Full text of H.15 Selected Interest Rates : January 4, 1988

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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
is available, on (202) 452-3206.

For immediate release
January 4> 1988

H.15 ( 5 1 9 )

SELECTED INTEREST RATES
Yields in percent per annum

Instruments
FEDERAL FUNDS ( E F F E C T I V E ) 1
COMMERCIAL PAPER2 3
1-MONTH
3-MONTH
6-MONTH
FINANCE PAPER PLACED DIRECTLY 2
1-MONTH
3-MONTH
6-MONTH
BANKERS ACCEPTANCES (TOP RATED) 2
3-MONTH
6-MONTH
CDS (SECONDARY MARKET)
1-MONTH
3-MONTH
6-MONTH
BANK PRIME LOAN 1 «
DISCOUNT NINDON BORROWING1 5
U . S . GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE2 6
3-MONTH
6-MONTH
1-YEAR
AUCTION AVERAGE(INVESTMENT)6
3-MONTH
6-MONTH
SECONDARY MARKET2
3-MONTH
6-MONTH
1-YEAR
TREASURY CONSTANT MATURITIES 7 8
1-YEAR
2-YEAR
3-YEAR
5-YEAR
7-YEAR
10-YEAR
30-YEAR
COMPOSITE
OVER 10 YEARS(LONG-TERM) 9
CORPORATE BONDS
MOODY'S SEASONED
AAA
BAA
A-UTILITY10
STATE & LOCAL BONDS 11
CONVENTIONAL MORTGAGES12

1987
DEC

1987
DEC
28

1987
DEC
29

1987
DEC
30

1987
DEC
31

1988
JAN
1

This
week

nliUI\

6.91

7.21

6.77

6.89

6.89

6.81

6.75

6.77

7.82
7.56
7.40

7.80
7.54
7.38

7.21
7.12
7.10

6.95
6.99
7.01

M

7.45
7.30
7.22

7.90
7.64
7.46

7.76
7.61
7.49

7.11
6.91
6.64

7.16
6.94
6.64

6.84
6.60
6.60

6.75
6.65
6.65

6.97
6.78
6.63

7.24
6.95
6.69

7.23
6.97
6.64

7.35
7.28

7.30
7.23

7.00
6.96

7.04
7.07

K

7.17
7.14

7.41
7.31

7.48
7.41

7.89
7.58
7.58
8.75
6.00

7.88
7.53
7.53
8.75
6.00

7.52
7.32
7.28
8.75
6.00

6.98
7.10
7.19
8.75
6.00

E

7.57
7.38
7.40
8.75
6.00

7.93
7.61
7.61
8.75
6.00

7.86
7.66
7.67
8.75
6.00

5.73
6.32

5.73
6.32

5.96
6.48
6.74

5.80
6.36
6.74

5.91
6.64

5.91
6.64

6.15
6.81

5.98
6.68

5.73
6.26
6.66

5.83
6.44
6.71

5.77
6.36
6.69

7.15
7.82
8.08
8.38
8.69
8.85
8.95

7.19
7.85
8.12
8.41
8.72
8.87
8.97

7.17
7.86
8.13
8.45
8.82
8.99
9.12

8.96

8.95

9.12

10.06
11.24
10.25

10.08
11.28
10.21
7.95
10.64

Last

A
D
J\

8.75
6.00

T

5.70
6.40
6.71

5.84
6.30
6.70

5.71
6.18
6.61

5.68
6.17
6.62

7.20
7.91
8.16
8.46
8.77
8.93
9.01

7.19
7.86
8.11
8.41
8.70
8.85
8.95

7.09
7.75
7.99
8.32
8.61
8.78
8.90

7.10
7.77
8.04
8.33
8.67
8.83
8.95

9.01

8.96

8.91

8.96

10.06
11.27

10.07
11.23

C
L
0
c

E

10.06
11.23

10.06
11.23

D

10.25

l e r U ; iO<. \'
w-rSt) {( 3^
n. a.

7.86
7.96
10.61
10.65
Meekly figures are averages of 7 calendar days ending on Nednesday of the current week*
monthly figures include each calendar day in the month.
2. Quoted on bank-discount basis.
3. Rates on commercial paper placed for firms whose bond rating is AA or the equivalent.
4. Rate charged by banks on short-term business loans.
5. Rate for the Federal Reserve Bank of New York.
6. Auction date for daily data} weekly and monthly averages on issue-date basis.
7. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.
8. See reverse for a description of the constant maturity series. The 20-year constant maturity yield
was discontinued at the end of 1986 because the Treasury no longer issues a 20-year bond.
9. Unweighted average of all issues outstanding of bonds neither due nor callable in less than
10 years> including one very low yielding "flower" bond.
10. 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.
11. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality* Thursday quotations.
12. Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC.
Note: Meekly and monthly figures are averages of daily rates, except for state & local bonds>
 which are based on Thursday figures, and conventional mortgages and A-utility bonds* both
of which are based on Friday figures.

7.86

10.61

SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNUM
WEEK ENDING WEDNESDAY
WEEK ENDED
1987 :
DEC :
FEDERAL
3-MONTH
3-MONTH
3-MONTH
3-MONTH

FUNDS (EFFECTIVE) 1/
TREASURY BILL 2/
COMMERCIAL PAPER 2/
CD (SECONDARY MARKET)
EURODOLLAR 3/

4 WEEKS ENDED

1987 .

30

DEC
23

6.81
5.75
7.45
7.50
7.69

6.75
5.88
7.72
7.67
7.90

1987 :
:
30 :

1987
DEC
2

6.75
5.80
7.65
7.68
7.89

6.78
5.68
7.18
7.26
7.43

DEC
:
.
:
:
:

.
:
:
.

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.

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, 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.