Full text of G.13 Selected Interest Rates : January 4, 1994

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Ut/t

FEDERAL RESERVE statistical release
These data are released the first Tuesday of each month. The availability of the relea^eJ^announced on (202) 452-3206.
i;-!

G .1 3 (415)

IP * '

v

SELECTED INTEREST RATES

f-

_

b

*f '

i n 70
;

j. o

For immediate release
January 4, 1994

n ::n

Yields in percent per annum

W eek Ending
1993

Instruments

Federal funds (effective)1 2 3
Commercial paper345
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
CDs (secondary m arket)38
1-month
3-month
6-month
Eurodollar deposits (London) 39
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
1-year
Auction average (investm ent)13
3-month
6-month
1-year
Secondary m arket3 4
3-month
6-month
1-year
Treasury constant maturities 14
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Composite
Over 10 years (long-term )15
Corporate bonds
Moody’s seasoned
Aaa
Baa
A-utility 16
State & local bonds 17
Conventional mortgages 18

See overleaf for footnotes




Dec

Dec

Dec

Dec

Dec

3

10

17

24

31

3.09

2.92

2.94

2.99

3.27
3.44
3.46

3.41
3.40
3.42

3.34
3.34
3.38

3.14
3.26
3.21

3.26
3.21
3.19

3.30
3.34

N ov

Dec

2.99

3.02

2.96

3.02

3.31
3.30
3.36

3.35
3.32
3.38

3.15
3.40
3.43

3.35
3.36
3.40

3.17
3.22
3.30

3.20
3.16
3.18

3.18
3.13
3.17

3.20
3.18
3.18

3.08
3.25
3.19

3.21
3.19
3.18

3.12
3.16
3.15

3.26
3.30

3.20
3.28

3.18
3.27

3.21
3.29

3.29
3.32

3.23
3.30

3.13
3.21

3.34
3.35
3.40

3.33
3.31
3.37

3.21
3.23
3.35

3.18
3.20
3.34

3.22
3.24
3.33

3.11
3.35
3.39

3.26
3.26
3.35

3.11
3.17
3.28

3.35
3.38
3.41
6.00
3.00

3.31
3.33
3.38
6.00
3.00

3.18
3.21
3.35
6.00
3.00

3.09
3.17
3.33
6.00
3.00

3.14
3.23
3.38
6.00
3.00

3.06
3.36
3.40
6.00
3.00

3.22
3.26
3.37
6.00
3.00

3.07
3.18
3.30
6.00
3.00

3.12
3.26

3.11
3.27

3.06
3.26
3.47

3.06
3.25

3.06
3.21

3.12
3.27
3.43

3.08
3.25
3.47

3.02
3.14
3.33

3.19
3.36

3.18
3.37
3.61

3.12
3.36

3.12
3.35

3.12
3.31

3.19
3.37
3.57

3.15
3.35
3.61

3.08
3.23
3.46

3.12
3.27
3.46

3.07
3.25
3.44

3.04
3.24
3.47

3.06
3.22
3.45

3.02
3.21
3.45

3.10
3.26
3.42

3.06
3.23
3.45

3.00
3.12
3.29

3.62
4.21
4.54
5.14
5.51
5.80
6.42
6.26

3.60
4.19
4.51
5.10
5.42
5.71
6.31
6.17

3.61
4.23
4.57
5.18
5.53
5.82
6.45
6.28

3.60
4.21
4.54
5.16
5.50
5.79
6.41
6.27

3.61
4.22
4.53
5.14
5.47
5.77
6.41
6.28

3.58
4.16
4.50
5.06
5.45
5.72
6.38
6.21

3.61
4.21
4.54
5.15
5.48
5.77
6.40
6.25

3.43
4.05
4.44
5.14
5.54
5.87
6.29
6.59

6.29

6.19

6.31

6.28

6.27

6.25

6.27

6.45

6.95
7.70
7.24
5.46
7.25

6.86
7.61
7.24
5.33
7.14

6.97
7.72
7.33
5.36
7.17

6.95
7.70
7.26
5.34
7.17

6.94
7.71
7.34
5.28
7.20

6.93
7.66
7.25
5.47
7.16

6.93
7.69
7.28
5.35
7.19

7.22
7.93
7.46
5.59
7.33

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

Dec 1
Dec 2
Dec 3
Dec 6
Dec 7
Dec 8
Dec 9
Dec 10
Dec 13
Dec 14
Dec 15
Dec 16
Dec 17
Dec 20
Dec 21
Dec 22
Dec 23
Dec 24 *
Dec 27
Dec 28
Dec 29
Dec 30
Dec 31

3.07
3.04
2.96
2.97
2.67
2.87
2.94
2.90
2.96
2.95
3.06
3.03
2.94
3.03
2.97
3.08
3.05
2.97
3.11
2.98
2.85
2.82
2.85

Comm
paper
3-mo.

Federal Reserve Board
January 4, 1994
CDs
sec mkt
3-mo.

— Treasury b ills—
3-mo. 6-mo. 1 -yr.

Troaenru m n e t a n t mat! iritiac

1-yr.

2-yr.

3-yr.

5-yr.

7-yr.

10-yr.

20-yr.

30-yr.

