TABLE C-28.—Bond yields and interest rates, selected years, 1929-49 [Percent per annum] Period 9-12 month certificaate of indebtednees U. S. Government security yields Long-term bonds Partially taxexeemp 2 15 years and over, taxable High grade corporrat bond yields (Moody's) Aaa bonds Baa bonds Bank rates on shortteer business loans (3) (3) (3) 002.1 2.0 2.6 2.2 2.1 2.1 2.5 (3) 2.4 2.47 2.60 2.64 2.70 2.74 2.63 (3) Bankers acceptannce 90 days-New York 5.03 .63 .13 .43 .44 .44 .44 .44 .61 .87 1.11 1.13 1.06 1.06 1.13 1.19 1.19 1.19 1.06 1.06 Federal Eeserve Bank discount rate-New York 1929 average 1933 average 1935 average 1937 average 1939 average 1941 average 1943 average 1945 average 1946 average 1947 average 1948 average... _ 1949 average 8 1948—First quarter Second quarter. _ Third quarter. __ Fourth quarter.. 1949—First quarter Second quarter. _ Third quarter. _. Fourth quarter«_ (0 (l) 0) 0) 0) (00.75 .81 .82 .88 1.14 1.14 1.09 1.09 1.14 1.22 1.22 1.20 1.06 1.10 3.60 3.31 2.79 2.74 2.41 2.05 1.W8 1.66 C5) (5) 2.47 2.37 2.19 2.25 2.44 2.31 2.45 2.42 2.45 2.44 2.40 2.38 2.24 2.20 4.73 4.49 3.60 3.26 3.01 2.77 2.73 2.62 2.53 2.61 2.82 2.67 2.85 2.77 2.83 2.82 2.71 2.70 2.63 2.60 5.90 7.76 5. 75 5.03 4.96 4.33 3.91 3.29 3.05 3.24 3.47 3.42 3.53 3.40 3.42 3.52 3.46 3.45 3.41 3.35 5.16 2.56 1.50 1.29 1.00 1.00 4 1.00 <1.00 4 1.00 1.00 1.34 1.50 1.22 1.25 1.38 1.50 1.50 1.50 1.50 1.50 1 Tax exempt prior to March 1, 1941; taxable thereafter. 2 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 12 years, in 1929 and 1933; and after 15 years, from 1935, 3 Not available. « From October 30, 1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secuure by Government securities maturing in 1 year or less. « No partially tax-exempt bonds due or callable in 15 years and over. 6 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers. Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Eeseerv System (except as noted). 176 January 1950TABLE B-28.—Bond yields and interest rates, selected years> 1929-50 [Percent per annum] Period 1929 average 1933 average __ 1935 average 1937 average 1939 average _ 1941 average 1943 average. . 1945 average 1946 average. . 1947 average 1948 average _ -1949 average 1949— First quarter Second quarter Third quarter Fourth quarter 1950 — First quarter Second quarter U. S. Government security yields 9-12 month certificaate of indebtednees 0) 0) (0 (0 0) 0)0.75 .81 .82 .88 .14 .14 .22 .20 .06 .09 1.14 61.19 Long-term bonds Partially taxexeemp 2 3.60 3.31 2.79 2.74 2.41 2.05 1.98 1.66 (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) 15 years and over, taxable 2.47 2.37 2.19 2.25 2.44 2.31 2.40 2.38 2.24 2.20 2.24 2.31 High grade corporrat bond yields (Moody's) Aaa bonds 4.73 4.49 3.60 3.26 3.01 2.77 2.73 2.62 2.53 2.61 2.82 2.66 2.71 2.71 2.63 2.60 2.58 2.61 Baa bonds 5.90 7.76 5.75 5.03 4.96 4.33 3.91 3.29 3.05 3.24 3.47 3.42 3.46 3.46 3.41 3.34 3.24 3.25 Bank rates on shortteer business loans (3) (3) (3) (3) 2.1 2.0 2.6 2.2 2.1 2.1 2.5 2.7 2.70 2. 74 2.63 2.65 2.60 2.68 Bankers acceptannce 90 days-New York 5.03 .63 .13 .43 .44 .44 .44 .44 .61 .87 1.11 1.12 1.19 1.19 1.06 1.06 1.06 1.06 Federal Reserve Bank discount rate-New York5.16 2.56 1.50 1.33 1.00 1.00 4 1.00 * 1.00 4 1. 00 .00 .34 .50 .50 .50 .50 1.50 1.50 1.50 1 Tax exempt prior to March 1,1941; taxable thereafter. 2 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 12 years, in 1929 and 1933; and after 15 years, from 1935. 3 Not available. 4 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 or less. No partially tax-exempt bonds due or callable in 15 years and over. 6 Beginning June 1,1950, series is based on three note issues maturing July 1,1951. Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Reserve System. 142 Midyear Report 1950TABLE A-31.—Bond yields and interest rates, selected years, 1929-50 [Percent per annum] Period 1929 average 1933 average 1935 average __ 1937 average 1939 average 1941 average 1943 average _ 1945 average _ _ 1946 average 1947 average 1948 average.. 1949 average 1950 average 6 1949— First quarter. Second quarter Third quarter Fourth quarter 1950— First quarter Second quarter Third quarter Fourth quarter 6_— U. S. Government security yields 9-12 month issues (2)88(2) 0.75 .81 .82 .88 1.14 1.14 1.26 1.22 1.20 1.06 1.09 1.14 1.19 1.27 1.44 Long-term bonds Partially taxexeemp * 3.60 3.31 2.79 2.74 2.41 2.05 1.98 1.66 (5) (5) (8)«(5) (5) (s) (•) (5) (6)8(8) 15 years and over, taxable 2.47 2.37 2.19 2.25 2.44 2.31 2.32 2.40 2.38 2.24 2.20 2.24 2.31 2.34 2.38 High grade corporrat bond yields (Moody's) Aaa bonds 4.73 4.49 3.60 3.26 3.01 2.77 2.73 2.62 2.53 2.61 2.82 2.66 2.62 2.71 2.71 2.63 2.60 2.58 2.61 2.63 2.67 Baa bonds 5.90 7.76 5.75 5.03 4.96 4.33 3.91 3.29 3.05 3.24 3.47 3.42 3.24 3.46 3.46 3.41 3.34 3.24 3.25 3.25 3.22 Bank rates on shortteer business loans (3) (3) (3) (5)2.1 2.0 2.6 2.2 2.1 2.1 2.5 2.7 (3) 2.70 2.74 2.63 2.65 2.60 2.68 2.63 (3) Bankers acceptannce 90 days-New York 5.03 .63 .13 .43 .44 .44 .44 .44 .61 .87 1.11 1.12 1.15 1.19 1.19 1.06 1.06 1.06 1.06 1.18 1.31 Federal Reserve Bank discount rate-New York5.16 2.56 1.50 1.33 1.00 1.00 *1.00 *1.00 U.OO 1.00 1.34 1.50 1.59 1.50 1.50 1.50 1.50 1.50 1.50 1.61 1.75 1 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 12 years, in 1929 and 1933; and after 15 years, from 1935. 2 Not available before August 1942. 3 Not available. * 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 or less. 8 No partially tax-exempt bonds due or callable in 15 years and over. 6 Estimates based on incomplete data. Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Reserve System. 201 January 1951TABLE B-33.—Bond yields and interest rates, selected years, 1929-51 [Percent per annum] Period Average: 1929 1933 1935 1937 1939 1941 1943 1945 1946 1947 1948 . ... 1949 I960 1950 — First quarter Second quarter Third quarter Fourth quarter 1951 — First quarter Second quarter United States Government security yields— New York 3-month Treasuur bills i (3) 0.515 .137 .447 .023 .103 .373 .375 .375 .594 1.040 1.102 1.218 1.118 .166 .233 .353 .400 .532 9-12 month issues 2 (4) (4) («) («) (*) (4) 0.75 .81 .82 .88 1.14 1.14 1.26 1.14 1.19 1.27 1.44 1.67 1.84 Taxable bonds 15 years and over (8) (5) 0)8(«) 2.47 2.37 2.19 2.25 2.44 2.31 2.32 2.24 2.31 2.34 2.38 2.42 2.61 Corporate Aaa bonds (Moody's) 4.73 4.49 3.60 3.26 3.01 2.77 2.73 2.62 2.53 2.61 2.82 2.66 2.62 2.58 2.61 2.63 2.67 2.70 2.90 Average of rates charged by banks on shortteer loansseleecte cities (') (6) (6) (6) 2.1 2.0 2.6 2.2 2.1 2.1 2.5 2.7 2.7 2.60 2.68 2.63 2.84 3.02 3.07 Prime commerciia paper, months-New York 5.85 1.73 .76 .94 .59 .54 .69 .75 .81 1.03 1.44 1.48 1.45 1.31 1.31 1.47 1.71 1.96 2.20 Bankers acceptancces 90 days-New York 5.03 .63 .13 .43 .44 .44 .44 .44 .61 .87 1.11 1.12 1.15 1.06 1.06 1.18 1.31 1.51 1.63 Federal Reserve Bank discount rate — New York 5.16 2.56 1.50 1.33 1.00 1.00 U.OO n.oo '1.00 1.00 1.34 1.50 1.59 1.50 .60 .61 .75 .75 .75 i Rate on new issues within period. 3 Includes certificates of indebtedness, when outstanding in proper maturity range, and selected note and bond issues. 3 Treasury bills were first issued in December 1929. < Not available before August 1942. «Taxable bonds in this classification were first issued in March 1941. « Not available on same basis. 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 or callable hi one year or less. Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Reserve System. 257 Midyear Report 1951TABLE B-30.—Bond yields and interest rales, 1929-52 [Percent per annum] Period 1929 1930 1931 1932 1933 1934 1935 1936 --1937 1938 1939 1940 ?_ . 1941 1942. 1943 _ 1944 1945 1946 1947 1948 1949 1950 _ _ _ -1951 1951: First half Second half 1952: First half 1951: First quarter Second quarter . -Third quarter Fourth quarter. . 1952: First quarter Second quarter.. U. S. Government security yields 3-month Treasury bills i (4) (4) 1.402 .879 .515 .256 .137 .143 .447 .053 .023 .014 .103 .326 .373 .375 .375 .375 .594 1.040 1.102 1.218 1.552 1.466 1.638 1.659 1.400 1.532 1.628 1.649 1.640 1.678 9-12 month issues 2 (•) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5).75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.73 1.72 1.69 1.62 1.84 1.72 1.73 1.71 1.67 Taxable bonds 3 (6) (6) (6) (6) (6) (6) (8) (6) (6) (6) (6) (6) (6) 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.52 2.62 2.66 2.42 2.61 2.59 2.68 2.72 2.61 Corporate Aaa bonds (Moody's) 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 2.80 2.92 2.94 2.70 2.90 2.89 2.95 2.96 2.93 Average of rates charged by banks on short-term loans— seleccte cities (7) (7)8(7) (7) (7) (7) (7) (7)2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.04 3.16 3.48 3.02 3.07 3.06 3.27 3.45 3.51 Prime commerrcia paper 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .76 .75 .94 .81 .59 .56 .54 .66 .69 .73 .75 .81 1.03 1. 44 1.48 1.45 2.17 2.08 2.26 2.35 1.96 2.20 2.25 2.26 2.38 2.32 Bankers acceptannces 90 days 5.03 2.48 1.57 1.28 .63 .25 .13 .16 .43 .44 .44 .44 .44 .44 .44 .44 .44 .61 .87 1.11 1.12 1.15 1.60 1.57 1.64 1.75 1.51 1.63 1.63 1.65 1.75 1.75 Federal Reserve Bank discount rate5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 81.00 8 1.00 8 1.00 81.00 81.00 1.00 1.34 1.50 1.59 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1 Rate on new issues within period. Issues were tax-exempt prior to March 1,1941, and fully taxable there -after. Series includes issues with maturities of more than 3 months in period, 1934-37. 2 Includes certificates of indebtedness and selected note and bond issues. 315 years and over prior to April 1952; 12 years and over beginning in April 1952. * Treasury bills were first issued in December 1929 and were issued irregularly in 1930. ' Not available before August 1942. 6 Bonds in this classification were first issued in March 1941. 7 Not available on same basis as for 1939 on. 8 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secuure by Government securities maturing or callable in 1 year or less. NOTE.—Yields and rates computed for New York City, except for average of rates charged on short-term loans. Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Reserve System. 170 Midyear Report 1952TABLE B-30.—Bond yields and interest rales, 1929-52 [Percent per annum] Period 1929 1930 1931 1932 1933 1934 1935 1936 --1937 1938 1939 1940 ?_ . 1941 1942. 1943 _ 1944 1945 1946 1947 1948 1949 1950 _ _ _ -1951 1951: First half Second half 1952: First half 1951: First quarter Second quarter . -Third quarter Fourth quarter. . 