Treasury Rate - 3 Months
Returns the 3-month constant maturity Treasury rate from FRED. This is the most liquid short-term rate.
Data Source
Data is sourced from the Federal Reserve H.15 release via FRED, updated daily.
Notes
- Closest to Fed Funds rate
- Money market benchmark
- Used for short-term cash investments
Syntax
=TreasuryRate3m()Returns
number
3-month Treasury rate as percentage
Examples
3-month T-bill rate
Yield curve slope (most common)
When to Use
- Short-term risk-free rate
- Money market analysis
- Yield curve calculations
- Cash equivalent returns
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Long-term rate | TreasuryRate10y() |
| 1-year rate | TreasuryRate1y() |
| Medium-term | TreasuryRate5y() |
Common Issues & FAQ
How does this relate to Fed Funds?
3-month T-bill closely tracks the Fed Funds rate but may differ slightly.
Is this for T-bills or notes?
It's the constant maturity rate, interpolated from the Treasury yield curve.
Related Formulas
More MarketXLS Economic Data formulas you can use in the same worksheet:
- U.S - Euro Foreign Exchange Rate
- U.S - UK Foreign Exchange Rate
- U.S Dollar Index
- Unemployment Rate
- Vehicle Sales - Light Weight
- Wilshire 5000 Total Market Index
- Average Hourly Earnings - Private
- Average Weekly Hours of Production
See TreasuryRate3m used in a complete workbook: Portfolio Optimization Excel: Run a Solver Max-Sharpe Optimizer with Concentration Controls in 2026
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