Daily brief: September 28, 2026
5 releases in the September 28, 2026 editor's cut: Board selected interest rates list the 10-year at 5.17 percent for September 25; Texas factory production index rose to 29.5 in September; Treasury sold $82 billion of 26-week bills at a 4.285 percent high rate; and 2 more. Each has its own page. 1 further item below.
On their own pages
- Board selected interest rates list the 10-year at 5.17 percent for September 25
The Board posted the September 28 selected interest rates release at the usual 4:15 p.m. ET window. The latest column is September 25. Effective federal funds were 3.88 percent, unchanged from September 24. The 2-year Treasury constant maturity was 4.81 percent after 4.87 percent, the 10-year was 5.17 percent after 5.18 percent, and the 30-year was 5.49 percent after 5.47 percent. Bank prime stayed at 7.00 percent and discount-window primary credit at 4.00 percent. The 10-year move is 1 basis point.
- Texas factory production index rose to 29.5 in September
The Federal Reserve Bank of Dallas said Texas manufacturing output growth accelerated in September. The production index rose to 29.5 from 16.1 in August. New orders rose to 30.7 from 22.0 and shipments rose to 24.8 from 14.1. Employment rose to 15.1 from 8.0. General business activity eased to 9.8 from 11.6, and the company outlook index fell to 8.7 from 19.2. Prices paid for raw materials rose to 52.2 from 44.1. The future general business activity index fell to 20.8 from 37.2.
- Treasury sold $82 billion of 26-week bills at a 4.285 percent high rate
The Treasury Department's 26-week bill auction on September 28 sold $82 billion of 182-day bills (CUSIP 912797WM5) at a high discount rate of 4.285 percent and an investment rate of 4.441 percent. Bid-to-cover was 2.64. Price was 97.833694. Total tenders were $224,151,160,200 and total accepted $89,845,222,700, including $7,844,943,700 accepted by SOMA outside the offering. Last Monday's 26-week bill stopped at a 4.155 percent high discount rate and a 4.303 percent investment rate, with bid-to-cover 2.62. The new bills issue October 1 and mature April 1, 2027.
- Treasury sold $95 billion of 13-week bills at a 4.110 percent high rate
The Treasury Department's 13-week bill auction on September 28 sold $95 billion of 91-day bills (CUSIP 912797VJ3) at a high discount rate of 4.110 percent and an investment rate of 4.211 percent. Bid-to-cover was 2.99. Price was 98.961083. Total tenders were $292,802,908,400 and total accepted $104,090,004,400, including $9,088,654,300 accepted by SOMA outside the offering. Last Monday's 13-week bill stopped at a 4.015 percent high discount rate and a 4.113 percent investment rate, with bid-to-cover 2.77. The new bills issue October 1 and mature December 31, 2026.
- AA nonfinancial overnight commercial paper was 3.90 percent
The Federal Reserve Board's commercial paper rates page, posted September 28, reported daily rates as of September 25. AA nonfinancial overnight paper was 3.90 percent, after 3.86 percent on September 24. AA nonfinancial 30-day paper was 3.97 percent, after 3.96 percent. AA financial overnight paper was 3.88 percent, after 3.87 percent. AA asset-backed 30-day paper was 4.03 percent, after 4.04 percent. AA nonfinancial 90-day paper was not quoted for September 25.
Cook voted with the FOMC to raise rates 25 basis points in September
Governor Lisa Cook's prepared remarks at Oakland Tech Week today say she voted with the rest of the FOMC to raise rates 25 basis points at the September meeting. She put total inflation at an estimated 3.8 percent in the 12 months leading into August, almost double the 2 percent target, and core inflation at an estimated 3.4 percent. She said the unemployment rate was 4.1 percent in August and that she will consider what policy rate may be needed to guide inflation down to target, with the number and magnitude of any future adjustments informed by incoming inflation and labor data. A speech is not a statistical print, so this item has no release page.
- September FOMC funds-rate increase, Cook
- +25 bp
- Total inflation, 12 months into August, Cook estimate
- 3.8%
- Core inflation, 12 months into August, Cook estimate
- 3.4%
- Unemployment rate in August, Cook
- 4.1%
- Federal Reserve inflation target
- 2%
Source: An Update on AI and the Economy — Board of Governors of the Federal Reserve System.
all 5 figures found at the source
- found September FOMC funds-rate increase, Cook = +25 bp — at Board of Governors of the Federal Reserve System
- found Total inflation, 12 months into August, Cook estimate = 3.8% — at Board of Governors of the Federal Reserve System
- found Core inflation, 12 months into August, Cook estimate = 3.4% — at Board of Governors of the Federal Reserve System
- found Unemployment rate in August, Cook = 4.1% — at Board of Governors of the Federal Reserve System
- found Federal Reserve inflation target = 2% — at Board of Governors of the Federal Reserve System
Items report what the named sources published in the window; they are not this site's own findings, and a source's framing is not a verdict on who owns the money supply. Figures are as those sources printed them. The methodology says how this page is made and what is checked.