1952: First quarter Second quarter.. U. S. Government security yields 3-month Treasury bills i (4) (4) 1.402 .879 .515 .256 .137 .143 .447 .053 .023 .014 .103 .326 .373 .375 .375 .375 .594 1.040 1.102 1.218 1.552 1.466 1.638 1.659 1.400 1.532 1.628 1.649 1.640 1.678 9-12 month issues 2 (•) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5).75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.73 1.72 1.69 1.62 1.84 1.72 1.73 1.71 1.67 Taxable bonds 3 (6) (6) (6) (6) (6) (6) (8) (6) (6) (6) (6) (6) (6) 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.52 2.62 2.66 2.42 2.61 2.59 2.68 2.72 2.61 Corporate Aaa bonds (Moody's) 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 2.80 2.92 2.94 2.70 2.90 2.89 2.95 2.96 2.93 Average of rates charged by banks on short-term loans— seleccte cities (7) (7)8(7) (7) (7) (7) (7) (7)2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.04 3.16 3.48 3.02 3.07 3.06 3.27 3.45 3.51 Prime commerrcia paper 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .76 .75 .94 .81 .59 .56 .54 .66 .69 .73 .75 .81 1.03 1. 44 1.48 1.45 2.17 2.08 2.26 2.35 1.96 2.20 2.25 2.26 2.38 2.32 Bankers acceptannces 90 days 5.03 2.48 1.57 1.28 .63 .25 .13 .16 .43 .44 .44 .44 .44 .44 .44 .44 .44 .61 .87 1.11 1.12 1.15 1.60 1.57 1.64 1.75 1.51 1.63 1.63 1.65 1.75 1.75 Federal Reserve Bank discount rate5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 81.00 8 1.00 8 1.00 81.00 81.00 1.00 1.34 1.50 1.59 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1 Rate on new issues within period. Issues were tax-exempt prior to March 1,1941, and fully taxable there -after. Series includes issues with maturities of more than 3 months in period, 1934-37. 2 Includes certificates of indebtedness and selected note and bond issues. 315 years and over prior to April 1952; 12 years and over beginning in April 1952. * Treasury bills were first issued in December 1929 and were issued irregularly in 1930. ' Not available before August 1942. 6 Bonds in this classification were first issued in March 1941. 7 Not available on same basis as for 1939 on. 8 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secuure by Government securities maturing or callable in 1 year or less. NOTE.—Yields and rates computed for New York City, except for average of rates charged on short-term loans. Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Reserve System. 170 Midyear Report 1952TABLE B-32.—Bond yields and interest rates, 1929-52 [Percent per annum] Period 1929 1930 1931 -1932 1933 1934 1935, _ _ 1936 1937 1938 1939 1940 1941 1942 1943 . 1944 1945 1946 1947 1948 1949 _. _ _ 1950 .--1951 1952 _ 1950: First half Second half 1951: First half Second half 1952: First half Second half 1950: First quarter Second quarter. _ Third quarter Fourth quarter. _ 1951: First quarter Second quarter _ _ Third quarter Fourth quarter ._ 1952: First quarter Second quarter _ _ Third quarter Fourth quarter. _ U. S. Government security yields 3-month Treasury bills i (<) (*) 1.402 .879 .515 .256 .137 .143 .447 .053 .023 .014 .103 .326 .373 .375 .375 .375 .594 1.040 1.102 1.218 1.552 1.766 1.142 1.293 1.466 1.638 1.659 1.876 1.118 1.166 1. 233 1.353 1.400 1.532 1.628 1.649 1.640 1.678 1.829 1.924 9-12 month issues 2 (•) (5) (') (») (5) (5) (5)880) (5) (5).75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 1.17 1.36 1.73 1.72 1.69 1.92 1.14 1.19 1.27 1.44 1.62 1.84 .72 .73 .71 .67 .93 1.92 Taxable bonds 3 CO (6) (8) (6) (•) («) (6) (<0 (6) (6) (6) (6) (6) 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.28 2.36 2.52 2.62 2.66 2.70 2.24 2.31 2.34 2.38 2.42 2.61 2.59 2.66 2.72 2.61 2.67 2.73 Corporate Aaa bonds (Moody's) 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 2.60 2.65 2.80 2.92 2.95 2.97 2.58 2.61 2.63 2.67 2.70 2.90 2.89 2.95 2.96 2.93 2.95 2.99 Average of rates charged by banks on short-term loans— seleccte cities (7) 88(7) (7) f7) (7) (7) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 2.64 2.74 3.04 3.16 3.48 2.60 2.68 2.63 2.84 3.02 3.07 3.06 3.27 3.45 3.51 3.49 Prime commerrcia paper 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .76 .75 .94 .81 .59 .56 .54 .66 .69 .73 .75 .81 1.03 1.44 1.48 1.45 2.17 2.33 1.31 1.59 2.08 2.26 2.35 2.31 1.31 1.31 1.47 1.71 1.96 2.20 2.25 2.26 2.38 2.32 2.31 2.31 Bankers acceptannces 90 days 5.03 2.48 1.57 1.28 .63 .25 .13 .16 .43 .44 .44 .44 .44 .44 .44 .44 .44 .61 .87 1.11 1.12 1.15 1.60 1.75 1.06 1.24 1.57 1.64 1.75 1.75 1.06 1.06 1.18 1.31 1.51 1.63 1.63 1.65 1.75 1.75 1.75 1.75 Federal Reserve Bank discount rate5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 U.OO 81.00 81.00 81.00 81.00 1.00 1.34 1.50 1.59 1.75 1.75 1.50 1.68 1.75 1.75 1.75 1.75 1.50 1.50 1.61 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1 Rate on new issues within period. Issues were tax-exempt prior to March 1, 1941, and fully taxable thereafter. Series includes issues with maturities of more than 3 months in period 1934-37. 2 Includes certificates of indebtedness and selected note and bond issues. 315 years and over prior to April 1952; 12 years and over beginning in April 1952. 4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. 8 Not available before August 1942. 6 Bonds in this classification were first issued in March 1941. 7 Not available on same basis as for 1939 on. 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 or callable in 1 year or less. NOTE.—Yields and rates computed for New York City, except for average of rates charged on short-term loans. Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Reserve System. 198 1953TABLE D-47.—Bond yields and interest rates, 1929-54 [Percent per annum] Period Number of issues Average: 1929 1930 1931 . 1932 1933 1934 1935 _ 1936 1937 1938 _ _ _ 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949.._ 1950 1951 -1952 . . 1953 _ 1954 1953: January -„ February . March April May. June July . . . . August September. October. __ November. December. 1954:January.__ February-March April May June July August September. Octobers-November December. U. S. 3-month Treasuur bills i (•) (6) 1.402 .879 .515 .256 .137 .143 .447 .053 .023 .014 .103 .326 .373 .375 .375 .375 .594 1.040 1.102 1.218 1.552 1.766 1.931 .953 2.042 2.018 2.082 2.177 2 200 2.231 2.101 2.088 1.876 1.402 1.427 1.630 1.214 .984 1.053 1.011 .782 .650 .710 .892 1.007 .987 .948 1.174 Government securities 9-12 month issues2 (7) 0(7) (7) (7) .75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.97 1.97 2.04 2.27 2.41 2.46 2.36 2.33 2.17 1.72 1.53 1.61 1.33 1.01 1.02 .90 .76 .76 .65 .64 .89 1.03 .94 1.10 Long-term taxable bonds 3 Old series * 3-7 (3) (3) (3) §8(3) 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.93 2.53 2.80 2.83 2.89 2.97 3.09 3.09 2.99 3.00 2.97 2.83 2.85 2.79 2.68 2.60 2.51 2.47 2.52 2.54 2.47 2.48 2.51 2.52 2.55 2.57 New series«1 (s) (s) (5) (5) 83.16 2.70 883.26 3.29 3.25 3.22 3.19 3.06 3.04 2.96 2.90 2.85 2.73 2.70 2.72 2.70 2.62 2.60 2.64 2.65 2.68 2.68 Corporate bonds (Moody's) Aaa30 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 3.02 3.07 3.12 3.23 3.34 3.40 3.28 3.24 3.29 3.16 3.11 3.13 3.06 2.95 2.86 2.85 2.88 2.90 2.89 2.87 2.89 2.87 2.89 2.90 Baa30 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 3.51 3.53 3.57 3.65 3.78 3.86 3.86 3.85 3.88 3.82 3.75 3.74 3.71 3.61 3.51 3.47 3.47 3.49 3.50 3.49 3.47 3.46 3.45 3.45 Highgrrad municippa bonds (Standaar & Poor's) 15 4.27 4.07 4.01 4.65 4.71 4.03 3.41 3.07 3.10 2.91 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 2.47 2.54 2.61 2.63 2.73 2.99 2.99 2.88 2.88 2.72 2.62 2.59 2.50 2.39 2.38 2.47 2.49 2.48 2.31 2.23 2.29 2.32 2.29 2.33 Average rate on shortteer bank loans to business-sselecte cities (8) (8) (8) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.54 3.73 3.74 3.76 3.72 3.60 3.56 3.55 Prime commerrcia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .76 .75 .94 .81 .59 .56 .54 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.31 2.31 2.36 2.44 2.67 2.75 2.75 2.75 2.74 2.55 2.31 2.25 2.11 2.00 2.00 1.76 1.58 1.56 1.45 1.33 1.31 1.31 1.31 1.31 federal leserve Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 91.00 •1.00 •1.00 •1.00 •1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.88 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 1.79 1.75 1.63 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues. 3 Bonds in this classification were first issued in March 1941. 4 2^-percent bonds: Prior to April 1952, due or callable after 15 years; beginning in April 1952, bondsfiirs callable after 12 years. • 3}£-percent bonds of 1978-83, first issued May 1,1953. • Treasury bills were first issued in December 1929 and were issued irregularly hi 1930. 7 Not available before August 1942. • Not available on same basis as for 1939 and subsequent years. • From October 30, 1942 to April 24, 1946, a preferential rate of 0.50 percent was hi effect for advances secured by Government securities maturing or callable in 1 year or less. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Source: Board of Governors of the Federal Reserve System (compiled from data supplied by various Government and private organizations). 187 1955TABLE D-46.—Bond yields and interest rates, 1929-55 [Percent per annum] Period 1929.. 1930.. 1931.. 1932.. 1933.. 1934.. 1935.. 1936.. 1937.. 1938.. 1939.. 1940.. 1941_. 1942.. 1943.. 1944_. 1945.. 1946.. 1947.. 1948.. 1949.. 1950.. 1951.. 1952.. 1953.. 1954.. 1955 1954: January February March April May June July August September October November December U. S. Government securities Corporate bonds (Moody's) 3-month Treasuur bills i () 1.402 .879 .515 .256 .137 .143 .447 .053 .023 .014 .103 .326 .373 .375 .375 .375 .594 1.040 1.102 1.218 1.552 1.766 1.931 .953 1.753 1.214 .984 1.053 1.011 .782 .650 .710 .892 1.007 .987 .948 1.174 9-12 month issues2 1.89 1.33 1.01 1.02 .90 .76 .76 .65 .64 .89 1.03 .94 1.10 Taxable bonds 3 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 8 2.92 2.52 2.80 2.67 2.58 2.50 2.45 2.52 2.53 2.45 2.46 2.50 2.52 2.55 2.57 3.16 2.71 2.94 2.90 2.85 2.73 2.70 2.72 2.70 2.02 2.60 2.64 2.65 2.68 2.68 Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 3.06 2.95 2.86 2.85 2.88 2.90 2.89 2.87 2.89 2.87 2.89 2.90 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 4.96 4.75 4.33 4.28 3.91 3.61 3.29 3. OS 3.24 3.47 3.42 3.24 3.41 3.52 3.74 3.51 3.53 3.71 3.61 3.51 3.47 3.47 3.49 3.50 3.49 3.47 3.46 3.45 3.45 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 2.50 2.39 2.38 2.47 2.49 2.48 2.31 2.23 2.29 2.32 2.29 2.33 Average rate on shortteer bank loans to business-sselecte cities ()2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 3.72 ~3.~60" 3.56 ~3.~55~ Prime commerrcia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 2.11 2.00 2.00 1.76 1.58 1.56 1.45 1.33 1.31 1.31 1.31 1.31 Federal Reserve Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 7 1.00 U.00 M.00 7 1.00 7 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.00 1.79 1.75 1.63 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 See footnotes at end of table. 2l6 1956TABLE D-46.—Bond yields and interest rates, 1929-55—Continued [Percent per annum] Period 1955: January February March April May June July August September October November December U. S. Government securities 3-month Treasuur bills i 1. 