Par yield curve, constant maturity: 4-month
What has the 4-month Treasury yield been over time?
On , Treasury's 4-month par yield was 4.31%, 1 basis point lower than the day before and 44 basis points higher than a year earlier.
The 4-month par yield on the last business day of each month
The 4-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 |
|---|---|---|---|
| Date | |||
| Par yield | 4.31% | 4.32% | 3.98% |
Observed .
Right now
The 4-month par yield was 4.31% on , 44 basis points higher than a year earlier.
The 4-month par yield ended September 2026 at 4.29%, its highest month-end since July 2025.
ChangeOurs
| Period | Then | Change |
|---|---|---|
| One month | 3.96%, the yield at the end of | +0.33 percentage points |
| Three months | 3.92%, the yield at the end of | +0.37 percentage points |
| Twelve months | 3.98%, the yield at the end of | +0.31 percentage points |
| Five years | The series begins in | |
| Ten years | The series begins in |
In historyOurs
The 4-month par yield of 4.29% at the end of was higher than in 13 of the 47 other month-ends since , the same in 0 and lower in 34.
Highest since : 5.61% at the end of . Lowest since : 3.63% at the end of .
AverageOurs
Average since : 4.658% (ours, a plain mean of the 48 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 3.63% on to 5.61% on ; the reading of 4.31% is 34.3% of the way from the low to the high.
Low 3.63% Midpoint 4.620% High 5.61%
The 4-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 | +6 | −2 | +3 | +6 | +2 | +14 | 0 | +4 | +33 | – | – | – | +66 |
| 2025 | +1 | −1 | −1 | +6 | +2 | −3 | +4 | −23 | −19 | −11 | −1 | −23 | −69 |
| 2024 | −1 | +3 | −1 | +3 | +1 | −1 | −13 | −20 | −47 | −9 | −4 | −20 | −109 |
| 2023 | +5 | +26 | −3 | +23 | +33 | −3 | +6 | +5 | 0 | 0 | −12 | −8 | +72 |
| 2022 | – | – | – | – | – | – | – | – | – | – | +22 | +14 | – |
| Average | +2.8 | +6.5 | −0.5 | +9.5 | +9.5 | +1.8 | −0.8 | −8.5 | −8.3 | −6.7 | +1.3 | −9.3 | – |
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 109 and over. Every chip prints its figure and sign. A year still running is counted through its last month: .
Observed .
Understanding the 4-month par yield
Where it stands today
The 4-month par yield was 4.31% on .
What does this chart measure?
The 4-month par yield is the coupon rate at which a new 4-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?48 month-ends since 31 Oct 2022, newest first
| Month-end | Par yield |
|---|---|
| 4.29% | |
| 3.96% | |
| 3.92% | |
| 3.92% | |
| 3.78% | |
| 3.76% | |
| 3.70% | |
| 3.67% | |
| 3.69% | |
| 3.63% | |
| 3.86% | |
| 3.87% | |
| 3.98% | |
| 4.17% | |
| 4.40% | |
| 4.36% | |
| 4.39% | |
| 4.37% | |
| 4.31% | |
| 4.32% | |
| 4.33% | |
| 4.32% | |
| 4.52% | |
| 4.56% |
Show 24 more rows
| Month-end | Par yield |
|---|---|
| 4.65% | |
| 5.12% | |
| 5.32% | |
| 5.45% | |
| 5.46% | |
| 5.45% | |
| 5.42% | |
| 5.43% | |
| 5.40% | |
| 5.41% | |
| 5.49% | |
| 5.61% | |
| 5.61% | |
| 5.61% | |
| 5.56% | |
| 5.50% | |
| 5.53% | |
| 5.20% | |
| 4.97% | |
| 5.00% | |
| 4.74% | |
| 4.69% | |
| 4.55% | |
| 4.33% |
What was the yield on each of the last 30 business days?Each business day, newest first
| Date | Par yield |
|---|---|
| 4.31% | |
| 4.32% | |
| 4.30% | |
| 4.29% | |
| 4.34% | |
| 4.34% | |
| 4.34% | |
| 4.32% | |
| 4.35% | |
| 4.36% |
Show 20 more rows
| Date | Par yield |
|---|---|
| 4.32% | |
| 4.29% | |
| 4.29% | |
| 4.28% | |
| 4.26% | |
| 4.27% | |
| 4.26% | |
| 4.26% | |
| 4.29% | |
| 4.30% | |
| 4.33% | |
| 4.32% | |
| 4.33% | |
| 4.30% | |
| 4.26% | |
| 4.26% | |
| 4.24% | |
| 4.23% | |
| 4.24% | |
| 4.19% |
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, 4-month term, through 27 October 2026. Compiled by 500metrics, "What has the 4-month Treasury yield been over time?", https://500metrics.com/treasury/yield-curve/4-month.
Can the data be downloaded?treasury-yield-curve-4-month.csv
Download the full history as CSV: 48 rows, to , 778 bytes.
Our text and compilation: CC BY 4.0.
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