Full text of H.15 Selected Interest Rates : January 24, 1994

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FEDERAL RESERVE statistical release
'laia are released eacK Monday. The availability of the release is announced on (202) 452-3206

H.15(519)

SELECTED INTEREST RATES

For immediate release
January 24, 1994

Yields in percent per annum

Week Ending
Instruments
Federal funds (effective) 1 2 3
Commercial paper 3 A b
1-month
3-month
6-month
Finance paper placed directty 3 4 6
1-month
3-montn
6-month
Bankers acceptances (top rated.; 3 4 7
3-month
6-montr.
CDs (secondary market 3 £
1-month
3-montJ6-month
Eurodollar deposits (London- 3 9
1-month
3-month
6-montrB a n k p n m e l o a - 2 :? "•
>count wndow bon-ow.ng 2 *1
j S government securities
Treasjry bii:s
Auction average 3 4 ' 2
3-month.
6-month;
1-yea;Auction average (investment;
3-montr
6-month.
1-yeaSecondary market"' 4
3-mortr
6 -month.
1-yea'
Treasury constant maturities 14
1-yea r
2-year
3-yea'
5-year
7-yea r
10year
20-yea30-year
Composite
Over 10 years (long-term)
Corporate bonds
Moody s seasoned

1994
Jan
18

1994
Jan
19

1994
Jan
20

1994
Jan
21

Jan
21

Jan
14

2 95

3.97

3.20

2.97

2.91

3.13

2.98

2.96

313
3.19
3.30

3.14
3 19
3.29

314
3.18
3.28

3.12
3.16
3.26

3.13
3.18
3.28

3.12
3.18
3.29

3.35
3 36
3.40

3.07
3.11
3 14

3.07
3.12
314

306
3 10
313

3.04
3.09
312

3.06
3.11
3.13

3.05
3.09
3 15

3.21
319
3.18

3.09
3.21

3.07
3.20

3 05
3.17

3.07
3.18

3.07
3.19

3.09
3.20

3.23
3.30

3 08
313
3.29

3.06
3.12
3.27

3.06
3.12
3.27

3.05
3.11
3.26

3.06
312
3.27

3.07
3.13
3.27

3.26
3.26
3.35

3 00
313
331
6.00
3 00

3.00
3.13
3.31
600
300

3 00
3.13
3.31
6.00
3.00

3.00
3.13
3.25
6.00
3.00

3.00
3.13
3.30
6.00
3.00

3.00
3 13
3.29
600
3.00

3.22
3.26
3.37
6 00
3 00

2.99
3.15 -

2.99
3.15

3.02
3 18
3.52

3.06
3.25
3.47

3.06
3.24

3.06
3.24

3.08
3.28

3.15
3.35
3.61

3.00
3 13
3.31
6.00
300

15

2 96
3 11
3.38

2.97
3 13
3.37

2 95
3 10
3.33

2.95
3 12
3.35

2 96
3.12
3.36

2.97
3.14
3.38

3 06
3 23
3 45

3.53
414
4 48
5.09
543
5 74
6.38
6.28

3.52
4 12
447
5.08
5.43
5.76
6.40
6.30

3.47
4.07
4.41
5.02
5.38
5.71
6.36
6.27

3.50
4.09
4.44
5.05
5.39
5.73
636
6.29

3.51
411
4 45
5.06
5.41
5.74
6.38
6.29

3.52
4.10
443
5.03
5.37
5.69
6.34
6.24

3.61
4.21
4 54
515
5.48
5 77
6.40
6.25

6.23

6.25

6.20

6.21

6.22

6.20

6.27

6.91
7.64

6.92
7.65

6.90
7.62

6.91
7.63
7.25

6.92
7.64
7.25
5.29
7 05

6.87
7.61
7.28
5.31
6.99

6.93
7.69
7.28
5 35
7.17

5.29
1fi

See overiea* for footnotes
* Markets closed



1993
Dec

i3

6.94
7 67

Aaa
Baa
A-utility ' £
a t e & local bonds "
Conventional mortgages

1994
Jan
17 *

7.05

FOOTNOTES
1. The daily effective federal funds rate is a weighted average of rates on trades through N.Y. brokers.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures
include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. Quoted on a discount basis.
5. An average of offering rates on commercial paper placed by several leading dealers for firms whose bond rating
is AA or the equivalent.
6. An average of offering rates on paper directly placed by finance companies.
7. Representative closing yields for acceptances of the highest rated money center banks.
8. An average of dealer offering rates on nationally traded certificates of deposit.
9. Bid rates for Eurodollar deposits at 11 a.m. London time.
10. One of several base rates used by banks to price short-term business loans.
11. Rate for the Federal Reserve Bank of New York.
12. Auction date for daily data; weekly and monthly averages computed on an issue-date basis.
13. Auction dates for daily, weekly and monthly averages.
14. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.
15. Unweighted average of rates on all outstanding bonds neither due nor callable in less than 10 years.
16. 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.
17. Bond Buyer index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
18. Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC.
Note: 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" are interpolated by the U.S. Treasury from the daily yield curve. Tiis
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
maturity yield values are read from the yield curve at fixed maturities, currently 1, 2, 3, 5, 7,10, 20, and 30 years. This
method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. In estimating the 20-year constant maturity, the Treasury incorporates the prevailing market yield on an
outstanding Treasury bond with approximately 20 years remaining to maturity.