TABLE B–73.—Bond yields and interest rates, 1929–2007 [Percent per annum] U.S. Treasury securities Bills (new issues)
1
Year and month
Constant maturities
2
Corporate bonds (Moody's)
3-month 1929. 1933. 1939. 1940. 1941. 1942. 1943. 1944. 1945. 1946. 1947. 1948. 1949. 1950. 1951. 1952. 1953. 1954. 1955. 1956. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. 1977. 1978. 1979. 1980. 1981. 1982. 1983. 1984. 1985. 1986. 1987. 1988. 1989. 1990. 1991. 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007.
1
6-month ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 3.832 3.247 2.605 2.908 3.253 3.686 4.055 5.082 4.630 5.470 6.853 6.562 4.511 4.466 7.178 7.926 6.122 5.266 5.510 7.572 10.017 11.374 13.776 11.084 8.75 9.80 7.66 6.03 6.05 6.92 8.04 7.47 5.49 3.57 3.14 4.66 5.59 5.09 5.18 4.85 4.76 5.92 3.39 1.69 1.06 1.58 3.40 4.81 4.48
3-year 10-year 30-year ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 2.47 1.63 2.47 3.19 3.98 2.84 4.46 3.98 3.54 3.47 3.67 4.03 4.22 5.23 5.03 5.68 7.02 7.29 5.65 5.72 6.95 7.82 7.49 6.77 6.69 8.29 9.71 11.55 14.44 12.92 10.45 11.89 9.64 7.06 7.68 8.26 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.49 6.22 4.09 3.10 2.10 2.78 3.93 4.77 4.35 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 2.85 2.40 2.82 3.18 3.65 3.32 4.33 4.12 3.88 3.95 4.00 4.19 4.28 4.92 5.07 5.65 6.67 7.35 6.16 6.21 6.84 7.56 7.99 7.61 7.42 8.41 9.44 11.46 13.91 13.00 11.10 12.44 10.62 7.68 8.39 8.85 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.80 4.63 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 7.75 8.49 9.28 11.27 13.45 12.76 11.18 12.41 10.79 7.78 8.59 8.96 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.87 5.94 5.49 ...... ...... ...... ...... 4.91 4.84
Aaa 3 4.73 4.49 3.01 2.84 2.77 2.83 2.73 2.72 2.62 2.53 2.61 2.82 2.66 2.62 2.86 2.96 3.20 2.90 3.06 3.36 3.89 3.79 4.38 4.41 4.35 4.33 4.26 4.40 4.49 5.13 5.51 6.18 7.03 8.04 7.39 7.21 7.44 8.57 8.83 8.43 8.02 8.73 9.63 11.94 14.17 13.79 12.04 12.71 11.37 9.02 9.38 9.71 9.26 9.32 8.77 8.14 7.22 7.96 7.59 7.37 7.26 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.59 5.56
Baa 5.90 7.76 4.96 4.75 4.33 4.28 3.91 3.61 3.29 3.05 3.24 3.47 3.42 3.24 3.41 3.52 3.74 3.51 3.53 3.88 4.71 4.73 5.05 5.19 5.08 5.02 4.86 4.83 4.87 5.67 6.23 6.94 7.81 9.11 8.56 8.16 8.24 9.50 10.61 9.75 8.97 9.49 10.69 13.67 16.04 16.11 13.55 14.19 12.72 10.39 10.58 10.83 10.18 10.36 9.80 8.98 7.93 8.62 8.20 8.05 7.86 7.22 7.87 8.36 7.95 7.80 6.77 6.39 6.06 6.48 6.48
