Full text of H.15 Selected Interest Rates : December 31, 1984

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FEDERAL RESERVE statistical release
H.1S (519)

For immediate release
DECEB6EB 3 1 , 1 9 6 4

SELECTED INTEREST RATES
Yields in percent per annum
Instruments

2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

28

21

NCV

8.62

7.95

7.99

9.43

8.11
8.16
8.27

8. 16
8.16
8.29

8.07
8.11
8.23

8.12
8.20
8.31

9.01
9.03
9*06

8.00
7.84
7.78

7.67
7.43
7.72

8.06
7.78
7.72

7.88
7.66
7*69

7.88
7.90
7.88

8.92
8.83
8.82

8.10
8.20

8.15
8.25

8.20
8.30

8.14
8.24

8.20
8.26

9.00
9.02

8.04
8.20
6.44
10.75
8.00

8.15
8.26
8.54
10.75
8.00

8.19
8.31
8.55
10*75
8.00

8.11
8.25
8.49
10.75
8.29

8.21
8.34
8.59
11.25*
8.50

9.09
9.18
9.39
11.77
8.83

7.75
8.04
8.38

7.75
8.04
8.38

7.97
8.15

8.79
8.99
9.10

8.01
8.50

8.01
8.50

8.25
8.62

9.11
9.55

DEC

DEC

OEC

24

25

26

27

DEC
2B

M

8.12

8.51

A

8.00
8.07
8.19

PEDEBAL FUNDS (BFFECTIVE) 1 /
7*53
:OHHEFCIAL PAPEB 2 / 3 /
1-HONTH
7.99
3-HONTH
8.06
•6-HOKTH
8.16
FINANCE PAPEB PLACED DIBECTLY 2 /
1-HONTH
7.80
3-HONTH
7.59
6-HONTH
7.52
3ANKERS ACCEPTANCES (TOP BATED) 2 /
3-HONTH
8.10
6-HONTH
8.20
:DS (SECONDARY BASKET)
1-HONTH
8.06
3-HONTH
8.22
6-HONTH
8.44
3ANK PHIHE LOAN 1 / 4 /
10.75
J1SCOUNT WINDOW BORROWING 1 / 5 /
8.00
J . S . GOVERNHENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE 2 / 6 /
3-HONTH
6-HONTH
1-YEAB
AUCTION AVERAGE(IHVES1HENT) 6 /
3-JIONTH
6-HONTH
SECONDABY HABKET 2 /
3-HONTH
7.64
6-HO NT a
7.96
1-YEAB
8.34
TREASURY CONSTANT HATORITIES 7 / 8 /
1-YEAR
9.02
2-YEAB
9.83
3-YEAB
10.27
5-YEAB
10.85
7-YEAB
11.26
10-YEAB
11.31
20-YEAR
11.46
30-YEAR
11.36
COHPOSITE
OVEB 1 0 YEABS(LONG-TEBB)9/
11.04
:OBPOBATE BONDS
BOODY'S SEASONED
AAA
11.97
BAA
13.35
A-UTILITY 1 0 /
STATE 6 LOCAL BONDS 1 1 /
JONVENTIONAL HOBTGAGES 1 2 /

1.

Week ending
DEC
DEC

DEC

R

K
E
T

C

L
0

S

E
D

7.63
8.03
8.39

7.67
8.04
8.41

7.74
8.C9
8.47

7.67
8.03
8.40

7.81
8.03
8.37

8.61
8.81
9.01

9.08
9.95
10.37
10.97
11.42
11.45
11.58
11.46

9.11
9.96
10.43
10.98
11.43
11.45
11*60
11.48

9.17
10.02
10.18
11.03
11.44
11.46
11.61
11.49

9.10
9.94
10.39
10.96
11.39
11.42
11.56
11.45

9.09
9.94
10.32
10.90
11.31
11.37
11.52
11.41

9.82
10.65
10.90
11.33
11.49
11.57
11.66
11.56

11.14

11.16

11.17

11.13

11.09

11.25

12.06
13.40

12.10
13.41

n.a.
n.a.
12.79

H.a.
n.a.
12.79
9.91
13.14

12*04
13.35
12.70
9.93
13*18

12.29
13.48
12.98
10.17
13.64

9.91
13*14

WEEKLY FIGOBES ABE AVERAGES OF 7 CALENDAR DAYS ENDING ON HEDNESDAY OF TfiE COflfiENT WEEK;
MONTHLY FIGUBES INCLUDE BACH CALENDAB DAY IN THE HOMTfl.
QUOTED ON BANK-DISCOUNT B A S I S .
BATES ON COHREBCIAL PAPEB PLACED FOB FXBHS BHOSB" BOND BATING I S AA OB TBE EQUIVALENT.
BATE CBABGED BY BAIKS ON SHOBT-TEflfl BUSINESS LOANS.
BATE FOB THE FEDEBAL BESEBVE BANK OF NEB YOBK.
ISSUE DATE.
YIELDS ON ACTIVELY TRADED ISSUES ADJUSTED TO CONSTANT HATUBITXE5.
SOUBCB; O . S . TBEASOBY.
SEE BBTEBSE FOB A DESCBIPTON OF THE CONSTANT iATOBITY S E B I E S .
UNWEIGHTED AVERAGE OF ALL ISSUES OUTSTANDING OF BONDS BEITHER DUE NOB CALLABLI IN LESS THAN 10 I E A B S ,
INCLUDING SEVERAL VERT LOW YIELDING "FLOWER- BONDS.
ESTIHATE OF THE YIELD ON A RECENTLY-OFFERED, A-RATED UTILITY BOND NITH A HATUBITY OF 3 0 YEARS AND CALL
PROTECTION OF 5 YEARS; FRIDAY QUOTATIONS.
BOND BUYER INDEX, GENEBAL OBLIGATION, 2 0 YEARS TO HATUBITY, HIKED QUALIIY; 1HUBSDAY QUOTATIONS.
CONTRACT INTEREST BATES ON COBBITHENTS FOB FIXED-RATE FIBST HORIGAGIS.
SCUBCIS FHLHC.

IOTE: WEEKLY AND HONTHLY FIGUBES ABE AVEBAGES OF DAILY BATES, EXCEPT FOB STAXE 6 LOCAL BONDS,
BHICH ABE BASED ON THUBSDAY FIGUBES, AND CONVENTIONAL SOBTGAGES AND A - B T I L I T I BONDS,
BOTH OF WHICH ABE BASED ON FRIDAY FIGOBES.
*The r a t e f o r Friday, December 21, should have read 1 0 . 7 5 .




SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNUM
WEEK ENDING WEDNESDAY
WEEK ENDED
1984 :
DEC •

26
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/

7.95 :
7.71
8.11 :
8.24
8.61 :
1.51 •

4 WEEKS ENDED

1984 :
:
:

DEC
19

7.99
7.98
8.40
8.54
8.79
11.61

:
:
:
:
:
:

1984

1984
DEC
26

DEC
5

8.37 :
8.12
8.48 :
8.64
8.94 :
11.63 :•

9.21
8.54
8.91
9.08
9.40
1 1.66

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.