Full text of G.13 Selected Interest Rates : March 8, 1994

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FEDERAL RESERVE statistical M ease

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These data are released the first Tuesday of each month. The availability of the release is artfi^li^e^on 1202) 452-3206.

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0 .13 (
415)

SELECTED INTEREST RATES

R c,

Yields in percent per annum

w

nn
2-;

3

S3

For immediate release
March 8, 1994

n

W eek Ending
Instruments

Federal funds (effective) 12 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 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




Feb
4

Feb
11

Feb
18

Feb
25

Mar
4

Jan

Feb

3.17

3.20

3.25

3.25

3.28

3.05

3.25

3.14
3.20
3.32

3.41
3.50
3.63

3.46
3.54
3.66

3.47
3.63
3.79

3.57
3.78
3.96

3.14
3.19
3.30

3.39
3.49
3.62

3.08
3.13
3.16

3.34
3.42
3.39

3.36
3.45
3.44

3.37
3.51
3.50

3.45
3.62
3.62

3.07
3.11
3.15

3.30
3.40
3.39

3.19
3.32

3.40
3.54

3.43
3.58

3.53
3.73

3.67
3.88

3.10
3.21

3.40
3.56

3.10
3.20
3.36

3.32
3.43
3.60

3.35
3.47
3.64

3.41
3.57
3.81

3.55
3.71
3.94

3.08
3.15
3.29

3.31
3.43
3.62

3.05
3.20
3.38
6.00
3.00

3.25
3.43
3.60
6.00
3.00

3.30
3.44
3.63
6.00
3.00

3.36
3.55
3.76
6.00
3.00

3.48
3.68
3.90
6.00
3.00

3.03
3.15
3.30
6.00
3.00

3.27
3.43
3.62
6.00
3.00

2.99
3.16

3.24
3.40
3.59

3.28
3.43

3.33
3.53

3.40
3.61

3.02
3.19
3.52

3.21
3.38
3.59

3.06
3.26
3.74

3.31
3.51

3.35
3.54

3.41
3.64

3.48
3.73
4.22

3.08
3.29
3.67

3.28
3.49
3.74

3.08
3.24
3.49

3.25
3.40
3.69

3.27
3.43
3.70

3.35
3.58
3.82

3.47
3.68
3.95

2.98
3.15
3.39

3.25
3.43
3.69

3.66
4.24
4.57
5.14
5.46
5.80
6.38
6.30

3.85
4.43
4.81
5.36
5.67
5.94
6.52
6.42

3.88
4.48
4.85
5.40
5.73
5.95
6.58
6.51

4.01
4.67
5.03
5.60
5.94
6.15
6.76
6.68

4.16
4.80
5.19
5.74
6.08
6.29
6.86
6.79

3.54
4.14
4.48
5.09
5.43
5.75
6.39
6.29

3.87
4.47
4.83
5.40
5.72
5.97
6.57
6.49

6.23

6.39

6.45

6.63

6.75

6.24

6.44

6.93
7.61
7.35
5.25
6.97

7.03
7.72
7.40
5.36
7.21

7.06
7.76
7.54
5.42
7.11

7.23
7.92
7.62
5.58
7.32

7.36
8.01
7.73
5.84
7.51

6.92
7.65
7.24
5.31
7.06

7.08
7.76
7.45
5.40
7.15

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

Feb 1
Feb 2
Feb 3
Feb 4
Feb 7
Feb 8
Feb 9
Feb 10
Feb 11
Feb 14
Feb 15
Feb 16
Feb 17
Feb 18
Feb 21 *
Feb 22
Feb 23
Feb 24
Feb 25
Feb 28

3.25
3.31
3.12
3.19
3.31
3.24
3.15
3.16
3.14
3.35
3.49
3.34
3.30
3.21
3.21
3.33
3.25
3.25
3.23
3.49

Federal Reserve Board
March 8, 1994

Comm
paper

CDs
sec mkt

3-mo.

3-m o.