257 1. 177 1.335 1.620 1.491 1.432 1. 622 1.876 2. 086 2. 259 2.225 2.562 9-12 month issues 2 1.36 1.41 1.49 1.71 1.72 1.71 1.88 2. 12 2.14 2.19 2.2S 2.56 Taxable bonds3 10-20 years 2.66 2.72 2.72 2.77 2.76 2.77 2.88 2.91 2.88 2.82 2.85 2.88 20 years and over 2.77 2.92 2.92 2.92 2.91 2.91 2.96 3.02 3.00 2.96 2.96 2.97 Corporate bonds (Moody's) Aaa 2.93 2.99 3.02 3.01 3.04 3.05 3.06 3.11 3.13 3.10 3.10 3.15 Baa 3.45 3.47 3.48 3.49 3.50 3.51 3.52 3.56 3.59 3.59 3.58 3.62 Highgrrad municippa bonds (Standaar & . Poor's) 2.39 2.42 2.45 2.43 2.41 2.48 2.62 2.67 2.63 2.56 2.55 2.71 Average rate on shortteer bank loans to busineess selected cities 3.54 3.56 3.77 3.93 Prime commerrcia paper, 4-6 months 1.47 1.68 1.69 1.90 2.00 2.00 2.11 2.33 2.54 2.70 2.81 2.99 Federal Reserve Bank discooun rate 1.50 1.50 1.50 1.63 1.75 1.75 1.75 1.97 2.18 2.25 2.36 2.50 1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). 3 First issued in 1941. The single series on these bonds (which continued through March 1953) included: October 1941-March 1952, bonds due or callable after 15 years; April 1952-March 1953, bonds due or callable after 12 years. 4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. 5 Not available before August 1942. 6 Not available on same basis as for 1939 and subsequent years. 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 or callable in 1 year or less. 8 January-March 1953, bonds due or callable 12 years and after; beginning April 1953, bonds due or callable from 10 to 20 years. 9 Beginning April 15, 1953, bonds due or callable 20 years and after. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 217 1956TABLE E-40.—Bond yields and interest rates, 1929-56 [Percent per annum] Period 3-month Treasuur bills i 1929 1930 1931 1932 1933 1934. ___ 1935 1936 1937 1938 1939 1940 1941 ___. 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 _. 1956 1954: January February _. March April May _ June July August September. October. __ November. December _ U. S. Government securities () 1.402 .879 .515 .256 .137 .143 .447 .053 .023 .014 .103 .326 .373 .375 .375 .375 .594 1.040 1.102 1.218 1.552 1.766 1.931 .953 1.753 2.906 1.214 .984 1.053 1.011 .782 .650 .710 .892 1.007 .987 .948 1.174 9-12 month issues 2 ().75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 1.33 1.01 1.02 .90 .76 .76 .65 .64 .89 1.03 .94 1.10 Taxable bonds3 10-20 years 20 years and over 8 2.92 2.52 2.80 3.06 2.67 2.58 2.50 2.45 2.52 2.53 2.45 2.46 2.50 2.52 2.55 2.572.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.689 3.16 2.71 2.94 3.11 2.90 2.85 2.73 2.70 2.72 2.70 2.62 2.60 2.64 2.65 2.68 2.68 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3 60 3.24 3.26 3.19 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 3.06 2.95 2.86 2.85 2.88 2.90 2.89 2.87 2.89 2.87 2.89 2.90 Baa Common stock yields, 200 stocks (Moody's) 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 3.71 3.61 3.51 3.47 3.47 3.49 3.50 3.49 3.47 3.46 3.45 3.45 3.41 4.54 6.17 7.36 4.42 4.11 4.06 3.50 4.77 4,38 4.15 5.31 6.25 6.67 4.89 4.81 4.19 3.97 5.13 5.78 6.63 6.27 6.12 5.50 5.49 4.78 4.06 4.07 5.33 5.32 5.14 4.94 4.88 4.82 4.61 4.75 4.46 4.57 4.39 4.20 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 2.50 2 39 2.38 2.47 2.49 2.48 2.31 2 23 2.29 2.32 2.29 2.33 Average rate on shortteer bank loans to business-sselecte cities (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 3.72 3 60 3.56 3.55 Prime commer--cia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 ,53 ,66 .69 a73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 2.11 2 00 2.00 L76 L 58 L 56 L. 45 L 33 L. 31 L. 31 L.31 L. 31 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 7 1.00 7 1.00 7 1.00 7 1.00 7 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 2.00 1.79 1.75 1.63 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 See footnotes at end of table. 168 1957TABLE E-40.—Bond yields and interest rates, 1929-56—Continued [Percent per annum] Period 1955: January February... March April May__ June July. August September-October November. December.. 1956: January February.... March April May June July — August September-October November.. December-_ U. S. Government securities 3-month Treasuur bills i 1.257 1.177 1.335 1.620 1.491 1.432 1.622 1.876 2.086 2.259 2.225 2.564 2.456 2.372 2.310 2.613 2.650 2.527 2.334 2.606 2.850 2.961 3.000 3.230 9-12 month issues 2 1.36 1.41 1.49 1.71 1.72 1.71 1.88 2.12 2.14 2.19 2.28 2.56 2.50 2.38 2.43 2.83 2.83 2.69 2.62 3.01 3.17 3.07 3.15 3.33 Taxable bonds3 10-20 years 2.66 2.72 2.72 2.77 2.76 2.77 2.88 2.91 2.88 2.82 2.85 2.8S 2.86 2.82 2.90 3.05 2.94 2.89 2.97 3.15 3.19 3.18 3.30 3.43 20 years and over 2.77 2.92 2.92 2.92 2.91 2.91 2.96 3.02 3.00 2.96 2.96 2.97 2.94 2.93 2.98 3.10 3.03 2.98 3.05 3.19 3.25 3.24 3.31 3.37 Corporate bonds (Moody's) Aaa 2.93 2.99 3.02 3.01 3.04 3.05 3.06 3.11 3.13 3.10 3.10 3.15 3.11 3.08 3.10 3.24 3.28 3.27 3.28 3.43 3.56 3.59 3.69 3.75 Baa 3.45 3.47 3.48 3.49 3.50 3.51 3.52 3.56 3.59 3.59 3.58 3.62 3.60 3.58 3.60 3.68 3.73 3.75 3.80 3.93 4.07 4.17 4.24 4.37 Common stock yields, 200 stocks (Moody's) 4.22 4.21 4.21 4.12 4.14 3.87 3.78 3.91 3.93 4.12 4.09 4.06 4.21 4.09 3.86 3.87 4.13 4.01 3.87 4.02 4.24 4.23 4.25 4.13 Highgrrad municippa bonds (Standaar & Poor's) 2.39 2.42 2.45 2.43 2.41 2.48 2.62 2.67 2.63 2.56 2.55 2.71 2.64 2.58 2.69 2.88 2.86 2.75 2.78 2.94 3.07 3.14 3.38 3.44 Average rate on shortteer bank loans to business-sselecte cities 3.54 3.56 3.77 3.93 3.93 4.14 4.35 4.38 Prime commer--cia paper, 4-6 months 1.47 1.68 1.69 1.90 2.00 2.00 2.11 2.33 2.54 2,70 2.81 2.99 3.00 3.00 3.00 3.14 3.27 3.38 3.27 3.28 3.50 3.63 3.63 3.63 Federra Reseerv Bank discooun rate ];IL. 50 L.50 L. 50 L. 63 t. 75 1.75 L. 75 1.97 2.18 2.25 2.36 2.50 2.50 2.50 2.50 2.65 2.75 2.75 2.75 2.81 5.00 J.00 $.00 J. 00 1 Rate on n ew issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For t he period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). 3 First issued in 1941. The single series on these bonds (which continued through March 1953) included: October 1941-March 1952, bonds due or callable after 15 years; April 1952-March 1953, bonds due or callable after 12 years. 4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. 5 Not available before August 1942. 6 Not available on same basis as for 1939 and subsequent years. 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 or callable in 1 year or less. 8 January-March 1953, bonds due or callable 12 years and after; beginning April 1953, bonds due or callable from 10 to 20 years. 9 Beginning April 15,1953, bonds due or callable 20 years and after. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of t he Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 1957TABLE F-43.—Bond yields and interest rates, 1929-57 [Percent per annum] Period 3-month Treasuur bills i 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1955: January February March April May June July August September October November December U. S. Government securities () 1.402 .879 .515 .256 .137 .143 .447 .053 .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 1.257 1.177 1. 335 1.620 1.491 1.432 1.622 1.876 2.086 2.259 2.225 2.564 9-12 month issues 2 Taxable bonds3 ().75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 1.36 1.41 1.49 1.71 1.72 1.71 1.88 2.12 2.14 2.19 2.28 2.56 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 2.68 2.78 2.78 2.82 2.81 2.82 2.91 2.95 2.92 2.87 2.89 2.91 Corporate bonds (Moody's) 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 2.93 2.99 3.02 3.01 3.04 3.05 3.06 3.11 3.13 3.10 3.10 3.15 Baa Common stock yields, 200 stocks (Moody's) 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 3.45 3.47 3.48 3.49 3.50 3.51 3.52 3.56 3.59 3.59 3.58 3.62 3.41 4.54 6.17 7.36 4.42 4.11 4.06 3.50 4.77 4.38 4.15 5.31 6.25 6.67 4.89 4.81 4.19 3.97 5.13 5.78 6.63 6.27 6.12 5.50 5.49 4.78 4.06 4.07 4.33 4.22 4.21 4.21 4.12 4.14 3.87 3.78 3.91 3.93 4.12 4.09 4.07 Highgrrad municippa bonds (Standaar & Poor's) Average rate on shortteer bank loans to business-sselecte cities 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 2.39 2.42 2.45 2.43 2.41 2.48 2.62 2.67 2.63 2.56 2.55 2.71 () 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 3.56 3.77 3.93 Prime commer--cia paper, months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 1.47 1.68 1.69 1.90 2.00 2.00 2.11 2.33 2.54 2.70 2.81 2.99 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 7 1.00 7 1.00 7 1.00 7 1.00 7 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 1.50 1.50 1.50 1.63 1.75 1.75 1.75 1.97 2.18 2.25 2.36 2.50 See footnotes at end of table. 165 1958TABLE F-43.—Bond yields and interest rates, 1929-57—Continued [Percent per annum] Period 1956: January. February March April May June July.--August September October November December 1957: January February March April May June .-July.-August.. _. September October November December U. S. Government securities 3-month Treasuur bills i 2.456 2.372 2.310 2.613 2.650 2.527 2.334 2.606 2.850 2.961 3.000 3.230 3.210 3.165 3.140 3.113 3.042 3.316 3.165 3.404 3.578 3.591 3.337 3.102 9-12 month Taxable bonds3 2.50 2.38 2.43 2.83 2.83 2.69 2.62 3.01 3.17 3.07 3.15 3.33 3.17 3.23 3.35 3.41 3.37 3.55 3.71 3.93 4.02 3.94 3.52 3.09 2.88 2.85 2.93 3.07 2.97 2.93 3.00 3.17 3.21 3.20 3.30 3.40 3.34 3.22 3.26 3.32 3.40 3.58 3.60 3.63 3.66 3.73 3.57 3.30 Corporate bonds (Moody's) Aaa 3.11 3.08 3.10 3.24 3.28 3.26 3.28 3.43 3.56 3.59 3.69 3.75 3.77 3.67 3.66 3.67 3.74 3.91 3.99 4.10 4.12 4.10 4.08 3.81 Baa 3.60 3.58 3.60 3.68 3.73 3.76 3.80 3.93 4.07 4.17 4.24 4.37 4.49 4.47 4.43 4.44 4.52 4.63 4.73 4.82 4.93 4.99 5.09 5.03 Common stock yields, 200 stocks (Moody's) 4.21 4.09 3.86 3.87 4.13 4.01 3.87 4.02 4.24 4.23 4.25 4.13 4.31 4.44 4.35 4.16 4.05 4.05 4.01 4.21 4.50 4.68 4.58 4.77 Highgrrad municippa bonds (Standaar & Poor's) Average rate on shortteer bank loans to business-sselecte cities 2.64 2.58 2.69 2.88 2.86 2.75 2.78 2.94 3.07 3.14 3.38 3.44 3.40 3.26 3.32 3.33 3.52 3.75 3.75 3.91 3.90 3.79 3.76 3.47 3.93 4.14 4.35 4.38 4.38 4.40 4.83 4.85 Prime commer--cia paper, 4-6 months 3.00 3.00 3.00 3.14 3.27 3.38 3.27 3.28 3.50 3.63 3.63 3.63 3.63 3.63 3.63 3.63 3.63 3.79 3.88 3.98 4.00 4.10 4.07 3.81 Federra Reseerv Bank discooun rate 2.50 2.50 2.50 2.65 2.75 2.75 2.75 2.81 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.15 3.50 3.50 3.23 3.00 1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). 3 First issued in 1941. Series includes: October 1941-March 1952, bonds due or callable after 15 years; April 1952-March 1953, bonds due or callable after 12 years; April 1953 to date, bonds due or callable 10 years and after. * Treasury bills were first issued in December 1929 and were issued irregularly in 1930. * Not available before August 1942. « Not available on same basis as for 1939 and subsequent years. 