Discount Rates for Cost-Effectiveness Analysis of Federal Programs
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Issuing agencies
Abstract
Office of Management and Budget (OMB) Circular No. A-94 specifies certain discount rates to be updated annually when the interest rate and inflation assumptions used to prepare the Budget of the United States Government are changed. These updated discount rates are found in Appendix C of the Circular and are to be used for cost- effectiveness analysis, including lease-purchase analysis, as specified in the Circular. These rates do not apply to regulatory analysis or benefit-cost analysis of public investment.
Full Text
<html> <head> <title>Federal Register, Volume 91 Issue 47 (Wednesday, March 11, 2026)</title> </head> <body><pre> [Federal Register Volume 91, Number 47 (Wednesday, March 11, 2026)] [Notices] [Page 11998] From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>] [FR Doc No: 2026-04726] ======================================================================= ----------------------------------------------------------------------- OFFICE OF MANAGEMENT AND BUDGET Discount Rates for Cost-Effectiveness Analysis of Federal Programs AGENCY: Office of Management and Budget. ACTION: Revisions to Appendix C of OMB Circular No. A-94. ----------------------------------------------------------------------- SUMMARY: Office of Management and Budget (OMB) Circular No. A-94 specifies certain discount rates to be updated annually when the interest rate and inflation assumptions used to prepare the Budget of the United States Government are changed. These updated discount rates are found in Appendix C of the Circular and are to be used for cost- effectiveness analysis, including lease-purchase analysis, as specified in the Circular. These rates do not apply to regulatory analysis or benefit-cost analysis of public investment. DATES: The revised discount rates will be in effect through December 2026. ADDRESSES: The revised Appendix C of Circular No. A-94 can be accessed at <a href="https://www.whitehouse.gov/wp-content/uploads/2026/03/CircularA-94Appendix-C.pdf">https://www.whitehouse.gov/wp-content/uploads/2026/03/CircularA-94Appendix-C.pdf</a>. FOR FURTHER INFORMATION CONTACT: Rachel Hern[aacute]ndez, Economic Policy Division, Office of Management and Budget, 202-881-9405, <a href="/cdn-cgi/l/email-protection#5d3c64691d32303f7338322d733a322b"><span class="__cf_email__" data-cfemail="8decb4b9cde2e0efa3e8e2fda3eae2fb">[email protected]</span></a>. Michael Stumo, Associate Director for Economic Policy and Made in America Office, Office of Management and Budget. [FR Doc. 2026-04726 Filed 3-10-26; 8:45 am] BILLING CODE 3110-01-P </pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body> </html>
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