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& September 2 6 , 1973 R e l e a s e N o . 629 H-13 Division of International Finance, Statistical & Dafu Management Unit SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. W E E K L Y SERIES O F C H A R T S BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H . 13 S e p t e m b e r 2 6 , 1973 R e l e a s e N o . 629 TABLE OF CONTENTS PART I. EXCHANGE RATES AND GOLD PRICES Chart 1 A , I B , &1C - Spot Exchange Rates, Major Currencies against U.S. Dollar Chart 2A and B - 3-Month Forward Exchange Rates, Major Currencies against U.S. Dollar Chart 3A and B - 3-Month Forward Exchange Rates, Major Currencies against U.K. Pound Chart 4 - Gold Price in London PART II. SHORT-TERM INTEREST RATES Chart 5 Chart 6A and B Chart 7A and B Chart 8A and B Chart 9A and B Chart 10A and B Chart 11 Chart 12A and B - Call Money Rates London: Euro-$ Deposit Rates New York - London: Yields on U.S. Dollar Funds London: Covered Yields on U.S. Dollar Funds Interest Arbitrage: United States-United Kingdom Interest Arbitrage: U.S.-Germany and U.S.-Switzerland Interest Arbitrage: United States-Canada Selected Short-term Interest Rates PART III. LONG-TERM INTEREST RATES AND STOCK INDICES Chart 13 Chart 14 - Long-Term Bond Yields - Industrial Stock Indices PART IV. SELECTED CENTRAL BANK DISCOUNT RATES AND LATEST FIGURES PLOTTED ON THE CHARTS NOTE: This series is a continuation of the CAPITAL MARKETS DEVELOPMENTS ABROAD, which was published under that t i t l e through December 31, 1968. The changes in the format and order of the charts are explained in the Supplement to the series, which accompanied issue dated January 1, 1969. A l l series and their sources are fully described in a Supplement dated January 1, 1972. SPOT EXCHANGE RATES • MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages 40 30 BELGIAN FRANC SWISS FRANC / JJAPANESE YEN CANADIAN DOLLAR Per cent above or below parity 'prior to float April 1970 M J 1972 S D M j S 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates in t h e New York m a r k e F a s per cent above or below S m i t h s o n i a n central rates D Chart I B SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Wee kly averages 30 FRENCH FRANC; DUTCH GUILDER ITALIAN LIRA U.K. POUND J L 1972 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates in the New York m a r k e t as per cent above or below S m i t h s o n i a n c e n t r a l rates. Chart 1C SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averager 30 GERMAN MARK SWISS FRANC 20 JAPANESE YEN RENCH FRANC BELGIUM FRANC DUTCH GUILDER 110 CANADIAN DOLLAR prior to float April 1970 Central J rate, against -U.S.. ITALIAN LIRA U.KPOUND JAN. FEB. MAY JUNE JULY AUG. SEPT. 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates in t h e New York m a r k e t as per c e n t above or below S m i t h s o n i a n central rates. 