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 or callable in 1 year or less. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 166 1958TABLE D-43.—Bond yields and interest rates, 1929-58 [Percent per annum] Period 1929 . 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 ---1940 1941 ..-1942 1943 1944 1945 1946 ----1947 1948 1949 1950 ----1951 1952 1953 -.--1954 1955 1956 1957 .. 1958 1956' January February March April May June.. _ July August September October November December U. S. Government securities 3-month Treasuur bills i (4) (4) 1.402 .879 .515 .256 .137 .143 .447 .053 .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 2.456 2.372 2.310 2.613 2.650 2.527 2.334 2.606 2.850 2.961 3.000 3.230 9-12 month issues 2 (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) .75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 2.50 2.38 2.43 2.83 2.83 2.69 2.62 3.01 3.17 3.07 3.15 3.33 Taxable bonds 3 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 2.88 2.85 2.93 3.07 2.97 2.93 3.00 3.17 3.21 3.20 3.30 3.40 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 3.11 3.08 3.10 3.24 3.28 3.26 3.28 3.43 ' 3.56 3.59 3.69 3.75 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 3.60 3.58 3.60 3.68 3.73 3.76 3.80 3.93 4.07 4.17 4.24 4.37 Common stock yields, 200 stocks Moody's) 3.41 4.54 6.17 7.36 4.42 4.11 4.06 3.50 4.77 4.38 4.15 5.31 6.25 6.67 4.89 4.81 4.19 3.97 5.13 5.78 6.63 6.27 6.12 5.50 5.49 4.78 4.06 4.07 4.33 4.05 4.21 4.09 3.86 3.87 4.13 4.01 3.87 4.02 4.24 4.23 4.25 4.13 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 2.64 2.58 2.69 2.88 2.86 2.75 2.78 2.94 3.07 3.14 3.38 3.44 Average rate on shortteer bank loans to business-sselecte cities (6) (6) (6)8(6) (6) (•) (6) (6) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 4.3 3.93 4.14 4.35 4.38 Prime commer--cia paper , 4—6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.00 3.00 3.00 3.14 3.27 3.38 3.27 3.28 3.50 3.63 3.63 3.63 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 71.00 71.00 71.00 71.00 71.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 2.50 2.50 2.50 2.65 2.75 2.75 2.75 2.81 3.00 3.00 3.00 3.00 See footnotes at end of table, p. 190. 189 1959TABLE D-43.—Bond yields and interest rates, 1929-58—Continued [Percent per annum] Period 1957: January February March April May June _ July August September October _ November December 1958: January February March April May June July August September October --November December U. S. Government securities 3-month Treasuur bills i 3.210 3.165 3.140 3.113 3.042 3.316 3.165 3.404 3.578 3.591 3.337 3.102 2.598 1.562 1.354 1.126 1.046 .881 .962 1.686 2.484 2.793 2.756 2.814 9-12 month issues 2 3.17 3.23 3.35 3.41 3.37 3.55 3.71 3.93 4.02 3.94 3.52 3.09 2.56 1.93 1.77 1.35 1.21 .98 1.34 2.14 2.84 2.83 2.92 3.24 Taxable bonds 3 3.34 3.22 3.26 3.32 3.40 3.58 3.60 3.63 3.66 3.73 3.57 3.30 3.24 3.28 3.25 3.12 3.14 3.20 3.36 3.60 3.75 3.76 3.70 3.80 Corporate bonds (Moody's) Aaa 3.77 3.67 3.66 3.67 3.74 3.91 3.99 4.10 4.12 4.10 4.08 3.81 3.60 3.59 3.63 3.60 3.57 3.57 3.67 3.85 4.09 4.11 4.09 4.08 Baa 4.49 4.47 4.43 4.44 4.52 4.63 4.73 4.82 4.93 4.99 5.09 5.03 4.83 4.66 4.68 4.67 4.62 4.55 4.53 4.67 4.87 4.92 4.87 4.85 Common stock yields, 200 stocks (Moody's) 4.31 4.44 4.35 4.16 4.05 4.05 4.01 4.21 4.50 4.68 4.58 4.77 4.56 4.62 4.50 4.35 4.27 4.15 3.97 3.91 3.72 3.64 3.54 3.34 Highgrrad municippa bonds (Standaar & Poor's) 3.40 3.26 3.32 3.33 3.52 3.75 3.75 3.91 3.90 3.79 3.76 3.47 3.32 3.37 3.45 3.31 3.25 3.26 3.45 3.74 3.96 3.94 3.84 3.84 Average rate on shortteer bank loans to business-sselecte cities 4.38 4.40 4.83 4.85 4.49 4.17 4.21 4.50 Prime commer--cia paper, 4-6 months 3.63 3.63 3.63 3.63 3.63 3.79 3.88 3.98 4.00 4.10 4.07 3.81 3.49 2.63 2.33 1.90 1.71 1.54 1.50 1.96 2.93 3.23 3.08 3.33 Federra Reseerv Bank discooun rate 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.15 3.50 3.50 3.23 3.00 2.94 2.75 2.35 2.03 1.75 1.75 1.75 1.75 1.91 2.00 2.40 2.50 1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). 3 First issued in 1941. Series includes: October 1941-March 1952, bonds due or callable after 15 years; April 1952-March 1953, bonds due or callable after 12 years; April 1953 to date, bonds due or callable 10 years and after. 4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. 5 Not available before August 1942. 6 Not available on same basis as for 1939 and subsequent years. 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 or callable in 1 year or less. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 190 1959TABLE D-43.—Bond yields and interest rates, 1929-59 [Percent per annum] Period 1929 1930 1931 ---1932 1933 1934 1935 1936 1937 -1938 1939 . 1940 --1941 1942 1943 . .. 1944 1945 1946 1947 .-1948 1949 1950 1951 _ _ ... 1952 1953 1954 1955 1956 1957 1958 1959 1957: January February March April May June July August September October November December U.S. Government securities 1-month Treasuur bills i (4) («) 1.402 .879 .515 .256 .137 .143 .447 .053 .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 3.210 3.165 3.140 3.113 3.042 3.316 3.165 3.404 3.578 3.591 3.337 3.102 9-12 month issues 2 (5) (5) (5) (5) (5) (5) (5) (5) (*) (5) (5) (5) (5) (5) .75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.17 3.23 3.35 3.41 3.37 3.55 3.71 3.93 4.02 3.94 3.52 3.09 Taxable bonds 3 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 3.34 3.22 3.26 3.32 3.40 3.58 3.60 3.63 3.66 3.73 3.57 3.30 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 3.77 3.67 3.66 3.67 3.74 3.91 3.99 4.10 4.12 4.10 4.08 3.81 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 4.49 4.47 4.43 4.44 4.52 4.63 4.73 4.82 4.93 4.99 5.09 5.03 Common stock yields, 200 stocks (Moody's) 3.41 4.54 6.17 7.36 4.33 4.11 4.06 3.50 4.77 4.38 4.15 5.31 6.25 6.60 4.89 4.81 4.19 3.97 5.13 5.78 6.63 6.27 6.12 5.50 5.49 4.78 4.06 4.07 4.33 4.05 3.31 4.31 4.44 4.35 4.16 4.05 4.05 4.01 4.21 4.50 4.68 4.58 4.77 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 3.40 3.26 3.32 3.33 3.52 3.75 3.75 3.91 3.90 3.79 3.76 3.47 Average rate on shortteer bank loans to businees — selected cities (6) (6) (6) (6) (6) (6) (6) (9) (•) (6) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 4.3 5.0 4.38 4.40 4.83 4.85 Prime commer--cia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.63 3.63 3.63 3.63 3.63 3.79 3.88 3.98 4.00 4.10 4.07 3.81 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 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 2.16 3.36 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.15 3.50 3.50 3.23 3.00 See footnotes at end of table, p. 206. 205 1960TABLE D-43.—Bond yields and interest rates, 1929-59—Continued [Percent per annum] Period 1958: January --February March April May June .-July August September October. November December 1959: January February March April May June July August _-_-_ September. October November _ __ December U.S. Government securities 3-month Treasuur bills i 2.598 1.562 1.354 1.126 1.046 .881 .962 1.686 2.484 2.793 2.756 2.814 2.837 2.712 2.852 2.960 2.851 3.247 3.243 3.358 3.998 4.117 4.209 4.572 9-12 month issues 2 2.56 1.93 1.77 1.35 1.21 .98 1.34 2.14 2.84 2.83 2.92 3.24 3.26 3.38 3.56 3.66 3.92 3.97 4.30 4.32 4.80 4.65 4.70 4.98 Taxable bonds 3 3.24 3.28 3.25 3.12 3.14 3.20 3.36 3.60 3.75 3.76 3.70 3.80 3.91 3.92 3.92 4.01 4.08 4.09 4.11 4.10 4.26 4.11 4.12 4.27 Corporate bonds (Moody's) Aaa 3.60 3.59 3.63 3.60 3.57 3.57 3.67 3.85 4.09 4.11 4.09 4.08 4.12 4.14 4.13 4.23 4.37 4.46 4.47 4.43 4.52 4.57 4.56 4.58 Baa 4.83 4.66 4.68 4.67 4.62 4.55 4.53 4.67 4.87 4.92 4.87 4.85 4.87 4.89 4.85 4.86 4.96 5.04 5.08 5.09 5.18 5.28 5.26 5.28 Common stock yields, 200 stocks (Moody's) 4.56 4.62 4.50 4.35 4.27 4.15 3.97 3.91 3.72 3.64 3.54 3.34 3.36 3.41 3.43 3.29 3.25 3.28 3.18 3.19 3.34 3.36 3.38 3.28 Highgrrad municippa bonds (Standaar & Poor's) 3.32 3.37 3.45 3.31 3.25 3.26 3.45 3.74 3.96 3.94 3.84 3.84 3.87 3.85 3.76 3.84 3.97 4.04 4.04 3.96 4.13 3.99 3.94 4.05 Average rate on shortteer bank loans to business-sselecte cities 4.49 4.17 4.21 4.50 4.51 4.87 85.27 85.36 Prime commer--cia paper, 4-6 months 3.49 2.63 2.33 1.90 1.71 1.54 1.50 1.96 2.93 3.23 3.08 3.33 3.30 3.26 3.35 3.42 3.56 3.83 3.98 3.97 4.63 4.73 4.67 4.88 Federra Reseerv Bank discooun rate 2.94 2.75 2.35 2.03 .75 .75 .75 .75 .91 2.00 2.40 2.50 2.50 2.50 2.92 3.00 3.05 3.50 3.50 3.50 3.83 4.00 4.00 4.00 1 Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). 3 First issued in 1941. Series includes: April 1953 to date, bonds due or callable 10 years and after; April 1952-March 1953, bonds due or callable after 12 years; October 1941-March 1952, bonds due or callable after 15 years. 4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. 8 Not available before August 1942. 6 Not available on same basis as for 1939 and subsequent years. 7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advannce secured by Government securities maturing or callable in 1 year or less. s Series revised to exclude loans to nonbank financial institutions. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 2O6 1960TABLE C-43.—Bond yields and interest rates, 1929-60 [Percent per annum] Period 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 . 1939 1940 1941. 1942 1943 1944 -1945 1946 -1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 -. 1958 1959 1960 1958: January February .-March April May ... . .-June July August September . . -October November December U.S. Government securities 3-month Treasuur bills i (4) (4) 1.402 .879 .515 .256 .137 .143 .447 .053 .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 2.598 1.562 1.354 1.126 1.046 .881 .962 1.686 2.484 2.793 2.756 2.814 9-12 month issues 2 (5) (5) (5) (5) (5) (5) (5) (8) (s) (5) (5) (5) (s) (5) 0.75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.56 1.93 1.77 1.35 1.21 .98 1.34 2.14 2.84 2.83 2.92 3.24 Taxable bonds 3 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.24 3.28 3.25 3.12 3.14 3.20 3.36 3.60 3.75 3.76 3.70 3.80 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 3.60 3.59 3.63 3.60 3.57 3.57 3.67 3.85 4.09 4.11 4.09 4.08 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 4.83 4.66 4.68 4.67 4.62 4.55 4.53 4.67 4.87 4.92 4.87 4.85 Common stock yields, 200 stocks (Moody's) 3.41 4.54 6.17 7.36 4.42 4.11 4.06 3.50 4.77 4.38 4.15 5.31 6.25 6.67 4.89 4.81 4.19 3.97 5.13 5.78 6.63 6.27 6.12 5.50 5.49 4.78 4.06 4.07 4.33 4.05 3.31 3.60 4.56 4.62 4.50 4.35 4.27 4.15 3.97 3.91 3.72 3.64 3.54 3.34 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 3.32 3.37 3.45 3.31 3.25 3.26 3.45 3.74 3.96 3.94 3.84 3.84 Average rate on shortteer bank loans to business-sselecte cities (6) (fl) (6) (8) (8) (6) (*) («) («) («) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 4.3 5.0 5.2 4.49 4.i7 4.21 4.50 Prime commer--cia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 3.49 2.63 2.33 .90 .71 .54 .50 .96 2.93 3.23 3.08 3.33 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 M.OO 71.00 71.00 M.OO 71.