Full text of G.13 Selected Interest Rates : December 3, 1991

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FEDERAL RESERVE statistical rsl
These data are scheduled for release on the first Tuesday of each month. The availability of tl
when the information is available, on (202) 452-3206.
D k U

6.13 (415)

SELECTED INTEREST RATES

FEDERAL FUNDS (EFFECTIVE) 1 2 3
COMMERCIAL PAPER 3 4 5
1-MONTH
3-MONTH
6-MONTH
FINANCE PAPER PLACED DIRECTLY 3 4 6
1-MONTH
3-MONTH
6-MONTH
BANKERS ACCEPTANCES (TOP RATED) 3 4 7
3-MONTH
6-MONTH
CDS (SECONDARY MARKET)3 8
1-MONTH
3-MONTH
6-MONTH
EURODOLLAR DEPOSITS (LONDON)3 9
1-MONTH
3-MONTH
6-MONTH
BANK PRIME LOAN 2 3 1 0
DISCOUNT WINDOW BORROWING 2 1 1
U.S. GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE3 4 1 2
3-MONTH
6-MONTH
1-YEAR
AUCTION AVERAGE(INVESTMENT) 1 2
3-MONTH
6-MONTH
SECONDARY MARKET 3 4
3-MONTH
6-MONTH
1-YEAR
TREASURY CONSTANT MATURITIES 1 3
1-YEAR
2-YEAR
3-YEAR
5-YEAR
7-YEAR
10-YEAR
30-YEAR
COMPOSITE
OVER 10 YEARS(LONG-TERM) 1 4
CORPORATE BONDS
MOODY'S SEASONED
AAA
BAA
A-UTILITY 1 5
STATE & LOCAL BONDS 1 6
CONVENTIONAL MORTGAGES 1 7




( y y I For immediate r e l e a s e
December 3> 1991

JEDERALRESERYEBANIs

Y i e l d s i n p e r c e n t p e r annum

Instruments

4:

