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Line 1 - 10-Year Treasury Constant Maturity Minus Federal Funds Rate
Line 1
(a) 10-Year Treasury Constant Maturity Minus Federal Funds Rate, Percent, Not Seasonally Adjusted (T10YFF)
Series is calculated as the spread between 10-Year Treasury Constant Maturity (BC_10YEAR) 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).

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    Now create a custom formula to combine or transform the series.

    For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

    Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

    Finally, you can change the units of your new series.

    Select a date that will equal 100 for your custom index:
        Enter date as YYYY-MM-DD

    Line 1 - 10-Year Treasury Constant Maturity Minus Federal Funds Rate
    Line 2
    (a) TED Spread (DISCONTINUED), Percent, Not Seasonally Adjusted (TEDRATE)
    Series is calculated as the spread between 3-Month LIBOR based on US dollars (USD3MTD156N) and 3-Month Treasury Bill (DTB3 (https://fred.stlouisfed.org/series/DTB3)). 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). The 3-Month LIBOR based on US Dollars has been removed from FRED (https://news.research.stlouisfed.org/2022/01/ice-benchmark-administration-ltd-iba-data-to-be-removed-from-fred/) as of January 31, 2022, so this calculated series has been discontinued and will no longer be updated. Users interested in calculating a similar credit risk can use the Secured Overnight Financing Rate (SOFR), which has been identified as the rate that represents best practice for use in certain new U.S. Dollar derivatives and other financial contracts. For more details, see the article Transition from LIBOR (https://www.newyorkfed.org/arrc/sofr-transition) from the Alternative Reference Rates Committee (AARC).

    Select a date that will equal 100 for your custom index:
      Enter date as YYYY-MM-DD
    to

    Write a custom formula to transform one or more series or combine two or more series.

    You can begin by adding a series to combine with your existing series.

    Type keywords to search for data

      Now create a custom formula to combine or transform the series.

      For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

      Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

      Finally, you can change the units of your new series.

      Select a date that will equal 100 for your custom index:
          Enter date as YYYY-MM-DD

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      Line 1
      10-Year Treasury Constant Maturity Minus Federal Funds Rate
      Line details & color

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      Line 2
      TED Spread (DISCONTINUED)
      Line details & color

      Line style, thickness, color and position



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      Notes

      10-Year Treasury Constant Maturity Minus Federal Funds Rate  (T10YFF)

      Source: Federal Reserve Bank of St. Louis  

      Release: Interest Rate Spreads

      Units:  Percent, Not Seasonally Adjusted

      Frequency:  Daily

      Notes:

      Series is calculated as the spread between 10-Year Treasury Constant Maturity (BC_10YEAR) 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.

      Suggested Citation:

      Federal Reserve Bank of St. Louis, 10-Year Treasury Constant Maturity Minus Federal Funds Rate [T10YFF], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/T10YFF, April 1, 2025.

      TED Spread (DISCONTINUED)  (TEDRATE)

      Source: Federal Reserve Bank of St. Louis  

      Release: Interest Rate Spreads

      Units:  Percent, Not Seasonally Adjusted

      Frequency:  Daily

      Notes:

      Series is calculated as the spread between 3-Month LIBOR based on US dollars (USD3MTD156N) and 3-Month Treasury Bill (DTB3).
      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.

      The 3-Month LIBOR based on US Dollars has been removed from FRED as of January 31, 2022, so this calculated series has been discontinued and will no longer be updated. Users interested in calculating a similar credit risk can use the Secured Overnight Financing Rate (SOFR), which has been identified as the rate that represents best practice for use in certain new U.S. Dollar derivatives and other financial contracts. For more details, see the article Transition from LIBOR from the Alternative Reference Rates Committee (AARC).

      Suggested Citation:

      Federal Reserve Bank of St. Louis, TED Spread (DISCONTINUED) [TEDRATE], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/TEDRATE, April 1, 2025.

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      Monthly, Not Seasonally Adjusted

      Related Categories

      Interest Rate Spreads Interest Rates Money, Banking, & Finance

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      Tags

      Yield Curve Spread 10-Year Maturity Treasury Federal Daily Interest Rate Interest St. Louis Fed Rate Copyrighted: Citation Required Nation Not Seasonally Adjusted United States of America London Interbank Offered Rate Bills 3-Month Discontinued

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