Par yield curve, constant maturity: 3-month
What has the 3-month Treasury yield been over time?
On , Treasury's 3-month par yield was 4.22%, unchanged from the day before and 33 basis points higher than a year earlier.
The 3-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 , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
The 3-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 | 4.22% | 4.22% | 4.02% | 0.04% | 0.29% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The 3-month par yield was 4.22% on , 33 basis points higher than a year earlier.
The 3-month par yield ended September 2026 at 4.20%, its highest month-end since August 2025.
ChangeOurs
| Period | Then | Change |
|---|---|---|
| One month | 3.91%, the yield at the end of | +0.29 percentage points |
| Three months | 3.87%, the yield at the end of | +0.33 percentage points |
| Twelve months | 4.02%, the yield at the end of | +0.18 percentage points |
| Five years | 0.04%, the yield at the end of | +4.16 percentage points |
| Ten years | 0.29%, the yield at the end of | +3.91 percentage points |
In historyOurs
The 3-month par yield of 4.20% at the end of was higher than in 280 of the 440 other month-ends since , the same in 0 and lower in 160.
Highest since : 8.07% at the end of . Lowest since : 0.00% at the end of .
AverageOurs
Average since : 2.807% (ours, a plain mean of the 441 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 0.05% on to 5.59% on ; the reading of 4.22% is 75.3% of the way from the low to the high.
Low 0.05% Midpoint 2.820% High 5.59%
The 3-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 | 0 | 0 | +3 | −2 | +1 | +18 | −4 | +8 | +29 | – | – | – | +53 |
| 2025 | −6 | +1 | 0 | −1 | +5 | +5 | 0 | −18 | −21 | −13 | −1 | −21 | −70 |
| 2024 | +2 | +3 | +1 | 0 | 0 | +2 | −7 | −20 | −48 | −9 | −6 | −21 | −103 |
| 2023 | +28 | +18 | −3 | +25 | +42 | −9 | +12 | +1 | −1 | +4 | −14 | −5 | +98 |
| 2022 | +16 | +13 | +17 | +33 | +31 | +56 | +69 | +55 | +37 | +89 | +15 | +5 | +436 |
| 2021 | −3 | −2 | −1 | −2 | 0 | +4 | +1 | −2 | 0 | +1 | 0 | +1 | −3 |
| 2020 | 0 | −28 | −116 | −2 | +5 | +2 | −7 | +2 | −1 | −1 | −1 | +1 | −146 |
| 2019 | −4 | +4 | −5 | +3 | −8 | −23 | −4 | −9 | −11 | −34 | +5 | −4 | −90 |
| 2018 | +7 | +19 | +8 | +14 | +6 | 0 | +10 | +8 | +8 | +15 | +3 | +8 | +106 |
| 2017 | +1 | +1 | +23 | +4 | +18 | +5 | +4 | −6 | +5 | +9 | +12 | +12 | +88 |
| 2016 | +17 | 0 | −12 | +1 | +12 | −8 | +2 | +5 | −4 | +5 | +14 | +3 | +35 |
| 2015 | −2 | 0 | +1 | −2 | 0 | 0 | +7 | 0 | −8 | +8 | +14 | −6 | +12 |
| 2014 | −5 | +3 | 0 | −2 | +1 | 0 | −1 | 0 | −1 | −1 | +1 | +2 | −3 |
| 2013 | +2 | +4 | −4 | −2 | −1 | 0 | 0 | −1 | −1 | +2 | +2 | +1 | +2 |
| 2012 | +4 | +2 | −1 | +3 | −3 | +2 | +2 | −2 | +1 | +1 | −3 | −3 | +3 |
| Average | +3.8 | +2.5 | −5.9 | +4.7 | +7.3 | +3.6 | +5.6 | +1.4 | −1.1 | +5.4 | +2.9 | −1.9 | – |
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 23 and over; the last column has a scale of its own, up to 146 and over. Every chip prints its figure and sign. A year still running is counted through its last month: .
