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FEDERAL RESERVE statistical release For immediate release H.1S(519) JULY l f 1985 CORRECTED COPY 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 DIRECTLY 2 / 1-MONTH 3-MONTH 6-MONTH BANKERS ACCEPTANCES (TOP RATEDI 2 / 3-MONTH 6-MONTH CDS (SECONDARY MARKET) l-MONTH 3-MONTH 6-MONTH BANK PRIME LOAN I A / OISCOUNT WINOOW 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 SECONDARY MARKET 2 / 3-MONTH 6-MONTH l-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(L0NG-TERM)9/ CORPORATE BONOS MOOOY-S SEASONEO AAA BAA A-UTILITY 1 0 / STATE X LOCAL BONDS 1 1 / CONVENTIONAL MORTGAGES 1 2 / 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. JUNE 27 JUNE 28 Week ending JUNE JUNE 28 21 JUNE 7.46 7.74 7.95 7.46 7.13 7.53 7.56 7.68 7.48 7.52 7.64 7.45 7.47 7.55 7.49 7.49 7.54 7.45 7.49 7.60 7.13 7.16 7.21 7.34 7.35 7.38 7.41 7.34 7.22 7.51 7.33 7.24 7.50 7.38 7.29 7.43 7.37 7.28 7.48 7.36 7.26 7.47 7.36 7.26 7.07 7.00 6.99 7.31 7.19 7.16 7.45 7.65 7.4'5 7.60 7.45 7.55 7.40 7.50 7.35 7.32 7.42 7.52 7.19 7.23 7.32 7.34 7.44 7.62 7.90 9.50 7.50 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 7.22 7.29 7.44 9.86 7.50 7.38 7.44 7.58 9.78 7.50 7.06 7.24 7.06 7.24 6.73 6.90 7.01 7.16 7.18 7.29 7.62 7.29 7.62 6.94 7.25 7.23 7.53 JUNE JUNE 25 JUNE 7.59 7.60 7.36 7.43 7.60 7.49 24 7.69 7.95 9.50 7.50 26 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 6.81 6.97 7.14 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 10.03 10.25 10.61 10.47 7.91 8.65 9.27 9.85 10.32 10.43 10.77 10.60 7.66 8.55 8.90 9.50 10.01 10.08 10.50 10.38 7.80 8.69 9.05 9.60 10.06 10.16 10.57 10.45 10.59 10.63 10.64 10.51 10.44 10.56 10.29 10.37 11.07 12.53 11.13 12.59 11.17 12.61 11.09 12.55 10.99 12.51 11.62 11.09 12.56 11.62 8.80 12.15 10.86 12.37 11.71 8.69 12.05 10.94 12.40 8.80 12.15 11.62 8.69 12.22 WEEKLY FIGURES ARE AVERAGES OF 7 CALENDAR DAYS ENDING ON WEDNESOAY OF THE CURRENT WEEK; MONTHLY FIGURES INCLUOE EACH CALENOAR OAY IN THE MONTH. QUOTED ON BANK-OISCOUNT BASIS. RATES ON COMMERCIAL PAPER PLACED FOR FIRMS WHOSE BOND RATING IS AA OR THE EQUIVALENT. RATE CHARGEO BY BANKS ON SHORT-TERM BUSINESS LOANS. RATE FOR THE FEDERAL RESERVE BANK OF NEW YORK. AUCTION OATE. YIELOS ON ACTIVELY TRAOEO 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 NOR CALLABLE IN LESS THAN 10 YEARS* INCLUDING SEVERAL VERY LOW YIELDING "FLOWER" BONOS. ESTIMATE OF THE YIELD ON A RECENTLY-OFFEREO* A-RATED UTILITY BOND WITH A MATURITY OF 30 YEARS AND CALL PROTECTION OF 5 YEARS; FRIDAY QUOTATIONS. BONO BUYER INOEXt GENERAL OBLIGATION* 20 YEARS TO MATURITY* MIXED QUALITY; THURSDAY QUOTATIONS. CONTRACT INTEREST RATES ON COMMITMENTS FOR FIXED-RATE FIRST MORTGAGES. SOURCE: FHLMC. NOTE: WEEKLY ANO MONTHLY FIGURES ARE AVERAGES OF DAILY RATES* EXCEPT FOR STATE £ LOCAL BONDS* WHICH ARE BASED ON THURSDAY FIGURES* ANO CONVENTIONAL MORTGAGES ANO A-UTILITY BONOS* BOTH OF WHICH ARE BASED ON FRIDAY FIGURES. ** AS OF THE H.15 RELEASE OATE OF JUNE 24* 1985* TREASURY BILL AUCTION AVERAGES WILL BE REPORTED ON THE AUCTION DATE INSTEAD OF THE ISSUE OATE. SELECTED INTEREST RATES YIELDS IN PERCENT PER ANNUM WEEK ENDING WEDNESDAY 4 WEEKS> ENDED 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 10.44 : : : : • : 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.
@FedFRASER