Bills · History · 6 Nov 2026
3M 4.11%
History is the complete record of closes a single maturity has printed, in the bill rate.
Treasury Bills 3M from 8 Nov 2021 to 6 Nov 2026: 3M currently 4.11%, between 0.04% and 5.52% over the window.
Short-term Treasury bill rates from 4 weeks to 52 weeks, quoted coupon-equivalent so they compare with a coupon bond.
3M 4.11%: 89th of 1y, 42nd of 5y, 70th of 10y, 81st of since 2002. High is the government paying more to borrow for three months.
History is the complete record of closes a single maturity has printed, in the bill rate. It reaches the earliest print there is, and a break in it marks a session nobody published, never a quiet one.
Each point is a single close in percent, for the maturity on the button. It is the level itself, not a change or a rank.
Months of direction carry the meaning here; one print rarely does. Widen Show and a big day looks small.
Where a print is missing, the line breaks rather than bridging the gap. Each maturity’s record starts when its own series starts, which leaves the left edge ragged.
US Treasury · NBER · daily bill rates, coupon-equivalent
6 Nov 2026 · secondary-market bill rates, coupon-equivalent, Treasury’s own feed
| Tenor | Bill rate | 1D | 1W | 1M | 1Y | %ile 5y |
|---|---|---|---|---|---|---|
| SOFR (5 Nov) | 3.92% | −2 | −2 | +2 | +1 | |
| EFFR (5 Nov) | 3.88% | 0 | 0 | 0 | +1 | |
| IORB (5 Nov) | 3.90% | 0 | 0 | 0 | 0 | |
| ON RRP (5 Nov) | 3.75% | 0 | 0 | 0 | 0 | |
| 1M | 3.95% | −1 | −3 | +1 | 0 | 41 |
| 1.5M | 3.97% | −1 | −1 | −5 | 0 | — |
| 2M | 4.06% | 0 | −2 | 0 | +11 | 43 |
| 3M | 4.11% | +1 | +3 | −4 | +22 | 42 |
| 4M | 4.19% | +3 | +1 | −2 | +31 | — |
| 6M | 4.26% | +4 | +1 | −3 | +46 | 47 |
| 1Y | 4.32% | +4 | −4 | −10 | +64 | 58 |
tenors 1, 5, 21, 252 trading days; anchors 1, 7, 30, 365 calendar
| Pair | BP | 1D | 1W | 1M | %ile 5y |
|---|---|---|---|---|---|
| 1M/3M | +16bp | +2 | +6 | −5 | 72 |
| 1M/1.5M | +2bp | 0 | +2 | −6 | — |
| 1.5M/2M | +9bp | +1 | −1 | +5 | — |
| 2M/3M | +5bp | +1 | +5 | −4 | 65 |
| 3M/4M | +8bp | +2 | −2 | +2 | — |
| 4M/6M | +7bp | +1 | 0 | −1 | — |
| 6M/1Y | +6bp | 0 | −5 | −7 | 73 |
| 1M/1Y | +37bp | +5 | −1 | −11 | 72 |
long − short, in basis points
| Fly | BP | 1D | 1W | 1M | %ile 5y |
|---|---|---|---|---|---|
| 1M/3M/1Y | −5bp | −1 | +13 | +1 | 29 |
2 × belly − wings, 50-50 weighted, not duration-neutral
| Fly | BP | 1D | 1W | 1M | %ile 5y |
|---|---|---|---|---|---|
| 1M/3M/1Y | −16bp | −1 | +13 | +1 | 17 |
the fly with 1M/3M regressed out over five years
| Line | Value | Detail |
|---|---|---|
| Inverted | 0 of 16 | pairs 2× apart in maturity |
| Deepest | — | nothing counted is inverted |
| Uncounted | — | no inversion between neighbours |
| 1M/3M | not inverted | |
| Month | Bull Flattener | Δ level −1bp · Δ slope −3bp over a month |
| Line | Value | Detail |
|---|---|---|
| Last episode | 89 sessions | 31 Jul 2025 → 8 Dec 2025 |
| Deepest (5 Sep 2025) | −20bp | |
| Area | 1,064 | basis points × sessions below zero |
| Un-inverted (9 Dec 2025) | 332 days ago | calendar days, not sessions |
| Precedent | 96d | median un-inversion to recession, 26 to 165, n=2. Not a forecast |
1M/3M episodes of 20 sessions or more, since 2 Jan 2002
| Line | Value | Detail |
|---|---|---|
| 3M vol | 34bp | annualised, 21 sessions |
| Rank · 5y | 51st | |
| Shape share | 2.11 | 1M/3M vol ÷ 3M vol |
realised standard deviation of daily changes, annualised
| Line | Value | Detail |
|---|---|---|
| 1y | +3.8% | |
| 5y | +20.5% | not annualised |
| Worst fall (17 Sep 2008) | −0.3% | peak to trough, bottoming 22 Sep 2008 |
| Since then | made back |
a rolling 3M par bond, coupon and price. Not a fund
| Line | Value | Detail |
|---|---|---|
| Four-week bill (5 Nov) | +15bp | |
| Thirteen-week bill (5 Nov) | +31bp | |
| Rank · 5y | 85th |
the bill's yield minus the ON RRP award, award restated on 365
| Anchor | Value | 1D | 1W | 1M | 1Y | Detail |
|---|---|---|---|---|---|---|
| SOFR (5 Nov) | 3.92% | −2 | −2 | +2 | +1 | |
| EFFR (5 Nov) | 3.88% | 0 | 0 | 0 | +1 | |
| IORB (5 Nov) | 3.90% | 0 | 0 | 0 | 0 | |
| ON RRP (5 Nov) | 3.75% | 0 | 0 | 0 | 0 | |
| SOFR−BGCR (5 Nov) | +2bp | +1 | 0 | 0 | −1 | what bilateral cleared repo adds to the broad GC rate inside SOFR |
| NBER (dated to 1 Oct 2026) | not in a dated recession | NBER dates turning points about a year late |
Spreads and butterflies are derived here from the published bill rate curve. They are not published by any source. A dash means the value could not be computed or was too thin to rank, never zero.