HighNewgrade municipal home mortgag bonds (Standar e yields 4 d& Poor's) 4.27 4.71 2.76 2.50 2.10 2.36 2.06 1.86 1.67 1.64 2.01 2.40 2.21 1.98 2.00 2.19 2.72 2.37 2.53 2.93 3.60 3.56 3.95 3.73 3.46 3.18 3.23 3.22 3.27 3.82 3.98 4.51 5.81 6.51 5.70 5.27 5.18 6.09 6.89 6.49 5.56 5.90 6.39 8.51 11.23 11.57 9.47 10.15 9.18 7.38 7.73 7.76 7.24 7.25 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.42 4.42 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 5.89 5.83 5.81 6.25 6.46 6.97 7.81 8.45 7.74 7.60 7.96 8.92 9.00 9.00 9.02 9.56 10.78 12.66 14.70 15.14 12.57 12.38 11.55 10.17 9.31 9.19 10.13 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.94 6.63 6.41
Prime rate charged by banks 5
Discount window (Federal Reserve Bank of New York)
5, 6
Federal funds rate 7
Primary credit 5.50-6.00 1.50-4.00 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50-1.75 1.75-2.00 2.00 2.07 2.56 3.00 3.17 3.05 3.16 3.77 4.20 3.83 4.48 4.82 4.50 4.50 4.50 4.50 4.54 5.63 5.61 6.30 7.96 7.91 5.72 5.25 8.03 10.81 7.86 6.84 6.83 9.06 12.67 15.27 18.87 14.86 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.00 9.23 6.91 4.67 4.12 4.34 6.19 7.96 8.05 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 2.12 2.34 4.19 5.96 5.86
Adjustment credit 5.16 2.56 1.00 1.00 1.00
8 8 8 8 8
...... 0.515 .023 .014 .103 .326 .373 .375 .375 .375 .594 1.040 1.102 1.218 1.552 1.766 1.931 .953 1.753 2.658 3.267 1.839 3.405 2.928 2.378 2.778 3.157 3.549 3.954 4.881 4.321 5.339 6.677 6.458 4.348 4.071 7.041 7.886 5.838 4.989 5.265 7.221 10.041 11.506 14.029 10.686 8.63 9.58 7.48 5.98 5.82 6.69 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.66 5.85 3.45 1.62 1.02 1.38 3.16 4.73 4.41
...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 1.78 2.73 3.11 1.57 3.30 3.22 1.96 2.68 3.18 3.50 4.07 5.11 4.22 5.66 8.20 7.18 4.66 4.43 8.73 10.50 5.82 5.04 5.54 7.93 11.19 13.36 16.38 12.26 9.09 10.23 8.10 6.81 6.66 7.57 9.21 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 4.97 6.24 3.88 1.67 1.13 1.35 3.22 4.97 5.02
1.00 1.00 1.00 1.00 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.15 3.36 3.53 3.00 3.00 3.23 3.55 4.04 4.50 4.19 5.16 5.87 5.95 4.88 4.50 6.44 7.83 6.25 5.50 5.46 7.46
10.28 11.77 13.42 11.02 8.50 8.80 7.69 6.33 5.66 6.20 6.93 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 4.62 5.73 3.40 1.17 ...... ...... ...... ...... ......
Rate on new issues within period; bank-discount basis. 2 Yields on the more actively traded issues adjusted to constant maturities by the Department of the Treasury. The 30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced on February 9, 2006.
3
Beginning with December 7, 2001, data for corporate Aaa series are industrial bonds only.
See next page for continuation of table.
