Full text of G.13 Selected Interest Rates : January 7, 1997

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FEDERAL RESERVE statistical release
These data are released the first Tuesday of each month. The availability of the release is announced on (202) 452-3206.

G .1 3 (415)

'97 M i 10

SELECTED INTEREST RATES
Yields in percent per annum

^

%. , ,

m

n ^

For immediate release
January 7 ,1 9 9 7

, ,

--------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------r- - . . , U . i ....................................................

M i , i ________________ ____________________ _____ ________________________________

W e e k Ending
1996
Instrum ents

Federal funds (effective)123
Commercial p aper345
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)3 8
1-month
3-month
6-month
Eurodollar deposits (London) 3 9
1-month
3-month
6-month
Bank prime loan 2310
Discount window borrowing 2 11
U.S. government securities
Treasury bills
Auction average 3412
3-month
6-month
1-year
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 15
State & local bonds 16
Conventional mortgages 17

See overleaf for footnotes



Dec
6

D ec
13

Dec
20

Dec
27

Ja n
3

Nov

Dec

5.52

5.22

5.38

5.18

5.37

5.31

5.29

5.30

5.53
5.42
5.40

5.57
5.44
5.42

5.73
5.52
5.45

5.88
5.61
5.48

5.71
5.55
5.49

5.39
5.41
5.40

5.70
5.51
5.44

5.43
5.41
5.42

5.35
5.30
5.22

5.39
5.31
5.24

5.46
5.35
5.26

5.46
5.36
5.28

5.37
5.35
5.29

5.25
5.29
5.23

5.41
5.33
5.25

5.31
5.29
5.21

5.30
5.29

5.33
5.33

5.39
5.35

5.40
5.37

5.34
5.32

5.29
5.29

5.35
5.33

5.31
5.31

5.46
5.40
5.42

5.48
5.42
5.47

5.49
5.44
5.49

5.59
5.50
5.51

5.45
5.45
5.50

5.30
5.38
5.43

5.50
5.44
5.47

5.35
5.39
5.47

5.44
5.39
5.40
8.25
5.00

5.44
5.40
5.44
8.25
5.00

5.51
5.46
5.50
8.25
5.00

5.56
5.47
5.50
8.25
5.00

5.38
5.44
5.49
8.25
5.00

5.26
5.38
5.41
8.25
5.00

5.48
5.43
5.46
8.25
5.00

5.32
5.38
5.46
8.27
5.02

4.98
5.04

4.83
4.97
5.16

4.76
4.99

4.92
5.08

5.08
5.11

5.03
5.07
5.20

4.87
5.02
5.16

5.02
5.09
5.23

4.92
5.02
5.14

4.83
5.00
5.17

4.88
5.06
5.22

4.97
5.08
5.20

5.05
5.12
5.25

5.03
5.07
5.14

4.91
5.04
5.18

5.01
5.08
5.22

5.05
5.22
5.42
5.66
5.77
5.92
6.04
6.15
6.52
6.43

4.95
5.20
5.46
5.77
5.89
6.06
6.21
6.31
6.66
6.56

5.01
5.26
5.51
5.85
5.98
6.15
6.29
6.40
6.73
6.63

5.10
5.28
5.50
5.84
5.97
6.12
6.24
6.34
6.67
6.58

5.20
5.33
5.55
5.90
6.06
6.22
6.36
6.45
6.76
6.67

5.17
5.27
5.42
5.70
5.82
5.97
6.10
6.20
6.58
6.48

5.04
5.24
5.47
5.78
5.91
6.07
6.20
6.30
6.65
6.55

5.15
5.29
5.52
5.84
5.99
6.18
6.34
6.44
6.83
6.71

6.51

6.65

6.72

6.65

6.75

6.55

6.63

6.80

7.10
7.79
7.62
5.57
7.44

7.21
7.90
7.67
5.66
7.57

7.28
7.97
7.69
5.67
7.74

7.22
7.91
7.64
5.66
7.64

7.29
7.99
7.83
5.70
7.67

7.10
7.79
7.54
5.59
7.62

7.20
7.89
7.63
5.64
7.60

7.37
8.05
7.77
5.76
7.80

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

Dec 2
Dec 3
Dec 4
Dec 5
Dec 6
Dec 9
Dec 10
Dec 11
Dec 12
Dec 13
Dec 16
Dec 17
Dec 18
Dec 19
Dec 20
Dec 23
Dec 24
Dec 25 *
Dec 26
Dec 27
Dec 30
Dec 31

5.67
5.09
6.12
5.36
5.21
5.19
5.17
5.19
5.25
5.28
5.56
5.38
5.60
5.29
5.15
5.26
5.14
5.14
5.26
4.77
5.53
6.26

C om m
paper
1-m o.

Federal Reserve Board
January 7, 1997

11oaoui y vino

3-m o. 6-m o.

_

1-yr.

3-m o. 6-m o.

1-yr.

Tre a su ry constant maturities
2-yr. 3 -yr. 5 -yr. 7 -yr.
10-yr.

20-yr.

30-yr.

