Full text of H.15 Selected Interest Rates : June 1, 1992

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FEDERAL RESERVE statistical release
These data an* relcv, : v i i»j. r, Monday. The a v a i l a b i l i t y of th?
is available. 0:1 (20..- -.52 3206.
H.15

;,.;• .iiir.o-jnced w h e n r ' r

information

(519)

For immediate release
June 1, 1992

SELECTED INTEREST RATES
Yields in percent per annum

Instruments
FEDERAL FUNDS (EFFECTIVE)1 2 3
COMMERCIAL PAPER3 * 5
1-MONTH
3-MONTH
6-MONTH
FINANCE PAPER PLACED DIRECTLY3 « 6
1-MONTH
3-MONTH
6-MONTH
BANKERS ACCEPTANCES (TOP RATED) 3 * 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 HINDOH BORROWING2 ll
U.S. GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE3 * 1 2
3-MONTH
6-MONTH
1-YEAR
AUCTION AVERAGE(INVESTMENT ) 1 2
3-MONTH
6-MONTH
SECONDARY MARKET3 *
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

1992

1992

1992

1992

1992

MAY

MAY

MAY

MAY

MAY

25

26

27

28

29

3. 74

4. 02

3. 78

3.87

M

3.89
3. 91
4. 00

3. 94
3. 95
4. 05

3.80
3.80
3. 76

A
R
K
E

1992
Last
wcok

MAY

3.80

3.80

3.89

3.82

3.93
3.94
4.03

3.91
3.93
4.02

3.92
3.93
4.03

3.83
3.84
3.92

3.87
3.88
3.97

3.84
3.85
3.82

3.83
3.84
3.81

3.81
3.84
3.80

3.82
3.83
3.80

3.73
3.73
3.73

3.76
3.77
3.77

3.82
3. 93

3.85
3. 95

3.85
3.93

3.83
3.90

3.84
3.93

3.74
3.81

3.76
3.85

3.82
3.85
3. 99

3.87
3. 90
4. 05

3.88
3.91
4.06

3.87
3.89
4.01

3.86
3.89
4.03

3.76
3.78
3.90

3.79
3.82
3.96

3.81
3.88
4. 00
6. 50
3.50

3.88
3. 94
4. 13
6. 50
3.50

3.88
3.94
4.13
6.50
3.50

3.88
3.94
4.06
6.50
3.50

3.85
3.91
4.06
6.50
3.50

3.75
3.81
3.94
6.50
3.50

3.77
3.84
3.99
6.50
3.50

3.75
3.90

3.61
3.71

3.66
3.78
4.20

3.84
4.03

3.70
3.83

3.75
3.91

T

3 81
3 88
4 00
6 .50
3 .50

C
L

3. 75
3. 90
4.07

0

S
E
D

AAA
BAA
A-UTILITY15
STATE & LOCAL BONDS 16
CONVENTIONAL MORTGAGES 17




i
This

SEE OVERLEAF FOR FOOTNOTES

3.84
4. 03
3. 74
3.87
4. 10

3. 70
3.85
4. 05

3.68
3.82
4.01

3.70
3.83
4.06

3.71
3.84
4.06

3.61
3.71
3.92

3.63
3.75
3.99

4. 32
5. 35
5. 91
6. 79
7. 14
7. 46
7. 92

4. 27
5. 28
5.86
6. 74
7. 11
7. 44
7. 91

4.24
5.22
5.79
6.67
7.04
7.36
7.87

4.24
5.19
5.75
6.61
7.00
7.33
7.84

4.27
5.26
5.83
6.70
7.07
7.40
7.89

4.12
5.17
5.73
6.61
6.98
7.29
7.81

4.19
5.23
5.81
6.69
7.06
7.39
7.89

7 84

7 84

7.79

7.76

7.81

7.72

7.80

8 26
9 12

8. 25
9 12

8,2*
9.10

8.23
9.10
8.65

8.24
9.11
8.65
6.58
8.60

8.23
9.07
8.68
6.51
8.53

8.28
9.13
8.70
6.57
8.67

1

i

6.58
8.60

FOOTNOTES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.

Note:

The daily effective federal funds rate is a weighted average of rates on trades through N.Y.
brokers.
Meekly figures are averages of 7 calendar days ending on Nednesday of the current week;
monthly figures include each calendar day in the month.
Annualized using a 360-day year or bank interest.
Quoted on a discount basis.
An average of offering rates on commercial paper placed by several leading dealers
for firms whose 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 banks.
An average of dealer offering rates on nationally '-Graded 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 basis.
Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.
Unweighted average of rates on all outstanding bonds neither due nor callable in less than
10 years, including one very low yielding "flower" bond.
Estimate of the yield on a recently offered, A-ratod utility bond with a maturity of 30 years
and call protection of 5 years> Friday quotations.
Bond Buyer Index, general obligation, 20 years to maturity, mixed quality, Thursday quotations.
Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC.

Meekly and monthly figures are averages of business days unless otherwise noted.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Yields on Treasury securities at 'constant maturity1 ana 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 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 Batik of New York. The constant maturity yield
values are read from the yield curve at fixed maturities, currently 1, 2, 3, 5, 7, 10, and 30 years.
This method provides a yield for a 10-year maturity, for example, even if no outstanding security
has exactly 10 years remaining to maturity.