Rates & credit — Macro series (FRED)

Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity, Quoted on an Investment Basis

DGS3MO ↗ Daily

The front end of the curve and the de facto risk-free rate that anchors money-market yields, T-bill pricing, and short-term funding costs.

3.95

Percent · 2026-07-23

1M +0.1 1Y -0.46

Banks (JPM, BAC)Money market fundsTreasury/cash management

Recent observations (5014 stored)

Date	Value
2026-07-23	3.95
2026-07-22	3.89
2026-07-21	3.87
2026-07-20	3.86
2026-07-17	3.85
2026-07-16	3.84
2026-07-15	3.83
2026-07-14	3.84
2026-07-13	3.89
2026-07-10	3.85
2026-07-09	3.83
2026-07-08	3.87

Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity, Quoted on an Investment Basis

DGS2 ↗ Daily

The 2Y is the most Fed-policy-sensitive Treasury, encoding near-term rate-hike/cut expectations that drive bank net interest margins and floating-rate repricing.

4.37

Percent · 2026-07-23

1M +0.21 1Y +0.49

BanksAuto lendersInsurers

Recent observations (5014 stored)

Date	Value
2026-07-23	4.37
2026-07-22	4.31
2026-07-21	4.26
2026-07-20	4.21
2026-07-17	4.18
2026-07-16	4.16
2026-07-15	4.13
2026-07-14	4.18
2026-07-13	4.26
2026-07-10	4.21
2026-07-09	4.16
2026-07-08	4.21

Market Yield on U.S. Treasury Securities at 5-Year Constant Maturity, Quoted on an Investment Basis

DGS5 ↗ Daily

The belly of the curve benchmarks medium-term corporate and consumer lending and is a key duration point for bond portfolios.

4.46

Percent · 2026-07-23

1M +0.19 1Y +0.52

BanksInsurersAsset managers

Recent observations (5014 stored)

Date	Value
2026-07-23	4.46
2026-07-22	4.41
2026-07-21	4.37
2026-07-20	4.33
2026-07-17	4.28
2026-07-16	4.28
2026-07-15	4.26
2026-07-14	4.31
2026-07-13	4.37
2026-07-10	4.3
2026-07-09	4.27
2026-07-08	4.31

Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity, Quoted on an Investment Basis

DGS30 ↗ Daily

The long bond anchors pension and life-insurer liability discounting and signals secular growth/inflation expectations at the curve's far end.

5.17

Percent · 2026-07-23

1M +0.23 1Y +0.22

Life insurers (MET, PRU)Pension fundsLong-duration REITs

Recent observations (5014 stored)

Date	Value
2026-07-23	5.17
2026-07-22	5.15
2026-07-21	5.13
2026-07-20	5.11
2026-07-17	5.06
2026-07-16	5.09
2026-07-15	5.08
2026-07-14	5.08
2026-07-13	5.1
2026-07-10	5.06
2026-07-09	5.05
2026-07-08	5.06

10-Year Treasury Constant Maturity Minus 3-Month Treasury Constant Maturity

T10Y3M ↗ Daily

The Fed-favored recession-signal spread; its inversion is the academically strongest leading indicator of downturns and credit stress.

0.73

Percent · 2026-07-24

1M +0.17 1Y +0.72

BanksCyclicalsMacro/credit allocation

Recent observations (5015 stored)

Date	Value
2026-07-24	0.73
2026-07-23	0.76
2026-07-22	0.78
2026-07-21	0.76
2026-07-20	0.74
2026-07-17	0.7
2026-07-16	0.73
2026-07-15	0.72
2026-07-14	0.74
2026-07-13	0.73
2026-07-10	0.71
2026-07-09	0.71

10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

T10Y2YM ↗ Monthly

A smoothed monthly version of the 10Y-2Y slope, useful for trend charts and aligning curve signals with monthly macro and earnings data.

0.36

Percent · 2026-06-01

1M -0.12 1Y -0.13

BanksMacro strategyCredit

Recent observations (240 stored)

Date	Value
2026-06-01	0.36
2026-05-01	0.48
2026-04-01	0.52
2026-03-01	0.54
2026-02-01	0.66
2026-01-01	0.67
2025-12-01	0.64
2025-11-01	0.54
2025-10-01	0.54
2025-09-01	0.55
2025-08-01	0.56
2025-07-01	0.51

30-Year Fixed Rate Mortgage Average in the United States

MORTGAGE30US ↗ Weekly, Ending Thursday

The headline consumer borrowing rate that drives housing affordability, mortgage origination volumes, and refinancing waves.

