ViLiQ

Rates & liquidity

Policy rates from the banks that set them, the US Treasury curve and US liquidity. Official daily references, never a traded price.

ExploreAsk VILIQ Research

What this page is

Official levels, not market expectations.

DAILY OFFICIAL REFERENCE — NOT A RATES MARKET

Every figure below is a level a central bank or the US Treasury publishes itself, dated to the publisher’s own date. VILIQ has no licensed source for futures, swaps or forwards on any of these rates, so nothing here says what the market expects a bank to do next — and a rate that has not changed for a year is a bank on hold, not a stale number.

Central bank policy rates

One row per bank, read from its own publication — or, where the bank’s own terms forbid commercial use, from the BIS, which is then named as the source.

Policy rates by country, with the rate each bank sets, when it last changed and the official source
CountryCentral bankPolicy rateLast changeEffectiveData classSource
United StatesFederal Reserve3.88%Effective federal funds rateTarget range 3.75–4.00%Not applicable — measured daily, not set24 Sept 2026Daily reference · Measured from transactionsCurrentFederal Reserve
Euro areaEuropean Central Bank2.65%Main refinancing operations, fixed rate+0.25 pp16 Sept 2026 · from 2.40%25 Sept 2026Daily reference · Set by the bankCurrentEuropean Central Bank
CanadaBank of Canada2.25%Target for the overnight rate-0.25 pp30 Oct 2025 · from 2.50%24 Sept 2026Daily reference · Set by the bankCurrentBank of Canada
AustraliaReserve Bank of Australia4.35%Cash rate target+0.25 pp6 May 2026 · from 4.10%24 Sept 2026Daily reference · Set by the bankCurrentReserve Bank of Australia
United KingdomBank of England3.75%Bank Rate-0.25 pp18 Dec 2025 · from 4.00%24 Sept 2026Daily reference · Set by the bankCurrentBank of England
SwitzerlandSwiss National Bank0.00%SNB policy rate-0.25 pp20 June 2025 · from 0.25%22 Sept 2026Daily reference · Set by the bankCurrentBIS (Swiss National Bank)Source: BIS, Central bank policy rates (Swiss National Bank)

Source: BIS, Central bank policy rates (Swiss National Bank) · Source: Bank of Canada · Source: Bank of England · Source: European Central Bank · Source: Federal Reserve Bank of New York · Source: Reserve Bank of Australia

© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org.

This ECB data may be obtained free of charge from the European Central Bank at ecb.europa.eu.

This Bank of Canada content was obtained from bankofcanada.ca, where it is available free of charge.

The RBA cash rate is published on rba.gov.au without a fee being charged by the Reserve Bank of Australia.

Contains public sector information licensed under the Open Government Licence v3.0.

Policy rate data from the Bank for International Settlements (BIS), cited as the source. Included at no additional charge to users; its inclusion does not imply BIS endorsement of VILIQ.

The Federal Reserve: effective rate and target range

The Federal Reserve does not set one number. Its committee decides a target range, and the effective federal funds rate (EFFR) is what banks actually paid each other overnight, measured each day by the New York Fed. Where VILIQ holds the Fed’s rate, the board shows the measured rate with the range it sits in, so a move of a hundredth of a point inside the range is not mistaken for a decision.

Decided: a target range of 3.75–4.00%. Measured: 3.88%.Federal Reserve Bank of New York · Daily reference · as of 24 Sept 2026 · Current

Policy rate differentials

Arithmetic on two published levels. Not a market-implied differential.

Each of these is one bank’s rate minus another’s, and nothing more. No forward, swap or expectation is involved. A pair is listed only where VILIQ holds both policy rates; where it holds one, the pair is absent rather than computed against an assumed rate for the other.