TABLE B–73.—Bond yields and interest rates, 1929–2007 —Continued [Percent per annum] U.S. Treasury securities Bills (new issues)
1
Year and month
Constant maturities
2
Corporate bonds (Moody's)
3-month
6-month
3-year 10-year 30-year
Aaa
3
Baa
Highgrade Newmunicipal home bonds mortgage (Standar 4 yields d& Poor's)
Prime rate charged by 5 banks
Discount window (Federal Reserve Bank of New York)
5, 6
Federal funds rate
7
Primary credit High-low High-low 2.25-2.25 2.25-2.25 2.25-2.25 2.25-2.25 2.25-2.25 2.25-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.25-2.00 2.25-2.25 2.50-2.25 2.75-2.50 2.75-2.75 3.00-2.75 3.25-3.00 3.25-3.25 3.50-3.25 3.75-3.50 3.75-3.75 4.00-3.75 4.25-4.00 4.25-4.25 4.50-4.25 4.75-4.50 4.75-4.75 5.00-5.00 5.25-5.00 5.50-5.25 5.50-5.50 5.75-5.50 5.75-5.75 6.00-5.75 6.25-6.00 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-5.75 5.75-5.25 5.25-5.00 5.00-5.00 5.00-4.75
Adjustment credit High-low 0.75-0.75 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 1.24 1.26 1.25 1.26 1.26 1.22 1.01 1.03 1.01 1.01 1.00 .98 1.00 1.01 1.00 1.00 1.00 1.03 1.26 1.43 1.61 1.76 1.93 2.16 2.28 2.50 2.63 2.79 3.00 3.04 3.26 3.50 3.62 3.78 4.00 4.16 4.29 4.49 4.59 4.79 4.94 4.99 5.24 5.25 5.25 5.25 5.25 5.24 5.25 5.26 5.26 5.25 5.25 5.25 5.26 5.02 4.94 4.76 4.49 4.24
2003: Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct. Nov. Dec. 2004: Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct. Nov. Dec. 2005: Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct. Nov. Dec. 2006: Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct. Nov. Dec. 2007: Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct. Nov. Dec.
4
1.17 1.16 1.13 1.14 1.08 .95 .90 .96 .95 .93 .94 .90 .89 .92 .94 .94 1.04 1.27 1.35 1.48 1.65 1.75 2.06 2.20 2.32 2.53 2.75 2.79 2.86 2.99 3.22 3.45 3.47 3.70 3.90 3.89 4.20 4.41 4.51 4.59 4.72 4.79 4.96 4.98 4.82 4.89 4.95 4.85 4.96 5.02 4.97 4.88 4.77 4.63 4.84 4.34 4.01 3.97 3.49 3.08
1.21 1.18 1.12 1.15 1.09 .94 .95 1.04 1.02 1.01 1.02 1.00 .98 .99 .99 1.06 1.31 1.58 1.68 1.72 1.86 2.00 2.26 2.45 2.60 2.76 3.00 3.06 3.10 3.13 3.41 3.67 3.68 3.98 4.16 4.19 4.30 4.51 4.61 4.72 4.81 4.95 5.09 4.99 4.90 4.91 4.96 4.88 4.94 4.97 4.90 4.87 4.80 4.77 4.86 4.56 4.13 4.08 3.63 3.29
2.18 2.05 1.98 2.06 1.75 1.51 1.93 2.44 2.23 2.26 2.45 2.44 2.27 2.25 2.00 2.57 3.10 3.26 3.05 2.88 2.83 2.85 3.09 3.21 3.39 3.54 3.91 3.79 3.72 3.69 3.91 4.08 3.96 4.29 4.43 4.39 4.35 4.64 4.74 4.89 4.97 5.09 5.07 4.85 4.69 4.72 4.64 4.58 4.79 4.75 4.51 4.60 4.69 5.00 4.82 4.34 4.06 4.01 3.35 3.13
4.05 3.90 3.81 3.96 3.57 3.33 3.98 4.45 4.27 4.29 4.30 4.27 4.15 4.08 3.83 4.35 4.72 4.73 4.50 4.28 4.13 4.10 4.19 4.23 4.22 4.17 4.50 4.34 4.14 4.00 4.18 4.26 4.20 4.46 4.54 4.47 4.42 4.57 4.72 4.99 5.11 5.11 5.09 4.88 4.72 4.73 4.60 4.56 4.76 4.72 4.56 4.69 4.75 5.10 5.00 4.67 4.52 4.53 4.15 4.10