Observed .
Understanding the 3-month par yield
Where it stands today
The 3-month par yield was 4.22% on .
What does this chart measure?
The 3-month par yield is the coupon rate at which a new 3-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?441 month-ends since 31 Jan 1990, newest first
| Month-end | Par yield |
|---|---|
| 4.20% | |
| 3.91% | |
| 3.83% | |
| 3.87% | |
| 3.69% | |
| 3.68% | |
| 3.70% | |
| 3.67% | |
| 3.67% | |
| 3.67% | |
| 3.88% | |
| 3.89% | |
| 4.02% | |
| 4.23% | |
| 4.41% | |
| 4.41% | |
| 4.36% | |
| 4.31% | |
| 4.32% | |
| 4.32% | |
| 4.31% | |
| 4.37% | |
| 4.58% | |
| 4.64% |
Show 417 more rows
| Month-end | Par yield |
|---|---|
| 4.73% | |
| 5.21% | |
| 5.41% | |
| 5.48% | |
| 5.46% | |
| 5.46% | |
| 5.46% | |
| 5.45% | |
| 5.42% | |
| 5.40% | |
| 5.45% | |
| 5.59% | |
| 5.55% | |
| 5.56% | |
| 5.55% | |
| 5.43% | |
| 5.52% | |
| 5.10% | |
| 4.85% | |
| 4.88% | |
| 4.70% | |
| 4.42% | |
| 4.37% | |
| 4.22% | |
| 3.33% | |
| 2.96% | |
| 2.41% | |
| 1.72% | |
| 1.16% | |
| 0.85% | |
| 0.52% | |
| 0.35% | |
| 0.22% | |
| 0.06% | |
| 0.05% | |
| 0.05% | |
| 0.04% | |
| 0.04% | |
| 0.06% | |
| 0.05% | |
| 0.01% | |
| 0.01% | |
| 0.03% | |
| 0.04% | |
| 0.06% | |
| 0.09% | |
| 0.08% | |
| 0.09% | |
| 0.10% | |
| 0.11% | |
| 0.09% | |
| 0.16% | |
| 0.14% | |
| 0.09% | |
| 0.11% | |
| 1.27% | |
| 1.55% | |
| 1.55% | |
| 1.59% | |
| 1.54% | |
| 1.88% | |
| 1.99% | |
| 2.08% | |
| 2.12% | |
| 2.35% | |
| 2.43% | |
| 2.40% | |
| 2.45% | |
| 2.41% | |
| 2.45% | |
| 2.37% | |
| 2.34% | |
| 2.19% | |
| 2.11% | |
| 2.03% | |
| 1.93% | |
| 1.93% | |
| 1.87% | |
| 1.73% | |
| 1.65% | |
| 1.46% | |
| 1.39% | |
| 1.27% | |
| 1.15% | |
| 1.06% | |
| 1.01% | |
| 1.07% | |
| 1.03% | |
| 0.98% | |
| 0.80% | |
| 0.76% | |
| 0.53% | |
| 0.52% | |
| 0.51% | |
| 0.48% | |
| 0.34% | |
| 0.29% | |
| 0.33% | |
| 0.28% | |
| 0.26% | |
| 0.34% | |
| 0.22% | |
| 0.21% | |
| 0.33% | |
| 0.33% | |
| 0.16% | |
| 0.22% | |
| 0.08% | |
| 0% | |
| 0.08% | |
| 0.08% | |
| 0.01% | |
| 0.01% | |
| 0.01% | |
| 0.03% | |
| 0.02% | |
| 0.02% | |
| 0.04% | |
| 0.02% | |
| 0.01% | |
| 0.02% | |
| 0.03% | |
| 0.03% | |
| 0.04% | |
| 0.04% | |
| 0.03% | |
| 0.05% | |
| 0.05% | |
| 0.02% | |