Policy rate differentials with the formula behind each
PairDifferentialCategoryHow it is computedDates used
EUR/USD-1.23 ppVILIQ calculatedEuropean Central Bank Main refinancing operations, fixed rate (2.65%) − Federal Reserve Effective federal funds rate (3.88%)Different dates: EUR 25 Sept 2026, USD 24 Sept 2026
GBP/USD-0.13 ppVILIQ calculatedBank of England Bank Rate (3.75%) − Federal Reserve Effective federal funds rate (3.88%)Both 24 Sept 2026
USD/CHF+3.88 ppVILIQ calculatedFederal Reserve Effective federal funds rate (3.88%) − Swiss National Bank SNB policy rate (0%)Different dates: USD 24 Sept 2026, CHF 22 Sept 2026
AUD/USD+0.47 ppVILIQ calculatedReserve Bank of Australia Cash rate target (4.35%) − Federal Reserve Effective federal funds rate (3.88%)Both 24 Sept 2026
USD/CAD+1.63 ppVILIQ calculatedFederal Reserve Effective federal funds rate (3.88%) − Bank of Canada Target for the overnight rate (2.25%)Both 24 Sept 2026
EUR/GBP-1.10 ppVILIQ calculatedEuropean Central Bank Main refinancing operations, fixed rate (2.65%) − Bank of England Bank Rate (3.75%)Different dates: EUR 25 Sept 2026, GBP 24 Sept 2026
EUR/AUD-1.70 ppVILIQ calculatedEuropean Central Bank Main refinancing operations, fixed rate (2.65%) − Reserve Bank of Australia Cash rate target (4.35%)Different dates: EUR 25 Sept 2026, AUD 24 Sept 2026
GBP/AUD-0.60 ppVILIQ calculatedBank of England Bank Rate (3.75%) − Reserve Bank of Australia Cash rate target (4.35%)Both 24 Sept 2026

Source: BIS, Central bank policy rates (Swiss National Bank) · Source: Bank of Canada · Source: Bank of England · Source: European Central Bank · Source: Federal Reserve Bank of New York · Source: Reserve Bank of Australia

Banks VILIQ cannot read

Named, with the reason each is not shown.

Reserve Bank of New Zealand · NZDThe Reserve Bank of New Zealand does not allow automated reading of its published rate, so VILIQ cannot show it.
Bank of Japan · JPYThe Bank of Japan publishes its policy rate only through an interactive search page, not in a form a program can read, so VILIQ cannot show it.
Every bank above, via the Bank for International Settlements policy-rate datasetThe Bank for International Settlements publishes the policy rates of these banks together, including Japan and New Zealand. VILIQ reads the Swiss National Bank’s rate from it, on the BIS condition that the figure never costs users anything extra. Reading the other banks from it is a decision VILIQ has not yet made, so they are not shown.

VILIQ quotes FX pairs in CNY, HKD, IDR, INR, JPY, KRW, NZD, SGD, THB with no policy rate behind them. Those pairs carry no differential above — which means absent, not zero.

Watch

Recent video from central banks’ own channels, verified public and embeddable. Played in YouTube’s player; nothing is copied.

  • FOMC Introductory Statement, September 16, 2026

    Federal Reserve · YouTube · Published 16 Sept 2026

    Duration: not stated by the source · Captions: not stated by the source

    Watch on YouTube →

  • Monetary Policy Report Press Conference, 30 July 2026

    Bank of England · YouTube · Published 30 July 2026

    Duration: not stated by the source · Captions: not stated by the source

    Watch on YouTube →

  • Governor Macklem holds a press conference after his speech / Conférence de presse après le discours

    Bank of Canada · YouTube · Published 21 Sept 2026

    Duration: not stated by the source · Captions: not stated by the source

    Watch on YouTube →

  • President Lagarde presents the latest monetary policy decisions – 10 September 2026

    European Central Bank · YouTube · Published 10 Sept 2026

    Duration: not stated by the source · Captions: not stated by the source

    Watch on YouTube →

  • Fireside chat with Governor Michele Bullock at the CEDA Lunch - 22 September 2026

    Reserve Bank of Australia · YouTube · Published 23 Sept 2026

    Duration: not stated by the source · Captions: not stated by the source

    Watch on YouTube →

US Treasury yield curve

The official daily par yield curve, as the US Treasury publishes it. A reference, not a tradeable bond price.