6.58

Percent · 2026-07-23

1M +0.11 1Y -0.17

Homebuilders (DHI, LEN, PHM)Mortgage REITs (NLY)BanksBuilding products

Recent observations (1046 stored)

Date	Value
2026-07-23	6.58
2026-07-16	6.55
2026-07-09	6.49
2026-07-02	6.43
2026-06-25	6.49
2026-06-18	6.47
2026-06-11	6.52
2026-06-04	6.48
2026-05-28	6.53
2026-05-21	6.51
2026-05-14	6.36
2026-05-07	6.37

15-Year Fixed Rate Mortgage Average in the United States

MORTGAGE15US ↗ Weekly, Ending Thursday

The shorter-tenor mortgage rate informs refinancing economics and the spread between consumer mortgage products.

5.96

Percent · 2026-07-23

1M +0.15 1Y +0.04

Mortgage lendersBanksHomebuilders

Recent observations (1046 stored)

Date	Value
2026-07-23	5.96
2026-07-16	5.93
2026-07-09	5.82
2026-07-02	5.79
2026-06-25	5.84
2026-06-18	5.81
2026-06-11	5.84
2026-06-04	5.79
2026-05-28	5.87
2026-05-21	5.85
2026-05-14	5.71
2026-05-07	5.72

Secured Overnight Financing Rate

SOFR ↗ Daily

The post-LIBOR benchmark for trillions in floating-rate loans, derivatives, and corporate debt, reflecting overnight repo funding conditions.

3.64

Percent · 2026-07-23

1M +0.02 1Y -0.64

BanksLeveraged-loan issuersDerivatives desks

Recent observations (2074 stored)

Date	Value
2026-07-23	3.64
2026-07-22	3.62
2026-07-21	3.61
2026-07-20	3.57
2026-07-17	3.59
2026-07-16	3.62
2026-07-15	3.64
2026-07-14	3.63
2026-07-13	3.6
2026-07-10	3.55
2026-07-09	3.53
2026-07-08	3.58

Effective Federal Funds Rate

EFFR ↗ Daily

The realized overnight interbank rate the Fed targets; the base from which nearly all U.S. short-term funding costs cascade.

3.63

Percent · 2026-07-23

1M 0 1Y -0.7

BanksMoney marketsAll rate-sensitive sectors

Recent observations (5033 stored)

Date	Value
2026-07-23	3.63
2026-07-22	3.63
2026-07-21	3.63
2026-07-20	3.63
2026-07-17	3.63
2026-07-16	3.63
2026-07-15	3.63
2026-07-14	3.63
2026-07-13	3.62
2026-07-10	3.62
2026-07-09	3.62
2026-07-08	3.62

Bank Prime Loan Rate

DPRIME ↗ Daily

The benchmark banks use to price credit cards, HELOCs, and small-business loans, directly setting consumer and SME borrowing costs.

6.75

Percent · 2026-07-22

1M 0 1Y -0.75

Card issuers (COF, DFS)Regional banksSmall-business lenders

Recent observations (5059 stored)

Date	Value
2026-07-22	6.75
2026-07-21	6.75
2026-07-20	6.75
2026-07-17	6.75
2026-07-16	6.75
2026-07-15	6.75
2026-07-14	6.75
2026-07-13	6.75
2026-07-10	6.75
2026-07-09	6.75
2026-07-08	6.75
2026-07-07	6.75

Moody's Seasoned Aaa Corporate Bond Yield

DAAA ↗ Daily

The yield on the highest-quality corporate debt, a benchmark for blue-chip borrowing costs and a long-history gauge of investment-grade conditions.

5.86

Percent · 2026-07-23

1M +0.32 1Y +0.39

Investment-grade issuersInsurersCorporate treasurers

Recent observations (5014 stored)

Date	Value
2026-07-23	5.86
2026-07-22	5.83
2026-07-21	5.8
2026-07-20	5.78
2026-07-17	5.72
2026-07-16	5.73
2026-07-15	5.72
2026-07-14	5.76
2026-07-13	5.76
2026-07-10	5.72
2026-07-09	5.68
2026-07-08	5.69

Moody's Seasoned Baa Corporate Bond Yield

DBAA ↗ Daily

The yield on lower-tier investment-grade debt; its gap over Aaa/Treasuries is a classic credit-risk and recession barometer.

6.29

Percent · 2026-07-23

1M +0.28 1Y +0.18

Lower-IG issuersCredit fundsCyclical corporates

Recent observations (5014 stored)

Date	Value
2026-07-23	6.29
2026-07-22	6.25
2026-07-21	6.23
2026-07-20	6.21
2026-07-17	6.14
2026-07-16	6.16
2026-07-15	6.15
2026-07-14	6.18
2026-07-13	6.18
2026-07-10	6.14
2026-07-09	6.1
2026-07-08	6.12

Moody's Seasoned Baa Corporate Bond Yield Relative to Yield on 10-Year Treasury Constant Maturity

BAA10Y ↗ Daily

A clean credit-risk-premium spread isolating corporate default/illiquidity compensation from the risk-free rate.

