Bills · History · 11 Sep 2026
3M 4.01%
The record of one maturity, close by close. The Curve cuts across maturities; this cuts along time.
Treasury Bills 3M from 13 Sep 2021 to 11 Sep 2026: 3M currently 4.01%, between 0.03% 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 4.01%: 99th of 1y, 43rd of 5y, 71st of 10y, 81st of since 2002. High is the government paying more to borrow for three months.
The record of one maturity, close by close. The Curve cuts across maturities; this cuts along time.
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
11 Sep 2026 · secondary-market bill rates, coupon-equivalent, Treasury’s own feed
| Tenor | Bill rate | 1D | 1W | 1M | 1Y | %ile 5y |
|---|---|---|---|---|---|---|
| SOFR (10 Sep) | 3.62% | −2 | −4 | −2 | −77 | |
| EFFR (10 Sep) | 3.63% | 0 | 0 | 0 | −70 | |
| IORB (10 Sep) | 3.65% | 0 | 0 | 0 | −75 | |
| ON RRP (10 Sep) | 3.50% | 0 | 0 | 0 | −75 | |
| 1M | 3.85% | +1 | +9 | +17 | −31 | 42 |
| 1.5M | 3.90% | +5 | +16 | +19 | −27 | — |
| 2M | 3.96% | +3 | +14 | +25 | −19 | 42 |
| 3M | 4.01% | +6 | +17 | +20 | −4 | 43 |
| 4M | 4.09% | +4 | +16 | +23 | +10 | — |
| 6M | 4.16% | +5 | +17 | +23 | +28 | 45 |
| 1Y | 4.34% | +7 | +23 | +34 | +66 | 61 |
tenors 1, 5, 21, 252 trading days; anchors 1, 7, 30, 365 calendar
| Pair | BP | 1D | 1W | 1M | %ile 5y |
|---|---|---|---|---|---|
| 1M/3M | +16bp | +5 | +8 | +3 | 74 |
| 1M/1.5M | +5bp | +4 | +7 | +2 | — |
| 1.5M/2M | +6bp | −2 | −2 | +6 | — |
| 2M/3M | +5bp | +3 | +3 | −5 | 68 |
| 3M/4M | +8bp | −2 | −1 | +3 | — |
| 4M/6M | +7bp | +1 | +1 | 0 | — |
| 6M/1Y | +18bp | +2 | +6 | +11 | 89 |
| 1M/1Y | +49bp | +6 | +14 | +17 | 79 |
long − short, in basis points
| Fly | BP | 1D | 1W | 1M | %ile 5y |
|---|---|---|---|---|---|
| 1M/3M/1Y | −17bp | +4 | +2 | −11 | 16 |
2 × belly − wings, 50-50 weighted, not duration-neutral
| Fly | BP | 1D | 1W | 1M | %ile 5y |
|---|---|---|---|---|---|
| 1M/3M/1Y | −28bp | +4 | +2 | −11 | 4 |
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 | Bear Steepener | Δ level +17bp · 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) | 276 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 | 38bp | annualised, 21 sessions |
| Rank · 5y | 59th | |
| Shape share | 1.42 | 1M/3M vol ÷ 3M vol |
realised standard deviation of daily changes, annualised
| Line | Value | Detail |
|---|---|---|
| 1y | +3.8% | |
| 5y | +19.7% | 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 (10 Sep) | +30bp | |
| Thirteen-week bill (10 Sep) | +46bp | |
| Rank · 5y | 96th |
the bill's yield minus the ON RRP award, award restated on 365
| Anchor | Value | 1D | 1W | 1M | 1Y | Detail |
|---|---|---|---|---|---|---|
| SOFR (10 Sep) | 3.62% | −2 | −4 | −2 | −77 | |
| EFFR (10 Sep) | 3.63% | 0 | 0 | 0 | −70 | |
| IORB (10 Sep) | 3.65% | 0 | 0 | 0 | −75 | |
| ON RRP (10 Sep) | 3.50% | 0 | 0 | 0 | −75 | |
| SOFR−BGCR (10 Sep) | +2bp | 0 | 0 | +1 | 0 | what bilateral cleared repo adds to the broad GC rate inside SOFR |
| NBER (dated to 1 Aug 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.