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U S. DOLLAR Weekly averages Per cent per a n n u m PREMIUM CANADIAN DOLLAR U.K. POUND PREMIUM + GERMAN MARK DISCOUNT - DUTCH GUILDER DISCOUNT - J S D 1970 * J S D 1971 C a n a d i a n D o l l a r Rate not s u p p o r t e d by Bank of Canada. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. J 1972 S D J 1973 S D 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Per cent per a n n u m Weekly averages 1 I | 1 I | 1 1 | 1 1 1 1 | 1 1 | 1 1 | 1 1. 1 M 1 1 I I I | l l '"I I | 1 1 | 1 1 | 12 1 1 PREMIUM + a| FRENCH FRANC - ^ v V . W1 DISCOUNT - NSf PREMIUM + SWISS FRANC Jv\ - DISCOUNT | l 1 1 1 1 l 1 1 1 I 1970 , , 1 I I I I I i I I 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. | ! 1 1 1 1 1 1 1 1 1 , 1 | u 1972 | i 1 i J 1973 i 1 S I I D C h a r t 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday f i g u r e s Per cent per a n n u m PREMIUM GERMAN MARK U.S. DOLLAR DISCOUNT - M J S D 1970 M J S D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 3. J 1972 S D M J 1973 S D Chart 3B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday f i g u r e s Per cent per a n n u m PREIWIUM + - - - - A SWISS FRAPtc - - t r*\J \ - V FRENCH FRANC - - DISCOlJNT M 1 1 1 1 M M J i S M 1 1 1 I I D 1970 M 1 I I J 1 1 1 1 1 S 0 1971 See DESCRIPTION AND SOURCES OF D A T A f j a n u a r y l , 1973, p. 3. • 1 1 1 1 1 1 1 1 1 1 M J 1972 I I 1 l i 1 i J 1973 I 1 I S I O \0 GOLD PRICE IN LONDON, 12.5 Kg BARS Week's average of a f t e r n o o n fixings U S d o l l a r equivalent per f i n e o u n c e 120 1972 See DESCRIPTION AND SOURCES of DATA, January 1, 1973, p. 4. C h a r t 5A CALL MONEY RATES DOLLAR FUNDS Weekly averages Per cent per a n n u m 14 . ; CALL EURO-DOLLAR 1DEPOSITS OVERNIGHT EURO-DOLLAR DEPOS i - A lA . 1 / - 10 A r FEDERAL FUNDS . DIFFERENTIAL ^ 1 • EURO-DOLLAR OVER FEDERAL FUNDS FAVOR EURO-DOLLAR FAVOR 1 E B E R A L I I I 1 I I i 1 I I I 1 I I M II FUNDS I I I I I I ' I I I II EURO-CURRENCIES Per cent per a n n u m Weekly averages EURO-DM EURO-SWISS FRANC I I 1 I II I l I I I I I I I I I I I I I 1970 * Changed f r o m CALL to OVERNIGHT Euro d o l l a r deposits, May 10, 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 4-6. I I I I I 1 I I I I Chart 5B CALL MONEY RATES SELECTED FOREIGN AND EEC CURRENCIES Friday f i g u r e s Per cent per a n n u m FRANCE NETHERLANDS JAPAN CANADA U.K. GERMANY s D 1970 S D 1971 M J S D 1972 France, Day to day Money; Netherlands, Call M o n e y , weekly average; Japan, U n c o n d i t i o n a l M o n e y ; Canada, Day to-day Loans, weekly average; Germany, Call M o n e y ; U.K., 2-day Local A u t h o r i t y Deposits. See DESCRIPTION AND SOURCES OF DATA, J a n u a r y ! , 1973j P P - ^ 6 ? M J 1973 S D Chart 6A LONDON: EURO DOLLAR DEPOSIT RATES Per c e n t per a n n u m Friday f i g u r e s OVERNIGHT CALL 7-DAY 12 1-MONTH S M D M 1970 # J S D 1971 May 1 2 / 7 1 - c h a n g e d to O v e r n i g h t Euro-Dollar Deposits * * July 1 - c h a n g e d to 7-Day E u r o - D o l l a r See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6 . M J 1972 s D M J 1973 s D W LONDON: EURO DOLLAR DEPOSIT RATES Per cent per a n n u m Friday f i g u r e s f \ y \ A A v / V U V - i i 1 i i 1 i i 1 i i 1 1 1 1 1 1 1 1 1 1 1 3-MONTH I I 1 i I 1 i I 1 1 l hJ ~ J 1 1 1 l I 1 1 1 1 1 1 12 - 6-MONTH - l J r- - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 l i i 1 i i 1 i i 1 i i • 1 1 1 1 1 1 1 1 1 1 1970 1971 1972 1973 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6. - 10 NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Wednesday f i g u r e s Per cent per a n n u m EURO-DOLLAR DEPOSIT U S. CERTIFICATE OF DEPOSIT 1 i i 1 i i I i i 1 I l I i I 1 I i i I i i I I i I DIFFERENTIAL FAVOR EURO DOLLAR - f\ \fAJ\r A 1 Anv ' EURO DOILLAR OVER U.S. CERTIFIC:ATE OF DEPOSIT 1 1 1 1 1 i i 1 1 : 1 M J S D 1970 i 1 M M 1 i i 1 i I J S D 1971 See DESCRIPTION ANDSOURCESOF DATA, January 1. 1973, pp. 6 / i i 1 i i 1 i i 1 i i M J S 1972 D i i 1 i i 1 i i 1 i i M J S 1973 D 2 t Chart 7B NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET m t per a n n u m Wednesday f i g u r e s EURO-DOLLAR DEPOSIT EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT ADJUSTED w EURO DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT ADJUSTED 1 M S D 1970 M J S D 1971 * A d j u s t e d for Reserve R e q u i r e m e n t * * A d j u s t e d for 10% Marginal Reserve Requirement * * * A d j u s t e d lor 2 0 % Marginal Reserve Requirement See DESCRIPTION AND SOURCES'OF DATA, J a n u a r y 1, 1973, p p T w ! M J 1972 S D M J 1973 S D Chart 8A LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS HIRE PURCHASE/STERLING CD's vs EURO DOLLAR RATES Friday f i g u r e s Per c e n t per a n n u m & I 12 V\ : > A t it EURO-DOLLAR D EPOSIT wh HIRE n i n e PURCHASE runvrinwt I V STERLING CD's COVERED COVERED M „ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I 1 1 I 1 1 1 1 1 1 1 1 I I FAVOR STERLING C D ' s DIFFERENTIAL \ A 1 1 1 1 1 1 1 1 1 ,A A y k A V y w h / 1: FAVOR EURO DOLLAR 1 1 1 1 1 1 1 j 1 1 ! 1 s 1970 i i 1 i i 1 i j i 1 i i 1 1 1 1 1 1 1 1 1 1 1 s 1971 1 1 1 1 1 1 1 1 1 M 1972 * H i r e Purchase s u s p e n d e d A u g u s t 11, 1972 a n d S t e r l i n g C e r t i f i c a t e s of Deposit begin A u g u s t 11, 1972. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7 I I J 1973 S Chart 8 B LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS LOCAL AUTHORITY AND EURO DOLLAR RATES Friday f i g u r e s Per cent per a n n u m 12 EURO DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT COVERED I I I I I I I 1 11 1 I M I I I I 1 1 I I 1 I I 1 FAVOR LOCAL AUTHORITY - DIFFERENTIAL i/l A A w * y A Vv-i *1/ : FAVOR EURO DOLLAR i i i i i 111 M M J S i 1 1 1 1 1 1 1 1 1 1 1 1 D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 7-8. 1 1 1 1 1 1 I I 1 II M J 1 1 1 1 1 1 1 1 1 1 1 D 1972 M J 1973 11 %1 ' 9A Chdit INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES I ' ..