Full text of H.15 Selected Interest Rates : February 4, 1985

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FEDERAL RESERVE statistical release
H.15 (519)

For immediate release
FEBRUARY
4 , 1985

SELECTED INTEREST RATES
Yields In percent per annum

Instruments

JAI

28
FEDERAL FUNDS (EFFECTIVE) 1 /
8.62
COMMERCIAL PAPER 2 / 3 /
1-HO NTH
8.00
3-MONTH
8.01
8.10
6-MONTH
FINANCE PAPER PLACED DIfiECTLT 2 /
7.97
1-MONTH
7.75
3-MONTH
7.80
6-SO NTH
BANKERS ACCEPTANCES (TOP RATED) 2 /
3-HONTH
8.00
8.10
6-HOMTH
CDS (SECONDARY HAfiKET)
1-HONTH
8.02
8.12
3-HO NTH
6-HONTH
8.42
10.50
BANK P&IHE LOAN
1/4/
8.00
DISCOUNT WINDOW BORBOWING 1 / 5 /
U . S . GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE 2 / 6 /
3-BONTH
6-MONTH
1-YEAR
AUCTION AYERAGB (INVESTMENT) 4 /
3-HO NT B
6-HONTH
SECONDARY MARKET 2 /
7.72
3-BONTH
7.99
6-HOHTH
8.27
1-YEAR
TREASURY CONSTANT HATORITIES 7 / 1/
8.95
1-YEAR
9.79
2-YEAR
10.30
3-YEAR
10.70
5-YEAR
10.98
7-YEAR
11.11
10-YEAR
11.28
20-YEAR

30-YEAR
COMPOSITE
OVER 10 YEARS (LONG-TERM)9/
CORPORATE BONDS
MOODYfS SEASONED
AAA
BAA
A-UTILITY 1 0 /
STATE & LOCAL BONDS 1 1 /
CONVENTIONAL HORTGAGES 1 2 /
1.
2.
3.
4.
5.
6.
7.
8.
9.
5

0.

11.
12.

Week ending

JAI
29

JAN
30

JAI
31

FSB
1

FEB
1

JAI

JAN

8.61

8.49

8.73

8.74

8.45

8.19

8.35

8.10
8.09
8.19

8.05
8.04

8.41
8.42
8.48

8. 14
6. 14
8.22

7.ae

8.14

8.12
8.12
8.18

7.91
8.05

7.99
8.03
8.15

8.07
7.83
7.83

8.05
7.85
7.85

8.10
7.91
7.90

8.40
7.96
7.90

8.12
7.86
7.86

7.85
7.75
7.80

7.95
7.81
7.82

8.05
8.10

8.00
8.10

8.15
8.20

8.35
8.40

8.11
8.18

7.90'
8.03

8.00
8.11

8.14
8.21
8.48
10.50
8.00

8.07
8.14
8.40
10.50
8.00

8.11
8.21
8.45
10.50
8.00

8.40
8.48
8.72
10#S0
8.00

8. 15
8.23
8.49
10.50
8.00

7.97
8.07
8.34
10.50
8.00

8.05
8. 14
8.45
10.61
8.00

7.76
7.97

7.76
7.97

7.68
7.93
8.39

7.76
8.03
8.39

8.03
8.42

8.03
8.42

7.94
8.38

8.03
8.49
7.76

25

7.83
8.01
8.27

8.05
8.16
8.40

8.19
8.29
8.50

7.92
8.09
8.35

7.65
7.91
8.22

11.20

8.97
9.79
10.28
10.70
10.98
11.11
11.27
11.18

8.95
9.76
10.27
10.68
10.96
11.08
11,24
11.16

9.09
9.90
10.36
10.77
11.07
11.17
11.30
11.21

9.21
10.04
10.48
10.93
11.20
11.29
11.44
11.32

9.03
9.86
10.34
10.76
11.04
11.15
11.31
11.21

8.90
9.79
10.25
10.70
11.02
11. 16
11.37
11.28

9.02
9.93
10.43
10.93
11.27
11.38
11.58
11.45

10.91

10.89

10.87

10.92

11.02

10.92

10.97

11.15

11.88
13.13

11.88
13.11

11.79
13.14

11.82
13.16

11.89
13.11
12.59

11.85
13. 13
12.59
9.37
12.93

11.97
13. 15
12.51
9.21
12.96

12.08
13.26
12.78
9.51
13.08

7.82

8.02
8.29

9.37
12*^3

e.oo

8.33

WEEKLY FIGURES ARE AVERAGES OF 7 CALENDAR DAYS ENDING 0 1 WEDNESDAY OF THE CURRENT WEEK;
MONTHLY FIGURES INCLUDE EACH CALENDAR DAY IN THE 80NTH.
QUOTED ON BANK-DISCOUNT B A S I S .
RATES OH COMMERCIAL PAPER PLACED FOR FIRMS iHOSE BOND RATING I S AA OR TflE EQUIVALENT.
RATE CHARGED BY BANKS ON SHORT-TERfl BUSINESS LOANS.
RATE FOR THE FEDERAL RESERVE BANK OF NEI YORK.
ISSUE DATE.
YIELDS ON ACTIVELY TRADED ISSUBS ADJUSTED TO CONSTANT MATURITIES.
SOURCE: U . S . TREASURY.
SEE REVERSE FOR A DESCRIPTON OF THB CONSTANT MATURITY S E R I E S .
ONIEIGflTED AVERAGE OF ALL ISSUBS OUTSTANDING OF BONDS NEITHER DUB NOR CALLABLB IN LESS THAN 10 YEARS,
INCLUDING SEVERAL VERY LO1 YIELDING "FLOflER" BONDS.
ESTIMATE OF THE YIELD ON A RECENTLY-OFFERED, A-RATED UTILITY BOND WITH A MATURITY OF 30 ZEARS AND CALL
PROTECTION OF 5 YEAfiS; FRIDAY QUOTATIONS.
BOND BUYER INDEX, GENERAL OBLIGATION, 20 YEARS TO MATURITY, MIXED QUALIIY; THURSDAY QUOTATIONS.
CONTRACT INTEREST RATES ON COMMITMENTS FOR FIXED-RATE FIRST HORTGAGBS.
SOURCE: FHLHC.

NOTE: WEEKLY AND MONTHLY FIGURES ARE AVERAGES OF DAILY RATES, EXCEPT FOR STAIE & LOCAL BONDS,
WHICH ARE BASED ON THURSDAY FIGURES, AND CONVENTIONAL MORTGAGES AND A-U1ILITY BONDS,
BOTH OF WHICH ARE BASED ON FRIDAY FIGURES.
*The averages for the week of January 18 were i n c o r r e c t l y r e v i s e d l a s t week. The r a t e for the 3-month B.A. should be 7.96; the 6B.A. should be 8 . 1 2 .




SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNUM
WEEK ENDING WEDNESDAY
WEEK ENDED
1985 :
JAN :

30
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/

8.45
7.73
7.99
8.12
8.31
11.27

:
:
:
:

4 WEEKS> ENDED

1985 :
JAN :
23 :
8.19
7.71
7.94
8.08
8.28
11.57

1985 .
JAN :
30 :

1985

JAN
9

8.24
8.29 :
:
:
7.74 :
7.81
:
8.01 :
8.20
8.32
:
8.13 :
8.62
:
8.35 :
: 11.58 : 11.64

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, 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.