Title 7 Part 1786 Appendix B Code of Federal Regulations

PART 1786 APPENDIX B

Appendix B to Subpart E of Part 1786 - Federal Reserve Statistical Release

7:12.1.1.1.17.5.1.13.3 : Appendix B

Appendix B to Subpart E of Part 1786 - Federal Reserve Statistical Release 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 February 4, 1991.

Selected Interest Rates

[Yields in percent per annum]

Instruments	1991 Jan. 28	1991 Jan. 29	1991 Jan. 30	1991 Jan. 31	1991 Feb. 1	This week	Last week	1991 Jan.
Federal Funds (effective) ^{1 2 3}	7.61	7.16	6.96	8.18	6.30	7.46	6.88	6.91
Commercial paper ^{3 4 5}
1-Month	6.88	6.96	6.95	6.99	6.73	6.90	6.83	7.12
3-Month	6.92	6.96	6.94	6.95	6.67	6.89	6.92	7.10
6-Month	6.87	6.91	6.88	6.88	6.58	6.82	6.86	7.02
Finance paper placed directly ^{3 4 6}
1-Month	6.76	6.85	6.83	6.83	6.55	6.76	6.68	6.95
3-Month	6.75	6.83	6.83	6.76	6.46	6.73	6.77	6.92
6-Month	6.53	6.53	6.59	6.53	6.19	6.47	6.55	6.59
Bankers acceptances (top rated) ^{3 4 7}
3-Month	6.80	6.82	6.77	6.68	6.30	6.67	6.76	6.96
6-Month	6.67	6.70	6.65	6.55	6.15	6.54	6.63	6.84
CDS (secondary market) ^{3 8}
1-Month	6.78	6.85	6.87	6.82	6.52	6.77	6.77	7.10
3-Month	6.94	6.95	6.93	6.88	6.51	6.84	6.94	7.17
6-Month	6.95	6.98	6.95	6.88	6.51	6.85	6.97	7.17
Eurodollar deposits (London) ^{3 9}
1-Month	6.81	6.88	6.88	6.88	6.88	6.86	6.81	7.13
3-Month	6.94	7.06	7.00	6.94	6.94	6.98	7.01	7.23
6-Month	7.00	7.00	7.00	6.94	6.94	6.98	7.04	7.23
Bank prime loan ^{2 3 10}	9.50	9.50	9.50	9.50	9.50	9.50	9.50	9.52
Discount window borrowing ^{2 11}	6.50	6.50	6.50	6.50	6.00	6.50	6.50	6.50
U.S. Government securities
Treasury bills
Auction average ^{3 4 12}
3-Month	6.22					6.22	6.14	6.30
6-Month	6.28					6.28	6.21	6.34
1-Year								6.22
Auction average (investment) ¹²
3-Month	6.41					6.41	6.32	6.49
6-Month	6.58					6.58	6.50	6.64
Secondary market ^{3 4}
3-Month	6.25	6.22	6.20	6.19	6.00	6.17	6.12	6.22
6-Month	6.26	6.26	6.24	6.20	5.97	6.19	6.20	6.28
1-Year	6.24	6.20	6.17	6.13	5.91	6.13	6.19	6.25
Treasury Constant maturities ¹³
1-Year	6.64	6.59	6.56	6.51	6.27	6.51	6.58	6.64
2-Year	7.12	7.10	7.07	7.05	6.83	7.03	7.09	7.13
3-Year	7.38	7.35	7.34	7.30	7.10	7.29	7.35	7.38
5-Year	7.67	7.64	7.64	7.62	7.45	7.60	7.66	7.70
7-Year	7.93	7.90	7.90	7.89	7.75	7.87	7.92	7.97
10-Year	8.06	8.05	8.05	8.03	7.91	8.02	8.04	8.09
30-Year	8.23	8.20	8.23	8.21	8.09	8.19	8.22	8.27
Composite
Over 10 years (long-term) ¹⁴	8.29	8.26	8.29	8.27	8.15	8.25	8.28	8.33
Corporate bonds
Moody's Seasoned
AAA	9.03	9.01	9.00	8.99	8.96	9.00	9.05	9.04
BAA	10.43	10.37	10.35	10.33	10.24	10.34	10.44	10.45
A-Utility ¹⁵					9.65	9.65	9.80	9.83
State and local bonds ¹⁶				7.00		7.00	7.06	7.08
Conventional mortgages ¹⁷					9.56	9.56	9.61	9.64

