Federal Reserve Economic Data

3-Month Commercial Paper Minus Federal Funds Rate (CPFFM)

Observations

Dec 2025: 0.01
Updated: Jan 2, 2026 4:04 PM CST
Next Release Date: Jan 20, 2026
Dec 2025:  0.01  
Nov 2025:  -0.02  
Oct 2025:  -0.10  
Sep 2025:  -0.13  
Aug 2025:  -0.11  
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Units:

Percent,
Not Seasonally Adjusted

Frequency:

Monthly

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Notes

Source: Federal Reserve Bank of St. Louis  

Release: Interest Rate Spreads

Units:  Percent, Not Seasonally Adjusted

Frequency:  Monthly

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.

Suggested Citation:

Federal Reserve Bank of St. Louis, 3-Month Commercial Paper Minus Federal Funds Rate [CPFFM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CPFFM, .

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Other Formats

Daily, Not Seasonally Adjusted

Related Categories

Interest Rate Spreads Interest Rates Money, Banking, & Finance

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More Series from Interest Rate Spreads

Tags

Yield Curve Commercial Paper Spread 3-Month Commercial Federal Interest Rate Interest St. Louis Fed Rate Copyrighted: Citation Required Monthly Nation United States of America Not Seasonally Adjusted

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