Full text of G.13 Selected Interest Rates : February 4, 1997

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FEDERAL RESERVE statistical release
\ ' -• ■ ‘ '

These data are released the first Tuesday o i each rrpnth. 'p fd a ^ g b ilit y of the release Is announced on (202) 452-3206.
G .1 3 (4 1 5 )

'9 7

F

l

U

FF

'

SELECTED INTEREST RATES
Yields in percent perannum

For immediate release
February 4,1997

‘

Week Ending
Instruments
Federal funds (effective)123
Commercial p a p e r345
1-month
3-month
6-month
Finance paper placed directly 346
1-month
3-month
6-month
Bankers acceptances (top rated)347
3-month
6-month
CD s (secondary m arket)3 8
1-month
3-month
6-month
Eurodollar deposits (Lo n d o n )3 9
1-month
3-month
6-month
Bank prime loan 2310
Discount window borrowing 211
U.S. government securities
Treasury bills
Auction average 3412
3-month
6-month
t-y e a r
Secondary m arket3 4
3-month
6-month
1-year
Treasury constant maturities 13
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Composite
O ver 10 years (long-term )14
Corporate bonds
Moody's seasoned
Aaa
Baa
A-utility 16
State & local bonds 16
Conventional m ortgages17

See overleaf for footnotes



Dec

Ja n

5.18

5.29

5.25

5.42
5.44
5.48

5.44
5.45
5.48

5.70
5.51
5.44

5.43
5.45
5.48

5.30
5.32
5.28

5.29
5.32
5.31

5.30
5.32
5.31

5.41
5.33
5.25

5.31
5.32
5.30

5.34
5.35

5.34
5.36

5.33
5.36

5.33
5.36

5.35
5.33

5.34
5.35

5.45
5.45
5.50

5.36
5.42
5.53

5.34
5.44
5.55

5.33
5.42
5.54

5.34
5.42
5.53

5.50
5.44
5.47

5.35
5.43
5.54

5.38
5.44
5.49
8.25
5.00

5.34
5.44
5.50
8.25
5.00

5.31
5.44
5.56
8.25
5.00

5.31
5.44
5.56
8.25
5.00

5.32
5.44
5.56
8.25
5.00

5.48
5.43
5.46
8.25
5.00

5.33
5.44
5.54
8.25
5.00

5.08
5.11

5.02
5.11
5.31

5.04
5.11

5.03
5.11

5.06
5.12

4.87
5.02
5.16

5.05
5.11
5.31

5.05
5.12
5.25

5.03
5.10
5.31

5.03
5.08
5.30

5.04
5.12
5.30

5.04
5.10
5.30

4.91
5.04
5.18

5.03
5.10
5.30

5.20
5.33
5.55
5.90
6.06
6.22
6.36
6.45
6.76
6.67

5.16
5.30
5.61
5.99
6.15
6.33
6.47
6.57
6.89
6.80

5.15
5.28
5.61
6.01
6.15
6.33
6.46
6 56
6.90
681

5.18
5.33
5.61
6.03
6.17
6.34
6.47
6.58
6.92
6.84

5.18
5.30
5.62
6.03
6.17
6.36
6.50
6.62
6.95
6.89

5.04
5.24
5.47
5.78
5.91
6.07
6 20
6.30
6.65
6.55

5.17
5.31
5.61
6.01
6.16
6.33
6.47
658
6.91
6.83

6.75

6.88

689

690

6.93

6.63

689

7.29
7.99
7.83
5.70
7.67

7.42
8.11
7.95
5.71
7.85

7.39
8.07
7.93
5.72
7.87

7.41
8.10
8.00
5.72
7.85

7.48
8.12
7.92
5.73
7.88

7.20
7.89
7.63
5.64
7.60

7.42
8.09
7.93
5.72
7.82

Jan
3

Jan
10

Jan
17

Jan
24

Jan

5.37

5.28

5.19

5.19

5.71
5.55
5.49

5.43
5.45
5.47

5.43
5.47
5.51

5.37
5.35
5.29

5.31
5.31
5.30

5.34
5.32

31

G.13 (415)
Selected Interest Rates
Yields in percent per annum
Fed
funds

Jan t *
Jan 2
Jan 3
Jan 6
Jan 7
Jan 8
Jan 9
Jan 10
Jan 13
Jan 14
Jan 15
Jan 16
Jan 17
Jan 20*
Jan 21
Jan 22
Jan 23
Jan 24
Jan 27
Jan 28
Jan 29
Jan 30
Jan 31

6.26
5.79
5.17
5.26
5.20
5.20
5.25
5.17
5.24
5.14
5.22
5.26
5.14
5.14
5.33
5.21
5.24
5.13
5.33
5.27
5.05
5.30
5.37

Comm
paper
1 -mo.

Federal Reserve Board
February 4,1997

i iv a s u iy

U2I
w in ®

3 -mo. 6-mo.