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 3.36 3.53 2.94 2.75 2.35 2.03 .75 .76 .75 .75 .91 2.00 2.40 2.™ See footnotes at end of table, p. 178. 177 1961TABLE C-43.—Bond yields and interest rates, 1929-60—Continued [Percent per annum] Period 1959: January. February March April May June -_ July August September October November December 1960: January February March April May June July August September October November December --U.S. Government securities 3-month Treasuur bills i 2.837 2.712 2.852 2.960 2.851 3.247 3.243 3.358 3.998 4.117 4.209 4.572 4.436 3.954 3.439 3.244 3.392 2.641 2.396 2.286 2.489 2.426 2.384 2.272 9-12 month issues 2 3.26 3.38 3.56 3.66 3.92 3.97 4.30 4.32 4.80 4.65 4.70 4.98 4.93 4.58 3.93 3.99 4.19 3.35 3.13 2.89 2.99 3.01 2.99 2.79 Taxable bonds 3 3.91 3.92 3.92 4.01 4.08 4.09 4.11 4.10 4.26 4.11 4.12 4.27 4.37 4.22 4.08 4.18 4.16 3.98 3.86 3.79 3.84 3.91 3.93 3.88 Corporate bonds (Moody's) Aaa 4.12 4.14 4.13 4.23 4.37 4.46 4.47 4.43 4.52 4.57 4.56 4.58 4.61 4.56 4.49 4.45 4.46 4.45 4.41 4.28 4.25 4.30 4.31 4.35 Baa 4.87 4.89 4.85 4.86 4.96 5.04 5.08 5.09 5.18 5.28 5.26 5.28 5.34 5.34 5.25 5.20 5.28 5.26 5.22 5.08 5.01 5.11 5.08 5.10 Common stock yields, 200 stocks (Moody's) 3.36 3.41 3.43 3.29 3.25 3.28 3.18 3.19 3.34 3.36 3.38 3.28 3.56 3.53 3.59 3.68 3.60 3.52 3.60 3.50 3.73 3.74 3.60 3.49 Highgrrad municippa bonds (Standaar & Poor's) 3.87 3.85 3.76 3.84 3.97 4.04 4.04 3.96 4.13 3.99 3.94 4.05 4.13 3.97 3.87 3.84 3.85 3.78 3.72 3.53 3.53 3.59 3.46 3.45 Average rate on shortteer bank loans to business-sselecte cities 4.51 4.87 8 5.27 5.36 5.34 5.35 4.97 4.99 Prime commer--cia paper, 4-6 months 3.30 3.26 3.35 3.42 3.56 3.83 3.98 3.97 4.63 4.73 4.67 4.88 4.91 4.66 4.49 4.16 4.25 3.81 3.39 3.34 3.39 3.30 3.28 3.23 Federra Reseerv Bank discooun rate 2.50 2.50 2.92 3.00 3.05 3.50 3.50 3.50 3.83 4.00 4.00 4.00 4.00 4.00 4.00^ 4.00 4.00 3.65 3.50 3.18 3.00 3.00 3.00 3.00 1 Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). s First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years. 4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. • Not available before August 1942. 8 Not available on same basis as for 1939 and subsequent years. 7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advannce secured by Government securities maturing or callable in 1 year or less. 8 Series revised to exclude loans to nonbank financial institutions. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. I78 1961TABLE B-47.—Bond yields and interest rates, 1929-61 [Percent per annum] Year or month 3-month Treasury--bill i U.S. Government securities 9-12 month issues2 Taxable bonds3 Corporate ' bonds (Moody's) Aaa Baa Common stock yields, 200 stocks (Moody's) Highgrrad municippa bonds (Standaar & Poor's) Average rate on shortvccr bank loans to business-sselecte cities Prime commer--cia paper, 4-6 months Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 i 1.00 U.00 7 1.00 n.oo u.oo 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 3 36 3.53 3.00 2.50 2.50 2.92 3.00 3.05 3.50 3.50 3.50 3.83 4.00 4.00 4.00 1929 1930 1931 1932 1933._. -1934 1935 1936 1937 — 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949... 1950 1951 f 1952 1953 1954 1955.. 1956 1957 1958, 1959 1960 1961 1959: January February March. _ April May June July August __ September October November December ) 1.402 .879 .515 .256 .137 .143 .447 .053 .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 2.837 2.712 2.852 2.960 2.851 3.247 3.243 3.358 3.998 4.117 4.209 4.572 00 (5) () 0.75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.26 3.38 3.56 3.66 3.92 3.97 4.30 4.32 4.80 4.65 4.70 4.98 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.91 3.92 3.92 4.01 4.08 4.09 4.11 4.10 4.26 4.11 4.12 4.27 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 4.12 4.14 4.13 4.23 4.37 4.46 4.47 4.43 4.52 4.57 4.56 4.58 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 4.87 4.89 4.85 4.86 4.96 5.04 5.08 5.09 5.18 5.28 5.26 5.28 3.41 4.54 6.17 7.36 4.42 4.11 4.06 3.50 4.77 4.38 4.15 5.31 6.25 6.67 4.89 4.81 4.19 3.97 5.13 5.78 6.63 6.27 6.12 5.50 5.49 4.78 4.06 4.07 4.33 4.05 3.31 3.60 3.07 3.36 3.41 3.43 3.29 3.25 3.28 3.18 3.19 3.34 3.36 3.38 3.28 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 3.87 3.85 3.76 3.84 3.97 4.04 4.04 3.96 4.13 3.99 3.94 4.05 ()2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 4.3 8 5.0 5.2 5.0 4.51 'I'sY 8 5.27 ~5.~36" 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3,97 3.85 2.97 3.30 3.26 3.35 3.42 3.56 3.83 3.98 3.97 4.63 4.73 4.67 4.88 See footnotes at end of table, p. 264. 263 1962TABLE B-47.—Bondyields and interest rates, 7929-61 [Percent per annum] Continued Year or month 3-month Treasuur bills i U.S. Government securities 9-12 month issues' Taxable bonds 3 Corporate bonds (Moody's) Aaa Baa Common stock yields, 200 stocks (Moody's) Highgrrad municippa bonds (Standaar & Poor's) Average rate on shortteer bank loans to business-sselecte cities Prime commer--cia paper 4-6 months Federra Reseerv Bank discooun rate 1960: January... February-. March April May June July August September October November. December . 1961: January... February-March April. May June July August September October... November. December. 4.436 3.954 3.439 3.244 3.392 2.641 2.396 2.286 2.489 2.426 2.384 2.272 2.302 2.408 2.420 2.327 2.288 2.359 2.268 2.402 2.304 2.350 2.458 2.617 4.93 4.58 3.93 3.99 4.19 3.35 3.13 2.89 2.99 3.01 2.99 2.79 2.70 2.84 2.86 2 83 2.82 3.02 2.87 3.03 3.03 2.97 2.95 3.03 4.37 4.22 4.08 4.18 4.16 3.86 3.79 3.84 3.91 3.93 3.88 3.89 3.81 3.78 3.80 3.73 3.88 3.90 4.00 4.02 3.98 3.98 4.06 4.61 4.56 4.49 4.45 4.46 4.45 4.41 4.28 4.25 4.30 4.31 4.35 4.32 4.27 4.22 4.25 4.27 4.33 4.41 4.45 4.45 4.42 4.39 4.42 5.34 5.34 5.25 5.20 5.28 5.26 5.22 5.08 5.01 5.11 5.08 5.10 5.10 5.07 5.02 5.01 5.01 5.03 5.09 5.11 5.12 5.13 5.11 5.10 3.56 3.53 3.59 3.68 3.60 3.52 3.60 3.50 3.73 3.74 3.60 3.49 3.28 3.22 3.15 3.15 3.09 3.16 3.05 3.00 3.03 2.95 2.93 2.90 4.13 3.97 3.87 3.84 3.85 3.78 3.72 3.53 3.53 3.59 3.46 3.45 3 44 3.33 3.38 3.44 3.38 3.53 3.53 3.55 3.54 3.46 3.44 3.49 5.34 ~5.~35~ 4.97 ~4.~99' 4.97 ~4.~97' 4.99 4.91 4.66 4.49 4.16 4.25 3.81 3.39 3.34 3.39 3.30 3.28 3.23 2 98 3.03 3.03 2.91 2.76 2.91 2.72 2.92 3.05 3.00 2.98 3.19 4.00 4.00 4.00 4.00 4.00 3.65 3.50 3.18 3.00 3.00 3.00 3.00 3.00 3 00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). 3 First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years. * Treasury bills were first issued in December 1929 and were issued irregularly in 1930. 5 Not available before August 1942. « Not available on same basis as for 1939 and subsequent years. i 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 or callable in 1 year or less. 8 Series revised to exclude loans to nonbank financial institutions. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 264 1962TABLE G-48.—Bond yields and interest rates, 1929-62 [Percent per annum] Year or month 1929.. 1930.. 1931.. 1932_. 1933.. 1934.. 1935_. 1936.. 1937.. 1938.. 1939.. 1940.. 1941.. 1942.. 1943.. 1944.. 1945.. 1946.. 1947.. 1948.. 1949.. 1950.. 1951.. 1952.. 1953.. 1954.. 1955.. 1956.. 1957.. 1958.. 1959.. I960.. 1961.. 1962. 1960: January... February.. March April May June July August September. October November-December.. 3-month Treasuur bills i U.S. Government securities () 1.402 .879 .515 .256 .137 .143 .447 .053 .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 4.436 3.954 3.439 3.244 3.392 2.641 2.396 2.286 2.489 2.426 2.384 2.272 9-12 month issues2 () 0.75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 4.93 4.58 3.93 3.99 4.19 3.35 3.13 2.89 2.«9 3.01 2.99 2.79 3-5 year issues 3 Taxable bonds4 2.66 2.12 1.29 1.11 1.40 .83 .59 .50 .73 1.46 1.34 1.33 1.18 1.16 1.32 1.62 1.43 1.50 1.93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 4.87 4.66 4.24 4.23 4.42 4.06 3.71 3.50 3.50 3.61 3.68 3.51 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.37 4.22 4.08 4.18 4.16 3.98 3.86 3.79 3.84 3.91 3.93 3.88 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 4.61 4.56 4.49 4.45 4.46 4.45 4.41 4.28 4.25 4.30 4.31 4.35 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 5.34 5.34 5.25 5.20 5.28 5.26 5.22 5.08 5.01 5.11 5.08 5.10 Highgrrad municippa bonds (Standaar & Poor's) Average rate on shortteer bank loans to business-sselecte cities 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 4.13 3.97 3.87 3.84 3.85 3.78 3.72 3.53 3.53 3.59 3.46 3.45 Prime commer--cia paper, months ()2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 4.3 "5.0 5.2 5.0 5.0 5.34 5.35 4.97 ~4~99 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 4.91 4.66 4.49 4.16 4.25 3.81 3.39 3.34 3.39 3.30 3.28 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 8 1.00 81.00 8 1.00 8 1.00 8 1.00 LOO 1.34 .50 1.75 1.75 1.89 2.77 3.12 2.16 3 36 3.53 3.00 3.00 4.00 4.00 4.00 4.00 4.00 3.65 3.50 3.18 3.00 3.00 3.00 3.00 See footnotes at end of table. 229 1963TABLE C-48.—Bond yields and interest rates, 1929-62—Continued [Percent per annum] Year or month U.S. Government securities 3-month Treasuur bills i 9-12 month issues2 3-5 year issues3 Taxable bonds4 Corporate bonds (Moody's) Aaa Baa Highgrrad municippa bonds (Standaar & Poor's) Average rate on shortteer bank loans to business-sselecte cities Prime commer--cia paper, 4-6 months Federra Reseerv Bank discooun rate 1961: January February March April... May June July August September October .__ November December 1962: January February March April -— May__ June July August September October.. November December ___ 2.302 2.408 2.420 2.327 2.288 2.359 2.268 2.402 2.304 2.350 2.458 2.617 2.746 2.752 2.719 2.735 2.694 2.719 2.945 2.837 2.792 2.751 2.803 2.856 2.70 2.84 2.86 2.83 2.82 3.02 2.87 3.03 3.03 2.97 2.95 3.03 3.08 3.11 2.99 2.94 2.98 3.02 3.23 3.13 3.00 2.90 2.92 2.95 3.53 3.54 3.43 3.39 3.28 3.70 3.69 3.80 3.77 3.64 3.68 3.82 3.84 3.77 3.55 3.48 3.53 3.51 3.71 3.57 3.56 3.46 3.46 3.44 3.89 3.81 3.78 3.80 3.73 3.88 3.90 4.00 4.02 3.98 3.98 4.06 4.08 4.09 4.01 3.89 3.88 3.90 4.02 3.98 3.94 3.89 3.87 3.87 4.32 4.27 4.22 4.25 4.27 4.33 4.41 4.45 4.45 4.42 4.39 4.42 4.42 4.42 4.39 4.33 4.28 4.28 4.34 4.35 4.32 4.28 4.25 4.24 5.10 5.07 5.02 5.01 5.01 5.03 5.09 5.11 5.12 5.13 5.11 5.10 5.08 5.07 5.04 5.02 5.00 5.02 5.05 5.06 5.03 4.99 4.96 4.92 3.44 3.33 3.38 3.44 3.38 3.53 3.53 3.55 3.54 3.46 3.44 3.49 3.32 3.28 3.19 3.08 3.09 3.24 3.30 3.31 3.18 3.03 3.03 3.12 4.97 4.97 4.96 4.98 5.01 4.99 5.02 2.98 3.03 3.03 2.91 2.76 2.91 2.72 2.92 3.05 3.00 2.98 3.19 3.26 3.22 3.25 3.20 3.16 3.25 3.36 3.30 3.34 3.27 3.23 3.29 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). 