Full text of H.15 Selected Interest Rates : February 18, 1986

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FEDERAL RESERVE statistical release
H.15 (519)

For immediate release

SELECTED INTEREST RATES

FEBRUARY 18, 1986

Yields in percent per annum

Instruments

1986
FEB
10

7.92
FEDERAL FUNDS (EFFECTIVE) 1/
COMMERCIAL PAPER 2/3/
7.75
1-MONTH
70
3-MONTH
64
6-MONTH
FINANCE PAPER PLACED DIRECTLY 2/
7.77
1-MOMTH
7.54
3-MONTH
7.41
6-MONTH
BANKERS ACCEPTANCES (TOP RATED) 2/
65
3-MONTH
55
6-MONTH
CDS (SECONDARY MARKET)
80
1-MONTH
81
3-MONTH
84
6-MONTH
50
BANK PRIME LOAN 1/4/
7.50
DISCOUNT WINDOH BORROWING 1/5/
U.S.GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE 2/ 6/
7.18
3-MONTH
7.23
6-MONTH
1-YEAR
AUCTION AVERAGE(INVESTMENT) 6/
41
3-MONTH
61
6-MONTH
SECONDARY MARKET 2/
.20
3-MONTH
.24
6-MONTH
7.22
1-YEAR
TREASURY CONSTANT MATURITIES 7/8
7.74
1-YEAR
8.08
2-YEAR
8.24
3-YEAR
8.54
5-YEAR
8.86
7-YEAR
9.00
10-YEAR
9.44
20-YEAR
9.23
30-YEAR
—
COMPOSITE
9.41
OVER 10 YEARS(L0NG-TERM)9/
CORPORATE BONDS
MOODY*S SEASONED
9.90
AAA
11.30
BAA
A-UTILITY 10/
STATE & LOCAL BONDS 11/
—CONVENTIONAL MORTGAGES 12/
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

1986
JAN

1986
FEB
13

1986
FEB

8.03

7.89

7.75

7.85

7.97

8.14

7.75
7.68
7.62

7.75
7.68
7.60

69
62
54

7.73
7.67
7.60

7.70
7.63
7.55

7.78
7.71
7.62

7.72
7.53
7.41

73
53
7.43

77
53
43

70
48
40

7.74
7.52
7.42

7.68
7.45
7.40

7.75
52
47

7.63
7.53

7,62
7.53

58
46

7.48
7.38

59
49

56
48

7.62
7.55

7.73
7.72
7.75
9.50
7.50

7.76
7.76
7.80
9.50
7.50

7.74
7.74
7.78
9.50
7.50

7.67
7.67
7.67
9.50
7.50

7.74
7.74
7.77
9.50
7.50

7.72
7.73
7.74
9.50
7.50

7.83
7.82
7.83
9.50
7.50

7.18
7.23
7.19

6.99
7.06

7.04
7.13
7.31

.41
.61

7.21
7.42

7.36
7.51

1986

FEB
11

1986
FEB
12

7.84
7.73
7.67
7.62

7.19

Last
week

This
week

7.11
7.17
7.17

7.11
7.19
7.19

7.10
7.19
7.19

7.02
7.11
7.09

7.11
7.18
7.17

7.06
7.11
7.12

7.07
7.16
7.21

7.68
8.04
8.18
8.47
8.79
8.93
9.36
9.16

7.71
8 08
8 19
8.46
8.78
8.91
9.34
9.13

7.71
8.06
8.18
8.43
8.71
8.85
9.28
9.08

7.59
7.99
8.06
8.29
8.53
8.68
9.07
8 93

7,69
8.05
8.17
8.44
8.73
8.87
9.30
9.11

7.63
8.01
8.21
8.52
8.85
9.02
9.43
9.27

7.73
8.14
8.41
8.68
9.03
9.19
9.59
9.40

9.34

9.32

9.26

9.11

9.29

9.39

9.51

9.87
11.28

9.87
11.27

9.82
11.23

9.73
11.15
10.27

9.84
11.25
10.27
7.62
10.80

9.90
11.29
10.58
7.73
10.85

10.05
11.44
10.74
8.08
10.88

7.62
10.80

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
1986
FEB :

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/

7.85 :
7.15
7.67
7.76
7.95
9.43

1986 •
FEB :

5
7.97 •
7.00 :
7.63 •

7.72 :
7.93
9.42 :

4 WEEKS> ENDED
1986
FEB :

12
7.88 :
7.04 :
7.68
7.78
7.99
9.51 :

1986

JAN
15
8.39
7.09
7.73
7.63
8.02
9.J9

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 "' X-NS^ANT MATURITY" ARE
ESTIMATED FROM THE TREASURY'S DAILY YIELD CURVE. THIS CURVE, WHITH
RELATES THE YIELD ON A SECURITY TO ITS TIME TO MATURITY, IS BASED )\
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 I , 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.