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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 Corrected Copy JULY 7» 1987 SELECTED INTEREST RATES Yields In percent per annum Instruments 1987 JUNE 29 6.68 FEDERAL FUNDS (EFFECTIVE) 1/ COMMERCIAL PAPER 2/3/ 1-MONTH ».68 3-MONTH >.93 6-MONTH ».96 FINANCE PAPER PLACED DIRECTLY 2/ 1-MONTH >.85 3-MONTH i .70 6-MONTH (.41 BANKERS ACCEPTANCES (TOP RATED) 2/ 3-MONTH 1.83 6-MONTH 1.85 CDS (SECONDARY MARKET) 1-MONTH > .91 3-MONTH (.95 6-MONTH M2 BANK PRIME LOAN 1/4/ 1.25 i i DISCOUNT HINDON BORROWING 1/5/ 5.50 U.S.GOVERNMENT SECURITIES TREASURY BILLS AUCTION AVERAGE 2/ 6/ 3-MONTH 5.82 6.00 6-MONTH 1-YEAR AUCTION AVERA6E(INVESTMENT) 6/ fr.00 3-MONTH 6.29 6-MONTH SECONDARY MARKET 2/ 3-MONTH 5.67 6.02 6-MONTH 6.28 1-YEAR TREASURY CONSTANT MATURITIES 7/8/ 1-YEAR 6.73 7.48 2-YEAR 7.77 3-YEAR 7.97 5-YEAR 8.20 7-YEAR 8.34 10-YEAR 8.49 30-YEAR COMPOSITE 8.61 OVER 10 YEARS!L0NO-TERM)9/ CORPORATE BONDS MOODY'S SEASONED 9.30 AAA 10.48 BAA A-UTILITY 10/ STATE 8 LOCAL BONDS 11/ CONVENTIONAL MORTGAGES 12/ 1987 JUNE 1987 JUNE 30 1987 JULY 1 1987 JULY 2 1987 JULY 3 6.56 6.07 6.68r 6.59 6.61 <(.79 6.73 (.86 (.50 1.86 (.91 6.73 ».77 ».83 M i(.94 (.82 (.86 (.91 ((.87 (.90 ((.94 6.86 6.92 7.00 i(.75 ((.75 ((.45 (.69 (.55 (.38 (.67 (.53 (.36 A (.74 (.63 (.40 (.78 (.71 (.48 6.80 6.77 6.50 ((.80 ((.82 (.72 (.67 (.70 (.76 i(.77 R i(.79 (.81 ((.82 6.83 6.91 7.04 8.25 5.50 i(.86 J(.91 7.05 i1.25 1.50 6.84 6.94 7.15 8.25 5.50 5.82 6.00 5.64 5.93 1:8 5.82 •S.22 5.69 5.99 6.54 ~5v6-T 6.28 i(.89 ((.86 ((.90 7.06 8.25 5.50 <(.80 (.87 r.03 Ii1.25 $.50 (.73 (.79 (.94 11.25 5.50 This ween <(.83 ((.88 Kc 8.25 5.50 Last WOVn E T 6.22 5.73 5.91 6.30 5.64 5.81 6.22 5.66 5.76 6.20 rw 5.68 5.88 6.25 5.77 S.05 1.32 5.67 5.99 6.35 6.77 7.48 7.76 8.02 8.24 8.38 8.51 8.63 6.69 7.44 7.72 7.96 8.22 8.36 8.49 8.61 6.66 7.38 7.64 7.90 8.14 8.30 8.43 8.55 1 6.71 7.45 7.72 7.96 8.20 8.35 8.48 8.60 6.77 7.49 7.72 7.91 8.14 8.28 8.44 8.52 6.80 7.57 7.82 8.02 8.27 8.40 8.57 8.63 9.33 10.50 9.34 10.54 9.33 10.55 10.01 7.81 10.36 9.33 10.52 10.01 7.81 10.36 9.25 10.43 10.03 7.72 10.35 9.32 10.52 10.05 7.79 10.54 n \j s r» & D r= Fed tunds rate on July 2 should have been 6.68 instead of 6.18. MEEKLY FIGURES ARE AVERAGES OF 7 CALENDAR DAYS ENDING ON NEDNESDAY OF THE CURRENT MEEK; 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. AUCTION DATE FOR DAILY DATA; HEEK AND MONTH AVERAGES ON ISSUE-DATE BASIS. 7 YIELDS ON ACTIVELY TRADED ISSUES ADJUSTED TO CONSTANT MATURITIES. SOURCE. U.S. TREASURY. 8 SEE REVERSE FOR A DESCRIPTON OF THE CONSTANT MATURITY SERIES. THE 20-YEAR CONSTANT MATURITY YIELD HAS 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, OTUITY BOND HITH A MATURITY OF 30 YEARS AND CALL !•! E 0 11 BOND BUYER I N D E X T ^ E N E R A ^ O B L I G A T I O N ! ^ ' Y E A R S TO MATURITY, MIXED QUALITY? THURSDAY QUOTATIONS. 121 CONTRACT INTEREST RATES ON COMMITMENTS FOR FIXED-RATE FIRST MORTGAGES. SOURCEt FHLMC. 1. NOTEi MEEKLY AND MONTHLY FIGURES ARE AVERAGES OF DAILY RATES, EXCEPT FOR STATE 8 LOCAL BONDS, WHICH ARE BASED ON THURSDAY FIGURES, AND CONVENTIONAL MORTGAGES AND A-UTILITY BONDS, BOTH OF HHICH ARE BASED ON FRIDAY FIGURES. SELECTED INTEREST RATES YIELDS IN PERCENT PER ANNUM WEEK ENDING WEDNESDAY WEEK ENDED 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 : JUL : 1 1987 : JUN :: 24 : 1987 : JUL : 1 : 1987 JUN 3 6.61 5.73 6.90 6.92 : 7.08 6.79 5.70 6.90 6.89 7.06 6.71 : 5.66 *: 6.91 : 6.93 :: 7.10 .: 6.73 5.68 7.00 7.06 7.28 : : : :: : 1. 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. 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.