Full text of G.13 Selected Interest Rates : July 2, 1996

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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)

SELECTED INTEREST RATES

For immediate release
July 2, 1996

Yields in percent per annum
W eek Ending
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 market) 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 34 12
3-month
6 -month
1 -year
Secondary market3 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
1 0 -year
2 0 -year
30-year
Composite
Over 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
n.a. •not available




May
31

Jun
7

Jun
14

Jun

5.19

5.33

5.24

5.38
5.38
5.41

5.42
5.44
5.49

5.27
5.28
5.24

Jun
28

May

Jun

5.45

5.21

5.24

5.27

5.43
5.50
5.60

5.46
5.50
5.60

5.50
5.51
5.61

5.38
5.39
5.42

5.45
5.49
5.57

5.32
5.32
5.29

5.34
5.38
5.38

5.36
5.39
5.37

5.38
5.40
5.38

5.29
5.29
5.23

5.35
5.37
5.35

5.30
5.33

5.34
5.42

5.40
5.49

5.39
5.48

5.40
5.49

5.29
5.31

5.38
5.47

5.31
5.36
5.47

5.35
5.42
5.59

5.36
5.48
5.67

5.36
5.47
5.65

5.39
5.49
5.66

5.32
5.36
5.47

5.37
5.46
5.64

5.30
5.35
5.47
8.25
5.00

5.33
5.43
5.57
8.25
5.00

5.34
5.48
5.68
8.25
5.00

5.33
5.45
5.65
8.25
5.00

5.34
5.48
5.66
8.25
5.00

5.30
5.36
5.47
8.25
5.00

5.33
5.46
5.64
8.25
5.00

5.03
5.14
5.32

5.09
5.21

5.16
5.34

5.08
5.27

5.10
5.23
5.56

5.02
5 .12
5.31

5.11
5.26
5.56

5.04
5.14
5.39

5.09
5.22
5.46

5.11
5.30
5.52

5.09
5.25
5.48

5.09
5.22
5.47

5.02
5 .12
5.33

5.09
5.25
5.48

5.18
5.35
5.70
6.17
6.34
6.55
6.69
6.77
7.09
6.93

5.22
5.43
5.78
6.26
6.44
6.63
6.77
6.85
7.16
6.99

5.25
5.52
5.86
6.36
6.56
6.77
6.93
6.99
7.30
7.13

5.23
5.47
5.82
6.32
6.50
6.73
6.87
6.95
7.25
7.10

5.22
5.42
5.79
6.25
6.44
6.63
6.76

5.15
5.33
5.64

7.16
7.02

6.74
7 .11
6.93

5.23
5.46
5.81
6.30
6.49
6.69
6.83
6.91
7.22
7.06

7.07

7.14

7.28

7.23

n.a*

7.08

n .a

7.61
8.27
8.08
5.94
8.03

7.67
8.34

7.78
8.47

7.74
8.44

7.62
8.30

8.12

8.20

8.20

7.71
8.40
8.13

5.94
8.30

6.12

6.06
8.30

7.66
8.36
7.97
5.97
8.29

8.39

21

6.86

*

6.10

6.27
6.48
6.66

8.02

5.98
8.07

6.02

8.32

Federal Reserve Board
July 2, 1996

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

Fed
funds
Jun 3
Jun 4
Jun 5
Jun 6
Jun 7
Jun 10
Jun 11
Jun 12
Jun 13
Jun 14
Jun 17
Jun 18
Jun 19
Jun 20
Jun 21
Jun 24
Jun 25
Jun 26
Jun 27
Jun 28

5.44
5.23
5.34
5.29
5.21
5.28
5.24
5.25
5.27
5.30
5.47
5.27
6.25
5.37
5.19
5.18
5.15
5.18
5.27
5.00

Comm
paper
1-mo.
5.42
5.42
5.42
5.40
5.44
5.44
5.43
5.43
5.43
5.43
5.45
5.45
5.46
5.46
5.46
5.48
5.49
5.49
5.50
5.52

— Treasury bills —
3-mo. 6-mo. 1-yr.
5.08
5.08
5.08
5.07
5.12
5.15
5.13
5.12
5.10
5.07
5.05
5.07
5.09
5.12
5.12
5.13
5.10
5.10
5.06
5.04

5.17
5.21
5.20
5.19
5.31
5.33
5.31
5.31
5.29
5.26
5.25
5.24
5.24
5.26
5.26
5.26
5.23
5.23
5.20
5.16

5.46
5.46
5.44
5.39
5.53
5.54
5.53
5.54
5.51
5.47
5.45
5.45
5.47
5.51
5.53
5.51
5.50
5.51
5.45
5.39

-------------------------- Treasury constant maturities --------------------------3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 20-yr. 30-yr.
5.23
5.20
5.22
5.21
5.26
5.29
5.27
5.26
5.24
5.21
5.19
5.21
5.23
5.26
5.26
5.23
5.24
5.24
5.20
5.18

5.41
5.42
5.41
5.40
5.53
5.56
5.53
5.53
5.51
5.48
5.46
5.46
5.46
5.48
5.48
5.44
5.44
5.45
5.42
5.37

5.78
5.78
5.76
5.71
5.86
5.88
5.87
5.88
5.85
5.80
5.78
5.78
5.81
5.87
5.84
5.83
5.82
5.83
5.77
5.70

6.26
6.24
6.24
6.16
6.40
6.40
6.37
6.39
6.36
6.29
6.27
6.28
6.31
6.38
6.35
6.32
6.30
6.30
6.21
6.11

6.43
6.44
6.43
6.32
6.56
6.58
6.56
6.59
6.56
6.49
6.47
6.48
6.50
6.55
6.52
6.52
6.50
6.49
6.41
6.30

6.64
6.62
6.60
6.52
6.75
6.77
6.77
6.81
6.80
6.72
6.68

6.71
6.74
6.77
6.74
6.72
6.70
6.67
6.59
6.47

6.80
6.78
6.75
6.67
6.87
6.91
6.94
6.99
6.95
6.87
6.82
6.87
6.89
6.89
6.87
6.86

6.82
6.80
6.72
6.61

6.87
6.86

6.82
6.76
6.93
6.97
6.99
7.03
7.01
6.95
6.90
6.93
6.96
6.98
6.96
6.94
6.91
6.91
6.83
6.73

7.19
7.18
7.14
7.08
7.22
7.28
7.31
7.35
7.32
7.26
7.22
7.25
7.27
7.27
7.25
7.24
7.20
7.19
7.13
7.03

7.01
7.00
6.96
6.91
7.05
7.10
7.13
7.18
7.15
7.10
7.06
7.09
7.12
7.12
7.11
7.09
7.06
7.05
6.99
6.90

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 approximately 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. Department of the 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 SU 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 Treasury
securities in the over-the-counter market. These market yields are calculated from composites of quotations reported by five lead­
ing U.S. Government securities dealers to 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 10-year 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 approx­
imately 20 years remaining to maturity.