Observations

Jan 2026: -0.01

Updated: Feb 2, 2026 4:03 PM CST

Units:

Percent,

Not Seasonally Adjusted

Frequency:

Monthly

Notes

Title	Release Dates

3-Month Commercial Paper Minus Federal Funds Rate	2014-05-16	2026-02-02

Source

Federal Reserve Bank of St. Louis	2014-05-16	2026-02-02

Release

Interest Rate Spreads	2014-05-16	2026-02-02

Units

Percent	2014-05-16	2026-02-02

Frequency

Monthly	2014-05-16	2026-02-02

Seasonal Adjustment

Not Seasonally Adjusted	2014-05-16	2026-02-02

Notes

Series is calculated as the spread between 3-Month AA Financial Commercial Paper (https://fred.stlouisfed.org/series/CPF3M) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/FEDFUNDS).	2014-05-16	2019-06-20
Series is calculated as the spread between 3-Month AA Financial Commercial Paper (RIFSPPFAAD90NBM) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFRM). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).	2019-06-21	2026-02-02

3-Month Commercial Paper Minus Federal Funds Rate (CPFFM)