3-Month Commercial Paper Minus Federal Funds Rate (CPFF)
3-Month Commercial Paper Minus Federal Funds Rate — Historical Chart
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3-Month Commercial Paper Minus Federal Funds Rate (FRED series CPFF) is a daily economic indicator measured in percent. The series is published through FRED, the Federal Reserve Bank of St. Louis economic database, with history going back to 1997.
Why it matters: 3-Month Commercial Paper Minus Federal Funds Rate is one of the indicators traders, economists, and policymakers watch within the economic complex. Analysts use it to track conditions in the US economy and to anticipate shifts in growth, inflation, and policy.
How to read it: focus on the direction and persistence of changes rather than any single daily print. Comparing the latest value against its level a year ago, and against its long-run range since 1997, gives a better sense of whether the series is signaling acceleration, deceleration, or a turning point.
About This Series
Series is calculated as the spread between 3-Month AA Financial Commercial Paper (RIFSPPFAAD90NB) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/DFF). 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).
Recent Data
| Date | Value (%) | Change |
|---|---|---|
| June 8, 2026 | 0.03% | -0.09 |
| June 5, 2026 | 0.12% | +0.01 |
| June 4, 2026 | 0.11% | +0.01 |
| June 3, 2026 | 0.10% | +0.02 |
| June 2, 2026 | 0.08% | +0 |
| June 1, 2026 | 0.08% | -0.04 |
| May 27, 2026 | 0.12% | -0.01 |
| May 22, 2026 | 0.13% | +0.06 |
| May 21, 2026 | 0.07% | -0.02 |
| May 13, 2026 | 0.09% | +0.05 |
| May 7, 2026 | 0.04% | -0.01 |
| May 6, 2026 | 0.05% | -0.04 |
Frequently Asked Questions
What is 3-Month Commercial Paper Minus Federal Funds Rate today?
The latest value of 3-Month Commercial Paper Minus Federal Funds Rate (CPFF) is shown at the top of this page, along with its observation date and the change from the prior reading. Data is sourced from FRED and refreshed regularly.
How often is 3-Month Commercial Paper Minus Federal Funds Rate updated?
3-Month Commercial Paper Minus Federal Funds Rate is reported daily (Daily). New observations appear on FRED shortly after the source agency releases them, and this page updates daily.
What does a rising 3-Month Commercial Paper Minus Federal Funds Rate mean?
A sustained rise in 3-Month Commercial Paper Minus Federal Funds Rate signals strengthening readings in this economic measure, in percent. Whether that is positive or negative for markets depends on context — compare the move against the series’ trend and related indicators in the same category.
Where does the CPFF data come from?
The data comes from FRED® (Federal Reserve Economic Data), maintained by the Federal Reserve Bank of St. Louis, under series ID CPFF. History is available back to 1997.
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Data sourced from FRED®, Federal Reserve Bank of St. Louis: 3-Month Commercial Paper Minus Federal Funds Rate (CPFF). Retrieved from fred.stlouisfed.org. Last updated June 9, 2026.