Par yield curve, constant maturity: 1-month
What has the 1-month Treasury yield been over time?
On , Treasury's 1-month par yield was 4.10%, 1 basis point lower than the day before and 1 basis point higher than a year earlier.
The 1-month par yield on the last business day of each month
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
The 1-month par yield each business day
Each point is one month-end, or one business day under "Latest days"; pointing at the chart shows its date and yield.
Select a line to followLatest:
Inspect and compare dates
The latest day beside the day before and the month-ends nearest a year, five and ten years earlier.
| Day | Latest | The day before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Date | |||||
| Par yield | 4.10% | 4.11% | 4.20% | 0.07% | 0.20% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The 1-month par yield was 4.10% on , 1 basis point higher than a year earlier.
The 1-month par yield ended September 2026 at 4.02%, its highest month-end since November 2025.
ChangeOurs
| Period | Then | Change |
|---|---|---|
| One month | 3.85%, the yield at the end of | +0.17 percentage points |
| Three months | 3.70%, the yield at the end of | +0.32 percentage points |
| Twelve months | 4.20%, the yield at the end of | −0.18 percentage points |
| Five years | 0.07%, the yield at the end of | +3.95 percentage points |
| Ten years | 0.20%, the yield at the end of | +3.82 percentage points |
In historyOurs
The 1-month par yield of 4.02% at the end of was higher than in 245 of the 302 other month-ends since , the same in 1 and lower in 56.
Highest since : 5.60% at the end of . Lowest since : 0.00% at the end of .
AverageOurs
Average since : 1.735% (ours, a plain mean of the 303 month-ends).
Its 52-week rangeOurs, from Treasury's curve
Its five-year rangeMonth-ends, ours
Over the last five years of month-ends it ran from 0.03% on to 5.60% on ; the reading of 4.10% is 73.1% of the way from the low to the high.
Low 0.03% Midpoint 2.815% High 5.60%
The 1-month par yield, change from one month-end to the next, by year
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Whole year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −2 | +2 | 0 | −2 | 0 | −2 | +8 | +7 | +17 | – | – | – | +28 |
| 2025 | −3 | +1 | 0 | −3 | −2 | −5 | +21 | −8 | −21 | −14 | −1 | −31 | −66 |
| 2024 | −7 | 0 | −4 | −1 | 0 | −1 | +2 | −8 | −48 | −17 | 0 | −36 | −120 |
| 2023 | +46 | +7 | +9 | −39 | +93 | −4 | +24 | +4 | +3 | +1 | 0 | +4 | +148 |
| 2022 | −3 | +3 | +11 | +20 | +36 | +55 | +94 | +18 | +39 | +94 | +34 | +5 | +406 |
| 2021 | −1 | −3 | −3 | 0 | 0 | +4 | 0 | −2 | +4 | −1 | +5 | −5 | −2 |
| 2020 | +8 | −11 | −140 | +5 | +3 | 0 | −4 | −1 | 0 | 0 | 0 | 0 | −140 |
| 2019 | −2 | +2 | −1 | 0 | −8 | −17 | −17 | +9 | −19 | −32 | +3 | −14 | −96 |
| 2018 | +15 | +7 | +13 | +2 | +11 | +1 | +17 | +1 | +17 | +8 | +11 | +13 | +116 |
| 2017 | +6 | −10 | +34 | −6 | +18 | −2 | +16 | −5 | +1 | +3 | +15 | +14 | +84 |
| 2016 | +8 | +1 | −5 | −2 | +11 | −7 | −1 | +7 | −6 | 0 | +18 | +6 | +30 |
| 2015 | −2 | +1 | +3 | −5 | +1 | +1 | +2 | −4 | 0 | +1 | +10 | +3 | +11 |
| 2014 | +2 | +1 | −1 | −1 | +3 | −3 | −1 | +1 | 0 | −1 | +3 | −1 | +2 |
| 2013 | +2 | +3 | −3 | −1 | 0 | −1 | +1 | −1 | +1 | 0 | +2 | −4 | −1 |
| 2012 | +3 | +4 | −3 | +2 | −4 | +1 | +3 | +2 | −3 | +3 | +2 | −9 | +1 |
| Average | +4.7 | +0.5 | −6.0 | −2.1 | +10.8 | +1.3 | +11.0 | +1.3 | −1.0 | +3.2 | +7.3 | −3.9 | – |
Each chip is one month. The mark in its middle is zero: a fill to the right of it is a rise and a fill to the left a fall. A longer, brighter fill is a larger change, in five steps up to 24 and over; the last column has a scale of its own, up to 148 and over. Every chip prints its figure and sign. A year still running is counted through its last month: .
