Current Value of Funds Rate

The Secretary of the Treasury is responsible for computing and publishing the rate used for Federal debt collection, cash discounts, and rebate evaluation.

The Current Value of Funds Rate (CVFR) reflects the Current Value of Funds to the Treasury for use in connection with Federal Cash Management systems and is based on investment rates set for purposes of Public Law 95-147, 91 Stat. 1227 (October 28, 1977).

The Treasury Office of Debt Management began providing these rates in the October 2021 monthly reporting cycle. The annual Interest Rate Factors used in determining the Current Value of Funds Rate are based on weekly average Fed funds, less 25 basis points for the 12-month period ending every September 30.

The Current Value of Funds Rate is rounded to the nearest whole percentage for applicability effective each January 1.  Quarterly revisions are made if the annual average, on a moving basis, changes by 2 percentage points.

The Bureau of the Fiscal Service publishes the rate in both the Federal Register and in a Treasury Financial Manual (TFM) bulletin.