Macro: Interest Rates
kaya-macrointerestSourcessource1 crInputs
| Name | Type | Description |
|---|---|---|
| Symbol | macrointerest | Macroeconomic Interest Rates metrics. |
| Window | publishwindow | Publication cadence of the selected Macro Interest Rates series. Pinned by the symbol — each metric is published on exactly one schedule. |
Outputs
| Name | Type | Description |
|---|---|---|
| Value | floatarray | Value of selected metric |
U.S. interest-rate series — the full Treasury constant-maturity ladder, curve spreads, and the policy rate — for reading liquidity conditions and discount rates.
Overview
This data source exposes fourteen time series, primarily from the St. Louis Fed FRED database:
- FEDFUNDS — Effective Federal Funds Rate, monthly average (policy anchor)
- DFF — Effective Federal Funds Rate, daily (same underlying rate as FEDFUNDS, unaveraged)
- DGS1MO, DGS3MO, DGS6MO, DGS1, DGS2, DGS5, DGS7, DGS10, DGS20, DGS30 — Treasury constant-maturity yield ladder, 1 month to 30 years
- T10Y2Y — 10-Year minus 2-Year Treasury Yield Spread (yield-curve slope)
- T10Y3M — 10-Year minus 3-Month Treasury Yield Spread (an alternate curve-slope read some researchers favor over T10Y2Y for recession timing)
Why this matters: interest rates are the “price of money.” They transmit monetary policy into the real economy and into asset prices via discount rates, growth expectations, and risk premia. For traders, these series help gauge liquidity conditions, recession probability, and expected paths for earnings and multiples—key drivers of both stocks and crypto (which tend to be highly sensitive to global USD liquidity and discount rates). The full maturity ladder (1 month through 30 years) lets you read the entire curve shape, not just one or two points on it.
- Update cadence: all series daily except FEDFUNDS (monthly). Historical coverage spans decades.
- Units: Percent (annualized). Series are unadjusted unless noted.
- Source: Federal Reserve Economic Data (FRED) maintained by the St. Louis Fed.
- FRED attribution: This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
Quick links:
- FEDFUNDS: https://fred.stlouisfed.org/series/FEDFUNDS
- DGS10: https://fred.stlouisfed.org/series/DGS10
- T10Y2Y: https://fred.stlouisfed.org/series/T10Y2Y
- T10Y3M: https://fred.stlouisfed.org/series/T10Y3M
- DFF: https://fred.stlouisfed.org/series/DFF
- FOMC policy statements: https://www.federalreserve.gov/monetarypolicy.htm
- Fed SEP (dot plot): https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Key Metrics Summary
| Series | Description | Frequency | Units | Notes |
|---|---|---|---|---|
| FEDFUNDS | Effective Federal Funds Rate | Monthly | % | Actual overnight median from FR 2420; tracks within the FOMC target range via IOER/ON RRP operations |
| DFF | Effective Federal Funds Rate | Daily | % | Same underlying rate as FEDFUNDS, published daily instead of as a monthly average — use this for a same-day read |
| DGS1MO | 1-Month Treasury Constant Maturity Rate | Daily | % | Short end of the curve; tracks money-market conditions and debt-ceiling stress |
| DGS3MO | 3-Month Treasury Constant Maturity Rate | Daily | % | Classic "risk-free rate" reference for short-duration pricing |
| DGS6MO | 6-Month Treasury Constant Maturity Rate | Daily | % | |
| DGS1 | 1-Year Treasury Constant Maturity Rate | Daily | % | |
| DGS2 | 2-Year Treasury Constant Maturity Rate | Daily | % | Most policy-sensitive point on the curve; the short leg of T10Y2Y |
| DGS5 | 5-Year Treasury Constant Maturity Rate | Daily | % | |
| DGS7 | 7-Year Treasury Constant Maturity Rate | Daily | % | |
| DGS10 | 10-Year Treasury Constant Maturity Rate | Daily | % | Long-duration benchmark; embeds growth, inflation expectations, and term premium |
| DGS20 | 20-Year Treasury Constant Maturity Rate | Daily | % | |
| DGS30 | 30-Year Treasury Constant Maturity Rate | Daily | % | Long end of the curve; sensitive to long-run growth/inflation and debt-supply expectations |
| T10Y2Y | 10-Year minus 2-Year Yield | Daily | % | Curve slope; inversion is a widely watched recession indicator |
| T10Y3M | 10-Year minus 3-Month Yield | Daily | % | Alternate curve-slope read; New York Fed's recession-probability model uses this pairing specifically. Calculated by the Federal Reserve Bank of St. Louis (same citation class as T10Y2Y), not sourced from a separate underlying release |
Note: Always verify the latest values on FRED before making decisions.
References and Further Reading
- FRED Series: Treasury ladder DGS1MO–DGS30, spreads T10Y2Y and T10Y3M, policy rates FEDFUNDS and DFF
- Fed Monetary Policy: https://www.federalreserve.gov/monetarypolicy.htm
- New York Fed Term Premium: https://www.newyorkfed.org/research/data_indicators/term-premia-treasury
- FOMC Calendars/SEP: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
- Yield Curve and Recession Studies (Federal Reserve resources): https://www.federalreserve.gov/econres/notes/feds-notes/