\n W i . " Per cent per a n n u m 3 - M O N 1 H TRLASURY BILL RATES U.K. LOCAL AUTHORITY DEPOSITS NEW YORK LONDON. NEW YORK * Plotted for c o m p a r i s o n p- D M S 1970 1971 >ses See DESCRIPTION AND S O U S E S OF DATA, J a n u a r y 1, 1973. pp 8 9 D 1972 M J 1973 s D /%0 ' .Chart 9B INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday f i g u r e s Per cent per a n n u m RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING PREMIUM SPREAD IN FAVOR OF LONDON FORWARD RATE DISCOUNT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LONDON FAVOR NEW YORK M J S D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p p . 8 - 9 . M J 1972 S D M J 1973 S D Chart 10A 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO-DOLLAR RATE Wednesday rates 14.00 Per cent per a n n u m I J I I I I I I I 12 GERMAN INTERBANK LOAN RATE EURO-DOLLAR COVERED FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO-DOLLAR 1 I 1 I I I 1 I I 1 I I M J S D I,I 1 I 1 1 I I 1 M M 1970 J S D ! J 1 1 I I I I 1 I I I I I I I I 1 I I I I I I M 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 9-10_ No q u o t a t i o n J 1972 S D M J S 1973 D 2 C h a r t 10B 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC ZURICH DEPOSIT RATE VS. LONDON EURO-DOLLAR RATE w e a n e s a a y rates Per c e n t per a n n u m SWISS DEPOSIT RATE EURO-DOLLAR COVERED a FAVOR ZURICH DIFFERENTIAL FAVOR EURO-DOLLAR M J S D 1970 S M D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9 - 1 0 . M J 1972 S D M J 1973 S D *p 3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES Friday f i g u r e s Per c e n t per a n n u m 1 1 | 1 1 | 1 1 | 1 1 1 1 | 1 1 | 1 1 | 1 1 1 1 | 1 1 | 1 1 | 1 1 1 1 1 1 1 1 1 1 1 1 1 -. BILL RATES UNITED STATES TREASUIRY BILLS fit!/ CAN. FIN. CO. PAPER - / TREASURY B ILLS ~ 1 1 1 BILL RATE DIFFERENT!/\L AND FORWARD CANADI/^N DOLLAR ' PREMIUM : FORWARD RATE a A V \J\A yWyV W GROSS SPREAD IN FAVOR OF CtINADA \ y DISCOUNT 1 COVERED RATE DIFFER!ENTIALS 1 w FAVOR CANADA . PRIMETlNANCE PAPEf V Wr\ \ yHvv Y * y TREASURY 1JILLS T A V O R U.S. II 1 l l 1 II 1 I I 1 1 1 1 1 1 1 1 1 II 1970 l l 1 1 1 1 1 1 1 1 1 1971 See D E S C R I P T I O N A N D SOURCES OF DATA, J a n u a r y 1, 1 9 7 3 , p p . 10 11. 1972 II 1 1 1 1 1 1 1 1 1 1973 J Chart 12A SELECTED SHORT-TERM INTEREST RATES* Per cent per a n n u m - A j~ J V ' i rx,w"\ ••-vi i V 14 \J J : / /i i / fy 1 1 n > GERMANY 1 j - Vy u.s. 1 1 1 1 1 1 I i ii !11 1I I 1 1 1 1 111 1 1i i 111111 I 1 l 1 1 1 1 l 1 11 J1 1 I I 1 1 1 1 1 1 12 - - / r i.. jn UK . . Ir "rfS u.s. 1 i i II 1 i i 1 i i 1 iiliilii1ii1 1 i f 1i i i1i i i 1 nM1ii1ii1II JAPAN I I I - I I MONTHLY M Ii i i•r 1970 1 ' ill': 1971 •1 1 1972 : II 1 1 1 1 II i :1i ,!i ! 1 1 1 i ! 1 1973 3 - m o n t h treasury bill rates for all countries except Japan(Average rate on bank loans and discounts) and G e r m a n y ( i n t e r b a n k loan rate) , See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp 1 1 1 2 1974 & C h a r t 12B SELECTED SHORT-TERM INTEREST RATES Per cent per a n n u m ! 12 z^A i 1 | f V v , : !\//\ A l'V> (0 DOLLAR - LONDOl V "V ys L - Z ' V ' u . S . 