3 Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereaftter * First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years. * Treasury bills were first issued in December 1929 and were issued irregularly in 1930. « Not available before August 1942. 7 Not available on same basis as for 1939 and subsequent years. « 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 or callable in 1 year or less. 9 Series revised to exclude loans to nonbank financial institutions. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 230 1963TABLE C-48.—Bond yields and interest rates, 1929-63 [Percent per annuml Year or month 1929 1930 1931 1932 1933 1934 --1935 1936 1937 1938 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 1961* January February March April May June July August __ September October November December 1 3-month Treasuur bills i (•) (•) 1.402 .879 .515 .256 .137 .143 .447 .053 .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 3.219 2.302 2.408 2 420 2.327 2.288 2.359 2.268 2.402 2.304 2.350 2.458 2.617 U.S. Government securities 9-12 month issues3 <•) (8) (8) (6) («) ( 6 ) (6) (6) («) (6) (6) (8) 0.75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 3.28 2.70 2.84 2 86 2.83 2.82 3.02 2.87 3.03 3.03 2.97 2.95 3.03 3-5 year issues 3 2.66 2.12 1.29 1.11 1.40 .83 .59 .50 .73 1.46 1.34 1.33 1.18 1.16 1.32 1.62 1.43 1.50 1.93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 3.53 3.54 3.43 3.39 3.28 3.70 3.69 3.80 3.77 3.64 3.68 3.82 Taxableboond 4 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 3.89 3.81 3.78 3.80 3.73 3.88 3.90 4.00 4.02 3.98 3.98 4.06 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 4.32 4.27 4.22 4.25 4.27 4.33 4.41 4.45 4.45 4.42 4.39 4.42 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 5.10 5.07 5.02 5.01 5.01 5.03 5.09 5.11 5.12 5.13 5.11 5.10 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 3.24 3.44 3.33 3 38 3.44 3.38 3.53 3.53 3.65 3.54 3.46 3.44 3.49 Average rate on shortteer bank loans to business-sselecte cities (7) (7) (7) n\ (7) (7) (7) (7) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 4.3 9 5.0 5.2 5.0 5.0 5.0 4 97 4.97 4.99 4.96 Prime commer--cia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 2 98 3.03 3.03 2.91 2.76 2.91 2.72 2.92 3.05 3.00 2.98 3.19 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 8 1.00 «1.00 8 1.00 8 1.00 8 1.00 1.00 11 34 ,m ,59 75 75 .99 60 1.89 2.77 3.12 2.16 3.36 3.63 3.00 3.00 3.23 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3 00 3.00 See footnotes at end of table. 265 1964TABLE C-48.—Bondyields and interest rates, 7929-63— Continued [Percent per annum] Year or month 1962: January February March April May June -__ July.. . . August September October November December 1963: January February March April May . . . June July August September October November December 3-month Treasuur bills * 2.746 2.752 2.719 2.735 2.694 2.719 2.945 2.837 2.792 2.751 2.803 2.856 2.914 2.916 2.897 2.909 2.920 2.995 3.143 3.320 3.379 3.453 3.522 3.523 U.S. Government securities £-12 month issues8 3.08 3.11 2.99 2.94 2.98 3.02 3.23 3.13 3.00 2.90 2.92 2.95 2.97 2.89 2.99 3.02 3.06 3.17 3.33 3.41 3.54 3.59 3.70 3.77 3-5 year issues' 3.84 3.77 3.55 3.48 3.53 3.51 3.71 3.57 3.56 3.46 3.46 3.44 3.47 3.48 3.50 3.56 3.57 3.67 3.78 3.81 3.88 3.91 3.97 4.04 Taxable bonds* 4.08 4.09 4.01 3.89 3.88 3.90 4.02 3.98 3.94 3.89 3.87 3.87 3.89 3.92 3.93 3.97 3.97 4.00 4.01 3.99 4.04 4.07 4.11 4.14 Corporate bonds (Moody's) Aaa 4.42 4.42 4.39 4.33 4.28 4.28 4.34 4.35 4.32 4.28 4.25 4.24 4.21 4.19 4.19 4.21 4.22 4.23 4.26 4.29 4.31 4.32 4.33 4.35 Baa 5.08 5.07 5.04 5.02 5.00 5.02 5.05 5.06 5.03 4.99 4.96 4.92 4.91 4.89 4.88 4.87 4.86 4.84 4.84 4.83 4.84 4.83 4.84 4.85 Highgrrad municippa bonds (Stand- r d * Poor's) 3.32 3.28 3.19 3.08 3.09 3.24 3.30 3.31 3.18 3.03 3.03 3.12 3.12 3.18 3.11 3.11 3.15 3.27 3.31 3.22 3.27 3.32 3.41 3.41 Average rate on shortteer bank loans to business-sselecte cities 4.98 5.01 4.99 5.02 5.00 5.01 5.01 5.00 Prime comciia paper, 4-6 months 3.26 3.22 3.25 3.20 3.16 3.25 3.36 3.30 3.34 3.27 3.23 3.29 3.34 3.25 3.34 3.32 3.25 3.38 3.49 3.72 3.88 3.88 3.88 3.96 Federra Reseerv Bank discooun rate 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3 00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.24 3.50 3.50 3.50 3.50 3.50 1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). * Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereaftter * First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years. 1 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. * Not available before August 1942. * Not available on same basis as for 1939 and subsequent years. « 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 or callable in 1 year or less. * Series revised to exclude loans to nonbank financial Institutions. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 266 1964TABLE B-49.—Bondyields and interest rates, 1929-64 [Percent per annuml Year or month 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 I960 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1962-Jan Feb. . Mar Apr. May June, July Aug Sept _ Oct Nov Dec 3-month Treasuur bills i («) (a) 1.402 .879 .515 .256 .137 .143 .447 .053 .023 .014 .103 .326 .373 .375 .375 .375 KQ4 ]11L.040 L.102 918 1.552 L.766 .931 .953 1.753 2.658 3.267 1.839 3.405 2.928 2.378 2.778 3.157 3.549 2.746 2 752 2.719 2.735 2.694 2.719 2.945 2.837 2.792 2.751 2 803 2.856 U.S. Government securities 9-12 month issues' CO CO 00 00 00 00 00 (') /fl\ (') CO 0.75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 3.28 3.76 3.08 3 11 2.99 2.94 2.98 3.02 3.23 3.13 3.00 2.90 2 92 2.95 3-5 year issues * 2.66 2.12 1.29 1.11 1.40 .83 .59 .50 .73 1 46 34 L. 33 18 16 L.32 6? 43 1.50 1.93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 4.06 3.84 3 77 3.55 3.48 3.53 3.51 3.71 3.57 3.56 3.46 3 46 3.44 Taxable bonds* 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 4.15 4.08 4 09 4.01 3.89 3.88 3.90 4.02 3.98 3.94 3.89 3 87 3.87 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 4.42 4 42 4.39 4.33 4.28 4.28 4.34 4.35 4.32 4.28 4 25 4.24 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 6.19 5.08 5.02 4.86 4.83 5.08 5 07 5.04 5.02 5.00 5.02 5.05 5.06 5.03 4.99 4 96 4.92 Highgrrad municippa bonds (Stand- r d * Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 2.76 2.60 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 2.63 2.93 3.60 3.56 3.95 3.73 3.46 3.18 3.23 3.22 3.32 3.28 3.19 3.08 3.09 3.24 3.30 3.31 3.18 3.03 3.03 3.12 Average rate on shortteer bank loans to busi- e s s -selected cities (7) (7) 0) C1) 0) 0) (7) 0) O) O) 2 1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 4.3 •5.0 5.2 5.0 5.0 5.0 5.0 4.98 5.01 4.99 5.02 Prime commer--cia paper, months 5.85 3.59 2.64 2 73 1.73 1 02 .75 75 .94 .81 .59 .56 .53 .66 69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 3.97 3.26 3 22 3.25 3.20 3.16 3.25 3.36 3.30 3.34 3.27 3 23 3.29 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2 82 2.56 1 54 1.50 1 50 1.33 1.00 1.00 1.00 1.00 "1.00 •1 00 U.00 •1.00 U.00 1.00 1.34 1.50 1.69 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 3.36 3.53 3.00 3.00 3.23 3.55 3.00 3 00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3 00 3.00 See footnotes at end of table. 248 1965TABLE B-49.—Bondyields and interest rates, 1929-64— Continued [Percent per annum] Year or month 3-month Treasuur bills i U.S. Government securities 9-12 month issues9 3-5 year Taxable bonds« Corporate bonds (Moody's) Aaa Baa Highgrrad municippa bonds (Standaar & Poor's) rate on shortteer bank loans to busiseleecte cities Prime commer--cia paper. months Federra Reseerv Bank discooun rate 1963: Jan.. Feb.. Mar. Apr. May June. July-Aug. Sept. Oct-Nov. Dec. 1964: Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct-Nov. Dec. 2.914 2.916 2.897 2.909 2.920 2.995 3.143 3.320 3.379 3.453 3.522 3.529 3.532 3.553 3.484 3.482 3.478 3.479 3.506 3.527 3.575 3.624 3.856 2.97 2.89 2.99 3.02 3.06 3.17 3.41 3.54 3.59 3.70 3.77 3.66 3.63 3.67 3.63 3.67 3.68 3.73 3.82 3.83 3.88 3.96 3.47 3.48 3.50 3.56 3.57 3.67 3.78 3.81 3.88 3.91 3.97 4.04 4.06 4.02 4.15 4.18 4.07 4.03 3.99 4.03 4.04 4.04 4.07 3.89 3.92 3.93 3.97 3.97 4.00 4.01 3.99 4.04 4.07 4.11 4.14 4.15 4.14 4.18 4.20 4.16 4.13 4.13 4.14 4.16 4.16 4.12 4.14 4.21 4.19 4.19 4.21 4.22 4.23 4.26 4.29 4.31 4.32 4.33 4.35 4.37 4.36 4.38 4.40 ,41 .41 .40 .41 .42 .42 .43 ,44 4.91 4.89 4.88 4.87 4.86 4.84 4.84 4.83 4.84 4.83 4.84 4.85 4.83 4.83 4.83 4.85 4.85 4.85 4.83 4.82 4.82 4.81 4.81 4.81 3.12 3.18 3.11 3.11 3.15 3.27 3.29 3.22 3.27 3.32 3.41 3.34 3.23 3.17 3.32 3.29 3.21 3.20 3.18 3.20 3.25 3.26 3.18 3.15 5.00 5.01 5.01 5.00 4.99 4.99 4.98 5.00 3.34 3.25 3.34 3.32 3.25 3.38 3.49 3.72 3.88 3.88 3.88 3.96 3.97 3.88 4.00 3.91 3.89 4.00 3.96 3.88 3.89 4.00 4.02 4.17 3.00 3.00 3.00 3.00 3.00 3.00 3.24 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.62 4.00 i Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. * Includes certificates of indebtedness and selected note and bond issues (fully taxable). * Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereaftter « First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years: October 1941-March 1952, 15 years. * Treasury bills were first issued in December 1929 and were issued irregularly in 1930. * Not available before August 1942. r Not available on same basis as for 1939 and subsequent years. 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 or callable in 1 year or less. * Series revised to exclude loans to nonbank financial institutions. NOTE.—Yields and rates computed for New York City, except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 249 1965TABLE C-48.—Bond yields and interest rates, 1929-65 [Percent per annum] Year or month 3-month Treasuur bills i 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 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 1963: Jan.. Feb. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec. XJ.S. Government securities () 1.402 .879 .515 .256 .137 .143 .447 .053 .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 2.914 2.916 2.897 2.909 2.920 2.995 3.143 3.320 3.379 3.453 3.522 3.523 9-12 month issues 2 () (8) () 0.75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 3.28 3.76 4.09 2.97 2.89 2.99 3.02 3.06 3.17 3.33 3.41 3.54 3.59 3.70 3.77 3-5 year issues 3 Taxable bonds 2.66 2.12 1.29 1.11 1.40 .83 .59 .50 .73 .46 .34 .33 .18 .16 .32 .62 .43 .50 .93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 4.06 4.22 3.47 3.48 3.50 3.56 3.57 3.67 3.78 3.81 3.88 3.91 3.97 4.04 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 4.15 4.21 3.89 3.92 3.93 3.97 3.97 4.00 4.01 3.99 4.04 4.07 4.11 4.14 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 4.21 4.19 4.19 4.21 4.22 4.23 4.26 4.29 4.31 4.32 4.33 4.35 Baa Highgrrad municippa bonds (Standaar & Poor's) 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 4.91 4.89 4.88 4.87 4.85 4.84 4.84 4.83 4.84 4.83 4.84 4.85 Average rate on shortteer bank loans to business-sselecte cities 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 3.12 3.18 3.11 3.11 3.15 3.27 3.29 3.22 3.27 3.32 3.41 3.34 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3.1 3.5 3.7 3.6 3.7 4.2 4.6 4.3 9 5.0 5.2 5.0 5.0 5.0 5.0 5.0 5.00 5.61 5.01 5.66 Prime commer--cia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 3.97 4.38 3.34 3.25 3.34 3.32 3.25 3.38 3.49 3.72 3.88 3.88 3.88 3.96 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2 82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 8 1.00 8 1.00 81.00 8 1.00 8 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 3.36 3.53 3.00 3.00 3.23 3.55 4.04 3.00 3.00 3.00 3.00 3.00 3.00 3.24 3.50 3.50 3.50 3.50 3.50 See footnotes at end of table. 