September 10, 2026

The on-the-run 3-year note

The newest 3-year note is the one the market quotes. This is it, and the 10 still-outstanding issues behind it.

On the run

91282CRG8

Yield
4.653%
Premium
the baseline
Against the curve
-2.0 bp

3-Year Note · ranked on the issue date

Off the run

Earlier issues of the same type and term, most recently auctioned first. Each held the benchmark until the next auction in this queue, which may have been a reopening of an existing security rather than a new one, in which case that security returned to the front.

The 10 off-the-run 3-year note issues on September 10, 2026.
PositionCUSIPYieldPremium
1st off the run91282CQZ74.645%-0.1 bp
2nd off the run91282CQV64.647%+0.7 bp
3rd off the run91282CQR54.626%-0.5 bp
4th off the run91282CQJ34.636%+1.0 bp
5th off the run91282CQE44.619%+0.5 bp
6th off the run91282CQA24.627%+0.7 bp
7th off the run91282CPT24.608%-0.2 bp
8th off the run91282CPP04.602%+0.6 bp
9th off the run91282CPK14.596%+0.8 bp
10th off the run91282CPC94.591%+1.6 bp

Why the newest issue trades differently

An on-the-run security and the issue behind it can be nearly identical in coupon and maturity and still not trade at the same yield. The newer one is more liquid, so a buyer pays a small premium for being able to sell it easily, and it therefore yields slightly less. That gap is what makes the distinction worth tracking rather than a piece of trivia.

Only the 11 most recent issues of this queue are tracked. A 3-year note older than that is not missing a rank. It has aged out of the queue, past the point where being "eighteenth off the run" describes anything a trader acts on.

Every benchmark, all types and terms →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.