| 0.07% | |
| 0.06% | |
| 0.04% | |
| 0.02% | |
| 0.03% | |
| 0.04% | |
| 0.04% | |
| 0.04% | |
| 0.05% | |
| 0.07% | |
| 0.11% | |
| 0.07% | |
| 0.05% | |
| 0.08% | |
| 0.11% | |
| 0.10% | |
| 0.09% | |
| 0.11% | |
| 0.09% | |
| 0.07% | |
| 0.10% | |
| 0.07% | |
| 0.08% | |
| 0.06% | |
| 0.02% | |
| 0.01% | |
| 0.01% | |
| 0.02% | |
| 0.02% | |
| 0.10% | |
| 0.03% | |
| 0.06% | |
| 0.04% | |
| 0.09% | |
| 0.15% | |
| 0.15% | |
| 0.12% | |
| 0.17% | |
| 0.12% | |
| 0.16% | |
| 0.14% | |
| 0.15% | |
| 0.18% | |
| 0.16% | |
| 0.16% | |
| 0.16% | |
| 0.13% | |
| 0.08% | |
| 0.06% | |
| 0.06% | |
| 0.05% | |
| 0.14% | |
| 0.15% | |
| 0.18% | |
| 0.19% | |
| 0.14% | |
| 0.14% | |
| 0.21% | |
| 0.26% | |
| 0.24% | |
| 0.11% | |
| 0.01% | |
| 0.46% | |
| 0.92% | |
| 1.72% | |
| 1.68% | |
| 1.90% | |
| 1.89% | |
| 1.43% | |
| 1.38% | |
| 1.85% | |
| 1.96% | |
| 3.36% | |
| 3.15% | |
| 3.94% | |
| 3.82% | |
| 4.01% | |
| 4.96% | |
| 4.82% | |
| 4.73% | |
| 4.91% | |
| 5.04% | |
| 5.16% | |
| 5.12% | |
| 5.02% | |
| 5.03% | |
| 5.08% | |
| 4.89% | |
| 5.05% | |
| 5.10% | |
| 5.01% | |
| 4.86% | |
| 4.77% | |
| 4.63% | |
| 4.62% | |
| 4.47% | |
| 4.08% | |
| 3.95% | |
| 3.98% | |
| 3.55% | |
| 3.52% | |
| 3.42% | |
| 3.13% | |
| 2.99% | |
| 2.90% | |
| 2.79% | |
| 2.76% | |
| 2.51% | |
| 2.22% | |
| 2.23% | |
| 1.91% | |
| 1.71% | |
| 1.59% | |
| 1.45% | |
| 1.33% | |
| 1.08% | |
| 0.98% | |
| 0.95% | |
| 0.96% | |
| 0.92% | |
| 0.95% | |
| 0.93% | |
| 0.96% | |
| 0.95% | |
| 0.98% | |
| 0.96% | |
| 0.90% | |
| 1.11% | |
| 1.13% | |
| 1.14% | |
| 1.20% | |
| 1.18% | |
| 1.22% | |
| 1.22% | |
| 1.44% | |
| 1.57% | |
| 1.69% | |
| 1.71% | |
| 1.70% | |
| 1.74% | |
| 1.77% | |
| 1.79% | |
| 1.79% | |
| 1.76% | |
| 1.74% | |
| 1.78% | |
| 2.05% | |
| 2.40% | |
| 3.37% | |
| 3.54% | |
| 3.65% | |
| 3.63% | |
| 3.95% | |
| 4.30% | |
| 4.85% | |
| 4.99% | |
| 5.89% | |
| 6.21% | |
| 6.38% | |
| 6.23% | |
| 6.31% | |
| 6.27% | |
| 5.88% | |
| 5.63% | |
| 5.82% | |
| 5.88% | |
| 5.78% | |
| 5.76% | |
| 5.33% | |
| 5.30% | |
| 5.12% | |
| 4.88% | |
| 4.98% | |
| 4.75% | |
| 4.78% | |
| 4.66% | |
| 4.55% | |
| 4.49% | |
| 4.66% | |
| 4.48% | |
| 4.48% | |
| 4.57% | |
| 4.33% | |
| 4.37% | |
| 4.96% | |
