Full text of H.15 Selected Interest Rates : April 25, 1988

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FEDERAL RESERVE statistical release
These data are released each Monday, The a v a i l a b i l i t y of the release w i l l he. anrtourv/od when the i
is available, on (202) 452-3206.

H.15

For immediate release
April 25, 1988

(519)

SELECTED INTEREST RATES
Yields in percent per annum
1988

Instruments

APR
18

1988

APR
19

1988

APR
20

1988

APR
21

1988

APR
22

This
week

Last
week

1988
MAR

FEDERAL FUNDS (EFFECTIVE)1
6.93
6.58
6.81
6.95
6.81
7.49
6.85
6.84
COMMERCIAL PAPER2 3
1-MONTH
6.57
6.85
6.87
6.84
85
76
85
85
3-MONTH
6.62
6.92
6.93
6,91
91
81
93
93
6-MONTH
6.64
6.99
7.00
6.98
98
6.86
00
6.97
FINANCE PAPER PLACED DIRECTLY2
6.44
6.68
6.78
6.81
6.77
1-MONTH
6.80
6.75
6.79
6.38
6.63
6.73
3-MONTH
6.74
6.72
6.73
6.71
6.74
6.23
6-MONTH
6.48
6.54
6.55
6.54
6.51
6.56
6.56
BANKERS ACCEPTANCES (TOP RATED) 2
.51
6.87
6.74
6.85
6.83
6.85
3-MONTH
6.85
6.85
.55
6.78
6-MONTH
6.93
6.95
6.92
6.94
6.93
6.93
CDS (SECONDARY MARKET)
.56
1-MONTH
6.77
6.87
6.89
6.85
6.89
6.88
6.83
3-MONTH
.63
6.87
7.01
7.04
7.00
7.01
6.99
7.01
6-MONTH
7.06
7.24
7.27
.78
7.23
7.25
7.21
7.24
1 4
8.50
8.50
8.50
8.50
8.50
8.50
BANK PRIME LOAN
8.50
8.50
1 5
6.00
6.00
6.00
6.00
6.00
6.00
DISCOUNT HINDOH BORROHING
6.00
6.00
U.S. GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE2 6
3-MONTH
78
5.69
5.98
5.78
6-MONTH
14
5.91
6.19
6.14
1-YEAR
6.30
6.57
AUCTION AVERAGE(INVESTMENT)6
3-MONTH
5.86
6.16
5.95
5.95
6-MONTH
6.48
6.17
6.42
6.42
2
SECONDARY MARKET
5.85
5.81
3-MONTH
5.70
5.89
5.83
5.83
5.83
5.84
6.20
6.19
6-MONTH
5.91
6.22
6.14
6.23
6.23
6.25
6.60
6.58
1-YEAR
6.28
6.58
6.49
6.57
6.57
6.59
TREASURY CONSTANT MATURITIES7 8
7.03
1-YEAR
7.04
7.05
6.92
6.71
7.03
7.02
7.02
7.57
2-YEAR
7.65
7.60
7.52
7.27
7.62
7.64
7.64
7.87
3-YEAR
7.90
7.88
7.75
7.50
7.88
7.87
7.90
8.24
5-YEAR
8.27
8.25
8.12
7.85
8.25
8.23
8.26
8.59
7-YEAR
8.61
8.60
8.44
8.19
8.59
8.56
8,58
8.81
10-YEAR
8.83
8.81
8.63
8.37
8.81
8.78
8.82
9.06
30-YEAR
9.06
9.03
8.85
8.63
9.05
9.03
9.06
COMPOSITE
9
9.02
9.02
8.99
9.01
8.99
9.01
8.61
OVER 10 YEARS(LONG-TERM)
8.82
CORPORATE BONDS
MOODY'S SEASONED
9.73
9.75
AAA
9.73
9.72
9,74
9.71
9.39
9.61
10.98 10.98
BAA
10.97
10.96
10.99
10.57
10.98
10.86
10
A-UTILITY
9.91
10.26
10.37
10.37
7.87
STATE & LOCAL BONDS 11
7.74
7.81
7.87
12
CONVENTIONAL MORTGAGES
9.93
10.19
10.30
10.30the current week?
1. Weekly figures are averages of 7 calendar days ending on Wednesday of
monthly figures include each calendar day in the month.
2. Quoted on bank-discount basis.
3. Rates on commercial paper placed for firms whose bond rating is AA or the equivalent.
4. Rate charged by banks on short-term business loans.
5. Rate for the Federal Reserve Bank of New York.
6. Auction date for daily data* weekly and monthly averages on issue-date basis.
7. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.
8. See reverse for a description of the constant maturity series, The 20-year constant maturity yield
was discontinued at the end of 1986 because the Treasury no longer issues a 20-year bond,
9. Unweighted average of all issues outstanding of bonds neither due nor callable in less than
10 yearsP including one very low yielding "flower" bond.
10. Estimate of the yield on a recently offered* A-raied utility bond with a maturity of 30 years
and call protection of 5 years'* Friday quotations.
11
Bond Buyer Index? general obligation? ?<*' years tc naturi+v* mixed quality* Thursday quotations,
12
c-'r-ia.* interest » ates on comnu tmints i*-. t i. *ed-rate w
* * Ttg«*qr»s. Source: FHLMC .
Note*. Wn> ]y ,,id moithly figures arc- wera^jps of (tell*/ idte-», - /-«pt for state & local bonds?
vj'?«»' ...-•» bvisfd on Thursday f-H'in?*;, * \' • '; vt»n •» H ! trt,, t.t • •„ ^<-j A-utility bonds* both



SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNUM

WEEK ENDING WEDNESDAY
WEEK ENDED

FEDERAL
3-MONTH
3-MONTH
3-MONTH
3-MONTH

1.
2.
3.

FUNDS (EFFECTIVE)1
TREASURY BILL2
COMMERCIAL PAPER2
CD (SECONDARY MARKET)
EURODOLLARS

4 WEEKS ENDED

1988:
APR:

1988:
APR:

1988:
APR:

20:

13:

20:

6.93
5.82
6.88
6.97
7.08

6.81
5.98
6.81
6.85
6.99

6.80
5.86
6.78
6.82
6.93

1988

MAR
23
6.56
5.68
6.59
6.61
6.73

FEDERAL FUNDS RATES ARE AVERAGES OF EFFECTIVE RATES FOR SEVEN CALENDAR DAYS
ENDING ON WEDNESDAY.
QUOTED ON BANK DISCOUNT BASIS.
FOR INDICATION PURPOSES ONLY.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
YIELDS ON TREASURY SECURITIES AT "CONSTANT MATURITY" ARE ESTIMATED FROM THE
TREASURY'S 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 LEADING U.S. GOVERNMENT
SECURITIES DEALERS TO THE FEDERAL RESERVE BANK OF NEW YORK. THE CONSTANT YIELD
VALUES ARE READ FROM THE YIELD CURVE AT FIXED MATURITIES, CURRENTLY 1,2,3,5,7,10, AND
30 YEARS. THIS METHOD PERMITS ESTIMATION OF THE YIELD FOR A 10-YEAR MATURITY, FOR
EXAMPLE, EVEN IF NO OUTSTANDING SECURITY HAS EXACTLY 10 YEARS REMAINING TO MATURITY.