Observed .
Understanding the 1-month par yield
Where it stands today
The 1-month par yield was 4.10% on .
What does this chart measure?
The 1-month par yield is the coupon rate at which a new 1-month Treasury security would sell at par, from the curve Treasury fits each business day to closing bid prices.
Read more
Month-ends are the last business day of each finished month Treasury published a value for this term; the running month shows in the latest days. The 52-week range and the changes in basis points are computed by 500metrics.
The numbers behind the chart
What was the yield at each month-end?303 month-ends since 31 Jul 2001, newest first
| Month-end | Par yield |
|---|---|
| 4.02% | |
| 3.85% | |
| 3.78% | |
| 3.70% | |
| 3.72% | |
| 3.72% | |
| 3.74% | |
| 3.74% | |
| 3.72% | |
| 3.74% | |
| 4.05% | |
| 4.06% | |
| 4.20% | |
| 4.41% | |
| 4.49% | |
| 4.28% | |
| 4.33% | |
| 4.35% | |
| 4.38% | |
| 4.38% | |
| 4.37% | |
| 4.40% | |
| 4.76% | |
| 4.76% |
Show 279 more rows
| Month-end | Par yield |
|---|---|
| 4.93% | |
| 5.41% | |
| 5.49% | |
| 5.47% | |
| 5.48% | |
| 5.48% | |
| 5.49% | |
| 5.53% | |
| 5.53% | |
| 5.60% | |
| 5.56% | |
| 5.56% | |
| 5.55% | |
| 5.52% | |
| 5.48% | |
| 5.24% | |
| 5.28% | |
| 4.35% | |
| 4.74% | |
| 4.65% | |
| 4.58% | |
| 4.12% | |
| 4.07% | |
| 3.73% | |
| 2.79% | |
| 2.40% | |
| 2.22% | |
| 1.28% | |
| 0.73% | |
| 0.37% | |
| 0.17% | |
| 0.06% | |
| 0.03% | |
| 0.06% | |
| 0.11% | |
| 0.06% | |
| 0.07% | |
| 0.03% | |
| 0.05% | |
| 0.05% | |
| 0.01% | |
| 0.01% | |
| 0.01% | |
| 0.04% | |
| 0.07% | |
| 0.08% | |
| 0.08% | |
| 0.08% | |
| 0.08% | |
| 0.08% | |
| 0.09% | |
| 0.13% | |
| 0.13% | |
| 0.10% | |
| 0.05% | |
| 1.45% | |
| 1.56% | |
| 1.48% | |
| 1.62% | |
| 1.59% | |
| 1.91% | |
| 2.10% | |
| 2.01% | |
| 2.18% | |
| 2.35% | |
| 2.43% | |
| 2.43% | |
| 2.44% | |
| 2.42% | |
| 2.44% | |
| 2.31% | |
| 2.20% | |
| 2.12% | |
| 1.95% | |
| 1.94% | |
| 1.77% | |
| 1.76% | |
| 1.65% | |
| 1.63% | |
| 1.50% | |
| 1.43% | |
| 1.28% | |
| 1.14% | |
| 0.99% | |
| 0.96% | |
| 0.95% | |
| 1.00% | |
| 0.84% | |
| 0.86% | |
| 0.68% | |
| 0.74% | |
| 0.40% | |
| 0.50% | |
| 0.44% | |
| 0.38% | |
| 0.20% | |
| 0.20% | |
| 0.26% | |
| 0.19% | |
| 0.20% | |
| 0.27% | |
| 0.16% | |
| 0.18% | |
| 0.23% | |
| 0.22% | |
| 0.14% | |
| 0.11% | |
| 0.01% | |
| 0% | |
| 0% | |
| 0.04% | |
| 0.02% | |
| 0.01% | |
| 0% | |
| 0.05% | |
| 0.02% | |
| 0.01% | |
| 0.03% | |
| 0.04% | |
| 0.01% | |
| 0.02% | |
| 0.02% | |
| 0.01% | |
| 0.02% | |
| 0.05% | |
| 0.02% | |
| 0.03% | |
| 0.04% | |
| 0.03% | |
| 0.01% | |
| 0.05% | |
| 0.03% | |
| 0.03% | |
| 0.02% | |
| 0.03% | |
| 0.02% | |
| 0.03% | |
| 0.03% | |
| 0.04% | |
| 0.07% | |
| 0.04% | |
| 0.02% | |
| 0.11% | |
| 0.09% | |
| 0.06% | |
| 0.09% | |
| 0.07% | |
| 0.04% | |
| 0.03% | |
| 0.07% | |
| 0.05% | |
| 0.08% | |
