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_H.15_ 1995 - Fraser - Federal Reserve Bank of St. Louis

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_H.15_ 1995 - Fraser - Federal Reserve Bank of St. Louis Powered By Docstoc
					            FEDERAL RESERVE statistical release
           resa aaia are released eacn Monday. The avaiiabiiuy of ;ne reiease ;s announced on (202) 452-3206.
                 H.15 (519)
                 SELECTED INTEREST RATES                                                                                               For immediate release
                 Yields in percent per annum                                                                                             December 26, 1995
                                                                                                                                  Week Ending
                                                                     1995          1995          1995           1995    1995                       1995
                                 Instruments                         Dec           Dec           Dec            Dec     Dec     Dec       Dec      Nov
                                                                      18            19            20             21      22     22         15
               Federal funds (effective) 1 2 3                       5.76          5.63          6.74           5.74   5.44    5.90       5.73      5.80
               Commercial p a p e r 3 4 5
                    1-month                                          5.92          5.93          5.74           5.76   5.82    5.83       5.87      5 80
                    3-month                                          5.66          5.67          5.56           5.56   5.60    5.61       5.65      5.74
                    6-month                                          5.45          5.47          5.40           5.38   5.40    5.42       5.44      5.59
               Finance paper placed directly 3 4 6
                    1-month                                          5.79          5.80          5.60           5.64   5.60    5.69       5.77      5.69
                    3-month                                          5.51          5.54          5.41           5.43   5.42    5.46       5.47      5.59
                    6-month                                          5.26          5.23          5.15           5.17   5.13    5.19       5.22      5.35
               Bankers acceptances (top rated) 3 4 7
                    3-month                                          5.58          5.47          5.46           5.47   5.45    5.49       5.57      5.64
                    6-month                                          5.40          5.31          5.29           5.30   5.27    5.31       5.38      5.47
               CDs (secondary m a r k e t ) 3 a
                    1-month                                          5.82          5.82          5.64           5.64   5.65    5.71       5.81      5.75
                    3-month                                          5.67          5.68          5.55           5.54   5.55    5.60       5.67      5.74
                    6-month                                          5.52          5.53          5.43           5.43   5.43    5.47       5.52      5.64
               Eurodollar deposits (London) 3 9
                    1-month                                          5.78          5.78          5.63           5.63   5.63    5.69       5.81      5.72
                    3-month                                          5.69          5.69          5.53           5.53   5.53    5.59       5.69      5.75
                    6-month                                          5.53          5.53          5.44           5.44   5.47    5.48       5.55      5.63
               Bank prime l o a n 2 3 1 0                            8.75          8.75          8.50           8.50   8.50    8.71       8.75      8.75
               Discount window borrowing 2 1 1                       5.25          5.25          5.25           5.25   5.25    5.25       5.25      5.25
               U.S. government securities
                    Treasury bills
                         Auction average 3 4 1 2
                               3-month                               5.15                                                      5.15      5.30       5.35
                               6-month                               5.15                                                      5.15      5.20       5.29
                               1-year                                                                                                    5.06       5.15
                         Secondary market 3 4
                               3-month                               5.20          5.09          5.00           4.91   4.90    5.02      5.26       5.36
                               6-month                               5.18          5.09          5.07           5.08   5.05    5.09      5.19       5.27
                               1-year                                5.09          5.00          4.99           5.01   4.98    5.01      5.06       5.14
                    Treasury constant maturities 1 3
                         3-month                                     5.32          5.24          5.15           5.05   5.04    5.16      5.41       5.52
                         6-month                                     5.40          5.31          5.29           5.30   5.27    5.31      5.41       5.51
                         1-year                                      5.38          5.28          5.27           5.29   5.26    5.30      5.35       5.43
                         2-year                                      5.43          5.36          5.33           5.33   5.28    5.35      5.38       5.48
                         3-year                                      5.51          5.45          5.42           5.41   5.37    5.43      5.42       5.57
                         5-year                                      5.66          5.58          5.55           5.53   5.50    5.56      5.55       5.69
                         7-year                                      5.77          5.71          5.67           5.68   5.62    5.69      5.66       5.83
                         10-year                                     5.85          5.81          5.76           5.77   5.71    5.78      5.73       5.93
                         20-year                                     6.26          6.21          6.18           6.19   6.12    6.19      6.13       6.33
                         30 -year                                    6.20          6.14          6.11           6.11   6.06    6.12      6.07       6.26
                    Composite
                         Over 10 years (long-term) 1 4               6.24          6.19          6.16           6.16   6.10    6.17      6.12       6.31
               Corporate bonds
                    Moody's seasoned
                          Aaa                                        6.92          6.86          6.86           6.87   n.g.    n.a.      6.83       7.02
                          Baa                                        7.59          7.53          7.53           7.54   n.a.    n.a.      7.50       7.68
                    A-utility 15                                                                                        7.10    7.10     7.13       7.30
               State & local bonds 1 6                                                                          5.51            5.51     5.51       5.64
               Conventional mortgages     17
                                                                                                                       7.23     7.23     7.15       7.38




                  See overleaf for footnotes

                 n.a. - not available
Digitized for FRASER
Federal Reserve Bank of St. Louis
                                                                      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 :f
                    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- 986.
                       Historical data are available on diskette from the Board's Publications Services Sections, 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 quota-
               tions 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, 7,1C, 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 mar-
               ket yield on an outstanding Treasury bond with approximately 20 years remaining to maturity.




Digitized for FRASER
Federal Reserve Bank of St. Louis

				
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