Full text of H.15 Selected Interest Rates : January 6, 1997

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FEDERAL RESERVE statistical release
These data are released each Monday. The availability of the release is announced on (202) 452-3206.

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H.15 (519)

SELECTED INTEREST RATES

For immediate release
January 6,1997

Yields in percent per annum

Week Ending
Instruments
•

Federal funds (effective)123
Commercial paper 3 4 6
1-month
3-month
6-month
Finance paper placed directly 3 4 6
1-month
3-month
6-month
Bankers acceptances (top rated) 347
3-month
6-month
CDs (secondary market)3 8
1-month
3-month
6-month
Eurodollar deposits (London)3 9
1-month
3-month
6-month
Bank prime loan 2 3 1 0
Discount window borrowing 2 1 1
U.S. government securities
Treasury bills
Auction average 3 4 1 2
3-month
6-month
1-year
Secondary market3 4
3-month
6-month
1-year
Treasury constant maturities13
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Composite
Over 10 years (long-term)14
Corporate bonds
Moody's seasoned
Aaa
Baa
A-utility16
State & local bonds 16
Conventional mortgages17

See overleaf for footnotes
' Markets closed

1996
Dec
30

1996
Dec
31

1997
Jan
1 *

1997
Jan
2

1997
Jan
3

Jan
3

Dec
27

5.53

6.26

6.26

5.79

5.17

5.37

5.18

5.29

5.96
5.65
5.49

5.95
5.63
5.49

5.48
5.47
5.48

5.46
5.46
5.48

5.71
5.55
5.49

5.88
5.61
5.48

5.70
5.51
5.44

5.42
5.34
5.28

5.36
5.35
5.28

5.35
5.34
5.29

5.35
5.35
5.31

5.37
5.35
5.29

5.46
5.36
5.26

5.41
5.33
5.25

5.35
5.32

5.32
5.30

5.34
5.33

5.35
5.33

5.34
5.32

5.40
5.37

5.35
5.33

5.64
5.51
5.52

5.39
5.41
5.46

5.39
5.42
5.50

5.39
5.44
5.52

5.45
5.45
5.50

5.59
5.50
5.51

5.50
5.44
5.47

5.38
5.44
5.47
8.25
5.00

5.38
5.44
5.47
8.25
5.00

5.38
5.44
5.50
8.25
5.00

5.38
5.44
5.53
6.25
5.00

5.38
5.44
5.49
8.25
5.00

5.56
5.47
5.50
8.25
5.00

5.48
5.43
5.46
8.25
5.00

5.08
5.11

4.92
5.08

4.87
5.02
5.16

8.25
5.00

5.08
5.11
5.31

/

1996
Dec

5.04
5.08
5.18

5.07
5.12
5.21

5.05
5.14
5.28

5j04
5 13
5.(31

5.05
5.12
5.25

4.97
5.08
5.20

4.91
5.04
5.18

5.21
5.29
5.47
5.80
5.95
6.10
6.21
6.31
6.63
6.54

5.21
5.33
5.51
5.88
6.04
6.21
6.34
6.43
6.73
6.65

5.19
5.35
5.63
5.97
6.13
6.30
6.45
6.54
6.85
6.75

5.17
5|34
560
5.95
6.11
6.28
6.42
6.52
6.84
6.74

5.20
5.33
5.55
5.90
6.06
6.22
6.36
6.45
6.76
6.67

5.10
5.28
5.50
5.84
5.97
6.12
6.24
6.34
6.67
6.58

5.04
5.24
5.47
5.78
5.91
6.07
6.20
6.30
6.65
6.55

6.62

6.72

6.83

6.82

6.75

6.65

6.63

7.18
7.86

7.27
7.97

7.36
8.06

7.35
8.05
7.83

7.29
7.99
7.83
5.70
7.67

7.22
7.91
7.64
5.66
7.64

7.20
7.89
7.63
5.64
7.60

5.70
7.67

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. Yields on actively traded issues adjusted to constant maturities. Source; U.S. Treasury.
14. Unweighted average of rates on all outstanding bonds neither due nor callable in less than 10 years.
15. 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.
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. 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.
Current and historical H.15 data are available on the Federal Reserve Board's web site (http://www.bog.frb.fed.us/).
Current data are also available on the Department of Commerce Bulletin Board. For information,
call 202-482-1986.

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. 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 obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve
at fixed maturities, currently 3 and 6 months and 1,2,3,5, 7,10,20, and 30 years. This method provides a yield for a 10year 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.