| 0.04% | |
| 0.01% | |
| 0.02% | |
| 0.02% | |
| 0.02% | |
| 0.01% | |
| 0.16% | |
| 0.01% | |
| 0.04% | |
| 0.02% | |
| 0.05% | |
| 0.13% | |
| 0.15% | |
| 0.07% | |
| 0.18% | |
| 0.14% | |
| 0.14% | |
| 0.16% | |
| 0.14% | |
| 0.17% | |
| 0.15% | |
| 0.14% | |
| 0.15% | |
| 0.09% | |
| 0.02% | |
| 0.04% | |
| 0.08% | |
| 0.01% | |
| 0.06% | |
| 0.11% | |
| 0.14% | |
| 0.17% | |
| 0.14% | |
| 0.04% | |
| 0.17% | |
| 0.16% | |
| 0.15% | |
| 0.11% | |
| 0.02% | |
| 0.12% | |
| 1.02% | |
| 1.63% | |
| 1.55% | |
| 1.60% | |
| 1.98% | |
| 1.17% | |
| 1.22% | |
| 2.07% | |
| 1.64% | |
| 2.76% | |
| 3.63% | |
| 4.01% | |
| 3.43% | |
| 4.02% | |
| 5.13% | |
| 4.28% | |
| 4.78% | |
| 4.80% | |
| 5.07% | |
| 5.24% | |
| 5.00% | |
| 4.75% | |
| 5.22% | |
| 5.18% | |
| 4.60% | |
| 5.12% | |
| 5.02% | |
| 4.54% | |
| 4.75% | |
| 4.60% | |
| 4.65% | |
| 4.47% | |
| 4.37% | |
| 4.01% | |
| 4.00% | |
| 3.77% | |
| 3.15% | |
| 3.41% | |
| 3.25% | |
| 2.99% | |
| 2.80% | |
| 2.70% | |
| 2.63% | |
| 2.51% | |
| 2.06% | |
| 1.89% | |
| 2.07% | |
| 1.73% | |
| 1.47% | |
| 1.45% | |
| 1.27% | |
| 1.17% | |
| 0.94% | |
| 0.83% | |
| 0.96% | |
| 0.95% | |
| 0.85% | |
| 0.90% | |
| 0.96% | |
| 0.96% | |
| 0.87% | |
| 0.98% | |
| 0.91% | |
| 0.81% | |
| 1.16% | |
| 1.13% | |
| 1.16% | |
| 1.21% | |
| 1.17% | |
| 1.20% | |
| 1.25% | |
| 1.48% | |
| 1.60% | |
| 1.70% | |
| 1.73% | |
| 1.69% | |
| 1.72% | |
| 1.77% | |
| 1.76% | |
| 1.76% | |
| 1.69% | |
| 1.68% | |
| 1.87% | |
| 2.15% | |
| 2.28% | |
| 3.40% | |
| 3.67% |
What was the yield on each of the last 30 business days?Each business day, newest first
| Date | Par yield |
|---|---|
| 4.10% | |
| 4.11% | |
| 4.11% | |
| 4.11% | |
| 4.09% | |
| 4.10% | |
| 4.11% | |
| 4.12% | |
| 4.17% | |
| 4.11% |
Show 20 more rows
| Date | Par yield |
|---|---|
| 4.10% | |
| 4.13% | |
| 4.14% | |
| 4.07% | |
| 4.06% | |
| 4.05% | |
| 4.04% | |
| 4.06% | |
| 4.02% | |
| 4.04% | |
| 4.04% | |
| 4.04% | |
| 4.01% | |
| 3.99% | |
| 3.97% | |
| 3.96% | |
| 3.97% | |
| 3.97% | |
| 3.96% | |
| 3.93% |
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- A fitted curve value, not the yield of one security: an outstanding note or bond of about this term trades at its own yield.
- Month-end values hide moves inside the month; the latest days are shown day by day.
Observed .
How to cite this
U.S. Treasury, Daily Treasury Par Yield Curve Rates, 1-month term, through 27 October 2026. Compiled by 500metrics, "What has the 1-month Treasury yield been over time?", https://500metrics.com/treasury/yield-curve/1-month.
Can the data be downloaded?treasury-yield-curve-1-month.csv
Download the full history as CSV: 303 rows, to , 4,849 bytes.
Our text and compilation: CC BY 4.0.
Recession dates from the National Bureau of Economic Research.
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