Full text of G.13 Selected Interest Rates : September 7, 1993

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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)

For immediate release
September 7, 1993

SELECTED INTEREST RATES
Yields in percent per annum
W e e k En din g
Instrum ents

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 2 11
U.S. government securities
Treasury bills
Auction average 34 12
3-month
6-month
1-year
Auction average (investm ent)12
3-month
6-month
Secondary market3 4
3-month
6-month
1-year
Treasury constant maturities 13
1-year
2-year
3-year
5-year
7-year
10-year
30-year
Composite
O ver 10 years (long-term )14
Corporate bonds
Moody's seasoned
Aaa
Baa
A-utflity 15
State & local b o n d s16
Conventional mortgages t7

See overleaf for footnotes




A ug
6

Aug
13

Aug
20

Aug
27

Sep
3

Ju l

Aug

3.10

2.98

3.06

2.98

3.08

3.06

3.03

3.16
3.22
3.39

3.15
3.20
3.37

3.15
3.17
3.30

3.11
3.14
3.27

3.14
3.16
3.27

3 15
3.20
3.35

3.14
3.18
333

3.10
3.16
3.17

3.09
3.13
3.17

3.08
3.12
3.16

3.03
3.11
3.15

3.07
3.11
3.13

3.08
3.12
3.15

3.08
3.13
3.16

3.12
3.27

3.10
3.24

3.09
3.22

3.08
3.20

3.08
3.18

3.12
3.26

3.10
3.23

3.10
3.17
3.37

3.09
3.15
3.34

3.09
3.13
3.30

3.09
3.14
3.27

3.09
3.13
3.26

3.10
3.16
3.34

3.09
3.14
3.32

3.06
3.18
3.38
6.00
3.00

3.06
3.13
3.38
6.00
3.00

3.06
3.13
3.31
6.00
3.00

3.06
3.13
3.31
6.00
3.00

3.06
3.11
3.30
6.00
3.00

3.05
3.17
3.37
6.00
3.00

3.06
3.14
3.34
6.00
3.00

3.10
3.25

3.05
3.18

3.03
3.12

3.02
3.12
3.30

3.02
3.11

3.05
3.15
3.42

3.05
3.17
3.30

3.17
3.35

3.11
3.28

3.10
3.21

3.09
3.21

3.08
3.20

3.12
3.25

3.12
3.26

3.06
3.21
3.40

3.02
3.14
3.33

3.00
3.11
3.26

3.00
3.10
3.24

2.99
3.09
3.21

3.04
3.16
3.33

3.02
3.14
3.30

3.55
4.15
4.53
5.19
5.53
5.85
6.54

3.48
4.06
4.44
5.12
5.46
5.78
6.42

3.41
3.97
4.34
5.02
5.34
5.66
6.26

3.37
3.88
4.22
4.87
5.18
5.51
6.16

3.34
3.83
4.16
4.76
5.09
5.41
6.06

3.47
4.07
4.43
5.09
5.48
5.81
6.63

3.44
4.00
4.36
5.03
5.35
5.68
6.32

6.30

6.24

6.19

6.08

5.97

6.34

6.18

7.04
7.82
7.31
5.61
7.21

6.92
7.69
7.17
5.45
7.17

6.79
7.53
7.09
5.40
7.10

6.71
7.43
6.97
5.35
6.97

6.61
7.34
6.63
5.35
6.93

7.17
7.93
7.43
5.57
7.21

6.85
7.60
7.16
5.45
7.11

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

Fed
funds
Aug 2
Aug 3
Aug 4
Aug 5
Aug 6
Aug 9
Aug 10
Aug 11
Aug 12
Aug 13
Aug 16
Aug 17
Aug 18
Aug 19
Aug 20
Aug 23
Aug 24
Aug 25
Aug 26
Aug 27
Aug 30
Aug 31

3.26
3.06
3.14
3.05
2.96
3.04
2.96
2.92
2.97
3.00
3 34
3.10
3.02
3.02
2.95
3.01
2.95
3.03
3;06
2.99
3.11
3.19

Comm CDs
paper sec mkt
3-mo. 3-mo.
3.22
3.22
3.23
3.22
3.22
3.21
3.21
3.21
3.19
3.18
3.18
3.18
3.18
3.17
3.16
3.15
3.14
3.14
3.14
3.14
3.16
3.17

3.17
3.16
3.16
3.17
3.17
3.16
3.15
3.16
3.13
3.14
3.13
3.13
3.13
3.13
3.13
3.15
3.15
3.13
3.12
3.13
3.13
3.14

----- Treasury bills------3-mo. 6-mo. 1-yr.
3.07
3.08
3.08
3.05
3.04
3.02
3.03
3.02
3.01
3.02
3.02
3.01
2.99
2.98
2.99
2.99
2.99
2.98
3.00
3.02
3.02
3.01

3.22
3.22
3.22
3.20
3.18
3.15
3.17
3.15
3.13
3.12
3.12
3.12
3.10
3.10
3.10
3.11
3.09
3.09
3.10
3.11
3.10
3.12

3.43
3.41
3.42
3.39
3.37
3.33
3.36
3.35
3.32
3.28
3.27
3.28
3.26
3.24
3.27
3.27
3.23
3.22
3.21
3.25
3.22
3.25

1-yr.

2-yr.

3.58
3.56
3.57
3.54
3.52
3.48
3.51
3.50
3.47
3.43
3.42
3.43
3.41
3.39
3.39
3.40
3.36
3.35
3.34
3.38
3.35
3.38

4.19
4.17
4.16
4.12
4.09
4.06
4.10
4.10
4.06
4.00
3.98
4.02
3.98
3.93
3.93
3.97
3.89
3.85
3.82
3.87
3.86
3.88

111aasury constant maturities
3-yr.
5-yr.
7-yr. 10-yr.
4.55
4.55
4.55
4.50
4.48
4.45
4.48
4.47
4.43
4.38
4.35
4.39
4.36
4.29
4.29
4.30
4.24
4.20
4.16
4.20
4.18
4.20

5.20
5.19
5.20
5.18
5.16
5.12
5.14
5.13
5.13
5.08
5.05
5.07
5.04
4.97
4.96
4.98
4.90
4.86
4.78
4.83
4.78
4.80

5.55
5.51
5.54
5.52
5.52
5.48
5.49
5.46
5.47
5.41
5.36
5.39
5.37
5.32
5.28
5.28
5.21
5.17
5.10
5.13
5.10
5.11

5.85
5.83
5.87
5.86
5.86
5.82
5.82
5.75
5.77
5.72
5.68
5.70
5.69
5.64
5.61
5.60
5.54
5.51
5.42
5.48
5.44
5.45

30-yr.
6.56
6.53
6.54
6.53
6.53
6.47
6.45
6.44
6.37
6.35
6.31
6.31
6.26
6.21
6.22
6.22
6.20
6.18
6.09
6.13
6.12
6.09

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 THE TREASURY C O N S TA 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 1,2,3,5,7,10, 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.