A monthly, dated index of official Treasury and federal funds rates: the latest readings, then 2026 monthly averages. Figures are from the U.S. Treasury daily par yield curve, TreasuryDirect auction results, and the Federal Reserve's federal funds series as published by FRED. Checked Nov 13, 2026.
Latest official readings
| Series | Rate | As of | Source |
|---|---|---|---|
| Federal funds target range | 3.75% to 4.00% | Held Oct 28, 2026; target still in effect Nov 12 | FRED DFEDTARL / DFEDTARU |
| Effective federal funds rate | 3.88% | Daily rate, Nov 11, 2026 (Nov 12 not yet posted) | FRED DFF |
| 4-week T-bill (auction) | 4.022% | High investment rate, auctioned Nov 12, 2026 | TreasuryDirect results |
| 8-week T-bill (auction) | 4.163% | High investment rate, auctioned Nov 12, 2026 | TreasuryDirect results |
| 13-week T-bill (auction) | 4.159% | High investment rate, auctioned Nov 9, 2026 | TreasuryDirect results |
| 26-week T-bill (auction) | 4.293% | High investment rate, auctioned Nov 9, 2026 | TreasuryDirect results |
| 52-week T-bill (auction) | 4.496% | High investment rate, auctioned Oct 27, 2026 | TreasuryDirect results |
| 3-month Treasury par yield | 4.32% | Daily par yield curve, Nov 12, 2026 | Treasury yield curve |
| 1-year Treasury par yield | 4.65% | Daily par yield curve, Nov 12, 2026 | Treasury yield curve |
| 2-year Treasury par yield | 4.86% | Daily par yield curve, Nov 12, 2026 | Treasury yield curve |
| 2-year note (auction) | 4.708% | High yield, auctioned Oct 26, 2026 | TreasuryDirect results |
| 10-year Treasury par yield | 5.10% | Daily par yield curve, Nov 12, 2026 | Treasury yield curve |
| 10-year note (auction) | 5.020% | High yield, auctioned Nov 10, 2026 | TreasuryDirect results |
Auction yields are the high investment rate (bills) or high yield (notes) from the most recent TreasuryDirect results for that term. Par yields are from the U.S. Treasury daily par yield curve for Nov 12, 2026 (the bond market was closed Nov 11 for Veterans Day). The daily effective federal funds rate is posted through Nov 11, 2026. Retrieved Nov 13, 2026.
2026 monthly averages
Treasury columns are averages of official daily par yields for each calendar month. The federal funds column through October is FRED's FEDFUNDS monthly average of the daily effective rate. November is month-to-date: Treasury yields through Nov 12 (8 trading days) and the daily effective federal funds rate through Nov 11 (11 days, all at 3.88%). FRED had not yet published a November FEDFUNDS monthly average as of Nov 13, 2026.
| Month | Fed funds | 3-month T-bill | 1-year | 2-year | 10-year | Trading days |
|---|---|---|---|---|---|---|
| Jan 2026 | 3.64% | 3.67% | 3.51% | 3.54% | 4.21% | 20 days |
| Feb 2026 | 3.64% | 3.69% | 3.48% | 3.47% | 4.13% | 19 days |
| Mar 2026 | 3.64% | 3.72% | 3.67% | 3.71% | 4.25% | 22 days |
| Apr 2026 | 3.64% | 3.70% | 3.69% | 3.80% | 4.32% | 22 days |
| May 2026 | 3.63% | 3.69% | 3.79% | 4.00% | 4.48% | 20 days |
| Jun 2026 | 3.63% | 3.81% | 3.91% | 4.11% | 4.47% | 21 days |
| Jul 2026 | 3.63% | 3.87% | 4.05% | 4.22% | 4.60% | 22 days |
| Aug 2026 | 3.63% | 3.88% | 4.03% | 4.22% | 4.68% | 21 days |
| Sep 2026 | 3.75% | 4.09% | 4.37% | 4.65% | 4.99% | 21 days |
| Oct 2026 | 3.88% | 4.23% | 4.46% | 4.74% | 5.13% | 21 days |
| Nov 2026 * | 3.88% * | 4.23% * | 4.42% * | 4.61% * | 4.93% * | 8 days / 11 days |
* November is month-to-date, not a completed month. Treasury daily yields: home.treasury.gov Daily Treasury Par Yield Curve Rates, 2026 file, retrieved Nov 13, 2026. Federal funds: FRED FEDFUNDS (completed months) and DFF (November to date).
How to read the two kinds of Treasury yields
The auction high yield is set on auction day for that security, when Treasury awards the issue. The par yield curve is a daily Treasury publication that estimates yields across maturities. On Nov 12, the 10-year par yield was 5.10%, two days after the Nov 10 10-year note auctioned at 5.020%. The 2-year par yield was 4.86%, after the Oct 26 2-year note auctioned at 4.708%. A fuller picture of the curve is on the Treasury yield curve page.
The federal funds target range has been 3-3/4 to 4 percent since the Sep 15–16, 2026 FOMC meeting, and was held at the Oct 27–28 meeting. The next scheduled decision is Dec 9, 2026; dates are on the Fed meeting calendar. National average CD and savings rates, which move more slowly than bill yields, are on CD and savings rates and in the Fed rate vs CD and savings rates month-by-month table. This week's auctions and FDIC figures are also on Rates this week.
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Frequently asked questions
What is the Rate Index?
It is a dated snapshot of official U.S. Treasury and federal funds rates, plus monthly averages of those official series for 2026. It is updated from the same government sources used elsewhere on YieldDocket, including the Friday Docket.
Why are there two 10-year figures?
The 10-year par yield is the U.S. Treasury's daily curve reading. The 10-year auction high yield is the rate set at the most recent 10-year note auction. They move together but are not the same number and are not set on the same day. The same distinction applies to the 2-year note.
What is the source for the federal funds rate?
The target range is the Federal Open Market Committee's range, shown here through FRED series DFEDTARL and DFEDTARU. The daily effective rate is FRED series DFF. The monthly figures in the table through October are FRED's FEDFUNDS monthly average. November's official monthly average had not been published as of Nov 13, 2026.
Does this page include CD and savings rates?
Not in the index table. National average CD and savings rates come from the FDIC and are on the CD and savings rates page, with a month-by-month comparison to Fed decisions on Fed rate vs CD and savings rates.
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