_

1-yr.

iio o b u ij

3-mo.

6 -mo.

1 -yr.

5.48
5.46
5.44
5.43
5.42
5.42
5.43
5.44
5.44
5.44
5.43
5.42

5.05
5.04
5.05
5.02
5.02
5.00
5.04
5.04
5.05
5.02
5.03
5.01

5.14
5.13
5.12
5.10
5.10
5.07
5.12
5.11
5.07
5.08
5.08
5.08

5.28
5.31
5.31
5.31
5.31
5.27
5.35
5.35
5.30
5.27
5.30
5.29

5.19
5.17
5.17
5.16
5.16
5.13
5.17
5.08
5.19
5.16
5.16
5.14

5.35
5.34
5.31
5.30
5.30
5.27
5.33
5.31
5.27
5.28
5.28
5.28

5.63
5.60
5.61
5.61
5.61
5.57
5.66
5.66
5.60
5.57
5.61
5.60

5.43
5.42
5.42
5.42
5.43
5.43
5.44
5.44
5.45

5.03
5.04
5.04
5.03
5.06
5.04
5.04
5.04
5.02

5.08
5.12
5.13
5.13
5.15
5.10
5.09
5.10
5.08

5.29
5.29
5.31
5.31
5.34
5.29
5.29
5.28
5.29

5.18
5.18
5.18
5.16
5.21
5.18
5.18
5.18
5.15

5.31
5.33
5.34
5.34
5.34
5.30
5.29
5.31
5.28

5.60
5.60
5.62
5.62
5.66
5.61
5.61
5.63
5.58

2-yr.

5.97
5.95
5.97
5.98
6.01

m h w i o i i i

3-yr.

6.13
6.11
6.12

6.14
6.17

5.94
6.06
6.07
5.98
5.98

6.12

6.00
6.00

6.15
6.14

5.99

6.12

6.00

6.15
6.19

6.06
6.07
6.11

6.04
6.04
6.01

5.94

6.10
6.21
6.22
6.12

6.21

6.25
6.19
6.19
6.16
6.08

*1
m c u u im o e

5-yr.

7-yr.

1 0 -yr.

6.30
6.28
6.30
6.32
6.34
6.27
6.40
6.40
6.30
6.30
6.33
6.32

6.45
6.42
6.44
6.47
6.49
6.41
6.52
6.52
6.43
6.43
6.47
6.46

6.54
6.52
6.54
6.57
6.60
6.52
6.63
6.63
6.53
6.53
6.57
6.56

6.29
6.32
6.35
6.39
6.42
6.38
6.38
6.35
6.26

6.41
6.45
6.49
6.53
6.57
6.53
6.52
6.49
6.40

6.52
6.56
6.60
6.64
6.69
6.64
6.63
6.61
6.53

2 0 -yr.

30-yr.

6.85
6.84

6.75
6.74
6.77
6.80
6.83
6.76

6.86

6.89
6.92
6.85
6.94
6.95
6.86

6.87
6.91
6.90
6.86

6.90
6.93
6.97
7.01
6.98
6.97
6.95
6.86

6.86

6.85
6.77
6.79
6.83
6.83
6.78
6.83
6.85
6.89
6.94
6.91
6.90
6.88

6.80

* Market closed

F O O TN O TE S

1. The daily effective federal funds rate is a weighted average of rates on trades through N.Y. brokers.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures
include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. Quoted on a discount basis.
5. An average of offering rates on commercial paper placed by several leading dealers for firms whose bond rating
is AA or the equivalent.
6. An average of offering rates on paper directly placed by finance companies.
7. Representative closing yields for acceptances of the highest rated money center banks.
8. An average of dealer offering rates on nationally traded certificates of deposit.
9. Bid rates for Eurodollar deposits at 11 a.m. London time.
10. One of several base rates used by banks to price short-term business loans.
11. Rate for the Federal Reserve Bank of New York.
12. Auction date for daily data; weekly and monthly averages computed on an issue-date basis.
13. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.
14. Unweighted average of rates on all outstanding bonds neither due nor callable in less than 10 years.
15. Estimate of the yield on a recently offered, A-rated utility bond with a maturity of 30 years and call protection of
5 years; Friday quotations.
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC.
Note: Weekly and monthly figures are averages of business days unless otherwise noted.
DESCRIPTION O F TH E TR EA S U R Y C O N STA N T M ATURITY SERIES

Yields on Treasury securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve. This
curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively
traded Treasur securities in the over-the-counter market. These market yields are calculated from composites of quota­
tions obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve
at fixed maturities, currently 3 and 6 months and 1,2,3,5, 7,10,20, and 30 years. This method provides a yield for a 10year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. In estimating the
20-year constant maturity, the Treasury incorporates the prevailing market yield on an outstanding Treasury bond with
approximately 20 years remaining to maturity.