.06 |
| 2019-09-01 | -0.02 |
| 2019-10-01 | 0.05 |
| 2019-11-01 | 0.22 |
| 2019-12-01 | 0.21 |
| 2020-01-01 | 0.10 |
| 2020-02-01 | 0.01 |
| 2020-03-01 | 0.72 |
| 2020-04-01 | . |
| 2020-05-01 | 0.12 |
| 2020-06-01 | 0.12 |
| 2020-07-01 | 0.09 |
| 2020-08-01 | 0.06 |
| 2020-09-01 | 0.04 |
| 2020-10-01 | 0.03 |
| 2020-11-01 | 0.07 |
| 2020-12-01 | 0.08 |
| 2021-01-01 | 0.05 |
| 2021-02-01 | 0.03 |
| 2021-03-01 | 0.03 |
| 2021-04-01 | 0.04 |
| 2021-05-01 | 0.04 |
| 2021-06-01 | 0.01 |
| 2021-07-01 | 0.00 |
| 2021-08-01 | 0.01 |
| 2021-09-01 | 0.02 |
| 2021-10-01 | 0.03 |
| 2021-11-01 | 0.06 |
| 2021-12-01 | 0.09 |
| 2022-01-01 | 0.14 |
| 2022-02-01 | 0.30 |
| 2022-03-01 | 0.53 |
| 2022-04-01 | 0.58 |
| 2022-05-01 | 0.57 |
| 2022-06-01 | 0.68 |
| 2022-07-01 | 0.85 |
| 2022-08-01 | 0.43 |
| 2022-09-01 | 0.63 |
| 2022-10-01 | 0.77 |
| 2022-11-01 | 0.71 |
| 2022-12-01 | 0.42 |
| 2023-01-01 | 0.28 |
| 2023-02-01 | 0.17 |
| 2023-03-01 | 0.26 |
| 2023-04-01 | 0.20 |
| 2023-05-01 | 0.10 |
| 2023-06-01 | 0.14 |
| 2023-07-01 | 0.23 |
| 2023-08-01 | 0.11 |
| 2023-09-01 | 0.16 |
| 2023-10-01 | 0.13 |
| 2023-11-01 | 0.08 |
| 2023-12-01 | -0.01 |
| 2024-01-01 | -0.07 |
| 2024-02-01 | -0.11 |
| 2024-03-01 | -0.04 |
| 2024-04-01 | 0.00 |
| 2024-05-01 | 0.00 |
| 2024-06-01 | -0.05 |
| 2024-07-01 | -0.02 |
| 2024-08-01 | -0.21 |
| 2024-09-01 | -0.27 |
| 2024-10-01 | -0.21 |
| 2024-11-01 | -0.12 |
| 2024-12-01 | -0.02 |
| 2025-01-01 | 0.00 |
| 2025-02-01 | 0.01 |
| 2025-03-01 | -0.04 |
| 2025-04-01 | -0.01 |
| 2025-05-01 | -0.04 |
| 2025-06-01 | -0.02 |
| 2025-07-01 | -0.05 |
| 2025-08-01 | -0.11 |
| 2025-09-01 | -0.13 |
| 2025-10-01 | -0.10 |
| 2025-11-01 | -0.02 |