{"slug":"how-futures-margin-works","qid":"short_rate_path","label":"Short term Treasury yields, the reference a stock margin loan is priced off","post_title":"How Futures Margin Works: SPAN and Calls","post_url":"/blog/how-futures-margin-works#q-short_rate_path","columns":["month","month_label","yield_3m_pct","yield_2y_pct"],"rows":[{"month":"2019-01-01","month_label":"Jan 2019","yield_3m_pct":2.42,"yield_2y_pct":2.54},{"month":"2019-02-01","month_label":"Feb 2019","yield_3m_pct":2.44,"yield_2y_pct":2.5},{"month":"2019-03-01","month_label":"Mar 2019","yield_3m_pct":2.45,"yield_2y_pct":2.41},{"month":"2019-04-01","month_label":"Apr 2019","yield_3m_pct":2.43,"yield_2y_pct":2.34},{"month":"2019-05-01","month_label":"May 2019","yield_3m_pct":2.4,"yield_2y_pct":2.21},{"month":"2019-06-01","month_label":"Jun 2019","yield_3m_pct":2.22,"yield_2y_pct":1.81},{"month":"2019-07-01","month_label":"Jul 2019","yield_3m_pct":2.14,"yield_2y_pct":1.83},{"month":"2019-08-01","month_label":"Aug 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2026","yield_3m_pct":3.67,"yield_2y_pct":3.54},{"month":"2026-02-01","month_label":"Feb 2026","yield_3m_pct":3.69,"yield_2y_pct":3.47},{"month":"2026-03-01","month_label":"Mar 2026","yield_3m_pct":3.72,"yield_2y_pct":3.71},{"month":"2026-04-01","month_label":"Apr 2026","yield_3m_pct":3.7,"yield_2y_pct":3.8},{"month":"2026-05-01","month_label":"May 2026","yield_3m_pct":3.69,"yield_2y_pct":4},{"month":"2026-06-01","month_label":"Jun 2026","yield_3m_pct":3.81,"yield_2y_pct":4.11},{"month":"2026-07-01","month_label":"Jul 2026","yield_3m_pct":3.87,"yield_2y_pct":4.22}],"shape":"series","sql":"SELECT\n    toString(toStartOfMonth(date))                AS month,\n    formatDateTime(toStartOfMonth(date), '%b %Y') AS month_label,\n    round(avg(yield_3_month), 2)                  AS yield_3m_pct,\n    round(avg(yield_2_year), 2)                   AS yield_2y_pct\nFROM global_markets.treasury_yields\nWHERE date >= '2019-01-01'\n  AND date <  '2026-08-01'\nGROUP BY month, month_label\nORDER BY month","computed_at":"2026-08-10T15:25:14.120657+00:00","elapsed":0.00212467}