Full text of H.15 Selected Interest Rates : January 28, 1985

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FEDERAL RESERVE statistical release
H.15 (519

For immediate release
JAHOAST 2 8 , 1 9 8 5

SELECTED INTEREST RATES
Yields in percent per annum

Instruments

JAM

21

FEDEBAL FUNDS (EFFECTIVE) 1 /
8.10
COHHEBCIAL PAPER 2 / 3 /
1-HONTH
M
3-HONTH
6-HONTH
A
FINANCE PAPEB PLACED DIBECTLT 2 /
R
1-HONTH
3-HONTH
K
6-HO NTH
E
BANKEBS ACCEPTANCES (TOP BATED) 2 /
3-HONTH
T
6-HONTH
CDS (SECOHDABT HAEKET)
1-HONTH
3-HONTH
6-HONTH
BANK PBIflE LOAN
1/4/
10.50
DISCOUNT WINDOW BOBBOWING 1 / 5 /
8.00
U . S . GOVEHNHENT SECUBITIES
TBEASUBT BILLS
AUCTION AVERAGE 2 / 6 /
3-HONTH
C
6-HONTH
L
1-TEAB
AUCTION AVEBrGEtlNYESTHENT) 6 /
O
3-HONTH
6-HONTH
S
SECONDABT HABKET 2 /
3-HONTH
E
6-HONTH
1-YEAB
D
TBEASUBY CONSTANT HATUBITIES 7 / 8 /
1-TEAR
2-YEAfi
3-YEAB
5-YEAfi
7-YEAB
10-YEAB
20-YEAR
30-YEAB
COHPOSITE
OVEB 10 YEARS(LONG-TERH)9/
CORPORATE BONDS
HQODY'S SEASONED
AAA
12.13
BAA
13.27
A-UTILITY 1 0 /
STATE 6 LOCAL BONDS 1 1 /
CONVENTIONAL HOBTGAGES 1 2 /

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

Week ending

JAM
22

JAM

JAM
24

JAN
25

U AW

23

25

18

8.29

8.36

8.33

8.37

8.19

8.23

8.38

7.86
7.92
8.09

7.87
7.90
8.06

7.90
7.92

7.90
7.91
8.00

7.88
7.91
8.05

7.95
8.00
8. 16

8.39
8.44
8.55

7.83
7.74
7.80

7.86
7.75

7.84

7.80

7.74
7.80

7.87
7.75
7.80

7.85
7.75
7.80

7.87
7.82
7.83

8.25
8.12
8.09

7.90
8.05

7.90
8.00

7.90
8.00

7.90
8.05

7.90
8.03

8. 12
8. 12*

8.45
8.54

7.99
8.07
8.37
10.50
8.00

7.97
8.06
8.33
10.50
8.00

7.95
8.07
8.35
10.50
8.00

7.95
8.06
8.32
10.50
8.00

7.97
8.07
8.34
10.50
8.00

8.01
8. 11
8.47
10.68
8.00

7.68
7.93
8.39

7.68
7.93
8.39

7.74
8.05

8. 16
8.36
8.38

7.94
8.38

7.94
8.38

8.00
8.51

8.44
8.85

7.64
7.91
8.22

7.65
7.91
8.22

7.73
7.98
8.33

8.06
8.23
8.60

7.70
7.93
8,24

8.03

JAI

DEC

8.47
8.60
8.85
11.06
8.37

7.64
7.91
8.23

7.62
7.88
8.20

8.91
9.83
10.30
10.79
11.13
11.27
11.48
11.38 *

8.90
9.83
10.26
10.74
11.06
11.21
11.44
11.33

8.88
9.74
10.18
10.61
10.91
11.06
11.26
11.18

8.90
9. 76
10.24
10.66
10.98
11. 11
11.28
11.21

8.90
9.79
10.25
10.70
11.02
11. 16
11.37
11.28

9.05
9.99
10.49
11.01
11.35
11.49
11.73
11.59

9.33
10.18
10.56
11.07
11.45
11.50
11.64
11.52

11.08

11.02

10.88

10.90

10.97

11.28

11.21

12.00
13.23

11.98
13.14

11.87
13.09

11.89
13.04
12.51

11.97
13. 15
12.51
9.21
12.96

12.20
13.32
12.82
9.51
13. 12

12. 13
13.40
12.88
9.95
13. 18

9.21
12.96

WEEKLY FIGUBES ABE AVEBAGES OF 7 CALENDAR DAYS EMDING ON WEDNESDAY OF THE C0BBEMT 1EEK;
HONTHLY FIGUBES INCLUDE EACH CALEMDAB DAY IM THE HOMTH.
QUOTED OM BANK-DISCOUNT B A S I S .
BATES ON COHHEBCIAL PAPER PLACED FOB FIPHS WHOSE BOMD BATING I S AA OB THE EQUIVALENT.
BATE CHABGED BY BANKS ON SHORT-TERH BUSINESS LOANS.
RATE FOB THE FEDEBAL BESERVE BANK OF NEM YORK.
ISSUE DATE.
YIELDS OM ACTIVELY TRADED ISSUES ADJUSTED TO CONSTANT HATURITIES.
SOURCE: 0 . S » TBEASUBY.
SEE BEVEBSE FOR A DESCBIPTOM OF THE CONSTANT HATURITY S E R I E S .
UNWEIGHTED AVEBAGE OF ALL ISSUES OUTSTANDING OF BONDS NEITHER DUE NOR CALLABLE IM LESS THAN 10 YEARS,
INCLUDING SEVERAL VERY LOW YIELDING "FLOWER" BONDS.
ESTIHATE OF THE YIELD ON A RECENTLY-OFFERED, A-RATED UTILITY BOMD WITH A HATURITY OF 3 0 YEARS AND CALL
PROTECTION OF 5 YEARS; FRIDAY QUOTATIONS.
BOND BUYER IMDEX, GENERAL OBLIGATION, 20 YEARS TO MATURITY, HIXED QUALITY; THURSDAY QUOTATIONS.
CONTRACT INTEREST RATES OM COHHITHENTS FOR FIXED-RATE FIBST HORTGAGES.
SOUBCE: FHLHC.

MOTE: WEEKLY AND HONTHLY FIGUBES ABE AVEBAGES OF DAILY RATES, EXCEPT FOB STATE S LOCAL BONDS,
WHICH ABE BASED OM THUBSDAY FIGUBES, AND CONVENTIONAL HOBTGAGES AND A-UTILITY BONDS,
BOTH OF WHICH ABE BASED OM FBIDAY FIGURES.

Rate for January 18 was revised to 7.95



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

23
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/

8.19 :
7.71
7.94 :
8.08 •

8.28 :
11.57

4 WEEKS ENDED

1985 :
:
:

JAN
16

8.23
7.73
8.00
8.12
8.35
11.75

:
:
:
:

1985 :
JAN :
23 :

1985
JAN
2

8.36 :
7.75 :
8.05 :
8.17 :
8.43 :
11.69 :

8.35
7.95
8.36
8.50
8.81
11.64

1. FEDERAL FUNDS RATES ARE AVERAGES OF EFFECTIVE RATES FOR
SEVEN CALENDAR DAYS ENDING ON WEDNESDAY.
2. QUOTED ON BANK DISCOUNT BASIS. M
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.