Full text of H.15 Selected Interest Rates : December 17, 1984

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FEDERAL RESERVE statistical release
For Immediate release
DECEHBER 1 7 , 1984

H.15 (519)

SELECTED INTEREST RATES
Yields in percent per annum

Instruments

DEC

10

FEDERAL FUNDS (EFrECTIYE)
1/
8.75
COMMERCIAL PAPEB 2 / 3 /
1-HONTH
8.70
3-HO NTH
8.78
6-HO NTH
8.92
FINANCE PAPER PLACED DIRECTLY 2 /
1-HONTH
8.73
3-HO NTH
8.43
6-MONTH
8.39
BANKERS ACCEPTANCES (TOP BATED) 2 /
3-HO NTH
8.80
6-HO NTH
8.92
CDS (SECONDARY HAR-KET)
1-HONTH
8.81
3 - HO NTH
8.98
6-HONTH
9.25
BANK PRIME LOAN
1/4/
11.25
DISCOUNT WINDOW BORBOBIMG 1 / 5 /
8.50
U.S.GOVERNHENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE 2 / 6 /
3-MONTH
6-HONTH
1-YEAR
AUCTION AVERAGE (IITESTBEIIT) 6
3-HONTH
6-flONTH
SECONDARY HARKET 2 /
3-HONTH
8.34
6-HO NTH
8.57
1-YEAR
6.85
TREASURY CONSTANT HATURITIES 7 / 8 f
1-YEAR
9.63
2-YEAR
10.47
3-YEAR
10.84
5-YEAR
11.26
7-YEAR
11.61
10-YEAR
11.66
20-YEAR
11.79
30-YEAR
11.66
COHPOSITE
OVER 10 TBARS(LOIG-TERH)9/
11.36
CORPORATE BONDS
HOODY'S SEASO1ED
AAA
12.24
BAA
13.44
A-UTILITY 1 0 /
STATE 6 LOCAL BOHDS 1 1 /
CONVEBTIONAX HORTGAGES 1 2 /

1.
2.
3.
4.
5.
6.

7.
8.
9.
10.
11.
12.

