Full text of H.15 Selected Interest Rates : January 14, 1991

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FEDERAL RESERVE statistical release
These data are released each Monday. The availability of the release will be announced when the information
s available, on (202) 452-3206.
H.15

For immediate release
January 14, 1991

(519)

SELECTED INTEREST RATES
Yields in percent per annum

Instruments
FEDERAL FUNDS (EFFECTIVE) 1 2 3
COMMERCIAL PAPER 3 4 5
1-MONTH
3-MONTH
6-MONTH
FINANCE PAPER PLACED DIRECTLY 3 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-MOtCTH
6-MONTH
EURODOLLAR DEPOSITS (LONDON) 3 9
1-MONTH
3-MONTH
6-MONTH
BANK PRIME LOAN 2 3 1 0
DISCOUNT HINDOW BORROWING 2 J 1
U.S. GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE 3 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

1991

1991

1991

1991

JAN

JAN

JAN

JAN

8

9

10

This
week

Last
week

DEC

7

JAN
11

6. 26

5,94

5.88

6.81

6.68

6.40

7.17

7.31

7.36
7.27
7.18

7.37
7.30
7.21

7.17
7.07
7.02

7.12
7.06
7,00

7*10
7.07
7.01

7.22
7.15
7.08

7.57
7.31
7.17

8.28
7.80
7.49

7,16
7.03
6.73

7.20
7.09
6.73

6.89
6.90
6.50

6.93
6.90
6.52

6.87
6.91
6.52

7.01
6.97
6.60

7.19
7.02
6.70

7.62
7.32
6.95

7.20
7.06

7.10
6.95

7.05
7.00

6.95
6.90

6.95
6.90

7.05
6.96

7.08
6.90

7.60
7.25

7.38
7.38
7.35

7.45
7.44
7.43

7.27
7.25
7.24

7.22
7.26
7.28

7.08
7,18
7-. 21

7.28
7.30
7.30

7.39
7.35
731

8.27
7.82
7.64

7.44
7.44
7.44
9.50
6.50

7.56
7.56
7.50
9.50
6.50

7.31
7.38
7.38
9.50
6.50

7.19
7.31
7.31
9.50
6.50

7.13
7.25
7.25
9.50
6.50

7.33
7,3 9
7.38
9.50
6.50

7.38
7.41
7.38
9.93
6.50

8.32
7.87
7.67
10.00
6.79

6.52
6.51

6.52
6.51

6.52
6.48

6.81
6,76
6.58

6.72
6.82

6.72
6.82

6.72
6.79

7.02
7.10

6.51
6.53
6.43

6.44
6.43
6.35

6.25
6.31
6.28

6.21
6.28
6.24

6.16
6.26
6.22

6.31
6.36
6.30

6.47
6.44
6.37

6.74
6.70
6.61

6.84
7.20
7.43
7.75
8.04
8.13
8.32

6.75
7.15
7.39
7.74
8.06
8.16
8.37

6.68
7.10
7.46
7.81
8.12
8.25
8.46

6.64
7.14
7.39
7.76
8.02
8.16
8.37

6.62
7.14
7.40
7.79
8.06
8.20
8.39

6.71
7.15
7.41
7.77
8.06
8.18
8.38

6.78
7.12
7.34
7.62
7.93
8.00
8.18

7.05
7.31
7.47
7.73
8.00
8.08
8.24

8.38

8.43

8.51

8.42

8.45

8.44

8.24

8.31

9.03
10.47

9.03
10.50

9.07
10.54

9.06
10.53

9.06
10.49
9.96

9.05
10.51
9.96
7.15
9.63

9.02
10.38
9.85
7.09
9.56

9.05
10.43
9.95
7.09
9.67

A-UTILITY 15
STATE & LOCAL BONDS 1 6
CONVENTIONAL MORTGAGES 17




1990

1991

SEE OVERLEAF FOR FOOTNOTES

7.15
9.63

FOOTNOTES
1.
Z.
3,
4,
5,
6,
7,
8,
9,
10.
11.
12.
13.
1<+.
15.
16.
17*
Note:

The daily effective federal funds rate is a weighted average of rates on trades through N . Y .
brokers.
Meekly figures are averages of 7 calendar days ending on Hednesday of the current week*
monthly figures include each calendar day in the month.
Annualized using a 360-day year or bank interest.
Quoted on a discount basis.
An average of offering rates on commercial paper placed by several leading dealers
for firms whose bond rating is AA or the equivalent.
An average of offering rates on paper directly placed by finance companies.
Representative closing yields for acceptances of the highest rated money center b a n k s .
An average of dealer offering rates on nationally traded certificates of deposit.
Bid rates for Eurodollar deposits at 11 a.m, London time.
One of several base rates used by banks to price short-term business loans.
Rate for the Federal Reserve Bank of New York.
Auction date for daily data; weekly and monthly averages computed on an issue-date b a s i s .
Yields on actively traded issues adjusted to constant maturities. Source: U . S . Treasury,
Unweighted average of rates on all outstanding 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.
BO*KS Buyer Index? general obligation? 20 years to maturity, mixed quality? Thursday quotations.
Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC.
Weekly and monthly figures are averages of business days unless otherwise noted.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Yields on Treasury securities at 'constant maturity 1 are interpolated by the U . S . Treasury from the
daily yield curve. This curve? which relates the yield o n a security to its time to m a t u r i t y , is based
on the closing market bid yields on actively traded Treasury securties in the over-the-counter market.
These market yields are calculated from composites of quotations reported by five leading U . S .
Governsrtent securities dealers to the Federal Reserve Bank of New York. The constant maturity yield
values arc rrad from the yield curve at fixed maturities? currently 1> 2> 3? 5> 73» 10? and 30 y e a r s .
This metf>od provides a yield for a 10-year maturity, for e x a m p l e , even if no outstanding security
has exactly 10 years remaining to maturity.