Full text of H.15 Selected Interest Rates : December 9, 1985

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EDERAL RESERVE statistical release
H.15 (519)

For immediate release

SELECTED INTEREST RATES

DECEMBER

9,

1985

Yields in percent per annum
Instruments

1985
DEC
2

8.56
FEDERAL FUNDS ( E F F E C T I V E ) 1 /
COMMERCIAL PAPER 2 / 3 /
1-MONTH
7.89
3-MONTH
7.81
6-MONTH
7.70
FINANCE PAPER PLACED DIRECTLY 2 /
1-MONTH
7.83
3-MONTH
7.63
6-MONTH
7.58
BANKERS ACCEPTANCES (TOP RATED) 2 /
3-MONTH
7.70
6-MONTH
7.65
CDS (SECONDARY MARKET)
1-MONTH
7.87
7.88
3-MONTH
7.90
6-MONTH
BANK PRIME LOAN
1/4/
9.50
DISCOUNT WINDOW BORROWING 1 / 5 /
7.50
U.S.GOVERNMENT SECURITIES
TREASURY B I L L S '
AUCTION AVERAGE 2 / 6 /
3-MONTH
7.19
6-MONTH
7.26
1-YEAR
AUCTION AVERAGECINVESTMENT) 6 /
3-MONTH
7.42
6-MONTH
7.64
SECONDARY MARKET 2 /
3-MONTH
7.26
7.32
6-MONTH
1-YEAR
7.36
TREASURY CONSTANT MATURITIES 7 / 8 /
1-YEAR
7.91
8.54
2-YEAR
8.75
3-YEAR
5-YEAR
9.14
7-YEAR
9.55
10-YEAR
9.69
20-YEAR
10.17
9.94
30-YEAR
rflMDnC
TTC
CUnruoX1t
9.99
OVER 10 YEARS(LONG-TERM)9/
CORPORATE BONDS
MOODY'S SEASONED
10.44
AAA
11.88
BAA

A-UTILITY 10/

STATE & LOCAL BONDS 1 1 /
CONVENTIONAL MORTGAGES 1 2 /
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

1985
DEC
3

1985
DEC
4

1985

1985

DEC
5

DEC
6

8.68

8.69

8.29

7.99

8.49

7.71

8.05

8.01
7.87
7.76

7.95
7.88
7.76

7.93
7.84
7.73

7.93
7.84
7.75

7.94
7.85
7.74

7.82
7.77
7.69

7.84
7.77
7.69

7.91
7.72
7.57

7.84
7.62
7.57

7.97
7.72
7.57

7.96
7.72
7.57

7.90
7.68
7.57

7.74
7.58
7.56

7.81
7.58
7.57

7.78
7.68

7.75
7.65

7.75
7.65

7.78
7.70

7.75
7.67

7.71
7.57

7.70
7.59

7.97
7.99
8.00
9.50
7.50

7.94
7.94
7.95
9.50
7.50

7.94
7.93
7.95
9.50
7.50

7.95
7.95
7.95
9.50
7.50

7.93
7.94
7.95
9.50
7.50

7.86
7.86
7.88
9.50
7.50

7.82
7.81
7.82
9.50
7.50

7.19
7.26

7.15
7.26
7.33

7.20
7.26
7.33

7.42
7.64

7.38
7.64

7.44
7.64

This

week

Last
week

1985
NOV

7.23
7.31
7.37

7.22
7.30
7.33

7.26
7.33
7.36

7.25
7.31
7.35

7.24
7.31
7.35

7.18
7.28
7.33

7.24
7.30
7.33

7.92
8.52
8.77
9.15
9.55
9.68

7.87
8.49
8.75
9.10
9.50
9.63

10.15

10.10
9.88

7.91
8.47
8.75
9.10
9.49
9.62
10.10
9.88

7.89
8.47
8.75
9.12
9.51
9.65
10.11
9.90

7.90
8.50
8.75
9.12
9.52
9.65
10.13
9.90

7.87
8.51
8.75
9.17
9.52
9.65
10.14
9.93

7.88
8.58
8.88
9.28
9.62
9.78
10.24
10.06

9.98

9.94

9.93

9.95

9.96

9.96

10.08

10,44
11.90

10.44
11.86

10.42
11.86

10.43
11.87
11.27

10.43
11.87

10.43
11.85

11.27
8.54
11.50

11.25
8.51

10.55
11.99
11.38
8.54
11.78

9.92

8.54

11.50

11.58

WEEKLY FIGURES ARE AVERAGES OF 7 CALENDAR DAYS ENDING ON WEDNESDAY OF THE CURRENT WEEK;
MONTHLY FIGURES INCLUDE EACH CALENDAR DAY IN THE MONTH.
QUOTED ON BANK-DISCOUNT BASIS.
RATES ON COMMERCIAL PAPER PLACED FOR FIRMS WHOSE BOND RATING IS AA OR THE EQUIVALENT.
RATE CHARGED BY BANKS ON SHORT-TERM BUSINESS LOANS.
RATE FOR THE FEDERAL RESERVE BANK OF NEW YORK.
AUCTION DATE.
YIELDS ON ACTIVELY TRADED ISSUES ADJUSTED TO CONSTANT MATURITIES. SOURCE: U.S. TREASURY.
SEE REVERSE FOR A DESCRIPTON OF THE CONSTANT MATURITY SERIES.
UNWEIGHTED AVERAGE OF ALL ISSUES OUTSTANDING OF BONDS NEITHER DUE NOR CALLABLE IN LESS THAN 10 YEARS,
INCLUDING ONE VERY LOW YIELDING "FLOWER" BOND.
ESTIMATE OF THE YIELD ON A RECENTLY-OFFERED, A-RATED UTILITY BOND WITH A MATURITY OF 30 YEARS AND CALL
PROTECTION OF 5 YEARS; FRIDAY QUOTATIONS.
BOND BUYER INDEX, GENERAL OBLIGATION, 20 YEARS TO MATURITY, MIXED QUALITY; THURSDAY QUOTATIONS.
CONTRACT INTEREST RATES ON COMMITMENTS FOR FIXED-RATE FIRST MORTGAGES. SOURCE: FHLMC.

NOTE* WEEKLY AND MONTHLY FIGURES ARE AVERAGES OF DAILY RATES, EXCEPT FOR STATE & LOCAL BONDS,
WHICH ARE BASED ON THURSDAY FIGURES, AND CONVENTIONAL MORTGAGES AND A-UTILITY BONDS,
BOTH OF WHICH ARE BASED ON FRIDAY FIGURES.
XX AS OF THE H.15 RELEASE DATE OF JUNE 24, 1985, TREASURY BILL AUCTION AVERAGES WILL BE REPORTED
ON THE AUCTION DATE INSTEAD OF THE ISSUE DATE.




SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNUM
WEEK ENDING WEDNESDAY
WEEK ENDED
1985 :
DEC :
4
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/

8.49
7.22 •
7.83 :
7.92
8.11 :
10.12

4 WEEKS ENDED

1985 :
NOV :
27
7.71
7.21
7.76
7.84
8.03
10.14

:
:
.
:
:

1985 :
DEC :
4 :

1985
NOV
13

8.07 : 8.07
7.24
7.22
7.78 :
7.79
7.84 : 7.84
8.04 :
8.04
10.19 : 10.46

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.
A. YIELD AT 20-YEAR CONSTANT MATURITY. SOURCE: U.S. TREASURY

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
YIELDS ON TREASURY SECURITIES AT "CONSTANT MATURITY1' 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, 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.