DEC
11

DEC
12

DEC
13

DEC
14

Week ending
DEC
DEC
7
14

NOV

8.75

6.58

8.42

8.26

8.70

6.83

9.43

8.71
8.77
8.88

8.64
8.69
8.80

8.62
8.67
8.76

8.59
8.63
8.74

8.65
8.71
8.82

8.69

8.72
8.83

9.01
9.03
9.06

8.39
8.43
8.39

8.46
8.43
8.39

8.62
8.48
8.37

8.61
8.45
8.40

8.56
8.44
8.39

8.65
8.46
8.41

8.92
8.83
8.82

8.75
8.85

8.70
8.75

8.70
8.80

8.55
8.60

8.70
8.78

8.74
8.86

9.00
9,02

8.76
8.90
9.18
11.25
8.50

8.74
8.86
9.11
11.25
8.50

8.71
8.81
9.03
11.25
8.50

8.65
8.75
9.06
11.25
8.50

8.73
8.86
9.13
11.25
8.50

8.79
8.92
9. 16
11.25
8.50

9.09
9.18
9.39
11.77
8.63

8.38
8.57

8.38
8.57

8.52
8.67

8.79
8.99
9.10

8.68
9.08

8.68
9.08

8.83
9. 19

9.11
9.55

8.27
8.38
8.69

8.29
8.45
8.78

8.11
8.25
8.52

8.27
8.43
8.73

6.44
8.61
8.86

8.61
8.81
9.01

9.57
10.40
10.75
11.18
11.53
11.57
11.71

9.44
10.35
10.67
11.14
11.51
11.54
11.67

9.63
10.47
10.80
11.21

11.56

9.26
10.20
10.57
11.08
11.50
11.56
11.67
11.56

9.49
10.36
10.71
11.19

11.59

9.54
10.40
10.72
11.27
11.67
11.70
11.79
11.67

11.56
11.61
11.73
11.61

11.52
11.58
11.71
11.59

9.82
10.65
10.90
11.33
11.49
11.57
11.66
11.56

11.28

11.24

11.36

11.24

11.30

11.29

11.25

12.20
13.44
\

12.19
13.42

12.25
13.43

12. 17
13.42
13.03

12.21
13.43
13.03
10.00
13.20

12.20
13.42
13.01
9.95
13.20

12.29
13.48
12.98
10.17
13.64

8.35*
8.52
8.80

10.00
13.20

WEEKLY FIGURES ARE AVERAGES OF 7 CALENDAR DAYS EIDIMG 0 1 WEDNESDAY OF THE CURRENT 1EEK;
HONTHLY FIGURES INCLUDE EACH CALENDAR DAY I I THE BOVTH.
QUOTED ON BANK-DISCOUNT B A S I S .
RATES OH COMHERCIAL PAPER PLACED FOR FIRHS WHOSE BOND RATI1G I S AA OB THE EQUIVALENT.
RATE CHARGED BY BANKS 0 1 SHORT-TERM B U S I i E S S LOANS.
RATE FOR THE FEDERAL BESEBVE BANK OF WEW YORK.
ISSUE DATE.

YIELDS ON ACTIVELY TRADED ISSUES ADJUSTED TO CONSTANT HATOBITIES. SOURCE: U.S. TBEASURY.
SEE BEVEBSE FOR A DESCRIPTON OF THE COBSTABT HATORITY SERIES.
UNWEIGHTED AVERAGE OF ALL ISSUES OUTSTANDING OF BOIDS NEITHER DUE BOB CALLABLE IB LSSS THAB 10 YEARS,
INCLUDING SEVERAL VEBY LOW YIELDING "FLOWER* BONDS.
ESTIMATE OF THE YIELD OB A RECENTLY-OFFERED, A-RATBD 0TILITY BOBD WITH A MATURITY OF 30 YEARS AND CALL
PROTECTION OF 5 YEARS; FRIDAY QUOTATIONS.
BOND BUYER IBDBI# GENERAL OBLIGATIOH, 20 YEARS TO HATORITY, HIIED QUALITY; THURSDAY QUOTATIOBS.
CONTRACT IBTEREST RATES OB COHHITHENTS FOR FIIBD-RATE FIBST HORTGAGES. SOURCE: FHLBC.

HOTE: WEEKLY ABD HONTHLY FIGURES ARE AVERAGES OF DAILY RATES, EXCEPT FOR STATE 6 LOCAL BOBDS,
WHICH ARE BASED OB THURSDAY FIGURES, ABD CONVENTIONAL HORTGAGES ABD A-CTILITY BOBDS,
BOTH OF WHICH ARE BASED OB FRIDAY FIGURES.



SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNUM
WEEK ENDING WEDNESDAY
WEEK ENDED
1984 :
DEC :
12
FEDERAL FUNDS (EFFECTIVE) 1/
3-MONTH TREASURY BILL 2/
3-MONTH COMMERCIAL PAPER 2/
3-MONTH CD (SECONDARY MARKET)
3-MONTH EURODOLLAR 3/
U. S. GOVERNMENT BOND 4/

8.70 :
8.36
8.74 :
8.92
9.21 :
11.75

4 WEEKS ENDED

1984 :
DEC :
5 .:
8.83
8.43
8.67
8.87
9.14
11.65

1984 :
DEC :
12 :

1984
NOV
21

:
9.00 !:
: 8.45 :
:
8.81 ::
:• 8.98 ::
:
9.30 :
: 11.64 ,:

9.65
8.83
9.29
9.45
9.78
11.74

1. FEDERAL FUNDS RATES ARE AVERAGES OF EFFECTIVE RATES FOR
SEVEN CALENDAR DAYS ENDING ON WEDNESDAY.
2. QUOTED ON BANK DISCOUNT BASIS. "
3. FOR INDICATION PURPOSES ONLY.
4. YIELD AT 20-YEAR CONSTANT MATURITY. SOURCE: U.S. TREASURY

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, 4, 5, 7, 10, 20, 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.