266 1966TABLE C-48.—Bond yields and interest rates, 1929-65—Continued [Percent per annum] Year or month 3-month Treasuur bills 1 1964: Jan . Feb. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec. 1965: Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. U.S. Government securities 3.529 3.532 3.553 3.484 3.482 3.478 3.479 3.506 3.527 3.575 3.624 3.856 3.828 3.929 3.942 3.932 3.895 3.810 3.831 3.836 3.912 4.032 4.082 4.362 9-12 month issues 2 3.66 3.63 3.67 3.63 3.67 3.83 3.68 3.73 3.82 3.83 3.88 3.96 3.87 3.97 4.03 4.00 3.99 3.98 3.96 4.00 4.11 4.18 4.29 4.66 3-5 year issues 3 Taxable bonds4 4.06 4.02 4.15 4.18 4.07 4.03 3.99 3.99 4.03 4.04 4.04 4.07 4.06 4.08 4.12 4.12 4.11 4.09 4.10 4.19 4.24 4.33 4.46 4.77 4.15 4.14 4.18 4.20 4.16 4.13 4.13 4.14 4.16 4.16 4.12 4.14 4.14 4.16 4.15 4.15 4.14 4.14 4.15 4.19 4.25 4.28 4.34 4.43 Corporate bonds (Moody's) Aaa 4.37 4.36 4.38 4.40 4.41 4.41 4.40 4.41 4.42 4.42 4.43 4.44 4.43 4.41 4.42 4.43 4.44 4.46 4.48 4.49 4.52 4.56 4.60 4.68 Baa 4.83 4.83 4.83 4.85 4.85 4.85 4.83 4.82 4.82 4.81 4.81 4.81 4.80 4.78 4.78 4.80 4.81 4.85 4.88 4.88 4.91 4.93 4.95 5.02 Highgrrad municippa bonds (Standaar & Poor's) 3.23 3.17 3.32 3.29 3.21 3.20 3.18 3.20 3.25 3.26 3.18 3.15 3.06 3.10 3.18 3.17 3.19 3.26 3.26 3.25 3.36 3.42 3.47 3.56 Average rate on shortteer bank loans to business-sselecte cities 4.99 4.98 5.00 4.97 5.00 5.27 Prime commer--cia paper, 4-6 months 3.97 3.88 4.00 3.91 3.89 4.00 3.96 3.88 3.89 4.00 4.02 4.17 4.25 4.27 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.65 Federra Reseerv Bank discooun rate 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.62 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.42 1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Includes certificates of indebtedness and selected note and bond issues (fully taxable). 3 Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereaftter 4 First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years. 5 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. • Not available before August 1942. i Not available on same basis as for 1939 and subsequent years. 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 or callable in 1 year or less. 0 Series revised to exclude loans to nonbank financial institutions. NOTE.—Yields and rates computed for New York City except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's [Investors Service, and Standard & Poor's Corporation. 267 1966TABLE B-50.—Bond yields and interest rates, 1929-66 (Percent per annum] Year or month 1929 1930 1931 1932 1933 1934 1935 __ 1936 1937 1938____ 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 -__-— _ 1964: Jan Feb-Mar Apr May -__ June__ July Aug Sept Oct . Nov.___ Dec U.S. 3-month Treasuur bills i (5) (5) 1.402 879 .515 256 .137 .143 .447 .053 .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 3.529 3.532 3.553 3.484 3.482 3.478 3.479 3.506 3.527 3.575 3.624 3.856 Government securities 9-12 month issues2 0.75 .79 .81 .82 .88 1 14 1.14 1.26 1.73 1.81 2.07 92 1 89 2.83 3 53 2 09 4.11 3 55 2.91 3.02 3 28 3.76 4 09 5.17 3.66 3.63 3.67 3.63 3.67 3.83 3.68 3.73 3.82 3.83 3.88 3.96 3-5 year issues » 2.66 2.12 1.29 1.11 1.40 .83 .59 .50 .73 1.46 1.34 1.33 1.18 1.16 1.32 1.62 1.43 1.50 1.93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 4.06 4.22 5.16 4.06 4.02 4.15 4.18 4.07 4.03 3.99 3.99 4.03 4.04 4.04 4.07 Taxable bonds4 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 4.15 4.21 4.65 4.15 4.14 4.18 4.20 4.16 4.13 4.13 4.14 4.16 4.16 4.12 4.14 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 4.37 4.36 4.38 4.40 4.41 4.41 4.40 4.41 4.42 4.42 4.43 4.44 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 4.83 4.83 4.83 4.85 4.85 4.85 4.83 4.82 4.82 4.81 4.81 4.81 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.40 3.07 3.10 2.91 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 3.23 3.17 3.32 3.29 3.21 3.20 3.18 3.20 3.25 3.26 3.18 3.15 Average rate on shortteer bank loans to business-sselecte cities (6) (6) V(8) (6) (6) 2.1 2.1 2.0 2.2 2.6 2.4 " 2.2 2.1 2.68 2.69 3.11 3.49 3.69 3.61 3.70 4.20 4 62 4.34 8 5.00 5.16 4.97 5.00 5.01 4.99 5.06 6.00 4.99 4.99 4.98 5.00 Prime commer--cia paper, months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 3.97 4.38 5.55 3.97 3.88 4.00 3.91 3.89 4.00 3.96 3.88 3.89 4.00 4.02 4.17 Federra Reseerv Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 7 1.00 71.00 7 1.00 7 1.00 7 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 3.36 3.53 3.00 3.00 3.23 3.55 4.04 4.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.62 4.00 See footnotes at end of table. 272 1967TABLE B-50.—Bond yields and interest rates, 7929-66—Continued [Percent per annum] Year or month 3-month Treasuur bills 1 U.S. Government securities 9-12 month 3-5 year issues3 Taxable bonds * Corporate bonds (Moody's) Aaa Baa Highgrrad municippa bonds (Standaar & Poor's) Average rate on shortteer bank loans to business-sselecte cities Prime commer--cia paper, 4-6 months Federra Reseerv Bank discooun rate 1065: Jan.. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct.. Nov. Dec. 1966: Jan.. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct-Nov. Dec. 3.828 3.929 3.942 3.932 3.895 3.810 3.831 3.836 3.912 4.032 4.082 4.362 4.596 4.670 4.626 4.611 4.642 4.539 4.855 4.932 5.356 5.387 5.344 5.007 3.87 3.97 4.03 4.00 3.99 3.98 3.96 4.00 4.11 4.18 4.29 4.66 4.83 4.92 4.96 4.87 4.90 4.94 5.17 5.52 5.80 5.57 5.45 5.10 4.06 4.08 4.12 4.12 4.11 4.09 4.10 4.19 4.24 4.33 4.46 4.77 4.89 5.02 4.94 4.86 4.94 5.01 5.22 5.58 5.62 5.38 5.43 5.07 4.14 4.16 4.15 4.15 4.14 4.14 4.15 4.19 4.25 4.28 4.34 4.43 4.43 4.61 4.63 4.55 4.57 4.63 4.75 4.80 4.79 4.70 4.74 4.65 4.43 4.41 4.42 4.43 4.44 4.46 4.48 4.49 4.52 4.56 4.60 4.68 4.74 4.78 4.92 4.96 4.98 5.07 5.16 5.31 5.49 5.41 5.35 5.39 4.80 4.78 4.78 4.80 4.81 4.85 4.88 4.88 4.91 4.93 4.95 5.02 5.06 5.12 5.32 5.41 5.48 5.58 5.68 5.83 6.09 6.10 6.13 6.18 3.06 3.10 3.18 3.17 3.19 3.26 3.26 3.25 3.36 3.42 3.47 3.56 3.52 3.63 3.72 3.59 3.68 3.77 3.94 4.17 4.11 3.97 3.93 3.83 4.97 4.99 5.00 5.27 5.55 5.82 6.30 6.31 4.25 4.27 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.65 4.82 4.88 5.21 5.38 5.39 5.51 5.63 5.85 5.89 6.00 6.00 6.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.42 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 i Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. * Certificates of indebtedness and selected note and bond issues (fully taxable). 3 Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereaftter * First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years. 5 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. «Not available on same basis as for 1939 and subsequent years. 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 or less. * Beginning 1959, series revised to exclude loans to nonbank financial institutions. NOTE.—Yields and rates computed for New York City except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation. 273 1967TABLE B-54.—Bond yields and interest rates, 1929-67 [Percent per annum] Year or month 1929 1930 1931 1932. . .. 1933 1934 1935 1936 1937.. 1938 1939 1940 . 1941 1942 1943 1944 1945 1946 1947 1948 1949 --.. 1950 1951 1952 1953 . 1954 1955 1956 1957 1958 1959.. I960 1961 1962 . 1963 1964 1965 1966 1967 1965'Jan Feb Mar May" June July Aug Sept Oct Nov Dec U.S 3-month Treasuur bills i 1 402 .879 .515 .256 .137 143 .447 .053 .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 3.828 3 929 3.942 3.932 3 895 3.810 3.831 3.836 3.912 4 032 4.082 4.362 Government securities 9-12 month issues2 0.75 .79 81 .82 88 1.14 1.14 1 26 1.73 1 81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 3.28 3.76 4.09 5.17 4.84 3 87 3 97 4.03 4.00 3 99 3.98 3.96 4.00 4.11 4 18 4.29 4.66 3-5 year issues3 2.66 2.12 1.29 1 11 1.40 .83 .59 .50 .73 1.46 1.34 1.33 1.18 1.16 1 32 1.62 1.43 1.50 1.93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 4.06 4.22 5.16 5.07 4.06 4 08 4.12 4.12 4 11 4.09 4.10 4.19 4.24 4.33 4.46 4.77 Taxable bonds4 2.46 2.47 2.48 2.37 2.19 2 25 2.44 2.31 2.32 2.57 2 68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 4.15 4.21 4.65 4.85 4.14 4 16 4.15 4.15 4 14 4.14 4.15 4.19 4.25 4.28 4.34 4.43 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5 01 4.49 4.00 3.60 3.24 3 26 3.19 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 4.43 4 41 4.42 4.43 4 44 4.46 4.48 4.49 4.52 4.56 4.60 4.68 Baa 5.90 5.90 7.62 9 30 7.76 6.32 5.75 4.77 5 03 5.80 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 4.80 4.78 4.78 4.80 4 81 4.85 4.88 4.88 4.91 4.93 4.95 5.02 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4 65 4.71 4.03 3.41 3.07 3.10 2.91 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 3.96 3.06 3.10 3.18 3.17 3.19 3.26 3.26 3.25 3.36 3.42 3.47 3.56 Average rate on shortteer bank loans to business-sselecte cities 00) C) 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.68 2.69 3.11 3.49 3.69 3.61 3.70 4.20 4.62 4.34 9 5.00 5.16 4.97 5.00 5.01 4.99 5.06 6.00 io 6.00 4.97 4.99 5.00 5.27 Prime comciia paper, months 5.85 3.59 2.64 2 73 1.73 1.02 .76 .75 94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1 03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 3.97 4.38 5.55 5.10 4.25 4.27 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.65 Federra Reserve Bank discooun rate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 8 1.00 8 1.00 8 1.00 8 1.00 8 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 3.36 3.53 3.00 3.00 3.23 3.55 4.04 4.50 4.19 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.42 FHA new home mortgaag yields 5 4.34 4.17 4.21 4.29 4.61 4.62 4.64 4.79 5.42 5.49 5.71 6.18 5.80 5.61 5.47 5.45 5.46 6.29 6.55 5.45 5.45 5.45 5.45 5.45 5.45 5.44 5.44 5.45 5.46 5.49 5.51 See footnotes at end of table. 272 1968TABLE B-54.