Full text of H.15 Selected Interest Rates : July 1, 1985

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FEDERAL RESERVE statistical release
H.1S (519)

For immediate rele
JULY
1, 198

SELECTED INTEREST RATES
Yields in percent per annum
Instruments

FEDERAL FUNDS (EFFECTIVE! 1/
COMMERCIAL PAPER 2/3/
1-MONTH
3-MONTH
6-MONTH
FINANCE PAPER PLACEO OIRECTLY 2 /
1-MONTH
3-MONTH
6-MONTH
BANKERS ACCEPTANCES I TOP RATED) 2/
3-MONTH
6-MONTH
CDS 1 SECONDARY MARKET}
1-MONTH
3-MONTH
6-MONTH
BANK PRIME LOAN
1/4/
DISCOUNT WINDOW BORROWING 1/5/
U.S.GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE 2/ 6/
3-MONTH
6-MONTH
1-YEAR
AUCTION AVERAGE!INVESTMENT! 6/
3-MONTH
6-MONTH
SECONOARY MARKET 2/
3-MONTH
6-MONTH
1-YEAR
TREASURY CONSTANT MATURITIES 7/8/
1-YEAR
2-YEAR
3-YEAR
5-YEAR
7-YEAR
10-YEAR
20-YEAR
30-YEAR
COMPOSITE
OVER 10 YEARS!LONG-TERM)9/
CORPORATE BONOS
MOOOY'S SEASONED

AAA

BAA
A-UTILITY 10/
STATE £ LOCAL BONDS 11/
CONVENTIONAL MORTGAGES 12/
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

JUNE

JUNE

JUNE

24

25

7.59

26

JUNE
21

JUNE
28

7.60

7.46

7.74

7.36
7.43
7.60

7.49
7.56
7.68

7.48
7*52
7.64

7.41
7.34
7.22

7.51
7.33
7.24

7.45
7.65
7.44
7*62
7.90
9.50
7.50

Week ending
JUNE
JUNE

JUNE

28

14

7.95

7.46

7.62

7.53

7.45
7.47
7.55

7.49
7.49
7.54

7.45
7.49
7.60

7.41
7.40
7.40

7.34
7.35
7.38

7.50
7.38
7.29

7.43
7.37
7.28

7.48
7.36
7.26

7.47
7.36
7.26

7.38
7.22
7.21

7.31
7.19
7.16

7.45
7.60

7.45
7.55

7.40
7.50

7.35
7.32

7.42
7.52

7.36
7.38

7.32
7.34

7.50
7.69
7.95
9.50
7.50

7.44
7.60
7.83
9.50
7.50

7.47
7.54
7.76
9.50
7.50

7.49
7.55
7.70
9.50
7.50

7.47
7.60
7.83
9.50
7.50

7.45
7.49
7.59
10.00
7.50

7.38
7.44
7.58
9.78
7.50

7.06
7.24

7.06
7.24

7.21
7.35
7.18

7.01
7.16
7.18

7.29
7.62

7.29
7.62

7.45
7.74

7.23
7.53

7.06
7.27
7.43

7.09
7.28
7.47

6.99
7.20
7.43

6.90
7.09
7.33

6.83
6.97
7.19

6.97
7.16
7.37

7.03
7.15
7.31

6.95
7.09
7.27

7.98
8.87
9.26
9.83
10.37
10.45
10.81
10.64

8.02
8.96
9.37
9.95
10.45
10.50
10.86
10.67

7.98
8.94
9.37
9.97
10.43
10.54
10.87
10.68

7.86
8.81
9.25
9.83
10.25
10.39
10.70
10.54

7.71
8.67
9.08
9.65
10.08
10.25
10.61
10.47

7.91
8.85
9.27
9.85
10.32
10.43
10.77
10.60

7.85
8.72
9.06
9.60
10.06
10.12
10.53
10.43

7.80
8.69
9.05
9.60
10.08
10.16
10.57
10.45

10.59

10.63

10.64

10.51

10.44

10.56

10.34

10.37

11.07
12.53

11.13
12.59

11.17
12.61

11.09
12.55

10.99
12.51

11.09
12.56
11.62
8.80
12.15

10.88
12.32
11.50
8.66
12.27

n.a.
n.a.

%

11*62

8.80
12.15

11.62
8.69
12.22

WEEKLY FIGURES ARE AVERAGES OF 7 CALENOAR DAYS ENDING ON WEDNESDAY OF THE CURRENT WEEK;
MONTHLY FIGURES INCLUOE EACH CALENDAR DAY IN THE MONTH.
QUOTED ON BANK-OISCOUNT BASIS.
RATES ON COMMERCIAL PAPER PLACEO FOR FIRMS WHOSE BONO RATING IS AA OR THE EQUIVALENT.
RATE CHARGED BY BANKS ON SHORT-TERM BUSINESS LOANS.
RATE FOR THE FEOERAL RESERVE BANK OF NEW YORK.
AUCTION DATE.
YIELOS ON ACTIVELY TRADED ISSUES AOJUSTED TO CONSTANT MATURITIES.
SOURCE: U . S . TREASURY.
SEE REVERSE FOR A DESCRIPTON OF THE CONSTANT MATURITY SERIES.
UNWEIGHTED AVERAGE OF ALL ISSUES OUTSTANDING OF BONDS NEITHER DUE HP* CALLABLE IN LESS THAN 10 YEARSt
INCLUOING SEVERAL VERY LOW YIELOING "FLOWER" BONOS.
ESTIMATE OF THE YIELO ON A RECENTLY-OFFERED* A-RATEO UTILITY BOND WITH A MATURITY OF 30 YEARS AND CALL
PROTECTION OF 5 YEARS; FRIDAY QUOTATIONS.
BOND BUYER INOEXt GENERAL OBLIGATIONt 20 YEARS TO MATURITYt MfXED QUALITY; THURSDAY QUOTATIONS.
CONTRACT INTEREST RATES ON COMMITMENTS FOR FIXEO-RATE FIRST MORTGAGES. SOURCE: FHLMC.

NOTES WEEKLY AND MONTHLY FIGURES ARE AVERAGES OF DAILY RATESt EXCEPT FOR STATE t LOCAL BONOS*
WHICH ARE BASEO ON THURSDAY FIGURES, AND CONVENTIONAL MORTGAGES AND A-UTILITY BONOSt
BOTH OF WHICH ARE BASEO ON FRIOAY FIGURES.
* • AS OF THE H.15 RELEASE DATE OF JUNE 24* 1985* TREASURY BILL AUCTION AVERAGES WILL BE REPORTED
ON THE AUCTION OATE INSTEAD OF THE ISSUE OATE.




SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNUM
WEEK ENDING WEDNESDAY
WEEK ENDED
1985 :
JUNE
26
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/

7.46
7.00
7.39
7.52
7.70
10.77

:
:
:
:

1985 :
JUNE
19 :
7.13
6.77 :
7.22 :
7.34 :
7.50 s
10.44 :

4 WEEKS ENDED
1985 :
JUNE
:
26

1985
JUNE
5

7.49
6.98
7.35
7.44
7.60
10.57

7.85
7.31
7.65
7.73
7.93
10.96

.
:
:
:
:
:

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