Appendix B to Subpart E to 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 [phone].

H. 15 (519)

For immediate release February 4, 1991.

Selected Interest Rates[Yields in percent per annum]Instruments1991 Jan. 281991 Jan. 291991 Jan. 301991 Jan. 311991 Feb. 1This weekLast week1991 Jan.Federal Funds (effective) 1237.61 7.16 6.96 8.18 6.30 7.46 6.88 6.91Commercial paper 3451-Month 6.88 6.96 6.95 6.99 6.73 6.90 6.83 7.123-Month 6.92 6.96 6.94 6.95 6.67 6.89 6.92 7.106-Month 6.87 6.91 6.88 6.88 6.58 6.82 6.86 7.02Finance paper placed directly 3461-Month 6.76 6.85 6.83 6.83 6.55 6.76 6.68 6.953-Month 6.75 6.83 6.83 6.76 6.46 6.73 6.77 6.926-Month 6.53 6.53 6.59 6.53 6.19 6.47 6.55 6.59Bankers acceptances (top rated) 3473-Month 6.80 6.82 6.77 6.68 6.30 6.67 6.76 6.966-Month 6.67 6.70 6.65 6.55 6.15 6.54 6.63 6.84CDS (secondary market) 381-Month 6.78 6.85 6.87 6.82 6.52 6.77 6.77 7.103-Month 6.94 6.95 6.93 6.88 6.51 6.84 6.94 7.176-Month 6.95 6.98 6.95 6.88 6.51 6.85 6.97 7.17Eurodollar deposits (London) 391-Month 6.81 6.88 6.88 6.88 6.88 6.86 6.81 7.133-Month 6.94 7.06 7.00 6.94 6.94 6.98 7.01 7.236-Month 7.00 7.00 7.00 6.94 6.94 6.98 7.04 7.23Bank prime loan 23109.50 9.50 9.50 9.50 9.50 9.50 9.50 9.52Discount window borrowing 2116.50 6.50 6.50 6.50 6.00 6.50 6.50 6.50U.S. Government securitiesTreasury billsAuction average 34123-Month 6.22 6.22 6.14 6.306-Month 6.28 6.28 6.21 6.341-Year 6.22Auction average (investment) 123-Month 6.41 6.41 6.32 6.496-Month 6.58 6.58 6.50 6.64Secondary market 343-Month 6.25 6.22 6.20 6.19 6.00 6.17 6.12 6.226-Month 6.26 6.26 6.24 6.20 5.97 6.19 6.20 6.281-Year 6.24 6.20 6.17 6.13 5.91 6.13 6.19 6.25Treasury Constant maturities 131-Year 6.64 6.59 6.56 6.51 6.27 6.51 6.58 6.642-Year 7.12 7.10 7.07 7.05 6.83 7.03 7.09 7.133-Year 7.38 7.35 7.34 7.30 7.10 7.29 7.35 7.385-Year 7.67 7.64 7.64 7.62 7.45 7.60 7.66 7.707-Year 7.93 7.90 7.90 7.89 7.75 7.87 7.92 7.9710-Year 8.06 8.05 8.05 8.03 7.91 8.02 8.04 8.0930-Year 8.23 8.20 8.23 8.21 8.09 8.19 8.22 8.27CompositeOver 10 years (long-term) 148.29 8.26 8.29 8.27 8.15 8.25 8.28 8.33Corporate bondsMoody's SeasonedAAA 9.03 9.01 9.00 8.99 8.96 9.00 9.05 9.04BAA 10.43 10.37 10.35 10.33 10.24 10.34 10.44 10.45A-Utility 159.65 9.65 9.80 9.83State and local bonds 167.00 7.00 7.06 7.08Conventional mortgages 179.56 9.56 9.61 9.64Footnotes: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. 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 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.