3-Month Treasury par yield
4.18%
unchanged vs Oct 28, 2026
Observation date:
- 1 week ago
- 4.22%down 4 basis points Oct 22, 2026
- 1 month ago
- 4.25%down 7 basis points Sep 29, 2026
- 1 year ago
- 3.93%up 25 basis points Oct 29, 2025
- 52-week high
- 4.28%Sep 28, 2026
- 52-week low
- 3.62%Dec 18, 2025
3-Month Treasury bill rate history
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| Month | Last observation | Yield | Change |
|---|---|---|---|
| Oct 2026 | 4.18% | −2 bp | |
| Sep 2026 | 4.20% | +29 bp | |
| Aug 2026 | 3.91% | +8 bp | |
| Jul 2026 | 3.83% | −4 bp | |
| Jun 2026 | 3.87% | +18 bp | |
| May 2026 | 3.69% | +1 bp | |
| Apr 2026 | 3.68% | −2 bp | |
| Mar 2026 | 3.70% | +3 bp | |
| Feb 2026 | 3.67% | 0 bp | |
| Jan 2026 | 3.67% | 0 bp | |
| Dec 2025 | 3.67% | −21 bp | |
| Nov 2025 | 3.88% | −1 bp |
| Year | Year end | Average | High | Low |
|---|---|---|---|---|
| 2026 (to date) | 4.18% | 3.83% | 4.28% | 3.62% |
| 2025 | 3.67% | 4.21% | 4.46% | 3.62% |
| 2024 | 4.37% | 5.18% | 5.52% | 4.31% |
| 2023 | 5.40% | 5.28% | 5.63% | 4.52% |
| 2022 | 4.42% | 2.09% | 4.46% | 0.08% |
| 2021 | 0.06% | 0.04% | 0.09% | 0.01% |
| 2020 | 0.09% | 0.36% | 1.59% | 0.00% |
| 2019 | 1.55% | 2.11% | 2.49% | 1.52% |
| 2018 | 2.45% | 1.97% | 2.45% | 1.39% |
| 2017 | 1.39% | 0.95% | 1.47% | 0.50% |
Month-end and year-end values are the last Treasury observation in each period. Averages are simple averages of daily observations; the current year is partial.
Source: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates. Latest observation: . Last checked: Oct 29, 2026 6:09 pm ET. How we use this data.
What the 3-month Treasury rate represents
The 3-month rate is the annual return on lending to the U.S. government for about three months. Treasury bills of this term, called 13-week bills, are among the most widely held short-term investments in the world and a standard benchmark for “cash” returns.
The figure above is the Treasury’s 3-month par yield curve rate, expressed on a bond-equivalent (investment) basis and calculated from end-of-day market prices. It is a market reading for a constant three-month maturity, not the result of a particular auction.
Three different 3-month numbers. You may see three figures for “the” 3-month T-bill: the par yield curve rate shown here; the discount rate (bank discount yield) from each weekly auction, which is calculated on face value and a 360-day year; and the auction’s investment rate, which is calculated on the price paid and a 365- or 366-day year. The discount rate is always the lowest of the three for the same bill. Our Treasury Bill Calculator shows both auction-style rates side by side for any price.
What moves the 3-month rate
- The federal funds rate. Three-month bills are close substitutes for other overnight and short-term money-market investments, so their yield stays near the Federal Reserve’s policy rate and moves quickly with expected changes over the next few months.
- Bill supply. The Treasury adjusts how many bills it sells as its cash needs change. Large increases in supply can lift bill yields slightly; shortages can push them down.
- Demand for safety and liquidity. Money market funds, banks and companies hold bills as near-cash. In stressful periods demand can rise sharply.
- Debt-limit episodes. When there is uncertainty about the federal debt limit, yields on bills that mature around the expected deadline have sometimes moved unusually. Those moves are specific to particular bills and can show up in short-term rates.
The 3-month rate and the yield curve
Because it is the shortest of the widely followed benchmarks, the 3-month rate anchors the front of the yield curve. The difference between the 10-year yield and the 3-month rate is a popular measure of the curve’s overall slope. When the 3-month rate is above the 10-year, the curve is inverted between those points. Chart this spread with the Treasury Spread Calculator.
T-bills compared with savings accounts and money market funds
Savers often compare 3-month bills with high-yield savings accounts, money market funds and short CDs. Important differences:
- Rate certainty. A bill’s return is fixed once you buy it and hold it to maturity; savings account rates can change at any time.
- Taxes. T-bill interest is subject to federal income tax but exempt from state and local income tax. Bank interest is generally taxable at all levels.
- Access to money. Savings accounts allow withdrawals at any time. Bills pay out at maturity; selling before maturity through a broker means accepting the market price that day.
- Backing. Treasury bills are obligations of the U.S. government. Bank deposits are protected by FDIC insurance up to its limits.
Read more in How Treasury Rates Differ from Savings Account Rates.
13-week bills in brief
The Treasury auctions 13-week bills every week. Bills pay no coupon: you buy them for less than face value and receive the full face value at maturity, and the difference is your interest. The minimum purchase at TreasuryDirect is $100. See How Treasury Bill Maturity Works and How Treasury Bill Yield Is Calculated.
Related tools
- Treasury Bill Calculator: discount, dollar return, discount rate and investment rate.
- All Treasury maturities today
- Historical rates back to 1990
Sources
- U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates.
- TreasuryDirect, Treasury Bills.
- Our data sources and methodology.
Frequently asked questions
Why doesn’t this rate match the latest 13-week auction result?
Auctions happen once a week and report a discount rate and an investment rate for the specific bill sold. The rate shown here is an end-of-day market reading for a constant three-month maturity, published every business day. They measure related but different things.
Is the 3-month T-bill rate the same as the federal funds rate?
No, but they are usually close. The federal funds rate is an overnight bank lending rate targeted by the Federal Reserve. The 3-month bill rate reflects where markets expect short-term rates to be over the next three months.
How do I earn interest on a T-bill if it pays no coupon?
You pay less than the bill’s face value and receive the full face value at maturity. If you pay $9,900 for a $10,000 bill, the $100 difference is your interest.
Are T-bills risk-free?
They are backed by the U.S. government and are generally considered to have very low credit risk. If you sell before maturity, the price could be lower than you expect if rates have risen, and inflation reduces the real value of the return.
How often does this page update?
After the Treasury publishes new rates on each business day. We show the observation date and flag the data if an expected update is late.