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 2023-10-01 Last Updated: 2023-11-01 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 (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield). 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