US 3-month nonfinancial commercial paper interest rate
US 3-month nonfinancial commercial paper interest rate stood at 4.09% on Oct 13, 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 13, 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 | |||||||||||
| 3-month | 4.09 | 4.09 | 4.09 | 4.04 | 4.05 | ||||||
| 1-month | 3.97 | 3.96 | 3.96 | 3.96 | 3.95 | 3.94 | 3.95 | 3.95 | 3.92 | 3.94 |
Understanding US 3-month nonfinancial commercial paper interest rate
The tracked rate is the unsecured commercial paper interest rate issued by non-financial corporations, at a maturity of approximately three months and annualized. It reflects the short-term wholesale cost of funds for borrower groups with access to the commercial paper market, and does not represent all corporations or bank loan interest rates. Compared to the two shorter maturities in the same table, this series covers a longer time to maturity; compared to financial commercial paper of the same tenor, the difference lies in the issuer's business sector.
A useful reading method is to place this rate alongside the yield of a similarly dated safe asset: the spread reflects a combination of credit risk, liquidity, and capital supply-demand dynamics, rather than a pure measure of default probability. Comparisons with the previous day are suitable for identifying market shifts, but extended trends should be examined because holidays, month-ends, or thin trading volumes can cause noise. Newly published observations may be reviewed as input data is finalized.
Frequently asked questions
- How does three-month commercial paper interest rate differ from Treasury bill yields of the same maturity?
- Commercial paper carries the risk of the issuing enterprise and therefore typically includes a larger credit and liquidity premium.
- Does an increase mean businesses are heading toward more defaults?
- Not necessarily, as changes can also stem from general interest rate levels, money supply and demand, and trading capacity.
- Does this series reflect long-term corporate bond costs?
- No, commercial paper serves short-term financing and is subject to different drivers than multi-year corporate bonds.