3.44
3.44
3.44
3.43
3.42
3.40
3.38
3.37
3.35
3.35
3.35
3.34
3.31
3.29
3.30
3.31
3.31

3.36
3.35
3.37
3.35
3.33
3.33
3.27
3.27
3.26
3.26
3.24
3.22
3.19
3.18
3.19
3.21
3.23

3.12
3.11
3.11
3.09
3.09
3.08
3.06
3.05
3.05
3.04
3.03
3.03
3.03
3.05
3.07
3.06
3.06

3.27
3.26
3.27
3.25
3.26
3.25
3.24
3.24
3.25
3.25
3.24
3.23
3.22
3.23
3.24
3.20
3.19

3.46
3.46
3.46
3.41
3.43
3.43
3.43
3.48
3.48
3.49
3.47
3.46
3.44
3.46
3.47
3.44
3.44

3.62
3.62
3.62
3.57
3.60
3.60
3.60
3.62
3.62
3.63
3.61
3.60
3.58
3.61
3.62
3.59
3.59

4.20
4.22
4.24
4.19
4.17
4.18
4.18
4.21
4.23
4.25
4.22
4.23
4.20
4.22
4.26
4.19
4.18

4.54
4.55
4.59
4.50
4.52
4.50
4.49
4.53
4.56
4.59
4.58
4.58
4.54
4.58
4.58
4.50
4.49

5.14
5.16
5.16
5.09
5.10
5.09
5.07
5.13
5.16
5.20
5.19
5.20
5.17
5.20
5.22
5.13
5.10

5.52
5.52
5.52
5.43
5.43
5.41
5.38
5.45
5.50
5.54
5.55
5.56
5.52
5.54
5.56
5.46
5.42

5.82
5.81
5.80
5.72
5.71
5.71
5.68
5.73
5.78
5.82
5.83
5.84
5.81
5.83
5.85
5.74
5.72

6.44
6.42
6.39
6.31
6.31
6.31
6.29
6.34
6.40
6.46
6.46
6.47
6.44
6.45
6.47
6.37
6.36

6.28
6.27
6.25
6.17
6.17
6.17
6.15
6.19
6.24
6.29
6.29
6.31
6.29
6.30
6.32
6.22
6.22

3.30
3.32
3.33
3.32
3.31

3.23
3.24
3.24
3.23
3.24

3.06
3.06
3.01
2.98
3.01

3.23
3.22
3.20
3.21
3.20

3.45
3.44
3.44
3.46
3.46

3.61
3.60
3.60
3.62
3.63

4.20
4.20
4.20
4.25
4.25

4.50
4.49
4.51
4.58
4.58

5.09
5.10
5.12
5.20
5.21

5.42
5.42
5.44
5.53
5.53

5.72
5.72
5.74
5.82
5.83

6.36
6.36
6.38
6.47
6.48

6.23
6.24
6.25
6.34
6.35

* Market closed

FOOTNOTES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12 .
13 .
14.
15 .
16.
17 .
18 .

The daily effective federal funds rate is a weighted average of rates on trades through N .Y . brokers.
W eekly figures are a v e ra g e s of 7 calendar d ay s ending on W ed n e sd a y of the current w eek; monthly figures include
each ca len d ar day in the month.
A nnualized using a 3 6 0 -d a y year or bank interest.
Quoted on a discount b a sis.
An averag e of offering rates on com m ercial paper placed by se ve ra l leading d e a le rs for firm s w hose bond rating is A A
or the equivalent.
An average of offering rates on paper directly placed by finance co m panies.
Representative closing yield s for accep tan ces of the highest rated m oney center b an ks.
An average of d ealer offering rates on nationally traded certificates of deposit.
Bid rates for Eurodollar deposits at 1 1 a.m . London time.
O ne of several b ase rates used by banks to price short-term b u sin e ss loans.
Rate for the Federal R e se rve Bank of New York.
Auction date for daily data; weekly and monthly averages computed on an issu e -d a te b a sis.
Auction dates for daily, w eekly and monthly averages.
Y ield s on actively traded issu e s adjusted to constant maturities. So urce: U .S . T re asu ry.
Unweighted average of rates on all outstanding bonds neither due nor callable in le ss than 10 y e a rs.
Estim ate of the yield on a recently offered, A-rated utility bond with a maturity of 30 y e a rs and call protection of 5 years;
Friday quotations.
Bond B uyer Index, general obligation, 20 years to maturity, mixed quality; T h u rsd ay quotations.
Contract interest rates on comm itm ents for fixed-rate first m ortgages. S o u rce : F H L M C .

Note: W eekly and monthly figures are averag es of b usin ess d ays un less otherwise noted.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Y ie ld s on Tre asury securities at 'constant maturity’ are interpolated by the U .S . T re a su ry from the d aily yield curve. T h is curve,
which relates the yield on a security to its time to maturity, is based on the closing m arket bid yie ld s on actively traded Tre asury
securities in the over-the-counter market. T h e se market yields are calculated from com posites of quotations reported by five lead­
ing U .S . G overnm ent securities dealers to the Federal R eserve B ank of New York. T he constant maturity yield v a lu e s are read
from the yield curve at fixod maturities, currently 1 , 2 , 3, 5, 7, 10, 20, and 30 years. T h is method provides a yield for a 10 -y e a r
maturity, for exam ple, even if no outstanding security has exactly 10 y e ars rem aining to maturity. In estim ating the 2 0 -y e a r con­
stant maturity, the T reasury incorporates the prevailing market yield on an outstanding T re asu ry bond with approxim ately 20 years
rem aining to maturity.