How each Federal Reserve decision since September 2025 lines up with Treasury bill auction rates and the FDIC's national average CD and savings rates, month by month. Every figure comes from the Fed, TreasuryDirect or the FDIC; nothing here is a forecast.
Month by month
| Month | Fed target range, month end | 13-week bill, avg. at auction | 12-month CD, FDIC national | Savings, FDIC national |
|---|---|---|---|---|
| Oct 2025 | 3-3/4 to 4% | 3.86% (2 auctions) | 1.68% | 0.40% |
| Nov 2025 | 3-3/4 to 4% | 3.87% (4 auctions) | 1.64% | 0.40% |
| Dec 2025 | 3-1/2 to 3-3/4% | 3.70% (5 auctions) | 1.63% | 0.39% |
| Jan 2026 | 3-1/2 to 3-3/4% | 3.65% (4 auctions) | 1.61% | 0.39% |
| Feb 2026 | 3-1/2 to 3-3/4% | 3.68% (4 auctions) | 1.55% | 0.39% |
| Mar 2026 | 3-1/2 to 3-3/4% | 3.70% (5 auctions) | 1.52% | 0.39% |
| Apr 2026 | 3-1/2 to 3-3/4% | 3.70% (4 auctions) | 1.53% | 0.38% |
| May 2026 | 3-1/2 to 3-3/4% | 3.69% (4 auctions) | 1.55% | 0.38% |
| Jun 2026 | 3-1/2 to 3-3/4% | 3.75% (5 auctions) | 1.65% | 0.38% |
| Jul 2026 | 3-1/2 to 3-3/4% | 3.85% (4 auctions) | 1.68% | 0.38% |
| Aug 2026 | 3-1/2 to 3-3/4% | 3.83% (5 auctions) | 1.71% | 0.38% |
| Sep 2026 | 3-3/4 to 4% | 4.07% (4 auctions) | 1.73% | 0.37% |
| Oct 2026 | 3-3/4 to 4% | 4.17% (4 auctions) | 1.76% | 0.38% |
| Nov 2026 | 3-3/4 to 4% | 4.15% (2 auctions) | Next release Nov 16 | Next release Nov 16 |
Fed target range from FOMC statements. 13-week bill: average high investment rate of that month's auctions (TreasuryDirect results). FDIC national rates are from the monthly release dated in that month. November 2026 runs through Nov 11, 2026.
What the numbers show
- T-bills moved with the Fed. After three 1/4-point cuts in late 2025, the 13-week bill averaged 3.87% in November 2025 and 3.65% in January 2026. After the Sep 16, 2026 increase, it went from 3.83% in August to 4.17% in October.
- National CD averages moved less. The FDIC national 12-month CD was 1.64% in the November 2025 release and 1.61% in January 2026; it was 1.71% in August 2026 and 1.76% in October.
- Savings held near flat. The national savings average was 0.40% in the November 2025 release and 0.38% in October 2026. Individual banks can pay far more or less than the average.
Why they move at different speeds
Treasury sets bill rates at auction every week, so a new bill reflects the market on its auction day. The FDIC's national rate is an average of rates paid by insured banks and credit unions, weighted by deposits, so it changes slowly even when some banks change their rates quickly. A CD rate is fixed for its term once opened; a savings rate can change at any time. Compare the three today on T-bill vs CD vs savings.
Fed decisions since September 2025
| Meeting | Decision | Target range after | Source |
|---|---|---|---|
| Sep 16–17, 2025 | Lowered 1/4 point | 4 to 4-1/4% | Statement |
| Oct 28–29, 2025 | Lowered 1/4 point | 3-3/4 to 4% | Statement |
| Dec 9–10, 2025 | Lowered 1/4 point | 3-1/2 to 3-3/4% | Statement |
| Jan 27–28, 2026 | Held | 3-1/2 to 3-3/4% | Statement |
| Mar 17–18, 2026 | Held | 3-1/2 to 3-3/4% | Statement |
| Apr 28–29, 2026 | Held | 3-1/2 to 3-3/4% | Statement |
| Jun 16–17, 2026 | Held | 3-1/2 to 3-3/4% | Statement |
| Jul 28–29, 2026 | Held | 3-1/2 to 3-3/4% | Statement |
| Sep 15–16, 2026 | Raised 1/4 point | 3-3/4 to 4% | Statement |
| Oct 27–28, 2026 | Held | 3-3/4 to 4% | Statement |
Upcoming meetings are on the Fed meeting calendar; the next decision is Dec 9, 2026.
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Frequently asked questions
Do CD rates change when the Fed changes rates?
Banks set their own CD rates, and the FDIC national average moves slowly because it averages rates across thousands of institutions. After the Fed's Sep 16, 2026 increase, the national 12-month CD average was 1.71% in the August release and 1.76% in the October release.
Do T-bill rates follow the Fed?
T-bill rates are set at auction every week, so they tend to reflect Fed decisions quickly. The 13-week bill averaged 3.83% at auction in August 2026 and 4.17% in October 2026, after the Sep 16 increase.
What is the federal funds target range?
It is the range the Federal Open Market Committee sets for the federal funds rate, the rate at which banks lend reserves to each other overnight. It was 3-3/4 to 4 percent after the Oct 28, 2026 meeting.
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