Average interest rate
State and Local Government Series
Non-marketable securities sold to state and local governments so they can park bond proceeds without running afoul of federal arbitrage rules. Rates are set from Treasury yields at the time of subscription, so the average reflects when municipalities happened to issue.
Latest (Jun 2026)
3.34%
▲ +0.012 pp MoM
Year-over-year
▼ -0.148 pp
vs. Jun 2025
13-year low
0.72%
Jul 2021
13-year high
3.85%
Jul 2024
State and Local Government Series — average rate history
Monthly, Jan 2013 – Jun 2026.
Last 24 months
| Month | Avg. rate | MoM |
|---|---|---|
| Jun 2026 | 3.336% | ▲ +0.012 pp |
| May 2026 | 3.324% | ▲ +0.011 pp |
| Apr 2026 | 3.313% | ▼ -0.004 pp |
| Mar 2026 | 3.317% | ▲ +0.064 pp |
| Feb 2026 | 3.253% | ▼ -0.051 pp |
| Jan 2026 | 3.304% | ▼ -0.042 pp |
| Dec 2025 | 3.346% | ▼ -0.069 pp |
| Nov 2025 | 3.415% | ▼ -0.019 pp |
| Oct 2025 | 3.434% | ▼ -0.027 pp |
| Sep 2025 | 3.461% | ▼ -0.072 pp |
| Aug 2025 | 3.533% | ▼ -0.003 pp |
| Jul 2025 | 3.536% | ▲ +0.052 pp |
| Jun 2025 | 3.484% | ▼ -0.035 pp |
| May 2025 | 3.519% | ▲ +0.018 pp |
| Apr 2025 | 3.501% | ▲ +0.034 pp |
| Mar 2025 | 3.467% | ▲ +0.040 pp |
| Feb 2025 | 3.427% | ▲ +0.028 pp |
| Jan 2025 | 3.399% | ▼ -0.205 pp |
| Dec 2024 | 3.604% | ▼ -0.155 pp |
| Nov 2024 | 3.759% | ▼ -0.049 pp |
| Oct 2024 | 3.808% | ▲ +0.091 pp |
| Sep 2024 | 3.717% | ▼ -0.115 pp |
| Aug 2024 | 3.832% | ▼ -0.018 pp |
| Jul 2024 | 3.850% | — |