5.54
5.54
5.52
5.52
5.54
5.53
5.55
5.57
5.59
5.63
5.65
5.68
5.72
5.80
5.82
5.84
5.85

4.95
4.92
4.90
4.91
4.90
4.86
4.83
4.83
4.84
4.80
4.86
4.87
4.90
4.88
4.89
4.97
4.96

5.04
5.02
5.00
5.02
5.03
5.00
4.99
5.02
5.00
5.00
5.03
5.07
5.08
5.05
5.06
5.09
5.07

5.12
5.11
5.12
5.17
5.17
5.15
5.15
5.20
5.20
5.17
5.20
5.22
5.25
5.21
5.20
5.22
5.21

5.08
5.05
5.03
5.04
5.03
4.96
4.96
4.96
4.97
4.92
4.97
5.00
5.03
5.01
5.02
5.10
5.09

5.24
5.22
5.20
5.22
5.23
5.18
5.19
5.22
5.20
5.20
5.22
5.27
5.28
5.25
5.26
5.29
5.27

5.40
5.39
5.41
5.44
5.45
5.43
5.43
5.49
5.49
5.46
5.49
5.51
5.55
5.50
5.49
5.52
5.51

5.61
5.61
5.64
5.71
5.73
5.70
5.71
5.82
5.84
5.77
5.82
5.87
5.89
5.83
5.83
5.85
5.85

5.72
5.70
5.75
5.82
5.84
5.81
5.83
5.95
5.98
5.89
5.95
5.99
6.04
5.97
5.95
5.97
5.98

5.85
5.84
5.89
5.99
6.02
5.97
5.99
6.14
6.14
6.06
6.13
6.17
6.21
6.13
6.12
6.12
6.13

5.97
5.95
6.01
6.12
6.16
6.11
6.12
6.28
6.30
6.22
6.27
6.31
6.36
6.25
6.25
6.24
6.25

6.08
6.06
6.11
6.22
6.26
6.21
6.23
6.38
6.40
6.33
6.39
6.42
6.46
6.36
6.35
6.34
6.36

6.46
6.44
6.49
6.60
6.62
6.58
6.59
6.71
6.74
6.68
6.72
6.76
6.80
6.69
6.69
6.67
6.68

6.36
6.35
6.40
6.50
6.53
6.48
6.49
6.61
6.64
6.58
6.63
6.66
6.69
6.60
6.59
6.58
6.59

5.90
5.93
5.96
5.95

4.97
4.98
5.04
5.07

5.07
5.08
5.08
5.12

5.20
5.18
5.18
5.21

5.10
5.11
5.21
5.21

5.27
5.28
5.29
5.33

5.50
5.47
5.47
5.51

5.85
5.81
5.80
5.88

5.98
5.93
5.95
6.04

6.13
6.09
6.10
6.21

6.25
6.21
6.21
6.34

6.35
6.30
6.31
6.43

6.68
6.63
6.63
6.73

6.59
6.54
6.54
6.65

* Market closed

FO O TN O TES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10 .
11.
12.
13 .
14 .
15 .
16 .
17.

The daily effective federal funds rate is a weighted average of rates on trades through N .Y . brokers.
W eekly figures are averag e s of 7 calendar d ay s ending on W ed n e sd a y of the current week; monthly figures
include each calendar d ay in the month.
A nnualized using a 36 0 -d ay year or bank interest.
Quoted on a discount b asis.
An average of offering rates on com m ercial paper placed by several leading d ealers for firms w hose bond rating
is A A or the equivalent.
An average of offering rates on paper directly placed by finance com panies.
Representative closing yields for accep tan ces of the highest rated m oney center banks.
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 b an ks to price short-term b u sin e ss loans.
Rate for the Federal R eserve B ank of New York.
Auction date for daily data; w eekly and monthly averag e s computed on an issue -d ate b asis.
Y ie ld s on actively traded issu e s adjusted to constant maturities. So urce: U .S . Treasury.
Unweighted average of rates on all outstanding bonds neither due nor callable in less than 10 years.
Estim ate of the yield on a recently offered, A-rated utility bond with a maturity of 30 ye ars and call protection of
5 years; Friday quotations.
Bond B uyer Index, general obligation, 20 y e a rs to maturity, mixed quality; T hu rsd ay quotations.
Contract interest rates on comm itm ents for fixed-rate first m ortgages. So urce: F H L M C .

Note: W eekly and monthly figures are averag e s of b u sin e ss d a y s un less otherwise noted.

DESCRIPTION OF THE TR EASU R Y C O N STA N T M ATURITY SERIES
Y ie ld s on Tre asury securities at "constant maturity" are interpolated by the U .S. T re asury from the daily yield curve. T h is
curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yield s on actively
traded T re a su r securities in the over-the-counter market. T h e se market yields are calculated from com posites of quota­
tions obtained by the Federal R eserve B ank of New York. T he constant maturity yield va lu e s are read from the yield curve
at fixed maturities, currently 3 and 6 months and 1 , 2 , 3 , 5, 7 , 1 0 , 2 0 , and 30 years. T h is method provides a yield for a 10 year maturity for exam ple, even if no outstanding security has exactly 10 years rem aining to maturity. In estimating the
S D ym y i m S a9 n matUrity’ th® T re asury incorporates the prevailing market yield on an outstanding T re asury bond with
approxim ately 20 ye ars rem aining to maturity.
y
y