Yield curve: 2Y, 5Y, 10Y, 30Y

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%5.75%2Y5Y10Y30YAbout 1 year earlier · 25 Sept 2025 · 2Y 3.64%About 1 year earlier · 25 Sept 2025 · 5Y 3.75%About 1 year earlier · 25 Sept 2025 · 10Y 4.18%About 1 year earlier · 25 Sept 2025 · 30Y 4.75%About 1 month earlier · 25 Aug 2026 · 2Y 4.17%About 1 month earlier · 25 Aug 2026 · 5Y 4.35%About 1 month earlier · 25 Aug 2026 · 10Y 4.64%About 1 month earlier · 25 Aug 2026 · 30Y 5.17%Latest · 25 Sept 2026 · 2Y 4.81%Latest · 25 Sept 2026 · 5Y 4.98%Latest · 25 Sept 2026 · 10Y 5.17%Latest · 25 Sept 2026 · 30Y 5.49%
  • Latest · 25 Sept 2026
  • About 1 month earlier · 25 Aug 2026
  • About 1 year earlier · 25 Sept 2025

Tenors are spaced by maturity on a logarithmic scale. Each line is one publication date; no curve mixes two dates.

Treasury par yields by tenor for each curve date shown
TenorLatest · 25 Sept 2026About 1 month earlier · 25 Aug 2026About 1 year earlier · 25 Sept 2025
2Y4.81%4.17%3.64%
5Y4.98%4.35%3.75%
10Y5.17%4.64%4.18%
30Y5.49%5.17%4.75%
Daily referenceCurrentU.S. Department of the TreasurySource: U.S. Department of the Treasury

Nominal 10Y vs real 10Y

Both from the Treasury’s own curves, on the same date.

Nominal 10Y
5.17%
Real 10Y (TIPS)
2.83%
Difference· VILIQ calculated
234 bp

Nominal minus real, on one date. Often read as inflation compensation; VILIQ does not call it an expectation.

Daily referenceVILIQ calculatedCurrentU.S. Department of the TreasurySource: U.S. Department of the Treasury10Y − 10Y real (TIPS)

Treasury history

Stored daily history of key tenors, and two slopes VILIQ calculates from them.

Spreads are VILIQ calculated, in basis points, only from two tenors published on the same date.

