Full text of G.13 Selected Interest Rates : September 6, 1994
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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 .13 (415) SELECTED INTEREST RATES For immediate release September 6, 1994 Yields in percent per annum 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) 38 1-month 3-month 6-month Eurodollar deposits (London) 39 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 Aug Aug Aug Aug Aug 12 19 26 Sep 2 Jul 5 4.28 4.26 4.35 4.66 4.72 4.26 4.47 4.45 4.71 5.13 4.54 4.82 5.21 4.74 4.90 5.24 4.79 4.90 5.18 4.80 4.90 5.15 4.49 4.75 5.13 4.65 4.84 5.19 4.36 4.60 4.67 4.45 4.69 4.78 4.64 4.78 4.82 4.70 4.81 4.84 4.71 4.81 4.86 4.40 4.64 4.67 4.56 4.73 4.79 4.61 4.94 4.71 5.05 4.80 5.07 4.79 5.04 4.81 5.05 4.65 5.01 4.74 5.03 4.40 4.68 5.07 4.50 4.79 5.20 4.69 4.86 5.21 4.74 4.87 5.19 4.75 4.88 5.20 4.45 4.73 5.15 4.60 4.81 5.17 4.38 4.68 5.05 7.25 3.50 4.46 4.76 5.19 7.25 3.50 4.65 4.85 5.21 7.39 3.64 4.69 4.86 5.18 7.75 4.00 4.74 4.88 5.19 7.75 4.00 4.43 4.74 5.15 7.25 3.50 4.57 4.80 5.16 7.51 3.76 4.35 4.75 4.43 4.93 4.59 4.99 4.62 4.98 5.36 4.61 4.93 4.39 4.81 5.20 4.50 4.91 5.36 4.46 4.93 4.54 5.13 4.71 5.19 5.67 4.74 5.18 4.73 5.13 4.50 4.99 5.49 4.61 5.11 5.67 4.34 4.75 5.12 4.40 4.91 5.29 4.56 4.94 5.30 4.55 4.90 5.31 4.56 4.86 5.26 4.33 4.75 5.17 4.48 4.88 5.25 5.41 6.03 6.36 6.77 6.96 7.15 7.49 7.43 5.60 6.23 6.58 6.96 7.14 7.31 7.66 7.54 5.63 6.21 6.53 6.90 7.07 7.24 7.63 7.46 5.61 6.23 6.52 6.92 7.10 7.27 7.69 7.52 5.56 6.17 6.45 6.83 7.02 7.21 7.62 7.48 5.48 6.13 6.48 6.91 7.12 7.30 7.67 7.58 5.56 6.18 6.50 6.88 7.06 7.24 7.62 7.49 7.43 7.60 7.56 7.61 7.55 7.61 7.55 7.96 8.64 8.37 6.16 8.38 8.12 8.79 8.35 6.25 8.57 8.07 8.73 8.39 6.22 8.54 8.13 8.79 8.36 6.21 8.56 8.09 8.76 8.38 6.16 8.48 8.11 8.80 8.45 6.23 8.61 8.07 8.74 8.36 6.21 8.51 G.13 (415) Selected Interest Rates Yields in percent per annum Fed funds Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug 1 2 3 4 5 8 9 10 11 12 15 16 17 18 19 22 23 24 25 26 29 30 31 4.34 4.21 4.25 4.28 4.28 4.30 4.23 4.19 4.22 4.22 4.50 4.35 4.72 4.70 4.64 4.69 4.64 4.64 4.75 4.71 4.78 4.67 4.70 Comm paper 3 -mo. 4.71 4.69 4.70 4.68 4.77 4.80 4.81 4.81 4.82 4.86 4.87 4.91 4.91 4.91 4.91 4.91 4.91 4.90 4.88 4.89 4.89 4.90 4.91 Federal Reserve Board September 6, 1994 CDs sec mkt 3-mo. 4.66 4.66 4.67 4.63 4.77 4.78 4.79 4.78 4.79 4.79 4.81 4.86 4.86 4.89 4.89 4.88 4.88 4.87 4.84 4.86 4.86 4.89 4.89 — Treasury b ills— 3-mo. 6-mo. 1-yr. 4.28 4.33 4.33 4.32 4.46 4.47 4.45 4.38 4.34 4.38 4.45 4.62 4.57 4.59 4.56 4.54 4.57 4.54 4.56 4.56 4.57 4.59 4.56 4.71 4.74 4.71 4.71 4.90 4.91 4.94 4.90 4.92 4.90 4.95 4.97 4.91 4.95 4.93 4.93 4.93 4.89 4.89 4.87 4.88 4.90 4.85 5.11 5.07 5.06 5.07 5.28 5.29 5.30 5.27 5.30 5.28 5.31 5.30 5.24 5.31 5.35 5.36 5.33 5.27 5.29 5.28 5.28 5.26 5.25 -------------------------2-yr. 1-yr. 5.40 5.35 5.34 5.36 5.59 5.60 5.62 5.58 5.62 5.60 5.64 5.62 5.56 5.68 5.64 5.66 5.63 