Instruments

1991 Jan. 28

1991 Jan. 29

1991 Jan. 30

1991 Jan. 31

1991 Feb. 1

This week

Last week

1991 Jan.

Federal Funds (effective) ^{1 2 3}

7.61

7.16

6.96

8.18

6.30

7.46

6.88

6.91

Commercial paper ^{3 4 5}

1-Month

6.88

6.96

6.95

6.99

6.73

6.90

6.83

7.12

3-Month

6.92

6.96

6.94

6.95

6.67

6.89

6.92

7.10

6-Month

6.87

6.91

6.88

6.58

6.82

6.86

7.02

Finance paper placed directly ^{3 4 6}

1-Month

6.76

6.85

6.83

6.55

6.76

6.68

6.95

3-Month

6.75

6.83

6.76

6.46

6.73

6.77

6.92

6-Month

6.53

6.59

6.53

6.19

6.47

6.55

6.59

Bankers acceptances (top rated) ^{3 4 7}

3-Month

6.80

6.82

6.77

6.68

6.30

6.67

6.76

6.96

6-Month

6.67

6.70

6.65

6.55

6.15

6.54

6.63

6.84

CDS (secondary market) ^{3 8}

1-Month

6.78

6.85

6.87

6.82

6.52

6.77

7.10

3-Month

6.94

6.95

6.93

6.88

6.51

6.84

6.94

7.17

6-Month

6.95

6.98

6.95

6.88

6.51

6.85

6.97

7.17

Eurodollar deposits (London) ^{3 9}

1-Month

6.81

6.88

6.86

6.81

7.13

3-Month

6.94

7.06

7.00

6.94

6.98

7.01

7.23

6-Month

7.00

6.94

6.98

7.04

7.23

Bank prime loan ^{2 3 10}

9.50

9.52

Discount window borrowing ^{2 11}

6.50

6.00

6.50

U.S. Government securities

Treasury bills

Auction average ^{3 4 12}

3-Month

6.22

6.14

6.30

6-Month

6.28

6.21

6.34

1-Year

6.22

Auction average (investment) ¹²

3-Month

6.41

6.32

6.49

6-Month

6.58

6.50

6.64

Secondary market ^{3 4}

3-Month

6.25

6.22

6.20

6.19

6.00

6.17

6.12

6.22

6-Month

6.26

6.24

6.20

5.97

6.19

6.20

6.28

1-Year

6.24

6.20

6.17

6.13

5.91

6.13

6.19

6.25

Treasury Constant maturities ¹³

1-Year

6.64

6.59

6.56

6.51

6.27

6.51

6.58

6.64

2-Year

7.12

7.10

7.07

7.05

6.83

7.03

7.09

7.13

3-Year

7.38

7.35

7.34

7.30

7.10

7.29

7.35

7.38

5-Year

7.67

7.64

7.62

7.45

7.60

7.66

7.70

7-Year

7.93

7.90

7.89

7.75

7.87

7.92

7.97

10-Year

8.06

8.05

8.03

7.91

8.02

8.04

8.09

30-Year

8.23

8.20

8.23

8.21

8.09

8.19

8.22

8.27

Composite

Over 10 years (long-term) ¹⁴

8.29

8.26

8.29

8.27

8.15

8.25

8.28

8.33

Corporate bonds

Moody's Seasoned

AAA

9.03

9.01

9.00

8.99

8.96

9.00

9.05

9.04

BAA

10.43

10.37

10.35

10.33

10.24

10.34

10.44

10.45

A-Utility ¹⁵

9.65

9.80

9.83

State and local bonds ¹⁶

7.00

7.06

7.08

Conventional mortgages ¹⁷

9.56

9.61

9.64

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, including one very low yielding “flower” bond.

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.

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 1, 2, 3, 5, 7, 10, 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.