Full text of G.13 Selected Interest Rates : October 8, 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
October 8, 1996

Yields in percent per annum
W e e k Ending
Instrum ents

Federal funds (effective) 1 2 3
CommerctaJ p a p e r345
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
CD s (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 3 4 12
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-utiiity 15
State & local bonds 16
Conventional mortgages 17
See overleaf for footnotes
r - revised




Sep
6

Sep
13

Sep
20

Sep
27

Oct
4

Aug

Sep

5.39

5.16

5.22

5.34

5.40

5.22

5.30

5.45
5.55
5.70

5.45
5.52
5.68

5.45
5.52
5.65

5.47
5.52
5.62

5.41
5.48
5.53

5.39
5.42
5.51

5.45
5.52
5.66

5.34
5.44
5.44

5.34
5.39
5.42

5.33
5.36
5.38

5.33
5.35
5.38

5.28
5.31
5.32

5.28
5.31
5.33

5.33
5.38
5.40

5.44
5.60

5.42
5.53

5.39
5.50

5.34
5.44

5.34
5.42

5.32
5.40

5.39
5.51

5.37
5.55
5.80

5.38
5.51
5.74

5.38
5.49
5.69

5.38
5.49
5.66

5.32
5.48
5.59

5.32
5.40
5.57

5.38
5.51
5.71

5.34
5.51
5.73
8.25
5.00

5.38
5.50
5.75
8.25
5.00

5.35
5.48
5.66
8.25
5.00

5.34
5.48
5.64
8.25
5.00

5.30
5.49
5.60
8.25
5.00

5.28
5.41
5.58
8.25
5.00

5.35
5.49
5.69
8.25
5.00

5.19
5.38

5.17
5.30

5.07
5.19
5.57

5.18
5.30

5.01
5.17

5.09
5.17
5.36

5.15
5.29
5.57

5.19
5.35
5.61

5.13
5.28
5.54

5.12
5.25
5.50

4.98
5.13
5.40

4.91
5.08
5.30

5.05
5.13
5.35

5.09
5.24
5.50

5.33
5.58
5.95
6.36
6.55
6.73
6.85
6.95
7.26
7.11

5.28
5.49
5.88
6.27
6.45
6.64
6.78
6.88
7.22
7.07

5.27
5.46
5.82
6.23
6.40
6.59
6.72
6.82
7.15
7.01

5.12
5.33
5.72
6.12
6.29
6.48
6.62
6.73
7.07
6.95

5.06
5.31
5.61
5.99
6.16
6.35
6.50
6.61
6.95
6.85

5.19
5.34
5.67
6.03
6.21
6.39
6.52
6.646.97
6.84

5.24
5.45
5.83
6.23
6.41
6.60
6.73
6.83
7.17
7.03

7.23

7.19

7.12

7.04

6.92

6.94

7.13

7.75
8.43
8.14
5.95
8.34

7.71
8.40
7.99
5.89
8.28

7.63
8.33
8.08
5.88
8.14

7.58
8.27
7.96
5.76
8.16

7.46
8.14
7.77
5.70
8.06

7.46 r
8.18
7.87
5.76
8.00

7.66
8.35
8.06
5.87
8.23

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

Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep

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

5.28
6.01
5.35
5.19
5.13
5.20
5.10
5.26
5.33
5.29
5.38
5.02
4.96
5.29
5.30
5.32
5.28
5.56
5.28
5.21
6.09

C om m
paper
1-mo.

5.44
5.44
5.45
5.46
5.45
5.45
5.47
5.46
5.43
5.43
5.44
5.45
5.45
5.48
5.52
5.54
5.44
5.42
5.42
5.44

Federal Reserve Board
October 8, 1996

— Tre a su ry bills —
3-m o. 6-m o. 1-yr.

5.17
5.33
5.18
5.36
5.20
5.37
5.35
5.19
5.13
5.31
5.15
5.33
5.17
5.30
5.14
5.28
5.07 5.17
5.05 5.18
5.17 5.25
5.14 5.26
5.11
5.26
5.15 5.28
5.15 5.30
5.03 5.16
4.94 5.08
4.87 . 5.05
4.91
5.04
4.91
5.05

5.60
5.62
5:63
5.58
5.56
5.58
5.58
5.54
5.44
5.43
5.51
5.52
5.53
5.53
5.52
5.41
5.38
5.34
5.36
5.39

3-m o. 6-m o.

