Full text of H.15 Selected Interest Rates : November 20, 1989

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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
November 20, 1989

SELECTED INTEREST RATES
Yields in percent per annum

Instruments

1989

1989

1989

1989

1989

NOV

NOV

NOV

NOV

NOV

13

14

15

16

17

This
week.

Last
week

1989
OCT

8.44
8.44
FEDERAL FUNDS (EFFECTIVE) 1
8.73
8.45
8.52
8.46
8.84
8.69
COMMERCIAL PAPER 2 3
1-MONTH
8.43
8.44
8.41
8.45
8.43
8.53
8.43
8.66
3-MONTH
8.35
8.35
8.31
8.32
8.33
8.44
8.33
8.53
6-MONTH
8.01
8.06
7.97
7.96
7.92
8.07
7.98
8.24
2
FINANCE PAPER PLACED DIRECTLY
1-MONTH
8.36
8.29
8.27
8.34
8.31
8.41
8.31
8.54
3-MONTH
8.13
8.12
8.06
8.05
8.07
8.13
8.09
8.29
6-MONTH
7.57
7.57
7.53
7.57
7.35
7.51
7.52
7.50
BANKERS ACCEPTANCES (TOP RATED) 2
3-MONTH
8.20
8.18
8.19
8.17
8.15
8.18
8.29
8.42
6-MONTH
7.87
7.80
7.81
7.80
7.79
7.81
7.96
8.08
CDS (SECONDARY MARKET)
1-MONTH
8.40
8.42
8.40
8.39
8.39
8.50
8.40
8.62
3-MONTH
8.36
8.41
8.32
8.35
8.36
8.34
8.48
8.60
6-MONTH
8.23
8.16
8.18
8.16
8.18
8.18
8.45
8.32
1 4
10.50
BANK PRIME LOAN
10.50
10.50
10.50
10.50
10.50
10.50
10.50
DISCOUNT HINDON BORROHING1 5
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
U.S. GOVERNMENT SECURITIES
TREASURY BILLS
AUCTION AVERAGE 2 6
3-MONTH
7.68
7.67
7.68
7^59
6-MONTH
7.51
7.49
7.51
7.61
1-YEAR
7.17
7.35
6
AUCTION AVERAGE(INVESTMENT)
3-MONTH
7.94
7.94
7.93
7.84
6-MONTH
7.92
7.92
7.89
8.02
SECONDARY MARKET 2
3-MONTH
7.70
7.64
7.66
7.66
7.68
7.67
7.64
7.74
6-MONTH
7.56
7.39
7.43
7.43
7.46
7.45
7.62
7.59
1-YEAR
7.29
7.17
7.20
7.20
7.17
7.21
7.35
7.45
TREASURY CONSTANT MATURITIES? 8
1-YEAR
7.80
7.66
7.70
7.70
7.69
7.87
7.71
7.99
2-YEAR
7.82
7.69
7.75
7.71
7.77
7.75
7.86
7.98
3-YEAR
7.82
7.69
7.75
7.75
7.70
7.74
8.02
7.89
5-YEAR
7.74
7.85
7.80
7.74
7.82
7.79
7.87
7.97
7.80
7.86
7.88
7-YEAR
7.87
7.79
7.84
7.89
8.03
10-YEAR
7.89
7.82
7.87
7.86
7.88
7.82
7.92
8.01
30-YEAR
7.89
7.87
7.90
7.87
7.94
7.89
7.91
8.00
COMPOSITE
OVER 10 YEARS(LONG-TERM) 9
8.02
8.02
7.99
8.06
7.99
8.03
8.02
8.15
CORPORATE BONDS
MOODY'S SEASONED
AAA
8.86
8.86
8.86
8.86
8.88
8.92
8.90
8.86
9.82
BAA
9.82
9.82
9.82
9.83
9.80
9.81
9.82
10
A-UTILITY
9.31
9.39
9.27
9.31
11
STATE & LOCAL BONDS
7.12
7.22
7.20
7.12
12
CONVENTIONAL MORTGAGES
9.72
9.95
9.79
9.72
Neekly figures are averages of 7 calendar days ending on Wednesday of the current week*
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. One of several base rates used by banks to price short-term business loans.
5. Rate for the Federal Reserve Bank of New York.
6. Auction date for daily data; weekly and monthly averages on issue-date basis.
7. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.
8. See reverse for a description of the constant maturity series. The 20-year constant maturity yield
was 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, including one very low yielding "flower" bond.
10. 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.
11. Bond Buyer Index, general obligation, 20 years to maturity, mixed qualityj Thursday quotations.
12. Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC.
Note: Weekly and monthly figures are averages of daily rates, except for state & local bonds
(Thursday figures) and conventional mortgages and A-utility bonds (Friday figures).

** Starting November 27, the H.15 release will include Eurodollar rates.


SELECTED INTEREST RATES
YIELDS IN PERCENT PER ANNUM

WEEK ENDING WEDNESDAY

4 WEEKS ENDED

WEEK ENDED

FEDERAL
3-MONTH
3-MONTH
3-MONTH
3-MONTH

1.
2.
3.

FUNDS (EFFECTIVE)
TREASURY BILL
COMMERCIAL PAPER
CD(SECONDARY MARKET)
EURODOLLAR

1989:

1989:

1989:

NOV
15

NOV
8

NOV
15

1989

OCT
18

8.46
7.68
8.34
8.38
8.43

8.69
7.78
8.50
8.54
8.60

8.67
7.69
8.43
8.48
8.54

8.97
7.72
8.67
8.75
8.80

FEDERAL FUNDS RATES ARE AVERAGES OF EFFECTIVE RATES FOR SEVEN CALENDAR DAYS
ENDING ON WEDNESDAY.
QUOTED ON BANK DISCOUNT B A S I S .
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
I T S TIME TO MATURITY, I S 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 , 1 0 , AND
30 YEARS.
THIS METHOD PERMITS ESTIMATION OF THE YIELD FOR A 10-YEAR MATURITY, FOR
EXAMPLE, EVEN I F NO OUTSTANDING SECURITY HAS EXACTLY 10 YEARS REMAINING TO MATURITY.
NOTE TO U S E R S :
B E G I N N I N G W I T H NEXT W E E K ' S R E L E A S E , DATED
NOVEMBER 2 7 , 1 9 8 9 , I N T E R E S T R A T E S W I L L NO LONGER BE R E P O R T E D ON
THE BACK OF THE H . 1 5 .
THE 3 - M O N T H EURODOLLAR R A T E , ALONG W I T H
EURODOLLAR R A T E S FOR M A T U R I T I E S OF 1 AND 6 M O N T H S , W I L L BE
A V A I L A B L E ON THE FRONT OF THE R E L E A S E B E G I N N I N G NOVEMBER 2 7 .