2Y Treasury yieldDaily referenceCurrent
Unit:
%
Frequency:
Each business day
Last observation:
25 Sept 2026
Historical range:
24 Sept 2025 – 25 Sept 2026
Source:
U.S. Department of the Treasury
4.81 %25 Sept 2026
2Y Treasury yield: 3.57 on 24 Sept 2025, 4.81 on 25 Sept 2026. Lowest 3.38, highest 4.87 in the range shown.
Show data
Data table
DateValue
25 Sept 20264.81
17 Sept 20264.67
9 Sept 20264.43
31 Aug 20264.34
20 Aug 20264.19
12 Aug 20264.20
4 Aug 20264.20
24 July 20264.33
16 July 20264.16
8 July 20264.21
26 June 20264.07
17 June 20264.20
9 June 20264.13
1 June 20264.05
20 May 20264.04
12 May 20264.00
4 May 20263.95
23 Apr 20263.83
15 Apr 20263.76
7 Apr 20263.81
27 Mar 20263.88
19 Mar 20263.79
11 Mar 20263.64
3 Mar 20263.51
20 Feb 20263.48
11 Feb 20263.52
3 Feb 20263.57
23 Jan 20263.60
14 Jan 20263.51
6 Jan 20263.47
24 Dec 20253.47
16 Dec 20253.48
8 Dec 20253.57
28 Nov 20253.47
18 Nov 20253.58
7 Nov 20253.55
30 Oct 20253.61
21 Oct 20253.45
10 Oct 20253.52
2 Oct 20253.55
10Y Treasury yieldDaily referenceCurrent
Unit:
%
Frequency:
Each business day
Last observation:
25 Sept 2026
Historical range:
24 Sept 2025 – 25 Sept 2026
Source:
U.S. Department of the Treasury
5.17 %25 Sept 2026
10Y Treasury yield: 4.16 on 24 Sept 2025, 5.17 on 25 Sept 2026. Lowest 3.97, highest 5.18 in the range shown.
Show data
Data table
DateValue
25 Sept 20265.17
17 Sept 20264.94
9 Sept 20264.83
31 Aug 20264.75
20 Aug 20264.69
12 Aug 20264.68
4 Aug 20264.63
24 July 20264.69
16 July 20264.57
8 July 20264.56
26 June 20264.38
17 June 20264.49
9 June 20264.53
1 June 20264.47
20 May 20264.57
12 May 20264.46
4 May 20264.45
23 Apr 20264.34
15 Apr 20264.29
7 Apr 20264.33
27 Mar 20264.44
19 Mar 20264.25
11 Mar 20264.21
3 Mar 20264.06
20 Feb 20264.08
11 Feb 20264.18
3 Feb 20264.28
23 Jan 20264.24
14 Jan 20264.15
6 Jan 20264.18
24 Dec 20254.15
16 Dec 20254.15
8 Dec 20254.17
28 Nov 20254.02
18 Nov 20254.12
7 Nov 20254.11
30 Oct 20254.11
21 Oct 20253.98
10 Oct 20254.05
2 Oct 20254.10
30Y Treasury yieldDaily referenceCurrent
Unit:
%
Frequency:
Each business day
Last observation:
25 Sept 2026
Historical range:
24 Sept 2025 – 25 Sept 2026
Source:
U.S. Department of the Treasury
5.49 %25 Sept 2026
30Y Treasury yield: 4.76 on 24 Sept 2025, 5.49 on 25 Sept 2026. Lowest 4.54, highest 5.49 in the range shown.
Show data
Data table
DateValue
25 Sept 20265.49
17 Sept 20265.29
9 Sept 20265.28
31 Aug 20265.25
20 Aug 20265.23
12 Aug 20265.24
4 Aug 20265.18
24 July 20265.16
16 July 20265.09
8 July 20265.06
26 June 20264.87
17 June 20264.93
9 June 20265.01
1 June 20264.99
20 May 20265.11
12 May 20265.03
4 May 20265.02
23 Apr 20264.92
15 Apr 20264.89
7 Apr 20264.90
27 Mar 20264.98
19 Mar 20264.83
11 Mar 20264.86
3 Mar 20264.70
20 Feb 20264.72
11 Feb 20264.82
3 Feb 20264.90
23 Jan 20264.82
14 Jan 20264.79
6 Jan 20264.86
24 Dec 20254.79
16 Dec 20254.82
8 Dec 20254.81
28 Nov 20254.67
18 Nov 20254.74
7 Nov 20254.70
30 Oct 20254.65
21 Oct 20254.55
10 Oct 20254.63
2 Oct 20254.69
10Y real Treasury yield (TIPS)Daily referenceCurrent
Unit:
%
Frequency:
Each business day
Last observation:
25 Sept 2026
Historical range:
24 Sept 2025 – 25 Sept 2026
Source:
U.S. Department of the Treasury
2.83 %25 Sept 2026
10Y real Treasury yield (TIPS): 1.78 on 24 Sept 2025, 2.83 on 25 Sept 2026. Lowest 1.68, highest 2.85 in the range shown.
Show data
Data table
DateValue
25 Sept 20262.83
17 Sept 20262.61
9 Sept 20262.46
31 Aug 20262.44
20 Aug 20262.35
12 Aug 20262.42
4 Aug 20262.40
24 July 20262.43
16 July 20262.35
8 July 20262.31
26 June 20262.18
17 June 20262.23
9 June 20262.20
1 June 20262.07
20 May 20262.13
12 May 20261.99
4 May 20261.95
23 Apr 20261.92
15 Apr 20261.90
7 Apr 20261.96
27 Mar 20262.13
19 Mar 20261.88
11 Mar 20261.85
3 Mar 20261.77
20 Feb 20261.80
11 Feb 20261.86
3 Feb 20261.92
23 Jan 20261.92
14 Jan 20261.86
6 Jan 20261.91
24 Dec 20251.91
16 Dec 20251.92
8 Dec 20251.91
28 Nov 20251.79
18 Nov 20251.85
7 Nov 20251.83
30 Oct 20251.82
21 Oct 20251.70
10 Oct 20251.75
2 Oct 20251.76
2s10s spread (10Y − 2Y)VILIQ calculatedCurrent
Unit:
bp
Frequency:
Each business day
Last observation:
25 Sept 2026
Historical range:
24 Sept 2025 – 25 Sept 2026
Source:
U.S. Department of the Treasury