Week Ending
NOV
15

NOV
22

NOV
29

OCT

NOV

4.74

4.89

4.68

5.21

4.81

4.98
5.00
4.98

4.99
5.00
4.94

4.92
4.96
4.91

4.91
4.94
4.84

5.29
5.35
5.33

4.95
4.98
4.93

5.09
5.12
5.04

4.86
4.90
4.82

4.81
4.89
4.74

4.74
4.85
4.73

4.74
4.80
4.71

5.18
5.19
5.12

4.80
4.87
4.76

5.09
5.01

4.88
4.83

4.87
4.79

4.84
4.73

4.78
4.65

5.21
5.15

4.85
4.76

5.12
5.21
5.19

4.93
4.98
4.97

4.87
4.98
4.97

4.79
4.90
4.90

4.82
4.86
4.83

5.23
5.33
5.32

4.86
4.94
4.92

5.11
5.25
5.23
8.00
5.00

4.91
5.01
4.99
7.93
4.93

4.81
4.98
4.98
7.50
4.50

4.74
4.90
4.89
7.50
4.50

4.85
4.90
4.83
7.50
4.50

5.21
5.34
5.33
8.00
5.00

4.84
4.96
4.93
7.58
4.58

4.99
5.04

4.74
4.80

4.64
4.71

4.58
4.62
4.72

4.44
4.50

5.03
5.08
5.12

4.60
4.66
4.72

5.14
5.26

4.88
5.00

4.77
4.90

4.71
4.81

4.56
4.68

5.18
5.30

4.73
4.85

4.85
4.88
4.87

4.68
4.74
4.74

4.62
4.67
4.70

4.49
4.55
4.57

4.39
4.45
4.50

4.99
5.04
5.04

4.56
4.61
4.64

5.15
5.75
6.12
6.79
7.20
7.52
7.94

5.00
5.64
5.99
6.71
7.14
7.48
7.96

4.96
5.61
5.95
6.64
7.04
7.37
7.84

4.82
5.51
5.84
6.56
7.00
7.38
7.92

4.74
5.44
5.81
6.54
7.03
7.42
7.96

5.33
5.91
6.23
6.87
7.25
7.53
7.93

4.89
5.56
5.90
6.62
7.06
7.42
7.92

7.87

7.87

7.76

7.82

7.86

7.88

7.83

8.58
9.52
8.98
6.69
8.78

8.55
9.50
8.92
6.71
8.76

8.43
9.42
8.87
6.69
8.69

8.46
9.44
9.04
6.75
8.63

8.46
9.46
8.98
6.78
8.70

8.55
9.49
9.02
6.68
8.86

8.48
9.45
8.95
6.73
8.71

NOV
1

NOV
8

5.10

5.05

5.19
5.26
5.21

SEE OVERLEAF FOR FOOTNOTES

December 3 , 1991

FEDERAL RESERVE BOARD

For immediate r e l e a s e
G.13 ( c o n t i n u e d )
Daily interest rates
( Y i e l d s i n p e r c e n t p e r annum)

U.S. Government S e c u r i t i e s
Fed
Funds

NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV
NOV

1
4
5
6
7
8
11
12
13
14
15
18
19
20
21
22
25
26
27
28
29

5.03
5.09
5.06
4.87
4.80
4.71
M
4.89
4.62
4.86
4.98
4.88
4.78
4.74
4.74
4.75
4.89
4.52
4.38
M
4.86

Comm
Paper
3-mo.

CDs
Sec Mkt
3-mo.

5.13
5.08
5.06
4.94
4.96
4.95
A
4.95
5.02
5.01
5.03
4.98
4.97
4.96
4.94
4.93
4.94
4.94
4.94
A
4.92

5.03
5.05
5.03
4.98
4.94
4.92
R
4.93
5.03
4.98
4.96
4.93
4.93
4.92
4.87
4.87
4.87
4.88
4.86
R
4.84

Treasury B i l l s
3-mo.
6-mo.
1-yr.
4.75
4.74
4.76
4.63
4.63
4.62
K
4.62
4.63
4.63
4.59
4.58
4.53
4.49
4.43
4.42
4.43
4.40
4.39
K
4.35

4.78
4.79
4.81
4.70
4.69
4.69
E
4.70
4.70
4.67
4.62
4.63
4.56
4.55
4.50
4.49
4.51
4.45
4.44
E
4.40

4.77
4.76
4.80
4.72
4.70
4.70
T
4.72
4.75
4.69
4.64
4.64
4.59
4.58
4.53
4.51
4.54
4.51
4.50
T
4.45

1-yr.

2-yr.

5.03
5.02
5.07
4.98
4.96
4.96

5.65
5.63
5.70
5.63
5.62
5.63
C
5.65
5.65
5.60
5.54
5.55
5.50
5.52
5.50
5.49
5.50
5.45
5.43
C
5.38

4.98
5.02
4.95
4.89
4.89
4.84
4.83
4.77
4.75
4.78
4.75
4.74
4.69

T r e a s u r y Constant M a t u r i t i e s 3-yr.
5-yr.
7-yr.
10-yr.

30-yr.

7.48
7.50
7.56
7.51
7.43
7.41
E
7.37
7.41
7.35
7.33
7.33
7.37
7.38
7.39
7.44
7.45
7.42
7.42
E
7.38

7.93
7.95
8.02
8.01
7.92
7.88
D
7.80
7.88
7.82
7.84
7.84
7.90
7.92
7.96
7.99
7.99
7.95
7.97
D
7.94

6.02
6.03
6.04
5.97
5.95
5.96
L
5.97
6.00
5.93
5.88
5.88
5.83
5.84
5,82
5.82
5.86
5.81
5.80
L
5.76

6.71
6.74
6.79
6.72
6.65
6.66
0
6.65
6.69
6.62
6.58
6.57
6.55
6.56
6.54
6.56
6.61
6.53
6.53
0
6.48

7.16
7.18
7.21
7.16
7.08
7.08
S
7.05
7.08
7.02
6.99
6.98
6.99
7.01
6.99
7.02
7.06
7.04
7.03
S
6.99

FOOTNOTES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
Note:

