Full text of H.15 Selected Interest Rates : December 18, 1989

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FEDERAL RESERVE statistical release
T

hese data are released each Monday. The availability of the release will be announced when the information
wailable, on (202) 452-3206.
H.15 (519)

For immediate release
December 18> 1989

SELECTED INTEREST RATES
Yields in percent per annum

Instruments
FEDERAL FUNDS (EFFECTIVE)1 2 3
COMMERCIAL PAPER3 4 5
1-MONTH
3-MONTH
6-MONTH
FINANCE PAPER PLACED DIRECTLY3 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 LOAN2 3 1 0
DISCOUNT HINDOH BORROWING2 ll
U.S. GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE3 4 1 2
3-MONTH
6-MONTH
1-YEAR
AUCTION AVERAGE(INVESTMENT)12
3-MONTH
6-MONTH
SECONDARY MARKET 3 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
OVER 10 YEARS(LONG-TERM) 14
CORPORATE BONDS
MOODY'S SEASONED

AAA
BAA

1989

1989

1989

1989

1989

DEC

DEC

DEC

DEC

DEC

11

12

13

14

8.44

8.44

8.58

8.55
8.24
7.87

8.58
8.27
7.90

8.40
8.00
7.33

15

Last
week

8.51

8.56

8.47

8.52

8.55

8.60
8.31
7.97

8.65
8.35
7.98

8.68
8.37
8.00

8.61
8.31
7.94

8.53
8.24
7.86

8.47
8.35
8.00

8.41
8.01
7.33

8.44
8.00
7.25

8.49
8.02
7.33

8.52
8.03
7.33

8.45
8.01
7.31

8.40
8.00
7.33

8.33
8.07
7.45

8.10
7.72

8.17
7.77

8.22
7.85

8.23
7.87

8.24
7.85

8.19
7.81

8.10
7.73

8.21
7.86

8.59
8.29
8.08

8.63
8.31
8.12

8.69
8.38
8.22

8.71
8.41
8.21

8.71
8.37
8.18

8.67
8.35
8.16

8.55
8.26
8.04

8.44
8.39
8.21

8.63
8.38
8.13
10.50
7.00

8.69
8.38
8.19
10.50
7.00

8.69
8.44
8.25
10.50
7.00

8.75
8.50
8.25
10.50
7.00

8.75
8.44
8.25
10.50
7.00

8.70
8.43
8.21
10.50
7.00

8.60
8.35
8.10
10.50
7.00

8.45
8.42
8.22
10.50
7.00

7.60
7.41

7.55
7.30

7.65
7.46
7.17

7.86
7.80

7.80
7.69

7.91
7.86

7.60
7.41
7.14
7.86
7.80
7.64
7.34
7.23

7.66
7.44
7.25

7.69
7.44
7.26

7.62
7.39
7.21

7.62
7.39
7.13

7.65
7.40
7.22

7.61
7.35
7.22

7.69
7.49
7.25

7.74
7.78
7.76
7.74
7.83
7.83
7.89

7.76
7.80
7.76
7.74
7.84
7.84
7.90

7.77
7.82
7.76
7.73
7.84
7.82
7.88

7.71
7.75
7.70
7.68
7.80
7.79
7.85

7.65
7.75
7.70
7.70
7.82
7.80
7.86

7.73
7.78
7.74
7.72
7.83
7.82
7.88

7.73
7.77
7.77
7.74
7.83
7.84
7.90

7.77
7.80
7.80
7.81
7.86
7.87
7.90

8.02

8.03

8.01

7.98

7.98

8.00

8.02

8.03

8.85
9.80

8.85
9.80

8.86
9.80

8.86
9.82

8.85
9.81
9.33

8.85
9.81
9.33
6.99
9.75

8.86
9.81
9.29
7.00
9.76

8.89
9.81
9.28
7.14
9.77

A-UTILITY15
STATE & LOCAL BONDS 16
CONVENTIONAL MORTGAGES 17




1989
NOV

This
week

SEE OVERLEAF FOR FOOTNOTES

6.99
9.75

FOOTNOTES
1.

T h e daily effective federal funds rate is a w e i g h t e d a v e r a g e of rates on trades through N . Y .
brokers.
t•;.. Heekly figures are a v e r a g e s of 7 calendar days ending on W e d n e s d a y of the current week?
monthly figures include each calendar day in the m o n t h .
3. Annualized using a 360-day year or bank interest.
4. Quoted on a discount b a s i s .
5c An average oi offering rates on cominercial paper p l a c e d by several leading dealers
for firms w h o s e bond rating is AA or the equivalent.
6. An average of offering rates on paper directly placed by finance c o m p a n i e s .
7. Representative closing yields for acceptances of the h i g h e s t rated m o n e y center b a n k s .
8. An average of dealer o f f e r i n g rates on nationally traded c e r t i f i c a t e s of deposit.
9. Bid rates for E u r o d o l l a r d e p o s i t s at 11 a.m. London time.
10. One of several b a s e rates used by banks to price short-term b u s i n e s s l o a n s .
11. Rate for the Federal R e s e r v e Bank of New York.
12. Auction date for daily data} weekly and monthly a v e r a g e s computed on an issue-date b a s i s .
13. Yields on actively traded issues adjusted to constant m a t u r i t i e s . S o u r c e : U . S . Treasury.
1<+. Unweighted a v e r a g e of rates on all outstanding bonds n e i t h e r due nor c a l l a b l e in less than
10 y e a r s , including o n e very low yielding "flower" bond.
15. Estimate of the yield on a recently offered, A-rated u t i l i t y bond w i t h a m a t u r i t y of 30 y e a r s
and call p r o t e c t i o n of 5 years} Friday q u o t a t i o n s .
16. Bond Buyer I n d e x , g e n e r a l o b l i g a t i o n , 20 years to m a t u r i t y , mixed q u a l i t y } T h u r s d a y q u o t a t i o n s .
17. Contract interest rates on commitments for fixed-rate first m o r t g a g e s . S o u r c e : FHLMC.
Note:

Weekly and m o n t h l y figures are averages of business days u n l e s s o t h e r w i s e noted.

D E S C R I P T I O N OF THE TREASURY C O N S T A N T MATURITY S E R I E S
Yields on Treasury s e c u r i t i e s at 'constant m a t u r i t y 1 a r e interpolated by the U . S . Treasury from the
daily yield c u r v e . This c u r v e , w h i c h relates the yield o n a security to its time to m a t u r i t y , is b a s e d
on the closing market bid y i e l d s on actively traded T r e a s u r y securties in the o v e i — t h e - c o u n t e r m a r k e t .
T h e s e market yields a r e c a l c u l a t e d from composites of q u o t a t i o n s reported by five leading U . S .
Government s e c u r i t i e s d e a l e r s to the Federal Reserve B a n k of N e w Y o r k . T h e c o n s t a n t m a t u r i t y y i e l d
v a l u e s are read from the y i e l d c u r v e at fixed m a t u r i t i e s , c u r r e n t l y 1, 2 , 3, 5 , 7, 1 0 , and 30 y e a r s .
This method p r o v i d e s a y i e l d for a 10-year m a t u r i t y , for e x a m p l e , even if n o o u t s t a n d i n g s e c u r i t y
h a s e x a c t l y 10 y e a r s remaining to maturity.