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FRED ~- 3-Month Treasury Bill: Secondary Market Rate 2.5 2.0 1.5 Percent 1.0 0.5 0.0 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017

FRED ~- 3-Month Treasury Bill: Secondary Market Rate 2.5 2.0 1.5 Percent 1.0 0.5 0.0 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul 2019 Jan 2020 Shaded areas indicate U.S. recessions.* Source: Board of Governors of the Federal Reserve System (US) fred.stlouisfed.org

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