3-month Treasury yield (constant maturity), United States
The 3-month Treasury yield in the United States was 4.09% in , up 0.21 pp from and up 0.02 pp from a year earlier. Over the latest 12 readings it moved between 3.67% and 4.09%. The next reading is for October 2026. Source: Federal Reserve Board, H.15; history from .
Key takeaways
- The 3-month Treasury yield at 4.09% in beats 78% of readings since (Federal Reserve Board).
- Against a ten-year average of 2.50%, the 3-month Treasury yield is above that norm by 1.59 pp (Federal Reserve Board).
- The 3-month Treasury yield has risen for 4 readings in a row up to (Federal Reserve Board).
What this indicator is and why it matters
The 3-month Treasury yield is the annualized return on US government bills with three months to maturity, published by the Federal Reserve in its H.15 release as a constant-maturity yield estimated from the Treasury's yield curve. The series here averages the daily readings over each month.
Because three months covers at most one or two Federal Reserve meetings, this yield sits very close to the effective federal funds rate and moves within days of a policy decision, or before it when markets are confident about the outcome. Money market funds, corporate treasurers and banks treat bills as the nearest thing to cash, so this yield is also the base return that every other short-term investment has to beat.
Its pitfalls are technical but real. When Congress approaches the debt limit, bills that mature around the date the Treasury could run out of cash can trade at unusual yields, distorting the series for a few weeks. Heavy Treasury bill issuance after a debt-limit increase can push yields up relative to the policy rate. And when comparing it with longer yields, remember that the gap between the 3-month and 10-year yields is a second, older measure of the curve's slope alongside the 10-year minus 2-year spread.
Where it sits in history
The 3-month Treasury yield is at its highest since , when it stood at 4.30%. Within ten years, the 3-month Treasury yield beats 72% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 78% of readings | 1.77% | 5.60% | 0.01% |
| Last ten years | 72% of readings | 2.50% | 5.60% | 0.02% |
| Last five years | 43% of readings | 3.86% | 5.60% | 0.04% |
- 3-month Treasury yield (constant maturity) 4.1%
Recent readings
Last five years
- 3-month Treasury yield (constant maturity) 4.1%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 4.09% | +0.21 pp | |
| 3.88% | +0.01 pp | |
| 3.87% | +0.06 pp | |
| 3.81% | +0.12 pp | |
| 3.69% | -0.01 pp | |
| 3.70% | -0.02 pp | |
| 3.72% | +0.03 pp | |
| 3.69% | +0.02 pp | |
| 3.67% | -0.01 pp | |
| 3.68% | -0.26 pp | |
| 3.94% | -0.04 pp | |
| 3.98% | -0.09 pp | |
| 4.07% | -0.23 pp |
Annual averages
By calendar-year average, the 3-month Treasury yield peaked in (5.28%) and bottomed in (0.03%). 2026 to date: 3.79%, after 4.21% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 3.79% | 3.67% | 4.09% | 9 |
| 2025 | 4.21% | 3.68% | 4.42% | 12 |
| 2024 | 5.18% | 4.39% | 5.51% | 12 |
| 2023 | 5.28% | 4.69% | 5.60% | 12 |
| 2022 | 2.08% | 0.15% | 4.36% | 12 |
| 2021 | 0.04% | 0.02% | 0.08% | 12 |
| 2020 | 0.37% | 0.09% | 1.55% | 12 |
| 2019 | 2.10% | 1.57% | 2.45% | 12 |
| 2018 | 1.97% | 1.43% | 2.41% | 12 |
| 2017 | 0.95% | 0.52% | 1.34% | 12 |
| 2016 | 0.32% | 0.23% | 0.51% | 12 |
| 2015 | 0.05% | 0.02% | 0.23% | 12 |
| 2014 | 0.03% | 0.02% | 0.05% | 12 |
| 2013 | 0.06% | 0.02% | 0.10% | 12 |
| 2012 | 0.09% | 0.03% | 0.11% | 12 |
| 2011 | 0.05% | 0.01% | 0.15% | 12 |
| 2010 | 0.14% | 0.06% | 0.16% | 12 |
| 2009 | 0.15% | 0.05% | 0.30% | 12 |
| 2008 | 1.39% | 0.03% | 2.82% | 12 |
| 2007 | 4.47% | 3.07% | 5.16% | 12 |
| 2006 | 4.85% | 4.34% | 5.09% | 12 |
Compared with the effective federal funds rate
The 3-month Treasury yield stood 0.34 pp above the effective federal funds rate in . A shorter-term yield above the policy rate is usually read as markets expecting the policy rate to stay up or rise. A year earlier, in , the figure was -0.15 pp. Five-year range: -0.21 pp () to 0.79 pp ().
- 3-month Treasury yield (constant maturity) 4.1%
- Effective federal funds rate 3.8%
Link to US banks
When the 3-month Treasury yield moves, deposit and loan rates follow, and with them bank margins. Median net interest margin, 500 US banks we cover: 3.64% at Q2 2026; the 3-month Treasury yield: 4.09% in . Net interest margin ranking.
How is it measured?
Monthly average of the 3-month Treasury constant maturity yield.
Federal Reserve Board publishes the 3-month Treasury yield monthly in H.15, in percent. Code: RIFLGFCM03_N.M. Monthly basis: each month shows the average of the daily values in that month. Method for the 3-month Treasury yield.
Questions
How high is the 3-month Treasury yield in the United States now?
4.09% in (Federal Reserve Board), up 0.02 pp on a year earlier.
Is the 3-month Treasury yield high by historical standards?
The 3-month Treasury yield beats 78% of readings since ; its peak was 5.60% (), its low 0.01% ().
When is the 3-month Treasury yield updated?
Monthly, in H.15. Next reading: October 2026.
Where can I check the 3-month Treasury yield at the source?
Federal Reserve Board data, code RIFLGFCM03_N.M.