5.57 5.59 5.58 5.58 5.56 5.56 6.03 5.98 5.96 5.98 6.18 6.22 6.26 6.21 6.26 6.22 6.26 6.21 6.14 6.23 6.23 6.27 6.26 6.18 6.24 6.21 6.20 6.18 6.17 Treasury constant maturities 3-yr. 5-yr. 10-yr. 7-yr. 6.35 6.32 6.29 6.31 6.55 6.56 6.61 6.57 6.61 6.57 6.58 6.52 6.45 6.56 6.55 6.59 6.55 6.47 6.53 6.48 6.48 6.46 6.44 6.75 6.73 6.70 6.72 6.93 6.93 6.97 6.95 7.00 6.94 6.96 6.86 6.81 6.93 6.92 6.97 6.94 6.87 6.93 6.87 6.87 6.83 6.81 6.94 6.91 6.91 6.93 7.11 7.11 7.14 7.14 7.18 7.12 7.14 7.02 6.99 7.12 7.10 7.14 7.12 7.04 7.12 7.07 7.05 7.03 7.00 7.13 7.11 7.09 7.12 7.28 7.28 7.33 7.30 7.36 7.27 7.30 7.19 7.15 7.28 7.27 7.31 7.28 7.22 7.29 7.24 7.24 7.20 7.19 20-yr. 30-yr. 7.47 7.46 7.44 7.47 7.62 7.61 7.65 7.66 7.72 7.66 7.68 7.56 7.55 7.67 7.67 7.73 7.71 7.63 7.71 7.65 7.66 7.62 7.60 7.41 7.40 7.38 7.40 7.54 7.53 7.57 7.58 7.56 7.48 7.51 7.39 7.39 7.50 7.50 7.56 7.54 7.47 7.55 7.49 7.50 7.47 7.46 FOOTNOTES 1. 2. 3. 4. 5. 6,. 7. 8. 9. 10. 11. 12. 13 . 14 . 15 . 16. 17 . 18. 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 a y s ending on W ed ne sd ay of the current week; monthly figures include each calendar d ay in the month. Annualized using a 3 6 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 yield s for accep tan ces of the highest rated m oney center banks. 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 ase rates used by banks to price short-term b u sin ess loans. Rate fdf'the Federal R eserve Bank of New York. Auction date for daily data; w eekly and monthly averag es computed on an issue-d ate b asis. Auction dates for daily, weekly and monthly averages. Y ield s on actively traded issu e s adjusted to constant maturities. So urce: U .S. T reasury. Unweighted average of rates on all outstanding bonds neither due nor callable in le ss than 10 years. Estim ate 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. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Th u rsd ay quotations. Contract interest rates on commitments for fixed-rate first mortgages. So urce: F H L M C . Note: W eekly and monthly figures are averag e s of b usin ess d ay s unless otherwise noted. DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES Y ie ld s on T reasury securities at 'constant maturity’ are interpolated by the U .S . T reasury 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 Treasury 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. G overnm ent securities dealers to the Federal R eserve B ank of New York. The constant maturity yield value s are read from the yield curve at fixed maturities, currently 1 , 2 , 3, 5, 7, 10 , 20, and 30 years. T h is method provides a yield for a 10 -y e a r maturity, for exam ple, even if no outstanding security has exactly 10 y e ars rem aining to maturity. In estimating the 2 0 -y e a r con stant maturity, the Tre asury incorporates the prevailing market yield on an outstanding Tre asury bond with approxim ately 20 years rem aining to maturity.