Federal Funds Effective Rate
Federal Funds Effective Rate 6% 5% 4% 3% 2% 1% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 0.00 1.00 2.00 3.00 4.00 5.00 6.00
Q4 Q1
Q2
Q3
Q4
Q1 Q2 Q3
Q4 Q1 Q2
2020
2021
2022
2023
2019
Source: Board of Governors of the Federal Reserve System (US)
10-Year Treasury Constant Maturity Minus 3-Month Treasury Yields
10-Year Treasury Constant Maturity Minus 3-Month Treasury Constant Maturity
2.5% 2.0% 1.5% 1.0% .5% 0% -.5% -1.0% -1.5% -2.0%
2.50
2.00
1.50
1.00
0.50
0.00
-0.50
-1.00
-1.50
-2.00
Q1 Q2 Q3 Q4 Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2022
2023
2019
2020
2021
This chart represents the 10-year Treasury yields (interest rates) minus the 3-month Treasury yields. Source: Federal Reserve Bank of St. Louis
15 ARG Quarterly Barometer Q3 2023
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