5.32
5.32
5.34
5.33
5.29
5.29
5.31
5.28
5.21
5.20
5.31
5.28
5.25
5.29
5.31
5.17
5.07
5.00
5.04
5.14

5.58
5.58
5.59
5.57
5.50
5.55
5.52
5.50
5.38
5.38
5.46
5.47
5.48
5.50
5.50
5.37
5.28
5.25
5.24
5.37

1-yr.

5.94
5.97
5.98
5.92
5.91
5.93
5.94
5.90
5.74
5.74
5.83
5.84
5.85
5.85
5.85
5.73
5.70
5.65
5.68
5.71

14nf m
iioaauijr
m aiti
tu u u o a
10-yr.
2 -yr. 3 -yr.
5-yr.
7-yr.

6.35
6.38
6.38
6.33
6.32
6.34
6.34
6.27
6.10
6.14
6.22
6.26
6.29
6.26
6.24
6.16
6.08
6.05
6.07
6.10

6.54
6.56
6.56
6.52
6.47
6.52
6.51
6.44
6.29
6.31
6.39
6.43
6.46
6.43
6.40
6.32
6.25
6.22
6.25
6.28

6.71
6.74
6.76
6.72
6.67
6.70
6.70
6.64
6.48
6.49
6.57
6.61
6.65
6.62
6.60
6.52
6.46
6.41
6.43
6.46

6.83
6.85
6.88
6.84
6.80
6.84
6.84
6.79
6.64
6.63
6.71
6.73
6.77
6.75
6.73
6.67
6.59
6.54
6.57
6.60

6.92
6.94
6.98
6.94
6.90
6.94
6.94
6.88
6.74
6.73
6.81
6.83
6.87
6.85
6.83
6.77
6.71
6.66
6.68
6.72

20-yr.

30-yr.

7.22
7.25
7.30
7.27
7 23
7.28
727
7.23
7.10
7.09
7.15
7.16
7.19
7.18
7.16
7.12
7.05
7.00
7.03
7.05

7.07
7.10
7.15
7.12
7.08
7.13
7.12
7.08
6.95
6.95
7.00
7.02
7.05
7.04
7.02
6.99
6.93
6.88
6.91
6.93

* Market closed

FOOTNOTES
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 averages of 7 ca len d ar d ay s ending on W ednesday of the current w eek; monthly figures include
each calen d ar d ay in the month.
A nnualized using a 3 6 0 -d ay 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 ea lers for firms w hose bond rating is AA
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 money center banks.
An average of dealer offering rates on nationally traded certificates of deposit.
Bid rates for Eurodollar deposits at approxim ately 1 1 a.m . London time.
O ne of several b ase rates used by b anks to price short-term b usin ess Joans.
Rate for the Federal R eserve B ank of New York.
Auction date for daily data; w eekly and monthly averages computed on an issu e -d a te b a sis.
Y ield s on actively traded issu e s adjusted to constant maturities. Source: U .S . Departm ent of the 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 Buyer Index, general obligation, 20 ye ars to maturity, mixed quality; T h u rsd a y quotations.
Contract interest rates on comm itm ents for fixed-rate first mortgages. S o u rce: F H L M C .

Note: W eekly and monthly figures are averag e s of b u sin ess d ays unless otherwise noted.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Yield s on Treasury securities at 'constant maturity' are interpolated by the U .S. T re a su 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 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 . Governm ent securities dealers to the Federal Reserve Bank of New York. The 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, 10 , 20, and 30 years. This method provides a
yield for a 10 -ye a r maturity, for exam ple, even if no outstanding security has exactly 10 ye ars rem aining to maturity. In estimating
the 20 -y e a r constant maturity, the T re a su ry incorporates the prevailing market yield on an outstanding Treasury bond with approx
imately 20 years rem aining to maturity.