1 1 1 1 1 1 1 11 11 11 11 1 1 1 1 1 1 1 l 1 l 1 u1 !l jl i 1 M l i i 111111M111 1 - \- U.Suy n , / K 1 V * i i L'V , w | i r S J U 1 SWITZERLAND 1 1 1 I I 1 I I 1 11 11 1 I I 1 1 1 u1l 1I I1 1 I I 1 1 I1 I 11 1 I 1 M l 111111111111 I Y\ -Vv U.S. V v y Wa rr' * V CANADA 1 1 1 1 1 I i • i M i i ' ! 1 II ' ! 1 i 1 1 1 i I li 1970 1971 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12 V/ " 1 I I1 ! i 1 1 1 i 1 1 I1I 1 1 1 1 1 1 1 1 I I 1973 1974 LONG-TERM BOND YIELDS Weekly figures NETHERLANDS . - \ \ / \r~ u . s . v SWITZERLAND 1 1 1 I I 1 I I 1 1 1 11 1 1 1 1 1 1 11 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I 1 I III 1 1 1 1 1 1 1 1 1 GERMANY CANADA I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I 1 I I M I I I I I I I I I I I I I I I I I I I I I I Monthly figures U.S. CORPORATE: DOLLAR EURO-BONIDS V . / - z f\ \ - \ v A a a BONDS DM EURO-BONDS M 1 i i 1 ii 1970 1 i iM i 1 I I ! I I I I 1971 M 1 M 1 1 1 1 1I I 1 1 I I 1 I I 1 I I 1 1 1 1 1 1 1 1 1 1 1 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 12-15. 1973 1974 Chart 14 INDUSTRIAL STOCK INDEXES Ratio scale, 1958 = 100 Ratio scale, 1958 = 100 320 UNITED STATES 240 160 1200 960 JAPAN 460 SWITZERLAND SWITZERLAND) 640 320 480* 240 UNITED KINGDOM JAPAN GERMAN, 160 320 CANADA CANADA GERMANY 240 160 1970 1971 1972 1973 September 26, 1973 ^ S E L E C T E D C E N T R A L BANK DISCOUNT RATES R e l e a s e N o . 629 Country Current Rate In Effect Since Previous Rate In Effect Since E.E.C.: Belgium France Germany Italy Netherlands **United Kingdom Switzerland Canada Japan United States 6.5 11.0 A u g u s t 2, 197: 6.0 Juiv 5, i < m Sept. 20, 9.5 A u g . 2, 1973 1973 7.0 J u n e 1, 1973 6.0 May 3, 1973 4.0 A p r . 10, 1972 4.5 O c t . 14, 1972 6.5 A u g u s t 7, 1973 6.0 July 18, 1973 11.50 J u l y 27, 1973 9.00 July 20. 1973 4.5 J a n . 1, 1973 3.75 S e p t . 15, 197 : 6.75 August 7, 197: 6.25 7.0 7.5 Uigust 29, 1973 A u g u s t 14,1973 6.0 7.0 June 10. 1973 July 2, 1973 July 1, 1973 * * E f f e c t i v e O c t o b e r 13, 1972, the Bank of England replaced its traditional B a n k R a t e w i t h a fluctuating " m i n i m u m lending rate" based on average T r e a s u r y b i l l tender r a t e . Sept. LATEST FIGURES PLOTTED ON THE CHARTS Chart Panel 26, 1973 R e l e a s e N o . 629 ! Series Date 1A & 1C Swiss franc Sept. I B & 1C I B & 1C U.K. pound 1A & 1C Japanese yen 16.04 1A & 1C Belgian franc 23.16 I B & 1C 1A & 1C Canadian dollar 1A & 1C I B & 1C German mark 7.10 35.25 Dutch guilder 27.48 German mark 3.68 5.55 Rate 21 Italian lire 3.05 Swiss franc U.K. pound 2B Upper 27.69 -7.02 20.28 French franc 2A i -4.91 1.16 Dutch guilder Canadian dollar 2.05 0.09 French franc - 3A 3B 4 5A Upper German mark „ U.S. dollar " Swiss franc ii French franc " 6.29 0.87 Gold price, U.S. dollar per ounce " 103.03 Overnight Euro-S deposits Federal Funds Middle Differential Lower Euro-currencies: Lower 19 " Euro DM Upper Sent. •i Euro Swiss Fr. 5B 9.97 5.71 Sept. 10.41 10.80 -0.39 21 8.81 Japan, Unconditional Money Sept. 14 5.25 8.75 U.K., 2-day Local Author. Deps. Sept. 21 10.13 Canada, Day-to-day Loans S e p t . 