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 2024-02-01 Last Updated: 2024-03-01 4:01 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 (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield). 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