VILIQ calculated: (10Y − 2Y) × 100

36 bp25 Sept 2026
2s10s spread (10Y − 2Y): 59 on 24 Sept 2025, 36 on 25 Sept 2026. Lowest 20, highest 74 in the range shown.
Show data
Data table
DateValue
25 Sept 202636
17 Sept 202627
9 Sept 202640
31 Aug 202641
20 Aug 202650
12 Aug 202648
4 Aug 202643
24 July 202636
16 July 202641
8 July 202635
26 June 202631
17 June 202629
9 June 202640
1 June 202642
20 May 202653
12 May 202646
4 May 202650
23 Apr 202651
15 Apr 202653
7 Apr 202652
27 Mar 202656
19 Mar 202646
11 Mar 202657
3 Mar 202655
20 Feb 202660
11 Feb 202666
3 Feb 202671
23 Jan 202664
14 Jan 202664
6 Jan 202671
24 Dec 202568
16 Dec 202567
8 Dec 202560
28 Nov 202555
18 Nov 202554
7 Nov 202556
30 Oct 202550
21 Oct 202553
10 Oct 202553
2 Oct 202555
5s30s spread (30Y − 5Y)VILIQ calculatedCurrent
Unit:
bp
Frequency:
Each business day
Last observation:
25 Sept 2026
Historical range:
24 Sept 2025 – 25 Sept 2026
Source:
U.S. Department of the Treasury

VILIQ calculated: (30Y − 5Y) × 100

51 bp25 Sept 2026
5s30s spread (30Y − 5Y): 106 on 24 Sept 2025, 51 on 25 Sept 2026. Lowest 41, highest 114 in the range shown.
Show data
Data table
DateValue
25 Sept 202651
17 Sept 202651
9 Sept 202667
31 Aug 202676
20 Aug 202684
12 Aug 202686
4 Aug 202685
24 July 202673
16 July 202681
8 July 202675
26 June 202675
17 June 202666
9 June 202675
1 June 202681
20 May 202689
12 May 202691
4 May 202694
23 Apr 202696
15 Apr 202699
7 Apr 202695
27 Mar 202692
19 Mar 202695
11 Mar 2026107
3 Mar 2026107
20 Feb 2026107
11 Feb 2026107
3 Feb 2026107
23 Jan 202698
14 Jan 2026107
6 Jan 2026114
24 Dec 2025109
16 Dec 2025113
8 Dec 2025106
28 Nov 2025108
18 Nov 2025104
7 Nov 2025103
30 Oct 202593
21 Oct 202599
10 Oct 202598
2 Oct 2025102

US dollar liquidity

Where cash sits in the US financial system, and what it costs overnight. Official daily figures.

ON RRP is cash money-market funds and others leave with the Federal Reserve overnight. The TGA is the US Treasury’s cash account at the Federal Reserve. EFFR is the overnight rate banks actually paid. Each is published once a working day, the TGA and EFFR one day in arrears.

Overnight reverse repo (ON RRP) take-upDaily referenceCurrent
Unit:
USD bn
Frequency:
Each business day
Last observation:
25 Sept 2026
Historical range:
24 Sept 2025 – 25 Sept 2026
Source:
Federal Reserve Bank of New York

© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org.

