Full text of H.15 Selected Interest Rates : July 29, 1991

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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.
H.15

(519)

For immediate release
July 29, 1991

SELECTED INTEREST RATES
Yields in percent per annum

Instruments
FEDERAL FUNDS (EFFECTIVE) 1 2 3
COMMERCIAL PAPER 3 4 5
1-MONTH
3-MONTH
6-MONTH
FINANCE PAPER PLACED DIRECTLY3 4 6
1-MONTH
3-MONTH
6-MONTH
BANKERS ACCEPTANCES (TOP RATED) 3 4 7
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 LOAN2 3 1 0
DISCOUNT NINDOW B0RR0NING2 2 1
U.S. GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE3 4 1 2
3-MONTH
6-MONTH
1-YEAR
AUCTION AVERAGE(INVESTMENT)12
3-MONTH
6-MONTH
SECONDARY MARKET3 4
3-MONTH
6-MONTH
1-YEAR
TREASURY CONSTANT MATURITIES 13
1-YEAR
2-YEAR
3-YEAR
5-YEAR
7-YEAR
10-YEAR
30-YEAR
COMPOSITE
OVER 10 YEARS(LONG-TERM) 14
CORPORATE BONDS
MOODY'S SEASONED

AAA
BAA

1991
JUL

1991
JUL

1991
JUL

1991
JUL

1991
JUL

22

23

24

25

5 81

5 .74

5.63

5 94
6 01
6 12

5 .94
6 .00
6 .11

5. 85
5. 89
5.83

26

Last
week

5.82

5.76

5 .75

5.85

5.90

5.92
5.98
6.09

5.92
5.96
6.08

5.91
5.94
6.06

5.93
5 .98
6 .09

5.96
6.04
6.15

6.06
6.11
6.16

5 .84
5 .88
5 .83

5.84
5.88
5.84

5.82
5.85
5.80

5.81
5.83
5.80

5 .83
5 .87
5 .82

5.84
5.88
5.79

5.93
5.96
5.75

5.85
5. 90

5 .85
5 .93

5.83
5.90

5.82
5.90

5.82
5.90

5 .83
5 .91

5.90
5.96

5.94
6.00

5. 91
5. 97
6. 24

5 .91
5 .97
6 .24

5.88
5.94
6.22

5.89
5.92
6.17

5.87
5.91
6.16

5 .89
5 .94
6 .21

5.91
5.97
6.24

6.00
6.07
6.26

5. 88
6. 00
6. 25
8. 50
5.50

5 .88
6 .00
6 25
8 50
5 50

5.81
6.00
6.25
8.50
5.50

5.88
5.94
6.19
8.50
5.50

5.88
5.94
6.19
8.50
5.50

5 .86
5 98
6 23
8 50
5 50

5.89
6.00
6.31
8.50
5.50

5.96
6.08
6.30
8.50
5.50

5 60
5 72

5.56
5.70

5.60
5.76
5.73

5 78
5. 99

5.73
5.97

5.77
6.03

5. 60
5. 72

5.88
5. 78
5. 99
5.57
5. 74
5. 91

5. 59
5. 74
5. 93

5.58
5.70
5.88

5.58
5.71
5.89

5.58
5.69
5.87

5. 58
5. 72
5 90

5.59
5.73
5.92

5.57
5.75
5.96

6. 31
6. 91
7. 39
7. 92
8. 15
8. 28
8. 48

6. 33
6. 94
7. 41
7. 96
8. 17
8. 31
8.50

6.29
6.88
7.33
7.86
8.10
8.24
8.42

6.29
6.87
7.31
7.81
8.06
8.20
8.38

6.24
6.85
7.30
7.82
8.06
8.20
8.39

6. 29
6. 89
7. 35
7. 87
8. 11
8. 25
8.43

6.32
6.90
7.38
7.92
8.15
8.28
8.47

6.36
6.96
7.39
7.94
8.17
8.28
8.47

8.51

8. 53

8.45

8.42

8.42

8.47

8.52

8.54

8. 99
9. 89

8. 98
9.88

8.98
9.83

8.96
9.80

8.95
9.81
9.53

8. 97
9.84
9.53
7. 00
9.50

8.99
9.92
9.61
7.04
9.54

9.01
9.96
9.53

A-UTILITY 15
STATE & LOCAL BONDS 1 6
CONVENTIONAL MORTGAGES 17




1991
JUN

This
week.

SEE OVERLEAF FOR FOOTNOTES

7.00
9.50

7.13
9.62

FOOTNOTES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
1<+.
15.
16.
17.
Note:

The daily effective federal funds rate is a weighted average of rates on trades through N . Y .
brokers.
Heekly figures are averages of 7 calendar days ending on Wednesday of the current wcseky
monthly figures include each calendar day in the month.
Annualized using a 360-day year or bank interest.
Quoted on a discount b a s i s .
An average of offering rates on commercial paper placed by several leading d e a l e r s
for firms w h o s e bond rating is AA or the equivalent.
An average of offering rates on paper directly placed by finance companies.
Representative closing yields for acceptances of the highest rated money center b a n k s .
An average of dealer offering rates on nationally traded certificates of deposit.
Bid rates for Eurodollar deposits at 11 a.m. London time.
One of several base rates used by banks to price short-term business loans.
Rate for the Federal Reserve Bank of New York.
Auction date for daily data', weekly and monthly averages computed on an issue-date b a s i s .
Yields on actively traded issues adjusted to constant maturities. S o u r c e : U . S . T r e a s u r y .
Unweighted average of rates on all outstanding bonds neither due n o r c a l l a b l e in less than
10 y e a r s , including one very low yielding "flower" bond.
Estimate of the yield on a recently offered, A-rated utility bond w i t h a maturity of 30 y e a r s
and call protection of 5 years> Friday quotations.
Bond Buyer Index, general obligation, 20 years to maturity, mixed quality* Thursday q u o t a t i o n s .
Contract interest rates on commitments for fixed-rate first mortgages. S o u r c e : FHLMC.
Weekly and monthly figures are averages of business days unless o t h e r w i s e noted.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY S E R I E S
Yields on Treasury securities at 'constant maturity 1 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 m a t u r i t y , is b a s e d
on the closing market bid yields on actively traded Treasury securities in the ovei—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, 1 0 , and 30 y e a r s .
This method provides a yield for a 10-year maturity, for example, even if no outstanding security
has exactly 10 years remaining to maturity.