US 1-month nonfinancial commercial paper interest rate
US 1-month nonfinancial commercial paper interest rate stood at 3.97% on Oct 15, 2026, according to FRED (Federal Reserve Bank of St. Louis). It is one of the indicators in the Market interest rates table (Value · Daily), with a complete series running from Jan 2, 1997 to Oct 15, 2026. The complete series with an interactive chart, free to download.
This indicator in the Market interest rates table
| Indicator | 15-10-2026 | 14-10-2026 | 13-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | 02-10-2026 | 01-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-financial commercial paper interest rate | |||||||||||
| 1-month | 3.97 | 3.96 | 3.96 | 3.96 | 3.95 | 3.94 | 3.95 | 3.95 | 3.92 | 3.94 | |
| 2-month | 4.01 | 4.02 | 4.03 | 4 | 3.99 | 4 | 4 |
Understanding US 1-month nonfinancial commercial paper interest rate
This interest rate represents unsecured borrowing costs through commercial paper issued by non-financial corporations, with a remaining maturity of approximately one month. This instrument serves short-term working capital needs and differs from financial commercial paper in the borrower's operating sector; it also differs from Treasury bill yields in corporate credit risk and market characteristics. The displayed rate is an annualized interest rate, not the actual interest paid over a single month.
When reading the daily series, adjacent days should be cross-referenced to identify immediate changes, alongside comparisons with corresponding maturities of lower-risk instruments to estimate credit and liquidity premiums. A sharp single-session increase may stem from thin trading, period-end cash demand, or changes in the composition of paper recorded, and does not necessarily signal that all borrowing firms face higher costs. Holidays and settlement schedules can create gaps; the latest figure is also subject to revision.
Frequently asked questions
- Why is the annualized interest rate not the actual borrowing cost?
- The loan lasts only about a month, so actual interest depends on the holding period and the pricing method of the commercial paper.
- Does this indicator include bank-issued commercial paper?
- No, the scope focuses on issuers within the non-financial sector.
- What benchmark should be used to evaluate the risk premium?
- It can be placed alongside low-risk short-term instrument yields of roughly similar maturity, rather than compared directly with long-term corporate bonds.