Full text of G.13 Selected Interest Rates : March 5, 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 March 5, 1996 Yields in percent per annum Week Ending Instruments Feb 2 Feb 9 Feb 16 Feb 23 Mar 1 Jan Feb Federal funds (effective ) 1 23 Commercial pa pe r 345 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) 38 1-month 3-month 6-month Eurodollar deposits (London) 39 1-month 3-month 6-month Bank prime lo a n 2310 Discount window borrowing 211 U.S. government securities Treasury bills Auction average 3412 3-month 6-month 1-year Secondary m arket 34 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 Over 10 years (long-term) 14 Corporate bonds Moody’s seasoned Aaa Baa A-utility 15 State & local bonds 16 Conventional mortgages 17 5.53 5.21 5.09 5.17 5.31 5.56 5.22 5.42 5.26 5.09 5.28 5.16 4.98 5.29 5.12 4.93 5.28 5.14 4.99 5.30 5.17 5.05 5.56 5.40 5.23 5.29 5.15 4.99 5.30 5.08 4.83 5.20 5.01 4.76 5.21 4.99 4.75 5.18 4.99 4.78 5.20 5.03 4.83 5.44 5.25 5.01 5.20 5.00 4.77 5.14 4.98 5.06 4.89 5.05 4.85 5.07 4.94 5.09 4.99 5.31 5.14 5.07 4.91 5.33 5.23 5.13 5.24 5.15 5.00 5.22 5.13 4.99 5.22 5.14 5.06 5.23 5.16 5.12 5.47 5.39 5.28 5.23 5.15 5.03 5.29 5.23 5.16 8.50 5.21 5.21 5.15 5.05 8.25 5.00 5.18 5.13 5.00 8.25 5.00 5.19 5.14 5.06 8.25 5.00 5.19 5.14 5.11 8.25 5.00 5.45 5.40 5.30 8.50 5.24 5.20 5.14 5.05 8.25 5.00 5.01 4.90 4.88 4.79 4.64 4.80 4.71 4.78 4.75 4.86 4.80 5.02 4.97 4.89 4.87 4.79 4.64 4.93 4.81 4.69 4.81 4.75 4.61 4.79 4.70 4.57 4.82 4.82 4.78 4.87 4.82 4.87 5.00 4.92 4.82 4.83 4.77 4.69 5.08 5.01 4.93 4.98 5.10 5.28 5.50 5.64 4.92 4.90 4.81 4.84 4.94 5.20 5.46 5.65 6.16 6.11 4.97 5.02 5.04 5.15 5.28 5.52 5.81 5.97 6.46 6.39 5.00 5.01 5.14 5.32 5.44 5.65 5.91 6.06 6.55 6.45 5.15 5.13 5.09 5.11 5.20 5.36 5.54 5.65 6.08 4.95 4.95 4.85 4.91 5.03 5.27 5.51 5.67 6.17 6.13 6.05 4.96 4.97 4.94 5.03 5.14 5.38 5.64 5.81 6.30 6.24 6.08 6.14 6.14 6.44 6.53 6.07 6.28 6.82 7.46 7.22 5.40 7.02 6.87 7.50 7.18 5.37 7.02 6.86 7.13 7.77 7.47 5.48 7.32 7.20 7.86 7.45 5.57 7.41 6.80 7.47 7.09 5.43 7.03 6.99 7.63 7.31 5.43 7.08 See overleaf for footnotes 6.11 7.50 7.28 5.33 6.94 6.11 G.13 (415) Selected Interest Rates Yields in percent per annum Feb 1 Feb 2 Feb 5 Feb 6 Feb 7 Feb 8 Feb 9 Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 19 * Feb 20 Feb 21 Feb 22 Feb 23 Feb 26 Feb 27 Feb 28 Feb 29 Federal Reserve Board March 5,1996 Fed funds Comm paper 1-mo. 5.27 5.23 5.23 5.16 5.13 5.18 5.17 5.12 4.93 4.92 5.36 5.13 5.13 5.20 5.10 5.15 5.14 5.19 5.20 6.18 6.05 5.31 5.29 5.29 5.28 5.28 5.28 5.27 5.28 5.29 5.29 5.30 5.28 4.89 4.85 4.86 4.84 4.80 4.78 4.79 4.80 4.79 4.80 4.78 4.76 4.78 4.75 4.78 4.77 4.75 4.73 4.72 4.71 4.67 4.70 4.72 4.71 4.65 4.60 4.63 4.62 4.61 4.59 4.58 4.56 4.55 4.56 4.60 4.60 5.03 4.99 5.00 4.98 4.94 4.92 4.93 4.93 4.93 4.94 4.92 4.89 4.98 4.94 4.98 4.97 4.95 4.93 4.91 4.90 4.86 4.90 4.92 4.90 4.88 4.85 4.88 4.87 4.86 4.84 4.82 4.80 4.79 4.80 4.84 4.84 4.93 4.90 4.95 4.93 4.92 4.90 4.85 4.83 4.80 4.82 4.87 4.90 5.05 5.04 5.09 5.03 5.03 5.01 4.98 4.94 4.89 4.91 4.95 5.01 5.24 5.24 5.30 5.28 5.27 5.27 5.25 5.17 5.14 5.17 5.23 5.29 5.47 5.49 5.54 5.50 5.51 5.51 5.49 5.42 5.39 5.43 5.50 5.58 5.63 5.66 5.70 5.68 5.66 5.66 5.66 5.61 5.58 5.62 5.70 5.76 5.29 5.29 5.27 5.27 5.27 5.29 5.30 5.33 4.83 4.82 4.81 4.83 4.85 4.88 4.88 4.89 4.86 4.83 4.78 4.79 4.79 4.83 4.86 4.86 4.83 4.79 4.73 4.76 4.79 4.85 4.94 4.95 4.99 4.96 4.95 4.97 4.98 5.01 5.01 5.02 5.09 5.03 4.98 4.99 4.98 5.02 5.05 5.05 5.09 5.05 4.99 5.02 5.05 5.12 5.22 5.23 5.18 5.16 5.11 5.13 5.18 5.28 5.43 5.44 5.30 5.30 5.23 5.29 5.33 5.41 5.51 5.56 5.53 5.56 5.47 5.53 5.56 5.63 5.73 5.73 5.83 5.81 5.76 5.82 5.85 5.90 5.97 5.99 6.01 — Treasury bills — 3-mo. 6-mo. 1-yr. ---------------------------------- Treasury constant maturities -----------------------------------3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 20-yr. 30-yr. 5.98 5.92 5.97 6.01 6.06 6.11 6.13 6.11 6.16 6.17 6.15 6.17 6.17 6.17 6.10 6.08 6.13 6.08 6.15 6.15 6.14 6.15 6.09 6.11 6.05 6.02 6.27 6.07 6.16 6.23 6.45 6.47 6.43 6.50 6.54 6.56 6.58 6.57 6.39 6.39 6.36 6.42 6.45 6.47 6.48 6.48 6.22 * Market closed F O O TN O TES 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 OF TH E TREASURY 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.