Full text of H.15 Selected Interest Rates : January 3, 1994

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FEDERAL RESERVE statistical release
~-ese cata a.re re'eased each Monday. The availab.:::y of :r.e re.ease is arr.cjncc-d cr :202) 452-2?06.

H.15 (519)

SELECTED INTEREST RATES

For immediate release
January 3, 1994

Yields in percent per annum

Week Ending
Instruments
Federal funds ^effective) * 2 3
Commercial paper 5 4 5
1-month
3 mcnth
5 month
Finance paper placed directly 3 4 6
1-month
3-month
S-mcnth
Eankers acceptances (top r a t e d ) j 4 '
3 month
6-month
CDs (secondary market) 3 s
1-month
3-rr-ontTi

6-month
Eurodollar deposits (London) 3 9
1-month
3-month
6-month
Bank prime l o a n 2 3 1 0
Discount window borrowing 2 : 1
U S. government securities
Treasury bills
Auction average 3 4 ' 2
3-month
6-month
1 -year
Auction average (investment)
3-month
6-month
1-year
Secondary market3 4
3-month
6-month
1 -year
Treasury constant maturities 14
1 year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Composite
Over 10 years (long-term)15
Corporate bonds
Moody's seasoned
Aaa
Baa
A-utility 16
State & local bonds 17
Conventional mortgages 18
See overleaf for footnotes



1993

1993
Dec
27

1993
Dec
28

1993
Dec
29

1993

1993

Dec

Dec

30

31

31

Dec
24

3.11

2.98

2 85

2 82

2.85

2 99

2 99

2.95

3.33
3 30
3 37

3.35
3.32
3 37

3.36
3 33
3 33

3.36
3 32
3.38

3.34
3.31
3 38

3.35
3 38

3.31
3 30
3 36

3.35
3 36
3.40

3.22
3 21
3.17

321
3.19
3.18

3 21
3 19
3 '8

3 18
3.17
3.17

3.17
3.16
3.19

3 20
3.18
3.18

3 18
3 13
3.17

321
3.19
3.18

3.22
3 30

3 22
3 30

3 22
3.29

3 20
3 29

3 19
3 29

321
3 29

3.18
3.27

3 23
3 30

3.22
3.23
3 35

3.23
3.24
3 34

3 23
3 24
3.25

321
3.23
3 34

3.20
3 24
3 36

3 22
3 24
3 33

3.18
3.20
3.34

3 26
3 26
3.35

3.13
3.19
3.38
6.00
300

3.13
3.19
3 38
6.00
3 00

3.19
3.25
3.38
6.03
3.00

3.13
3 25
3 38
6 00
3.00

3.13
3.25
3 38
600
3 0-0

3.14
3.23
3.38
6.00
3 00

3.09
3.17
333
6.00
300

3.22
3 26
3.37
6 00
3.00

3.06
3.21

3.06
3.21

3.06
3.25

3.08
3.25
3.47

3.12
3.31

3.12
3.31

3.12
3.35

3.15
3.35
3.61

Dec

'

3 32

•

!3

Dec

3.06
3.23
3.45

3.06
3.22
3.44

3.01
3.20
3.44

2.98
3.21
3.46

3.01
3.20
3.46

3.02
3.21
3.45

3.06
3.22
3.45

3 06
3.23
3.45

3.61
4.20
4.50
5.09
5.42
5.72
6.36
6.23

3.60
4.20
4.49
5.10
5.42
5.72
6.36
6.24

3.60
4.20
4.51
5.12
5.44
5.74
6.38
6.25

3.62
4.25
4.58
5.20
5.53
5.82
6.47
6.34

3.63'
4.25
4.58
5.21
5.53
5.83
6.48
6.35

3.61
4.22
4.53
5.14
5.47
5.77
6.41
6.28

3.60
4.21
4.54
5.16
5.50
5.79
6.41
6.27

3.61
4.21
4.54
5.15
5.48
5.77
6.40
6.25

6.22

6.23

6.24

6.33

6.34

6.27

6.28

6.27

6.90
7.66

6.91
7.68

6.91
7.68

6.99
7.75

7.00
7.77
7.34

6.94
7.71
7.34
5.28
7.20

6.95
7.70
7.26
5.34
7.17

6.93
7.69
7.28
5.35
7.19

5.28
7.20

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. Treasjry.
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 projection of
5 years; Friday quotations.
17. Bend 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 frcm the 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
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 nas 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.