| 5.10% | |
| 5.10% | |
| 5.03% | |
| 5.00% | |
| 5.16% | |
| 5.32% | |
| 5.19% | |
| 5.36% | |
| 5.22% | |
| 5.21% | |
| 5.06% | |
| 5.24% | |
| 5.25% | |
| 5.25% | |
| 4.96% | |
| 5.28% | |
| 5.35% | |
| 5.22% | |
| 5.15% | |
| 5.21% | |
| 5.13% | |
| 5.17% | |
| 5.14% | |
| 5.29% | |
| 5.32% | |
| 5.18% | |
| 5.18% | |
| 5.14% | |
| 5.13% | |
| 5.02% | |
| 5.05% | |
| 5.10% | |
| 5.48% | |
| 5.48% | |
| 5.40% | |
| 5.45% | |
| 5.60% | |
| 5.60% | |
| 5.81% | |
| 5.87% | |
| 5.88% | |
| 5.94% | |
| 6.00% | |
| 5.68% | |
| 5.72% | |
| 5.20% | |
| 4.80% | |
| 4.68% | |
| 4.39% | |
| 4.26% | |
| 4.31% | |
| 3.97% | |
| 3.56% | |
| 3.47% | |
| 3.05% | |
| 3.07% | |
| 3.21% | |
| 3.10% | |
| 2.98% | |
| 3.08% | |
| 3.10% | |
| 3.10% | |
| 3.13% | |
| 2.97% | |
| 2.95% | |
| 3.01% | |
| 2.96% | |
| 3.15% | |
| 3.38% | |
| 3.03% | |
| 2.75% | |
| 3.23% | |
| 3.25% | |
| 3.65% | |
| 3.79% | |
| 3.79% | |
| 4.15% | |
| 4.03% | |
| 3.94% | |
| 3.96% | |
| 4.47% | |
| 4.96% | |
| 5.26% | |
| 5.49% | |
| 5.70% | |
| 5.71% | |
| 5.71% | |
| 5.68% | |
| 5.92% | |
| 6.22% | |
| 6.37% | |
| 6.63% | |
| 7.24% | |
| 7.34% | |
| 7.37% | |
| 7.63% | |
| 7.74% | |
| 8.00% | |
| 8.01% | |
| 8.07% | |
| 8.07% | |
| 8.04% | |
| 8.00% |
What was the yield on each of the last 30 business days?Each business day, newest first
| Date | Par yield |
|---|---|
| 4.22% | |
| 4.22% | |
| 4.22% | |
| 4.22% | |
| 4.25% | |
| 4.26% | |
| 4.27% | |
| 4.26% | |
| 4.28% | |
| 4.28% |
Show 20 more rows
| Date | Par yield |
|---|---|
| 4.26% | |
| 4.25% | |
| 4.23% | |
| 4.22% | |
| 4.21% | |
| 4.22% | |
| 4.19% | |
| 4.17% | |
| 4.20% | |
| 4.25% | |
| 4.28% | |
| 4.24% | |
| 4.24% | |
| 4.19% | |
| 4.16% | |
| 4.17% | |
| 4.14% | |
| 4.12% | |
| 4.14% | |
| 4.11% |
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, 3-month term, through 27 October 2026. Compiled by 500metrics, "What has the 3-month Treasury yield been over time?", https://500metrics.com/treasury/yield-curve/3-month.
Can the data be downloaded?treasury-yield-curve-3-month.csv
Download the full history as CSV: 441 rows, to , 7,063 bytes.
Our text and compilation: CC BY 4.0.
Recession dates from the National Bureau of Economic Research.
Page updated