TABLE B–71.—Bond yields and interest rates, 1929–99—Continued [Percent per annum] U.S. Treasury securities Corporate bonds (Moody's) Bills (new issues)1 Constant maturities2 3-month 6-month 3-year 10-year 30-year High-low 1995: Jan 5.81 6.31 7.66 7.78 7.85 8.46 9.08 6.53 8.18 6.63 8.50–8.50 Feb 5.80 6.10 7.25 7.47 7.61 8.26 8.85 6.24 8.28 6.38 9.00–8.50 Mar 5.73 5.91 6.89 7.20 7.45 8.12 8.70 6.10 8.21 6.30 9.00–9.00 Apr 5.67 5.80 6.68 7.06 7.36 8.03 8.60 6.01 8.15 6.19 9.00–9.00 May 5.70 5.73 6.27 6.63 6.95 7.65 8.20 5.90 7.99 6.07 9.00–9.00 June 5.50 5.46 5.80 6.17 6.57 7.30 7.90 5.83 7.73 5.79 9.00–9.00 July 5.47 5.41 5.89 6.28 6.72 7.41 8.04 5.98 7.78 5.68 9.00–8.75 Aug 5.41 5.40 6.10 6.49 6.86 7.57 8.19 6.07 7.75 5.75 8.75–8.75 Sept 5.26 5.28 5.89 6.20 6.55 7.32 7.93 5.88 7.69 5.66 8.75–8.75 Oct 5.30 5.34 5.77 6.04 6.37 7.12 7.75 5.77 7.58 5.71 8.75–8.75 Nov 5.35 5.29 5.57 5.93 6.26 7.02 7.68 5.61 7.46 5.59 8.75–8.75 Dec 5.16 5.15 5.39 5.71 6.06 6.82 7.49 5.42 7.40 5.43 8.75–8.50 1996: Jan 5.02 4.97 5.20 5.65 6.05 6.81 7.47 5.42 7.32 5.23 8.50–8.50 Feb 4.87 4.79 5.14 5.81 6.24 6.99 7.63 5.45 7.20 4.99 8.50–8.25 Mar 4.96 4.96 5.79 6.27 6.60 7.35 8.03 5.82 7.49 5.26 8.25–8.25 Apr 4.99 5.08 6.11 6.51 6.79 7.50 8.19 5.93 7.76 5.38 8.25–8.25 May 5.02 5.12 6.27 6.74 6.93 7.62 8.30 5.98 7.80 5.42 8.25–8.25 June 5.11 5.26 6.49 6.91 7.06 7.71 8.40 6.03 8.05 5.57 8.25–8.25 July 5.17 5.32 6.45 6.87 7.03 7.65 8.35 5.91 8.01 5.67 8.25–8.25 Aug 5.09 5.17 6.21 6.64 6.84 7.46 8.18 5.72 8.08 5.51 8.25–8.25 Sept 5.15 5.29 6.41 6.83 7.03 7.66 8.35 5.86 7.98 5.66 8.25–8.25 Oct 5.01 5.12 6.08 6.53 6.81 7.39 8.07 5.71 7.95 5.45 8.25–8.25 Nov 5.03 5.07 5.82 6.20 6.48 7.10 7.79 5.59 7.80 5.40 8.25–8.25 Dec 4.87 5.02 5.91 6.30 6.55 7.20 7.89 5.62 7.79 5.44 8.25–8.25 1997: Jan 5.05 5.11 6.16 6.58 6,83 7.42 8.09 5.72 7.81 5.48 8.25–8.25 Feb 5.00 5.05 6.03 6.42 6.69 7.31 7.94 5.63 7.78 5.42 8.25–8.25 Mar 5.14 5.24 6.38 6.69 6.93 7.55 8.18 5.78 7.88 5.61 8.50–8.25 Apr 5.17 5.35 6.61 6.89 7.09 7.73 8.34 5.88 8.03 5.79 8.50–8.50 May 5.13 5.35 6.42 6.71 6.94 7.58 8.20 5.71 8.01 5.78 8.50–8.50 June 4.92 5.14 6.24 6.49 6.77 7.41 8.02 5.60 7.95 5.69 8.50–8.50 July 5.07 5.12 6.00 6.22 6.51 7.14 7.75 5.41 7.78 5.60 8.50–8.50 Aug 5.13 5.17 6.06 6.30 6.58 7.22 7.82 5.47 7.59 5.59 8.50–8.50 Sept 4.97 5.11 5.98 6.21 6.50 7.15 7.70 5.38 7.61 ... 8.50–8.50 Oct 4.95 5.09 5.84 6.03 6.33 7.00 7.57 5.37 7.54 ... 8.50–8.50 Nov 5.15 5.17 5.76 5.88 6.11 6.87 7.42 5.38 7.40 ... 8.50–8.50 Dec 5.16 5.24 5.74 5.81 5.99 6.76 7.32 5.22 7.40 ... 8.50–8.50 1998: Prime rate charged by banks5 Year and month Highgrrad municipa l bonds (Standar d & Poor's) Aaa Baa New home mortgage yields3 Commerci al paper, 6 months4Jan 5.09 5.07 5.38 5.54 5.81 6.61 7.19 5.07 7.27 ... 