0.6 USD bn25 Sept 2026
Overnight reverse repo (ON RRP) take-up: 29.2 on 24 Sept 2025, 0.6 on 25 Sept 2026. Lowest 0.0, highest 106.0 in the range shown.
Show data
Data table
DateValue
25 Sept 20260.6
17 Sept 20260.3
9 Sept 20260.4
31 Aug 20266.7
20 Aug 20260.2
12 Aug 20260.7
4 Aug 20262.3
27 July 20261.4
16 July 20260.1
8 July 20263.3
29 June 20263.5
17 June 20266.8
9 June 20260.6
1 June 20261.3
21 May 20263.3
12 May 20261.2
4 May 20260.6
24 Apr 20260.1
16 Apr 20260.2
7 Apr 202615.3
27 Mar 20261.0
19 Mar 20260.6
10 Mar 20260.3
2 Mar 20260.6
20 Feb 20260.5
11 Feb 20261.0
2 Feb 202610.4
23 Jan 20260.9
14 Jan 20263.2
6 Jan 20262.6
24 Dec 20254.8
16 Dec 20251.6
8 Dec 20251.7
26 Nov 20252.2
18 Nov 20250.9
7 Nov 20254.9
30 Oct 202519.2
21 Oct 20254.7
10 Oct 20254.1
2 Oct 20258.4
Treasury General Account balanceDaily referenceCurrent
Unit:
USD bn
Frequency:
Each business day
Last observation:
24 Sept 2026
Historical range:
23 Sept 2025 – 24 Sept 2026
Source:
U.S. Department of the Treasury
924.6 USD bn24 Sept 2026
Treasury General Account balance: 781.5 on 23 Sept 2025, 924.6 on 24 Sept 2026. Lowest 687.0, highest 1,038.0 in the range shown.
Show data
Data table
DateValue
24 Sept 2026924.6
16 Sept 2026991.7
8 Sept 2026880.0
28 Aug 2026971.3
19 Aug 2026936.4
11 Aug 2026997.3
3 Aug 2026870.1
23 July 2026877.2
15 July 2026796.0
7 July 2026785.0
26 June 2026895.6
17 June 2026956.5
9 June 2026830.4
29 May 2026903.9
20 May 2026782.0
12 May 2026844.0
1 May 2026857.3
23 Apr 2026969.8
15 Apr 2026924.4
6 Apr 2026775.4
27 Mar 2026848.7
19 Mar 2026882.8
10 Mar 2026862.8
2 Mar 2026871.4
20 Feb 2026893.4
10 Feb 2026948.6
2 Feb 2026898.0
23 Jan 2026900.5
13 Jan 2026780.8
5 Jan 2026801.1
24 Dec 2025801.5
15 Dec 2025913.0
5 Dec 2025870.2
26 Nov 2025899.7
17 Nov 2025925.0
6 Nov 2025953.6
29 Oct 2025983.9
20 Oct 2025905.8
9 Oct 2025796.0
1 Oct 2025819.4
Effective federal funds rate (EFFR)Daily referenceCurrent
Unit:
%
Frequency:
Each business day
Last observation:
24 Sept 2026
Historical range:
23 Sept 2025 – 24 Sept 2026
Source:
Federal Reserve Bank of New York

© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org.

3.88 %24 Sept 2026
Effective federal funds rate (EFFR): 4.09 on 23 Sept 2025, 3.88 on 24 Sept 2026. Lowest 3.62, highest 4.12 in the range shown.
Show data
Data table
DateValue
24 Sept 20263.88
16 Sept 20263.63
8 Sept 20263.63
28 Aug 20263.63
19 Aug 20263.63
11 Aug 20263.63
3 Aug 20263.63
23 July 20263.63
15 July 20263.63
7 July 20263.63
26 June 20263.63
17 June 20263.63
9 June 20263.62
29 May 20263.62
20 May 20263.62
12 May 20263.63
1 May 20263.64
23 Apr 20263.64
15 Apr 20263.64
6 Apr 20263.64
27 Mar 20263.64
19 Mar 20263.64
10 Mar 20263.64
2 Mar 20263.64
20 Feb 20263.64
10 Feb 20263.64
2 Feb 20263.64
23 Jan 20263.64
13 Jan 20263.64
5 Jan 20263.64
24 Dec 20253.64
15 Dec 20253.64
5 Dec 20253.89
26 Nov 20253.88
17 Nov 20253.88
6 Nov 20253.87
29 Oct 20254.12
20 Oct 20254.11
9 Oct 20254.10
1 Oct 20254.09
Ask VILIQ Research about rates and liquidity

VILIQ provides market intelligence, research and educational information. It is not financial product advice and does not take your personal circumstances into account. Consider your own situation and seek licensed advice before making financial decisions.

VILIQ provides market intelligence, research and educational information. It is not financial product advice and does not take your personal circumstances into account. Consider your own situation and seek licensed advice before making financial decisions.

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