1.58

Percent · 2026-07-23

1M +0.07 1Y -0.13

Credit investorsHigh-leverage corporatesBanks

Recent observations (5009 stored)

Date	Value
2026-07-23	1.58
2026-07-22	1.58
2026-07-21	1.6
2026-07-20	1.61
2026-07-17	1.59
2026-07-16	1.59
2026-07-15	1.6
2026-07-14	1.6
2026-07-13	1.56
2026-07-10	1.58
2026-07-09	1.56
2026-07-08	1.56

ICE BofA US Corporate Index Option-Adjusted Spread

BAMLC0A0CM ↗ Daily, Close

The investment-grade OAS measures the credit premium on the broad IG market, a key input to corporate borrowing costs and credit allocation.

0.79

Percent · 2026-07-23

1M +0.05 1Y 0

Investment-grade issuersInsurersPension fundsAsset managers

Recent observations (801 stored)

Date	Value
2026-07-23	0.79
2026-07-22	0.78
2026-07-21	0.78
2026-07-20	0.78
2026-07-17	0.79
2026-07-16	0.78
2026-07-15	0.79
2026-07-14	0.79
2026-07-13	0.78
2026-07-10	0.77
2026-07-09	0.76
2026-07-08	0.76

ICE BofA CCC & Lower US High Yield Index Option-Adjusted Spread

BAMLH0A3HYC ↗ Daily, Close

The riskiest corner of credit; CCC spreads blow out first under stress and lead the default cycle, making this an early-warning distress signal.

9.91

Percent · 2026-07-23

1M +0.35 1Y +1.57

Distressed creditLeveraged loansRestructuringBDCs

Recent observations (802 stored)

Date	Value
2026-07-23	9.91
2026-07-22	9.81
2026-07-21	9.78
2026-07-20	9.77
2026-07-17	9.75
2026-07-16	9.7
2026-07-15	9.69
2026-07-14	9.73
2026-07-13	9.72
2026-07-10	9.7
2026-07-09	9.74
2026-07-08	9.75

ICE BofA AAA US Corporate Index Option-Adjusted Spread

BAMLC0A1CAAA ↗ Daily, Close

The tightest-quality IG spread isolates the credit premium on top-rated corporates versus broader IG, refining credit-quality differentiation.

0.43

Percent · 2026-07-23

1M +0.07 1Y +0.12

Top-rated corporatesInsurersLiability-driven investors

Recent observations (802 stored)

Date	Value
2026-07-23	0.43
2026-07-22	0.41
2026-07-21	0.41
2026-07-20	0.41
2026-07-17	0.41
2026-07-16	0.4
2026-07-15	0.41
2026-07-14	0.42
2026-07-13	0.41
2026-07-10	0.4
2026-07-09	0.39
2026-07-08	0.38

TED Spread (DISCONTINUED)

TEDRATE ↗ Daily

The classic bank-funding-stress gauge; spikes flag interbank credit fear (note: discontinued post-LIBOR but historically definitive for crisis analysis).

0.09

Percent · 2022-01-21

1M -0.04

BanksMoney marketsSystemic-risk monitoring

Recent observations (3815 stored)

Date	Value
2022-01-21	0.09
2022-01-20	0.08
2022-01-19	0.09
2022-01-18	0.08
2022-01-14	0.11
2022-01-13	0.12
2022-01-12	0.12
2022-01-11	0.12
2022-01-10	0.11
2022-01-07	0.14
2022-01-06	0.13
2022-01-05	0.14

Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis, Inflation-Indexed

DFII10 ↗ Daily

The 10Y real (TIPS) yield is the true cost of capital and the dominant driver of gold, growth-equity, and long-duration asset valuations.

2.43

Percent · 2026-07-23

1M +0.14 1Y +0.4

Gold (GLD)Growth techREITsLong-duration assets

Recent observations (5014 stored)

Date	Value
2026-07-23	2.43
2026-07-22	2.39
2026-07-21	2.37
2026-07-20	2.35
2026-07-17	2.31
2026-07-16	2.35
2026-07-15	2.32
2026-07-14	2.33
2026-07-13	2.36
2026-07-10	2.32
2026-07-09	2.31
2026-07-08	2.31

Market Yield on U.S. Treasury Securities at 1-Year Constant Maturity, Quoted on an Investment Basis

DGS1 ↗ Daily

The 1Y bridges bills and notes, benchmarking short-duration corporate paper and reflecting the cumulative near-term Fed path.

4.15

Percent · 2026-07-23

1M +0.14 1Y +0.07

BanksCash/short-duration fundsFloating-rate borrowers

Recent observations (5014 stored)

Date	Value
2026-07-23	4.15
2026-07-22	4.11
2026-07-21	4.08
2026-07-20	4.03
2026-07-17	4.01
2026-07-16	3.99
2026-07-15	3.97
2026-07-14	4.02
2026-07-13	4.12
2026-07-10	4.06
2026-07-09	4.02
2026-07-08	4.06