Full text of H.15 Selected Interest Rates : May 6, 1996
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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 May 6, 1996 Yields in percent per annum Week Ending Instruments Federal funds (effective)1 2 3 Commercial paper 3 4 5 1-month 3-month 6-month Finance paper placed directly 3 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 l o a n 2 3 1 0 Discount window borrowing 2 1 1 U.S. government securities Treasury bills Auction average 3 4 1 2 3-month 6-month 1-year Secondary market 3 4 3-month 6-month 1-year Treasury constant maturities 1 3 3-month 6-month 1-year 2-year 3-year 5-year 7-year 10-year 20-year 30-year Composite Over 10 years (long-term) 14 Corporate bonds Moody's seasoned Aaa Baa A-utility15 State & local bonds 16 Conventional mortgages 1 7 See overleaf for footnotes 1996 Apr 29 1996 Apr 30 1996 May 1 1996 May 2 1996 May 3 May 3 Apr 26 5.25 5.50 5.41 5.28 5.14 5.30 5.24 5.22 5.39 5.38 5.38 5.40 5.39 5.40 5.39 5.40 5.41 5.40 5.41 5.44 5.40 5.41 5.44 5.40 5.40 5.41 5.38 5.38 5.38 5.40 5.39 5.38 5.28 5.27 5.19 5.29 5.27 5.20 5.30 5.29 5.22 5.30 5.30 5.22 5.30 5.31 5.23 5.29 5.29 5.21 5.29 5.27 5.21 5.31 5.28 5.20 5.27 5.27 5.28 5.29 5.29 5.31 5.32 5.35 5.30 5.33 5.29 5.31 5.26 5.26 5.28 5.28 5.32 5.34 5.42 5.32 5.34 5.42 5.32 5.36 5.46 5.34 5.39 5.51 5.33 5.38 5.50 5.33 5.36 5.46 5.31 5.34 5.40 5.34 5.36 5.42 5.28 5.34 5.44 8.25 5.00 5.25 5.34 5.44 8.25 5.00 5.31 5.31 5.42 8.25 5.00 5.31 5.38 5.47 8.25 5.00 5.31 5.41 5.47 8.25 5.00 5.29 5.36 5.45 8.25 5.00 528 5.35 5.44 8.25 5.00 5.32 5.36 5.43 8.25 5.00 5.00 5.08 5.30 4.97 5.02 4.99 5.08 5.17 5.00 5.08 1996 Apr 5.00 5.05 5.28 5.01 5.09 5.32 4.98 5.08 5.30 4.99 5.13 5.38 5.00 5.13 5.38 5.00 5.10 5.33 4.96 5.04 5.21 4.95 5.06 5.23 5.14 5.28 5.57 5.98 6.13 6.33 6.51 6.59 7.00 6.83 5.14 5.30 5.62 6.03 6.19 6.40 6.58 6.66 7.06 6.89 5.11 5.29 5.60 6.03 6.19 6.39 6.58 6.68 7.08 6.91 5.13 5.34 5.69 6.16 6.34 6.56 6.75 6.85 7.21 7.05 5.14 5.34 5.69 6.20 6.37 6.61 6.81 6.90 7.29 7.12 5.13 5.31 5.63 6.08 6.24 6.46 6.65 6.74 7.13 6.96 5.10 5.23 5.52 5.94 6.10 6.31 6.48 6.53 6.98 6.79 5.09 5.27 5.54 5.96 6.11 6.30 6.48 6.51 6.98 6.79 6.97 7.03 7.05 7.19 7.26 7.10 6.95 6.94 7.52 8.20 7.59 8.27 7.61 8.29 7.75 8.43 7.80 8.48 8.22 7.65 8.33 8.22 6.06 7.99 7.48 8.16 7.90 5.91 7.92 7.50 8.19 7.90 5.94 7.93 6.06 7.99 FOOTNOTES 1. The daily effective federal funds rate is a weighted average of rates on trades through N.Y. brokers. 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. Quoted on a discount basis. 5. An average of offering rates on commercial paper placed by several leading dealers for firms whose bond rating is AA or the equivalent. 6. An average of offering rates on paper directly placed by finance companies. 7. Representative closing yields for acceptances of the highest rated money center banks. 8. An average of dealer offering rates on nationally traded certificates of deposit. 9. Bid rates for Eurodollar deposits at 11 a.m. London time. 10. One of several base rates used by banks to price short-term business loans. 11. Rate for the Federal Reserve Bank of New York. 12. Auction date for daily data; weekly and monthly averages computed on an issue-date basis. 13. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury. 14. Unweighted average of rates on all outstanding bonds neither due nor callable in less than 10 years. 15. Estimate of the yield on a recently offered, A-rated utility bond with a maturity of 30 years and call protection of 5 years; Friday quotations. 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 data are available on the Department of Commerce Bulletin Board. For information, call 202-482-1986. Historical data are available on diskette from the Board's Publications Services Section, 202-452-3245. 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 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 3 and 6 months and 1, 2, 3, 5, 7, 10, 20. 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. In estimating the 20-year constant maturity, the Treasury incorporates the prevailing market yield on an outstanding Treasury bond with approximately 20 years remaining to maturity.