Full text of H.15 Selected Interest Rates : September 15, 1997
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FEDERAL RESERVE statistical release Thesa data are released each Monday. The availability o ' the 'eleass is announced on (202) 452*3206 f fSTttSv:-' H.15(519) SELECTED INTEREST RATES For immediate release September 15, 1997 Yields in percent per annum Week Ending Instruments Federal funds (effective)' 2 3 Commercial paper 3 4 5 6 Nonfinancial 1 -month 2-month 3-month Financial 1 -month 2-month 3-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 loan 2 1 1 0 Discount window borrowing 3 1 1 U.S. government securities Treasury bilts Auction average 3 4 1 2 3-month 6-month 1-year Secondary ma/ket 3 4 3-month 6-month 1 -year Treasury constant maturities 13 3-month 6-month 1 -year 2-year 3-year 5-year 7-year 10-year 20-year 30-year Compoeite Over 10 years (long-term) 14 Corporate bonds Moody's seasoned Aaa Baa A-utll)ty19 State & local bonds 18 Conventional mortgages 17 1997 Sep 8 1997 Sep 9 1997 Sep 10 1997 Sep 11 1997 Sep 12 Sep 12 Sep 5 5.58 5.50 5.61 5.55 5.49 5.48 5.64 5.54 5.47 5.49 5.49 5.47 5.47 5.50 5.48 5.49 5.48 5.48 5.48 5.47 5.48 5.47 5.48 5.48 5.48 5.48 5.49 * 5.48 5.49 5.55 " 5.55 " 5.56 " 5.49 5.50 5.50 5.50 5.51 5.51 5.51 5.52 5.52 5.51 5.50 5.51 5.49 5.50 5.50 5.50 5.51 5.51 5.51 5.51 5.51 " 5.49 " 5.50 " 5.49 " 5.61 5.74 5.52 5.55 5.61 5.75 5.62 5.75 5.52 5.55 5.58 5.67 5.53 5.57 5.53 5.56 5.55 5.59 5.72 5.56 5 60 5.73 5.55 5.60 5.73 5.56 5.61 5.75 5.56 5.60 5.73 5.56 5.60 5.73 5.55 5.60 5.72 5.54 5.60 5.71 5.56 5.59 5.75 8.50 5.00 5.56 5.56 5.75 8.50 5.00 5.56 5.59 5.75 8.50 5.00 5.56 5.63 5.75 8.50 5.00 5.56 5.63 5.75 8.50 5.00 5.56 5.60 5.75 8.50 5.00 5.56 5.59 5.76 8.50 5.00 5.50 5.58 5.70 8.50 5.00 5.01 5.14 5.07 5.19 5.13 5.17 5.28 5.01 5.14 5.30 1997 Aug 5.02 5.18 5.30 5.02 5.14 5.29 4.98 5.14 5.30 5.00 5.15 5.31 4.97 5.11 5.25 5.00 5.14 5.29 5.03 5.17 5.28 5.14 5.19 5.27 5.16 5.37 5.61 5.06 6.09 6.23 6.33 6.33 6.60 6.62 5.16 5.35 5.60 5.96 6.09 6.24 6.33 6.34 6.70 ' 6.63 5.11 5.35 5.61 6.00 6.10 6.26 6.36 6.37 6.71 6.66 5.13 5.36 5.59 6.00 6.11 6.27 6.38 6.39 6.75 6.68 5.10 5.32 5.54 5.93 6.03 6.17 6.28 6.29 6.66 6.59 5.13 5.35 5.59 5.98 6.06 6.23 6.34 6.34 6.70 6.64 5.17 5.36 5.58 5.97 6.08 6.22 6.33 6.34 6.68 6.61 5.28 5.40 5.56 5.94 6.06 6.16 6.29 6.30 6.65 6.58 6.67 6.68 6.70 6.73 6.64 6.68 6.66 6.64 7.27 7.80 7.27 7.80 7.30 7.82 7.34 7.85 7.23 7.77 7.66 7.28 7.81 7.66 5.44 7.53 7.25 7.79 7.72 5.42 7.53 7.22 7.82 7.67 5.41 7.48 5.44 SeĀ« overleaf for footnotes * The 1-month nonflnenda) commercial paper rate for Sept. 5 was revised to 5.47 percent. ** The 3-month financial commercial paper rate for Sept. 5 was revised to 5.50 percent. Commercial paper rates prior to Sept. 2,1997 are based on averages of dealer offering rates. 7.53 FOOTNOTES 1. 2. The daily effective federal funds rate is a weighted average of rates on trades through N.Y. brokers. 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 (http://www.bog.frb.fed.us/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. 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 tc price short-term business loans. 11. Rate for the Federal Reserve Bank of New ' ;rk. 12. Auction date for daily data; weekly and monti. y 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 and historical H.15 data are available on the Federal Reserve Board's web site (http://www.bog.frb.fed.us/). Current data are also available on the Department of Commerce Bulletin Board. For information, call 202-482-1986. D E S C R I P T I O N OF THE T R E A S U R Y C O N S T A N T MATURITY S E R I E S 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 3 and 6 months and 1 , 2 , 3 , 5, 7 , 1 0 , 2 0 , and 30 years. This method provides a yield for a 10year 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.