Here's where Treasury bills stand as of the July 17, 2026 close, per the U.S. Treasury's official daily bill-rate series (coupon-equivalent yields): 4-week 3.65%, 8-week 3.65%, 13-week 3.71%, 26-week 3.79%, 52-week 3.83%. The headline story this month isn't any single number — it's the shape. Six weeks ago the bill curve was pancake-flat; now it slopes upward, and that changes the math on how far out your ladder rungs should reach.
One housekeeping note so the numbers line up with what you see elsewhere on this site: these are coupon-equivalent yields on outstanding bills from Treasury's daily bill-rate publication. Tbillery's rate tracker shows the Treasury par yield curve, a related but separately computed series — at the same July 17 close it read 3.85% at 3 months, 3.96% at 6 months, and 4.01% at 1 year. The conventions differ by a few tenths, but the shape and direction agree, and recent bill auctions have been clearing in line with these market levels. Compare within one series, not across them.
On June 1, the gap between a 4-week bill (3.64%) and a 52-week bill (3.66%) was two basis points — effectively nothing, and the 13-week (3.63%) actually sat a hair below the 4-week. Locking money up for a year paid the same as rolling one-month paper. By the July 17 close that 4-week-to-52-week gap had widened to 18 basis points, with almost all of the movement at the long end: the 4-week went nowhere while the 26- and 52-week climbed 13–17 basis points.
An upward-sloping bill curve typically means the market has stopped pricing in near-term rate cuts and is demanding real compensation for term. Whatever the cause, the practical effect for savers is the same: for the first time in months, extending maturity inside one year actually pays.
When the curve was flat, a ladder was purely a liquidity structure — you gave up nothing in yield by staying short, so the only reason to hold longer rungs was locking a rate in case yields fell. Today's curve adds a second reason: the long rungs out-earn the short ones. That argues for pushing your farthest rung to 52 weeks rather than stopping at 26, and for not over-weighting the 4- and 8-week end, where you're paid least. The 8-week deserves special mention: at 3.65% it currently pays exactly what the 4-week does, so as a ladder rung it adds lockup without adding yield.
Say you have $18,000 of safe cash and want something maturing every quarter. Split it into three $6,000 rungs at 13, 26, and 52 weeks, at the July 17 coupon-equivalent yields:
The blended yield is about 3.78%, versus 3.64% if you rolled everything in 4-week bills — roughly $25 more per year on $18,000, plus a rate lock on the long rung if yields fall from here. As each rung matures, roll it into a new 52-week bill; within a year the whole ladder sits at the highest-yielding point on the bill curve while something still matures every quarter. That roll-the-maturing-rung-long mechanic is exactly what the Tbillery ladder builder schedules for you.
T-bill interest is exempt from state and local income tax, so the quoted yield understates what a T-bill is worth against a CD or savings account if you pay state tax. Divide the T-bill yield by one minus your state rate: at a 6% state income tax, the 26-week bill's 3.79% is equivalent to a fully taxable rate of about 4.03%; at California's 9.3% bracket it's about 4.18%. Whether that beats the best CD at your term changes week to week — the rate tracker on the home page flags the current winner at each term, headline and after-tax angle included.
Rates are as of the July 17, 2026 close from the U.S. Treasury's daily bill-rate data and will have moved by the time you read this — check the live tracker before you buy. Informational only, not investment or tax advice.
Build a CD/Treasury ladder around current rates.
Updated July 2026