The d a i l y e f f e c t i v e f e d e r a l funds r a t e i s a w e i g h t e d average o f r a t e s on t r a d e s t h r o u g h N.Y. b r o k e r s .
Weekly f i g u r e s a r e averages o f 7 c a l e n d a r days ending on Wednesday o f t h e c u r r e n t week*
monthly f i g u r e s i n c l u d e each c a l e n d a r day i n t h e month.
A n n u a l i z e d u s i n g a 360-day y e a r o r bank i n t e r e s t .
Quoted on a d i s c o u n t b a s i s .
An average o f o f f e r i n g r a t e s on commercial paper p l a c e d by s e v e r a l l e a d i n g d e a l e r s
f o r f i r m s whose bond r a t i n g i s AA o r t h e e q u i v a l e n t .
An average o f o f f e r i n g r a t e s on paper d i r e c t l y p l a c e d by f i n a n c e companies.
R e p r e s e n t a t i v e c l o s i n g y i e l d s f o r acceptances o f t h e h i g h e s t r a t e d money c e n t e r banks.
An average o f d e a l e r o f f e r i n g r a t e s on n a t i o n a l l y t r a d e d c e r t i f i c a t e s o f d e p o s i t .
B i d r a t e s f o r E u r o d o l l a r d e p o s i t s a t 11 a.m. London t i m e .
One o f s e v e r a l base r a t e s used by banks t o p r i c e s h o r t - t e r m b u s i n e s s l o a n s .
Rate f o r t h e F e d e r a l Reserve Bank o f New York.
A u c t i o n d a t e f o r d a i l y d a t a ; weekly and monthly averages computed on an i s s u e - d a t e b a s i s .
Y i e l d s on a c t i v e l y t r a d e d i s s u e s a d j u s t e d t o c o n s t a n t m a t u r i t i e s . Source: U.S. T r e a s u r y .
Unweighted average o f r a t e s on a l l o u t s t a n d i n g bonds n e i t h e r due n o r c a l l a b l e i n l e s s t h a n 10 y e a r s ,
i n c l u d i n g one v e r y low y i e l d i n g " f l o w e r " bond.
E s t i m a t e o f t h e y i e l d on a r e c e n t l y o f f e r e d , A - r a t e d u t i l i t y bond w i t h a m a t u r i t y o f 30 y e a r s
and c a l l p r o t e c t i o n o f 5 y e a r s * F r i d a y q u o t a t i o n s .
Bond Buyer I n d e x , g e n e r a l o b l i g a t i o n , 20 y e a r s t o m a t u r i t y , mixed q u a l i t y ; Thursday q u o t a t i o n s .
C o n t r a c t i n t e r e s t r a t e s on commitments f o r f i x e d - r a t e f i r s t mortgages. Source: FHLMC.
Weekly and m o n t h l y f i g u r e s a r e averages o f business days u n l e s s o t h e r w i s e n o t e d .

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Y i e l d s on T r e a s u r y s e c u r i t i e s a t ' c o n s t a n t m a t u r i t y 1 a r e i n t e r p o l a t e d by t h e U.S. T r e a s u r y from t h e d a i l y
y i e l d c u r v e . T h i s c u r v e , w h i c h r e l a t e s t h e y i e l d on a s e c u r i t y t o i t s t i m e t o m a t u r i t y , i s based on t h e
c l o s i n g market b i d y i e l d s on a c t i v e l y t r a d e d Treasury s e c u r t i e s i n t h e o v e r - t h e - c o u n t e r m a r k e t .
These market y i e l d s a r e c a l c u l a t e d from composites o f q u o t a t i o n s r e p o r t e d by f i v e l e a d i n g U.S.
Government s e c u r i t i e s d e a l e r s t o t h e F e d e r a l Reserve Bank o f New Y o r k . The c o n s t a n t m a t u r i t y y i e l d v a l u e s
a r e read from t h e y i e l d c u r v e a t f i x e d m a t u r i t i e s , c u r r e n t l y 1 , 2 , 3 , 5 , 7 , 10, and 30 y e a r s . T h i s
method p r o v i d e s a y i e l d f o r a 1 0 - y e a r m a t u r i t y , f o r example, even i f no o u t s t a n d i n g s e c u r i t y has e x a c t l y
10 y e a r s r e m a i n i n g t o m a t u r i t y .