Explore the US Treasury yield curve, historical prices, and the fed funds target rate

This Labor Day weekend we launched a significant update to ustreasuryyieldcurve.com, adding the Federal Funds Target Rate to the US yield curve chart. The FOMC expresses its target of the short term overnight lending rate for banks as a range, currently at 5.25-5.5%. This is the interest rate widely cited in the media whenever the Fed raises or lowers interest rates.

The data is available back to 1982. Prior to October 1982, the Fed targeted M2 money supply growth instead of setting a specific interest rate. The M2 control policy was specifically designed to combat high inflation during the early 1980s recession, and ran from October 1979 to October 1982 under the leadership of Paul Volker. Prior to that, the Fed did control interest rates through open market operations, but did not publicize its interest rate targets as it does today.

This update also introduces a change to the navigation on the yield curve page. When clicking the "Pin current dataset" button, the cursor changes so that the newly added dataset becomes the active yield curve when you change the date. This makes easier chronological ordering of the dates.

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