Full text of H.15 Selected Interest Rates : March 4, 1985

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FEDERAL RESERVE statistical release
H.15 (519)

For Immediate release
MARCH
4 , 1985

SELECTED INTEREST RATES
Yields in percent per annum

Instruments

FEDERAL FUNDS (EFFECTIVE)
1/
COMMERCIAL PAPER 2 / 3 /
1-MOUTH
3-MONTH
6-MONTH
FINANCE PAPEfi PLACED DIRECTLY 2 /
1-MONTH
3-MONTH
6-MONTH
BANKERS ACCEPTANCES (TOP RATED) 2 /
3-MO NTH
6-MONTH
CDS (SECONDARY MARKET)
1-MONTH
3-MO NTH
6-HO NTH
BANK PRIMS LOAN
1/4/
DISCOUNT WINDOW BORROWING 1 / 5 /
O.S.GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE 2 / 6 /
3-MONTH
6-MONTB
1-YEAR
AUCTION AVERAGE (INVESTMENT) 6 /
3-MONTH
6-HONtH
SECONDARY MARKET 2 /
3-HONTH
6-MONTB
1-YEAR
TREASURY CONSTANT MATURITIES 7 / 8 /
1-YEAR
2-YEAR
3-YEAR
5-YEAB
7-YEAR
10-YEAR
20-YEAS
30-YEAR
COMPOSITE
OVER 10 YEARS (LONG-TERM)9/
CORPORATE BONDS
HOODY»S SEASONED

AAA
BAA

Week< jnding
FEB
HAS

FEB

1

22

8.74

8.40

8.57

8.50

8.62
8.83
9.16

8.70
8.94
9.27

8.55
8.75
9.05

8.50
8.59
8.74

8.46
8.54
8.69

8.46
8.41
8.41

8.63
8.52
8.43

8.64
8.59
8.45

8.54
8.48
8.41

8.42
8.28
8.28

8.42
8.25
8.20

8.65
9.00

8.70
9.10

8.95
9.20

8.95
9.35

8.80
9.13

8.66
8.79

8.55
8.69

8.56
8.85
9.32
10.50
8.00

8.55
8.85
9.35
10.50
8.00

8.68
8.99
9.62
10.50
8.00

8.74
8.99
9.73
10.50
8.00

8.62
8.91
9.47
10.50
8.00

8.54
8.77
9.16
10.50
8.00

8.50
8.69
9.04
10.50
8.00

FEB
25

FEB
26

FEB
27

FEB
28

MAR
1

8.52

8.04

8.06

8.74

8.50
8.66
8.93

8.47
8.67
8.95

8.45
8.65
8.94

8.54
8.42
8.38

8.43
8.45
8.38

8.75
9.00
8.58
8.87
9.33
10.50
8.00

2*
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

8.36
8.53

8. 15
8.25
8.46

8.22
8.34
8.46

8.66
9.04

8.66
9.04

8.44
8.73

8.51
8.83

8.47
8.70
8.84

8.31
8.42
8.58

8.27
8.39
8.56

8.66
8. 94
9.07

8.38
8.53
8.67

8.35
8.53
8.66

8.45
8.71
8.86

8.50
8.80
8.93

9.41
10.36
10.75
11.40
11.70
11.75
12.00
11.71

9.41
10.36
10.75
11.35
11.67
11.72
11.97
11.67

9.64
10.56
10.93
11.51
11.87
11.89
12.11
11.88

9.72
10.66
11.03
11.55
11.87
11.91
12.13
11.90

9.87
10.73
11.09
11.52
11.81
11.86
12.08
11.82

9.61
10.53
10.91
11.47
11.78
11.83
12.06
11.80

9.30
10.19
10.56
11.17
11.50
11.57
11.81
11.54

9.29
10.17
10.55
11.13
11.44
11.51
11.70
11.47

11.71

11.66

11.82

11.84

11.81

11.77

11.51

11.35

12.42
13.44

12.38
13.45

12.51
13.54

12.56
13.56

12.49
13.58
13. 18

12.47
13.51
13.18
9.71
13.02

12.21
13.21
12.95
9.71
12.94

12.13
13.23
12.76
9.65
12.92

A-UTILITY 1 0 /
STATE & LOCAL BONDS 1 1 /
CONVENTIONAL MORTGAGES 1 2 /

1.

8.36
8.53

9.71
13.02

WEEKLY FIGURES ARE AVERAGES OF 7 CALENDAR DIYS ENDING ON WEDNESDAY OF THE CURRENT WEEK;
MONTHLY FIGURES INCLUDE EhCE CiiSMBAR DAY IN THE MONTH.
QUOTED ON BANK-DISCOUNT B A S I S .
RATES ON COMMERCIAL PAPER PLACED FOR FIRMS WHOSE BOND BATING I S AA OH THE EQUIVALENT.
RATE CHARGED BY BANKS ON SHORT-TEfifl BUSINESS LOANS.
RATE FOR THE FEDERAL RESERVE BANK OF NEW YORK.
I S S U E DATE.
YIELDS ON ACTIVELY TRADED I S S U E S ADJUSTED TO CONSTANT MATURITIES.
SOURCE: U . S . TREASURY.
SEE REVERSE FOR A DESCEIPTON OF THE CONSTANT MATURITY S E R I E S .
UNWEIGHTED AVERAGE OF ALL I S S U E S OUTSTANDING OF BONDS NEITHER DOE NOR CALLABLE IN LESS THAU 10 YEARS,
INCLUDING SEVERAL VERY LOW YIELDING "FLOWER" BONDS.
ESTIMATE OF THE YIELD ON A RECENTLY-OFFERED, A-RATED UTILITY BOND WITH A MATURITY OF 3 0 YEARS AND CALL
PROTECTION OF 5 YEARS; FRIDAY QUOTATIONS.
BOND BUYER I N D E X , GENERAL OBLIGATION, 20 YEARS TO MATURITY, MIXED QUALITY; THURSDAY QUOTATIONS.
CONTRACT INTEREST RATES ON COMMITMENTS FOR FIXED-EATE F I R S T MORTGAGES.
SOURCE: FHLMC.

NOTE: WEEKLY AND MONTHLY FIGURES ARE AVERAGES OF DAILY KATES, EXCEPT FOR STATE & LOCAL BONDS,
WHICH ARE BASED ON THURSDAY FIGURES, AND CONVENTIONAL MORTGAGES AND A - D T I L I T Y BONDS,


BOTH OF WHICH ARE BASED ON FRIDAY F I G U R E S .


SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNU
WEEK ENDING WEDNESDAY
WEEK ENDED
1985 :
FEB :
27 :
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/

8.40
8.40
8.66
8.86
9.24
1.99

4 WEEKS ENDED

1985 :
FEB :
20 :

1985 :
FEB :
27 :

FEB

1985

8.57
:
:
8.20 :
8.52 :
:
:
8.65 :
:
8.95 :
: 11.62 :

8.50 :
8.24 :
8.50 •
8.65 :
9.00 :
11.65 :

8.37
7.83
8.07
8.19
8.43
11.50

6

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 MATURITY11 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-COUNTtfR 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.