3.17
3.20
3.25
3.25
3.48
3.49
3.50
3.51
3.52
3.54
3.55
3.55
3.54
3.54

3.16
3.18
3.25
3.26
3.41
3.42
3.45
3.41
3.44
3.45
3.47
3.47
3.47
3.49

3.03
3.06
3.13
3.23
3.22
3.25
3.25
3.26
3.26
3.26
3.27
3.27
3.28
3.29

3.20
3.21
3.27
3.38
3.38
3.41
3.39
3.41
3.40
3.41
3.41
3.42
3.44
3.48

3.43
3.44
3.52
3.69
3.68
3.70
3.69
3.70
3.68
3.68
3.68
3.69
3.72
3.75

3.60
3.61
3.73
3.84
3.83
3.86
3.85
3.86
3.84
3.85
3.85
3.86
3.89
3.93

4.20
4.20
4.28
4.42
4.41
4.44
4.43
4.45
4.44
4.44
4.44
4.44
4.50
4.57

4.53
4.53
4.60
4.75
4.78
4.82
4.80
4.83
4.80
4.81
4.80
4.80
4.88
4.94

5.10
5.11
5.17
5.32
5.36
5.38
5.35
5.36
5.34
5.36
5.34
5.35
5.45
5.52

3.57
3.58
3.67
3.69
3.72

3.51
3.51
3.62
3.64
3.65

3.29
3.38
3.36
3.37
3.36

3.51
3.59
3.60
3.60
3.58

3.75
3.82
3.84
3.85
3.83

3.93
4.01
4.03
4.05
4.03

4.57
4.67
4.72
4.72
4.67

4.93
5.02
5.07
5.08
5.04

5.50
5.59
5.66
5.65
5.60

— Treasury bills—
3-mo. 6-mo.

1-yr.

------------------------------

Treasury constant maturities

1-yr.

3-yr.

2-yr.

5-yr.

10-yr.

20-yr.

30-yr.

5.43
5.43
5.48
5.62
5.65
5.70
5.67
5.68
5.66
5.67
5.66
5.67
5.77
5.87

5.77
5.77
5.81
5.94
5.96
6.01
5.92
5.91
5.88
5.90
5.88
5.89
6.00
6.09

6.37
6.36
6.38
6.49
6.50
6.55
6.52
6.53
6.50
6.53
6.53
6.53
6.62
6.70

6.31
6.29
6.31
6.37
6.38
6.44
6.43
6.45
6.41
6.45
6.45
6.46
6.54
6.63

5.84
5.92
6.01
6.00
5.94

6.05
6.13
6.22
6.21
6.15

6.67
6.73
6.82
6.80
6.75

6.60
6.65
6.75
6.73
6.67

7-yr.

* Market closed

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

T h e 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 calen d ar d ays ending on W ed ne sd ay of the current w eek; monthly figures include
each calend ar d ay 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 average of offering rates on com m ercial paper placed by several leading d e a le rs for firms w hose bond rating is A A
or the equivalent.
An average of offering rates on paper directly placed by finance co m p anies.
Representative closing yie ld s for accep tan ces of the highest rated m oney center b an ks.
An average of dealer 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 a se rates used by b an ks to price short-term b u sin ess lo ans.
R ate for the Federal R e s e rv e B ank of New York.
Auction date for daily data; w eekly and monthly averag es computed on an is su e -d a te b a sis.
Auction dates for daily, w eekly and monthly averages.
Y ie ld s on actively traded is su e s adjusted to constant maturities. So urce: U .S . T re a su ry .
Unweighted averag e of rates on all outstanding bonds neither due nor ca llab le in le ss than 1 0 years.
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 Buyer Index, general obligation, 20 ye ars to maturity, mixed quality; T h u rs d a y quotations.
Contract interest rates on com m itm ents for fixed-rate first mortgages. S o u rce : F H L M C .

Note: W eekly and monthly figures are av e rag e s of b usin ess days unless otherw ise noted.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Y ie ld s on T re asu ry securities at ’constant maturity’ are interpolated by the U .S . T re a s u ry 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 m arket bid yield s on actively traded T re a su ry
securities in the over-the-counter market. T h e se market yield s are calculated from co m p o sites of quotations reported by five lead­
ing U .S . Governm ent securities d e a le rs to the Federal R eserve Bank of New Y o rk. T h e constant maturity yield va lu e s are read
from the yield curve at fixed m aturities, currently 1 , 2 , 3, 5, 7, 1 0 ,2 0 , and 30 y e a rs. T h is method provides a yield for a 1 0 -y e a r
maturity, for exam ple, even if no outstanding security has exactly 10 years rem aining to maturity. In estimating the 2 0 -y e a r co n­
stant maturity, the T re asu ry incorporates the prevailing market yield on an outstanding T re a s u ry bond with approxim ately 20 y e a rs
rem aining to maturity.