3-Month Treasury Bill Minus Federal Funds Rate (TB3SMFFM)

Observations

Mar 2026: -0.03
Updated: Apr 1, 2026 4:03 PM CDT
Next Release Date: Apr 13, 2026
Mar 2026:  -0.03  
Feb 2026:  -0.04  
Jan 2026:  -0.07  
Dec 2025:  -0.14  
Nov 2025:  -0.10  
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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 Treasury Bill: Secondary Market Rate (ROUND_B1_CLOSE_13WK_2M)) 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 Treasury Bill Minus Federal Funds Rate [TB3SMFFM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/TB3SMFFM, .

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Interest Rate Spreads Interest Rates Money, Banking, & Finance

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Tags

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

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