Bills · Rank · 6 Nov 2026
3M 4.11%
Rank follows one series’ percentile through time, so one score becomes a line.
Treasury Bills 3M rank from 8 Nov 2021 to 6 Nov 2026, against five years: 3M currently at the 42nd percentile, between the 10th and the 100th across the sessions shown.
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.
Rank follows one series’ percentile through time, so one score becomes a line. It draws a standing inside the record, not the reading behind it.
Over sets the stretch. 100 marks its top; the bottom just tags whatever scored lowest, not a fixed number.
Parked above 90 for months means a level has been accepted, not spiked to. Crossing 50 flips it to the far half.
Scoring 98 against five years after 67 twelve months earlier, a series has spent the year climbing through its record.
The lookback is the claim, not the zoom. The same session can score near the top over five years and mid-pack over twenty. A series pinned at 100 has nowhere left to go, so the level matters too.
US Treasury · NBER · daily bill rates, coupon-equivalent · rank computed here
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.