14 S e p t . 21 6.20 10.75 " 14.25 8.13 France, Day-to-Day Money Germany, Call Money Netherlands. Call Money " S e p t . 14 H . 13 S e p t . 2 6 , 1973 R e l e a s e N o . 629 IV- 3 Chart Panel 6A Series Rate Date Euro-$ Overnight Rate Sept. 21 11.25 Euro-$ 1-month Rate 6B 11.06 Euro-S 3-month Rate 11.06 Euro-$ 6-month Rate 7A Upper Euro-$ 3-month Deposits 11.06 Sept. 19 11.25 U.S. Certificate of Deposits 76 Lower Differential Upper Euro-$ 3-month Deposits 10.88 0.33 11.25 Euro-$ 3-month Deposits (Adj.) 12.22 U.S. Certificate of Deposits (Adj.) Lower 11.26 Differential: on Adj. Euro-S Deposits 0.96 on Unadj. Euro-S Deposits 8A Upper Euro-S 3-month Deposits S t e r l i n g ; CD's Lower 8B Upper -0.01 Sept. 7 11.31 (covered) 9.01 Differential -2.30 Euro-S 3-month Deposits 11.31 Local Authority Deposits (covered) Lower U.S. Treasury Bill rate 9A 9.08 ' Differential -2.33 , Sept. 8.00 21 U.K. Treasury Bill rate Local Authority Deposit (uncovered) 9B Upper Spread (+= favor London) 10.83 Sept. 14 13.13 Sept. 21 +2.83 3-month Forward Pound Lower -4.84 Net Incentive (+- favor London) -2.01 " • i } i H . 13 September 26, 1973 Release No. 629 IV-4 Chart Panel 10A Upper Series Euro-$ Deposits (covered) German Interbank Loan rate 10B Lower Differential Upper Euro-* Deposits (covered) Date Sept. 19 " 11 Upper Canadian Finance Paper Canadian Treasury Bill rate 12A Sept. 2 1 it „ n Third Net incentive on bills „ Bottom Net incentive on Finance Paper Upper U.K. Treasury Bill rate Lower Japanese Average rate Canadian Treasury Bill rate U.S. Treasury Bill rate 12B Euro-) Deposits Swiss 3-month Deposit rate 6.26 -1.74 Forward Canadian dollar U.S. Treasury Bill rate 8.75 8.00 9.00 Bill rate differential German Interbank Loan rate 5.19 -1.56 U.S. Prime Finance paper (not plotted) Second 14.00 4.50 Differential U.S. Treasury Bill rate 7.86 6.14 ii Swiss Deposit rate Lower Rate „ 1.89 -0.15 1.69 10.83 „ July S e p t . 21 8.00 14.00 7.160 6.26 8.00 11.06 4.50 U.S. Treasury Bill rate 8.00 3 ^ H . 13 Sept. 26, 1973 Release No. 629 IV- 5 Chart Panel Series 13 Upper Netherlands Date „ Sept. 14 Canada tinited States Switzerland Middle Rate Germany 8.15 7.83 Sept. 21 7.12 Aue. 24 5.59 Sent. 14 United Kingdom 9.59 11 AA Lower U.S. Corp. Dollar Eur °-bondsSeries U.S. Corp. DM Euro-bonds U.S. Corp. Aaa bonds 14 Upper Switzerland Germany United States Middle United Kingdom Canada Lower ** Japan United States G . Series G August 8.46 n 7.68 „ 7.68 Sept. 14 M 353.60 266.00 Sept. 21 240.78 n 236.79 Sept. 13 292.23 Sept. 14 341.59 Sept. 21 >40.78 1 New -- Average yield on selected 10 y e a r constant maturity bonds due or callable in 10 years. Beginning week ended September 5, 1970, the Japanese index plotted is that of all industrial and other stocks on the First Section of the Tokyo Stock Exchange.
@FedFRASER