8.50–8.50 Feb 5.11 5.07 5.43 5.57 5.89 6.67 7.25 5.16 7.24 ... 8.50–8.50 Mar 5.03 5.04 5.57 5.65 5.95 6.71 7.32 5.30 7.17 ... 8.50–8.50 Apr 5.00 5.08 5.58 5.64 5.92 6.69 7.33 5.33 7.19 ... 8.50–8.50 May 5.03 5.15 5.61 5.65 5.93 6.69 7.30 5.21 7.18 ... 8.50–8.50 June 4.99 5.12 5.52 5.50 5.70 6.53 7.13 5.13 7.16 ... 8.50–8.50 July 4.96 5.03 5.47 5.46 5.68 6.55 7.15 5.18 7.13 ... 8.50–8.50 Aug 4.94 4.97 5.24 5.34 5.54 6.52 7.14 5.13 7.09 ... 8.50–8.50 Sept 4.74 4.75 4.62 4.81 5.20 6.40 7.09 4.98 6.98 ... 8.50–8.25 Oct 4.08 4.15 4.18 4.53 5.01 6.37 7.18 4.90 6.85 ... 8.25–8.00 Nov 4.44 4.43 4.57 4.83 5.25 6.41 7.34 5.06 6.80 ... 8.00–7.75 Dec 4.42 4.43 4.48 4.65 5.06 6.22 7.23 5.00 6.94 ... 7.75–7.75 1999: Jan 4.34 4.36 4.61 4.72 5.16 6.24 7.29 5.04 6.96 ... 7.75–7.75 Feb 4.45 4.43 4.90 5.00 5.37 6.40 7.39 5.03 6.92 ... 7.75–7.75 Mar 4.48 4.52 5.11 5.23 5.58 6.62 7.53 5.10 6.86 ... 7.75–7.75 Apr 4.28 4.36 5.03 5.18 5.55 6.64 7.48 5.07 6.85 ... 7.75–7.75 May 4.51 4.55 5.33 5.54 5.81 6.93 7.72 5.17 6.89 ... 7.75–7.75 June 4.59 4.81 5.70 5.90 6.04 7.23 8.02 5.34 7.03 ... 7.75–7.75 July 4.60 4.62 5.62 5.79 5.98 7.19 7.95 5.36 7.29 ... 8.00–8.00 Aug 4.76 4.88 5.77 5.94 6.07 7.40 8.15 5.59 7.09 ... 8.25–8.00 Sept 4.73 4.91 5.75 5.92 6.07 7.39 8.20 5.70 7.09 ... 8.25–8.25 Oct 4.88 4.98 5.94 6.11 6.26 7.55 8.38 5.92 7.17 ... 8.25–8.25 Nov 5.07 5.17 5.92 6.03 6.15 7.36 8.15 5.85 7.24 ... 8.50–8.25 Dec 5.23 5.43 6.14 6.28 6.35 7.55 8.19 5.93 7.28 ... 8.50–8.50 6 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. 7 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 1 year 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.High-low 4.75–4.75 5.53 5.25–4.75 5.92 5.25–5.25 5.98 5.25–5.25 6.05 5.25–5.25 6.01 5.25–5.25 6.00 5.25–5.25 5.85 5.25–5.25 5.74 5.25–5.25 5.80 5.25–5.25 5.76 5.25–5.25 5.80 5.25–5.25 5.60 5.25–5.00 5.56 5.00–5.00 5.22 5.00–5.00 5.31 5.00–5.00 5.22 5.00–5.00 5.24 5.00–5.00 5.27 5.00–5.00 5.40 5.00–5.00 5.22 5.00–5.00 5.30 5.00–5.00 5.24 5.00–5.00 5.31 5.00–5.00 5.29 5.00–5.00 5.25 5.00–5.00 5.19 5.00–5.00 5.39 5.00–5.00 5.51 5.00–5.00 5.50 5.00–5.00 5.56 5.00–5.00 5.52 5.00–5.00 5.54 5.00–5.00 5.54 5.00–5.00 5.50 5.00–5.00 5.52 5.00–5.00 5.50 Discount rate, Federal Reserve Bank of New York5 Federal funds rate65.00–5.00 5.56 5.00–5.00 5.51 5.00–5.00 5.49 5.00–5.00 5.45 5.00–5.00 5.49 5.00–5.00 5.56 5.00–5.00 5.54 5.00–5.00 5.55 5.00–5.00 5.51 5.00–4.75 5.07 4.75–4.50 4.83 4.50–4.50 4.68 4.50–4.50 4.63 4.50–4.50 4.76 4.50–4.50 4.81 4.50–4.50 4.74 4.50–4.50 4.74 4.50–4.50 4.76 4.50–4.50 4.99 4.75–4.50 5.07 4.75–4.75 5.22 4.75–4.75 5.20 5.00–4.75 5.42 5.00–5.00 5.30 transactions at these rates. Prior to that which most transactions occurred. Government securities maturing in 1 year Board, Moody's Investors Service, and