Full text of H.15 Selected Interest Rates : March 17, 2003

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FEDERAL RESERVE statistical release
These data are released each Monday. The availability of the release is announced on (202) 452-3206.

H.15 (519)

SELECTED INTEREST RATES

For immediate release
March 17, 2003

Yields in percent per annum

Week Ending
Instruments
Federal funds (effective) 1 2 3
Commercial paper 3 4 5 6
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
CDs (secondary market) 3 7
1-month
3-month
6-month
Eurodollar deposits (London) 3 8
1-month
3-month
6-month
Bank prime loan 2 3 9
Discount window primary credit 2 10
U.S. government securities
Treasury bills (secondary market) 3 4
4-week
3-month
6-month
Treasury constant maturities 11
1-month
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
Treasury long-term average
(25 years and above) 12 13
Interest rate swaps 14
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
Corporate bonds
Moody’s seasoned
Aaa 15
Baa
State & local bonds 16
Conventional mortgages 17
See overleaf for footnotes

2003
Mar
10

2003
Mar
11

2003
Mar
12

2003
Mar
13

2003
Mar
14

Mar
14

Mar
7

1.23

1.21

1.23

1.31

1.30

1.21

1.29

1.26

1.19
1.19
1.19

1.19
1.14
1.14

1.16
1.15
1.14

1.20
1.15
1.14

1.20
1.16
1.16

1.19
1.16
1.15

1.23
1.24
1.23

1.24
1.25
1.26

1.21
1.19
1.19

1.20
1.18
1.15

1.18
1.17
1.15

1.21
1.18
1.17

1.23
1.20
1.18

1.21
1.18
1.17

1.24
1.25
1.24

1.25
1.25
1.25

1.24
1.18
1.14

1.23
1.17
1.11

1.21
1.16
1.11

1.24
1.20
1.17

1.24
1.21
1.20

1.23
1.18
1.15

1.27
1.26
1.25

1.27
1.27
1.27

1.23
1.18
1.12
4.25
2.25

1.20
1.17
1.10
4.25
2.25

1.20
1.15
1.10
4.25
2.25

1.21
1.18
1.16
4.25
2.25

1.21
1.20
1.18
4.25
2.25

1.21
1.18
1.13
4.25
2.25

1.25
1.24
1.23
4.25
2.25

1.26
1.26
1.26
4.25
2.25

1.12
1.06
1.04

1.13
1.08
1.05

1.13
1.08
1.06

1.13
1.10
1.11

1.12
1.11
1.11

1.13
1.09
1.07

1.18
1.15
1.15

1.18
1.17
1.18

1.13
1.08
1.06
1.09
1.35
1.73
2.51
3.08
3.59
4.64

1.15
1.10
1.07
1.12
1.38
1.76
2.54
3.11
3.60
4.64

1.15
1.10
1.08
1.14
1.45
1.82
2.57
3.13
3.60
4.62

1.15
1.12
1.14
1.24
1.59
1.98
2.75
3.31
3.74
4.75

1.14
1.13
1.14
1.22
1.56
1.95
2.72
3.27
3.72
4.73

1.14
1.11
1.10
1.16
1.47
1.85
2.62
3.18
3.65
4.68

1.20
1.17
1.18
1.22
1.47
1.84
2.61
3.17
3.65
4.68

1.20
1.19
1.20
1.30
1.63
2.05
2.90
3.45
3.90
4.87

4.74

4.74

4.71

4.83

4.81

4.77

4.77

4.93

1.17
1.59
2.10
2.54
2.91
3.46
4.01
4.97

1.19
1.61
2.11
2.54
2.90
3.44
3.98
4.94

1.23
1.67
2.17
2.60
2.96
3.50
4.02
4.94

1.31
1.80
2.30
2.73
3.08
3.61
4.11
4.99

1.35
1.83
2.36
2.79
3.15
3.66
4.16
5.04

1.25
1.70
2.21
2.64
3.00
3.53
4.05
4.98

1.31
1.72
2.21
2.64
3.00
3.54
4.07
4.99

1.40
1.90
2.46
2.92
3.29
3.82
4.33
5.17

5.81
6.88

5.80
6.88

5.78
6.86

5.85
6.95
4.67

5.84
6.94

5.82
6.90
4.67
5.61

5.82
6.90
4.69
5.67

5.95
7.06
4.81
5.84

5.61

2003
Feb

FOOTNOTES
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures
include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust
Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is,
the offer side). See Board's Commercial Paper Web pages (www.federalreserve.gov/releases/cp) for more
information.
6. The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and 90-day dates reported on the Board's
Commercial Paper Web page.
7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks.
Prime is one of several base rates used by banks to price short-term business loans.
10. The rate charged for primary credit under an amendment to the Board’s Regulation A, which became effective
January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm.
The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment
credit is available at www.federalreserve.gov/releases/h15/data.htm.
11. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.
12. Based on the unweighted average of the bid yields for all Treasury fixed-coupon securities with remaining terms
to maturity of 25 years and over.
13. A factor for adjusting the daily long-term average in order to estimate a 30-year rate can be found at
www.treas.gov/offices/domestic-finance/debt-management/interest-rate/ltcompositeindex.html.
14. International Swaps and Derivatives Association (ISDA) mid-market par swap rates. Rates are for a Fixed
Rate Payer in return for receiving three month LIBOR, and are based on rates collected at 11:00 a.m. by
Garban Intercapital plc and published on Reuters Page ISDAFIX1. Source: Reuters Limited.
15. Moody’s Aaa rates through December 6, 2001 are averages of Aaa utility and Aaa industrial bond rates. As of
December 7, 2001, these rates are averages of Aaa industrial bonds only.
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC.
Note: Weekly and monthly figures are averages of business days unless otherwise noted.
Current and historical H.15 data are available on the Federal Reserve Board’s web site
(www.federalreserve.gov/). For information about individual copies or subscriptions, contact
Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886).
For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
202-482-1986.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Yields on Treasury securities at "constant maturity" 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 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 obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve
at fixed maturities, currently 1, 3 and 6 months and 1, 2, 3, 5, 7, 10 and 20 years. This method provides a yield for a 10year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.