...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 4.54 4.73 5.06 5.20 5.15 5.13 5.00 4.85 4.85 4.69 4.68 4.85 4.82 4.72 4.87 4.90 5.20 5.11 4.93 4.79 4.77 4.52 4.53
6.17 5.95 5.89 5.74 5.22 4.97 5.49 5.88 5.72 5.70 5.65 5.62 5.54 5.50 5.33 5.73 6.04 6.01 5.82 5.65 5.46 5.47 5.52 5.47 5.36 5.20 5.40 5.33 5.15 4.96 5.06 5.09 5.13 5.35 5.42 5.37 5.29 5.35 5.53 5.84 5.95 5.89 5.85 5.68 5.51 5.51 5.33 5.32 5.40 5.39 5.30 5.47 5.47 5.79 5.73 5.79 5.74 5.66 5.44 5.49
7.35 7.06 6.95 6.85 6.38 6.19 6.62 7.01 6.79 6.73 6.66 6.60 6.44 6.27 6.11 6.46 6.75 6.78 6.62 6.46 6.27 6.21 6.20 6.15 6.02 5.82 6.06 6.05 6.01 5.86 5.95 5.96 6.03 6.30 6.39 6.32 6.24 6.27 6.41 6.68 6.75 6.78 6.76 6.59 6.43 6.42 6.20 6.22 6.34 6.28 6.27 6.39 6.39 6.70 6.65 6.65 6.59 6.48 6.40 6.65
4.88 4.80 4.72 4.71 4.35 4.32 4.71 5.08 4.91 4.84 4.74 4.65 4.53 4.48 4.39 4.84 5.03 5.00 4.82 4.65 4.49 4.43 4.48 4.40 4.28 4.14 4.42 4.31 4.16 4.08 4.15 4.21 4.28 4.49 4.53 4.43 4.31 4.41 4.44 4.60 4.61 4.64 4.64 4.43 4.30 4.32 4.17 4.17 4.29 4.21 4.18 4.32 4.37 4.64 4.64 4.73 4.57 4.41 4.45 4.22
6.12 5.82 5.75 5.92 5.75 5.51 5.53 5.77 5.97 5.92 5.92 5.59 5.48 5.72 5.42 5.49 5.77 5.81 5.96 5.88 5.72 5.82 5.91 6.02 6.01 5.75 5.82 5.84 5.82 5.76 5.76 5.83 5.99 6.03 6.20 6.39 6.12 6.40 6.53 6.64 6.69 6.79 6.81 6.87 6.72 6.69 6.55 6.37 6.35 6.31 6.22 6.21 6.22 6.54 6.70 6.73 6.58 6.55 6.42 6.21
4.25-4.25 4.25-4.25 4.25-4.25 4.25-4.25 4.25-4.25 4.25-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.25-4.00 4.25-4.25 4.50-4.25 4.75-4.50 4.75-4.75 5.00-4.75 5.25-5.00 5.25-5.25 5.50-5.25 5.75-5.50 5.75-5.75 6.00-5.75 6.25-6.00 6.25-6.25 6.50-6.25 6.75-6.50 6.75-6.75 7.00-7.00 7.25-7.00 7.50-7.25 7.50-7.50 7.75-7.50 7.75-7.75 8.00-7.75 8.25-8.00 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-7.75 7.75-7.50 7.50-7.50 7.50-7.25
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assuming, on the average, repayment at end of 10 years. Rates beginning with January 1973 not strictly comparable with prior rates.
5 6 7
For monthly data, high and low for the period. Prime rate for 1929-33 and 1947-48 are ranges of the rate in effect during the period. Primary credit replaced adjustment credit as the Federal Reserve's principal discount window lending program effective January 9, 2003.
Since July 19, 1975, the daily effective rate is an average of the rates on a given day weighted by the volume of transactions at these rates. Prior to that date, the daily effective rate was the rate considered most representative of the day's transactions, usually the one at which most transactions occurred.
8
From October 30, 1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured by Government securities maturing in one year or less.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's.