Full text of H.15 Selected Interest Rates : December 12, 1994

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FEDERAL RESERVE statistical release
---^e data are released each Monday The availability of the release is announced on (202) 452-3206.

H.15(519)

SELECTED INTEREST RATES

For immediate release
December 12, 1994

Yields in percent per annum

Weel<[ Ending
Instruments
Federal funds (effective)1 2 3
Commercial p a p e r 3 4 5
1-month
3-month
6-month
Finance paper placed directly 3 4 6
1 -month
3-month
6-month
Bankers acceptances (top rated) 3 4 7
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 l o a n 2 3 1 0
Discount window borrowing 2 1 1
U.S. government securities
Treasury bills
Auction average 3 4 1 2
3-month
6-month
1 -year
Auction average (investment)13
3-month
6-month
1 -year
Secondary market 3 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



1994
Dec
5

1994
Dec
6

1994
Dec
7

1994
Dec
8

1994
Dec
9

Dec
9

Dec
2

5.40

5.07

6.09

5.53

5.48

5.47

5.85

5.29

6.08
6.24
6.54

6.11
6.29
6.61

6.07
6.24
6.54

6.09
6.27
6.58

6.09
6.27
6.62

6.09
6.26
6.58

5.79
6.05
6.30

5.40
5.81
6.01

5.93
6.11
6.10

5.98
6.18
6.25

5.90
6.04
6.07

5.94
6.13
6.11

5.95
6.10
6.12

5.94
6.11
6.13

5.68
5.95
5.95

5.30
5.67
5.58

6.21
6.50

6.20
6.50

6.15
6.49

6.15
6.55

6.15
6.50

6.17
6.51

5.99
6.26

5.71
5.93

6.05
6.28
6.66

6.07
6.32
6.76

6.02
6.23
6.65

6.04
6.29
6.74

6.04
6.28
6.77

6.04
6.28
6.72

5.85
6.08
6.47

5.38
5.79
6.11

6.00
6.31
6.69
8.50
4.75

6.06
6.31
6.81
8.50
4.75

6.06
6.25
6.63
8.50
4.75

6.00
6.25
6.75
8.50
4.75

6.03
6.25
6.75
8.50
4.75

6.03
6.28
6.73
8.50
4.75

5.88
6.06
6.44
8.50
4.75

5.36
5.78
6.10
8.15
4.40

5.83
6.33

5.44
5.86

5.25
5.69
6.09

6.00
6.63
7.22

5.59
6.12

5.40
5.94
6.48

5.83
6.33
6.75
6.00
6.63
7.22

1994
Nov

5.76
6.28
6.68

5.77
6.22
6.56

5.66
6.16
6.55

5.67
6.18
6.62

5.66
6.17
6.70

5.70
6.20
6.62

5.53
5.97
6.45

5.29
5.72
6.13

7.15
7.58
7.67
7.78
7.80
7.83
8.04
7.94

7.01
7.44
7.57
7.65
7.70
7.73
7.93
7.84

7.01
7.48
7.62
7.74
7.78
7.81
8.01
7.90

7.17
7.51
7.67
7.77
7.77
7.79
7.99
7.88

7.15
7.53
7.67
7.74
7.77
7.79
7.97
7.86

7.10
7.51
7.64
7.74
7.76
7.79
7.99
7.88

6.89
7.41
7.62
7.79
7.83
7.89
8.10
7.99

6.54
7.15
7.44
7.72
7.83
7.96
8.20
8.08

8.02

7.91

7.99

7.97

7.95

7.97

8.07

8.16

8.52
9.16

8.44
9.08

8.48
9.13

8.47
9.11

8.43
9.08
8.78

8.46
9.11
8.78
6.88
9.15

8.57
9.21
8.81
6.90
9.23

8.68
9.32
8.95
6.97
9.17

6.88
9.15

FOOTNOTES
1. The daily effec ./e federal
is rate is a weighted av
9 o*
s on trades through N
okers.
2. Weekly figures are averac
• 7 calendar days endir
We jsday of the current we
lonth.y figui es
include each calendar day
ie 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 raiing
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 ce
* 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. Auction dates for daily, weekly and monthly averages.
14. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.
15. Unweighted average of rates on all outstanding bonds neither due nor callable in less than 1C -a s.
16 Estimate of the yield on a recently offered, A-rated utility bond with a maturity of 30 years and ca * otection of
5 years; Friday quotations.
1.
iond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
18. 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 CONSTANT MATURITY 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
t- >ded Treasury se
ties in the over-the-counter market. These market yields are calculated from composites of quotations reported by i\\
ading U.S. Government securities dealers to the Federal Reserve Bank of New York. The constant
maturity yield values »re read from the yield curve at fixed maturities, currently 1, 2,3, 5, 7,10, 20, 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. In estimating the 20-year constant maturity, the Treasury incorporates the prevailing market yield on an
outstanding Treasury bond with approximately 20 years remaining to maturity.