—Bond yields and interest rates, 1929-67— Continued [Percent per annum] Year or month 1966: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1967: Jan Feb Mar Apr May -June July Aug Sept Oct Nov Dec U.S. Government securities 3-month Treasuur bills i ii1.596 1.670 1.626 1.611 1.642 1.539 1.855 1.932 5.356 5.387 5.344 5.007 1.759 1.554 1.288 3.852 3.640 5.480 1.308 1.275 1.451 1.588 1.762 5.012 9-12 month issues 2 4.83 4.92 4.96 4.87 4.90 4.94 5.17 5.52 5.80 5.57 5.45 5.10 4.71 4.64 4.35 4.03 4.09 4.40 4.98 5.10 5.21 5.32 5.55 5.69 3-5 year issues3 4.89 5.02 4.94 4.86 4.94 5.01 5.22 5.58 5.62 5.38 5.43 5.07 4.71 4.73 4.52 4.46 4.68 4.96 5.17 5.28 5.40 5.52 5.73 5.72 Taxable bonds4 4.43 4.61 4.63 4.55 4.57 4.63 4.75 4.80 4.79 4.70 4.74 4.65 4.40 4.47 4.45 4.51 4.76 4.86 4.86 4.95 4.99 5.19 5.44 5.36 Corporate bonds (Moody's) Aaa 4.74 4.78 4.92 4.96 4.98 5.07 5.16 5.31 5.49 5.41 5.35 5.39 5.20 5.03 5.13 5.11 5.24 5.44 5.58 5.62 5.65 5.82 6.07 6.19 Baa 5.06 5.12 5.32 5.41 5.48 5.58 5.68 5.83 6.09 6.10 6.13 6.18 5.97 5.82 5.85 5.83 5.96 6.15 6.26 6.33 6.40 6.52 6.72 6.93 Highgrrad municippa bonds (Standaar & Poor's) 3.52 3.63 3.72 3.59 3.68 3.77 3.94 4.17 4.11 3.97 3.93 3.83 3.58 3.56 3.60 3.66 3.92 3.99 4.05 4.03 4.15 4.31 4.36 4.49 Average rate on shortteer bank loans to business-sselecte cities 5.55 5.82 6.30 6.31 M 6.13 5.95 5.95 5.% Prime commer--cia paper, months 4.82 4.88 5.21 5.38 5.39 5.51 5.63 5.85 5.89 6.00 6.00 6.00 5.73 5.38 5.24 4.83 4.67 4.65 4.92 5.00 5.00 5.07 5.28 5.56 Federra Reserve Bank discooun rate 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.10 4.00 4.00 4.00 4.00 4.00 4.00 4.18 4.50 FHA new home mortgaag yields s 5.62 5.70 6.00 6.32 6.45 6.51 6.58 6.63 6.81 6.77 6.62 6.46 6.35 6.29 6.44 6.51 6.53 6.60 6.63 6.65 6.77 1 Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Certificates of indebtedness and selected note and bond issues (fully taxable). 3 Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereafter. 4 First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as folloows April 1953 to date, 10 years; April 1952-March 1953,12 years; October 1941-March 1952, 15 years. 5 Data for first of the month, based on the maximum permissable interest rate (6 percent beginning October 1966) and, thru July 1961, 25-year mortgages paid in 12 years and, thereafter, 30-year mortgages paid in 15 years. 6 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. 7 Not available on same basis as for 1939 and subsequent years. s 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 or less. 9 Beginning 1959, series revised to exclude loans to nonbank financial institutions. 10 Beginning February 1967, series revised to incorporate changes in coverage, in the sample of reporting banks, and in the reporting period (shifted to the middle month of the quarter). Note.—Yields and rates computed for New York City except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, Standaar & Poor's Corporation, and Federal Housing Administration. 273 1968TABLE B-54.—Bond yields and interest rates, 1929-68 [Percent per annum] Year or month 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 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 1988 ._--. . 1966' Jan Feb Mar Apr May June Juiy Aug Sept Oct Nov Dec U.S 3-month Treasuur bills i (6) (6) 1 402 .879 .515 .256 .137 .143 447 .053 .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 4.596 4.670 4.626 4.611 4.642 4.539 4.855 4.932 5.356 5.387 5.344 5.007 Government securities 9-12 month issues 2 0.75 .79 .81 82 88 1.14 1.14 1.26 1.73 1 81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 3.28 3.76 4.09 5.17 4.84 5.62 4.83 4.92 4.96 4.87 4.90 4.94 5.17 5.52 5.80 5 57 5.45 5.10 3-5 year issues 3 2.66 2.12 1.29 1.11 1 40 83 .59 50 73 1 46 1.34 1.33 1.18 1 16 1.32 1.62 1.43 1.50 1.93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 4.06 4.22 5.16 5.07 5.59 4.89 5.02 4.94 4.86 4.94 5.01 5.22 5.58 5.62 5.38 5.43 5.07 Taxable bonds4 2 46 2.47 2.48 2.37 2 19 2 25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 4.15 4.21 4.65 4.85 5.26 4.43 4.61 4.63 4.55 4.57 4.63 4.75 4.80 4.79 4.70 4.74 4.65 Corporate bonds (Moody's) Aaa 4.73 4.55 4 58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 3.01 2.84 2.77 2. S3 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 4.74 4.78 4.92 4.96 4.98 5.07 5.16 5.31 5.49 5.41 5.35 5.39 Baa 5.90 5.90 7 62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 5.06 5.12 5.32 5.41 5.48 5.58 5.68 5.83 6.09 6.10 6.13 6.18 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4 01 4.65 4.71 4.03 3 41 3.07 3.10 2.91 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 3.96 4.51 3.52 3.63 3.72 3.59 3.68 3.77 3.94 4.17 4.11 3.97 3.93 3.83 Average rate on shortteer bank loans to business-sselecte cities 0) 8o (7) (7) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2 1 2.1 2.5 2.68 2.69 3.11 3.49 3.69 3.61 3.70 4.20 4.62 4.34 9 5.00 5.16 4.97 5.00 5.01 4.99 5.06 6.00 io 6.00 6.68 5.55 5.82 6.30 6.31 Prime commer--cia paper, 4-6 months 5.85 3.59 2 64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 .53 .66 .69 .73 .75 81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 3.97 4.38 5.55 5.10 5.90 4.82 4.88 5.21 5.38 5.39 5.51 5.63 5.85 5.89 6.00 6.00 6.00 Federra Reserve Bank discooun rate 5.16 3.04 2 11 2.82 2 56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1 00 8 1.00 8 1.00 8 1.00 8 1.00 8 1 00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 3.36 3.53 3.00 3.00 3.23 3.55 4.04 4.50 4.19 5.17 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 FHA new home mortgaag yields» 4.34 4.17 4.21 4.29 4.61 4.62 4.64 4.79 5.42 5.49 5.71 6.18 5.80 5.61 5.47 5.45 5.46 6.29 6.55 7.13 5.62 5.70 6.00 6.32 6.45 6.51 6.58 6.63 6.81 See footnotes at end of table. 290 1969TABLE B-54.—Bond yields and interest rates, 1929-68—Continued [Percent per annum] Year or month 1967: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1968: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec U.S. Government securities 3-month Treasuur bills i 4.759 4.554 4.288 3.852 3.640 3.480 4.308 4.275 4.451 4.588 4.762 5.012 5.081 4.969 5.144 5.365 5.621 5.544 5.382 5.095 5.202 5.334 5.492 5.916 9-12 month issues 2 4.71 4.64 4.35 4.03 4.09 4.40 4.98 5.10 5.21 5.32 5.55 5.69 5.39 5.37 5.55 5.63 6.06 6.01 5.68 5.41 5.40 5.44 5.56 6.00 3-5 year issues 3 4.71 4.73 4.52 4.46 4.68 4.96 5.17 5.28 5.40 5.52 5.73 5.72 5.53 5.59 5.77 5.69 5.95 5.71 5.44 5.32 5.30 5.42 5.47 5.99 Taxable bonds* 4.40 4.47 4.45 4.51 4.76 4.86 4.86 4.95 4.99 5.19 5.44 5.36 5.18 5.16 5.39 5.28 5.40 5.23 5.09 5.04 5.09 5.24 5.36 5.66 Corporate bonds (Moody's) Aaa 5.20 5.03 5.13 5.11 5.24 5.44 5.58 5.62 5.65 5.82 6.07 6.19 6.17 6.10 6.11 6.21 6.27 6.28 6.24 6.02 5.97 6.09 6.19 6.45 Baa 5.97 5.82 5.85 5.83 5.96 6.15 6.26 6.33 6.40 6.52 6.72 6.93 6.84 6.80 6.85 6.97 7.03 7.07 6.98 6.82 6.79 6.84 7.01 7.23 Highgrrad municippa bonds (Standaar & Poor's) 3.58 3.56 3.60 3.66 3.92 3.99 4.05 4.03 4.15 4.31 4.36 4.49 4.34 4.39 4.56 4.41 4.56 4.56 4.36 4.31 4.47 4.56 4.68 4.91 Average rate on shortteer bank loans to business-sselecte cities « 6.13 5.95 5.95 5.96 6.36 6.84 6.89 6.61 Prime commer--cia paper, 4—6 months 5.73 5.38 5.24 4.83 4.67 4.65 4.92 5.00 5.00 5.07 5.28 5.56 5.60 5.50 5.64 5.81 6.18 6.25 6.19 5.88 5.82 5.80 5.92 6.17 Federra Reserve Bank discooun rate 4.50 4.50 4.50 4.10 4.00 4.00 4.00 4.00 4.00 4.00 4.18 4.50 4.50 4.50 4.66 5.20 5.50 5.50 5.50 5.48 5.25 5.25 5.25 5.36 FHA new home mortgaag yields » 6.77 6.62 6.46 6.35 6.29 6.44 6.51 6.53 6.60 6.63 6.65 6.77 6.81 6.81 6.78 6.83 6.94 7.52 7.42 7.35 7.28 7.29 7.36 1 Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Certificates of indebtedness and selected note and bond issues (fully taxable). 3 Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereafter. 4 First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as folloows April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years. « Data for first of the month, based on the maximum permissable interest rate (6% percent beginning early May 1968) and, thru July 1961, 25-year mortgages paid in 12 years and, thereafter, 30-year mortgages paid in 15 years. • Treasury bills were first issued in December 1929 and were issued irregularly in 1930. 7 Not available on same basis as for 1939 and subsequent years. s 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 or less. c Beginning 1959, series revised to exclude loans to nonbank financial institutions. 10 Beginning February 1967, series revised to incorporate changes in coverage, in the sample of reporting banks, and in the reporting period (shifted to the middle month of the quarter). Note.—Yields and rates computed for New York City except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, Standaar & Poor's Corporation, and Federal Housing Administration. 291 1969TABLE G-55.—Bond yields and interest rates, 1929-69 [Percent per annum] Year or month 1929 1930. 1931 1932 1933... 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I 9 6 0 . . . . , 1961 1962 1963 1964 1965 1966 1967 1968 1969 . .-1967: Jan.. Feb Mar Apr May June July Aug Sept Oct Nov Dec U.S 3-month Treasuur bills i (6) (6) 1.402 879 .515 .256 .137 .143 447 .053 .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 4.759 4.554 4.288 3.852 3.640 3.480 4.308 4.275 4.451 4.588 4.762 5.012 Government securities 9-12 month issues2 0.75 .79 .81 .82 .88 1.14 1.14 1.26 1 73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 3.28 3.76 4.09 5.17 4.84 5.62 7.06 4.71 4.64 4.35 4.03 4.09 4.40 4.98 5.10 5.21 5.32 5.55 5.69 3-5 year issues3 2 66 2.12 1 29 1.11 1 40 83 .59 50 73 1.46 1.34 1.33 1.18 1.16 1.32 1.62 1.43 1.50 1 93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 4.06 4.22 5.16 5.07 5.59 6.85 4.71 4.73 4.52 4.46 4.68 4.96 5.17 5.28 5.40 5.52 5.73 5.72 Taxable bonds4 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2 57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 4.15 4.21 4.65 4.85 5.26 6.12 4.40 I1iII1.47 1 45 1.51 1.76 1.86 1.86 1.95 1.99 5 19 5.44 5.36 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 5.20 5.03 5.13 5.11 5.24 5.44 5.58 5.62 5.65 5.82 6.07 6.19 Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 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 5.97 5.82 5.85 5.83 5.96 6.15 6.26 6.33 6.40 6.52 6.72 6.93 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4.01 4.65 4.71 4.03 3.41 3.07 3.10 2.91 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 3.96 4.51 5.81 3.58 3.56 3.60 3.66 3.92 3.99 4.05 4.03 4.15 4.31 4.36 4.49 Average rate on shortteer bank loans to busi- e s s -selected cities (7) (7) (7) v> ( 7 ) 2.1 2.1 2 0 2.2 2.6 2.4 2.2 2.1 2 1 2.5 2.68 2.69 3.11 3.49 3.69 3.61 3.70 4.20 4.62 4.34 9 5.00 5.16 4.97 5.00 5.01 4.99 5.06 6.00 i° 6.00 6.68 8.21 io 6.13 5.95 5.95 5.96 Prime commer--cia paper, 4-6 months 5.85 3.59 2 64 2.73 1.73 1.02 .75 .75 .94 .81 .59 .56 53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 3.97 4.38 5.55 5.10 5.90 7.83 5.73 5.38 5.24 4.83 4.67 4.65 4.92 5.00 5.00 5.07 5.28 5.56 Federra Reserve Bank discooun fate 5.16 3.04 2.11 2.82 2.56 1.54 1.50 1 50 1.33 1.00 1.00 1.00 1.00 8 1.00 8 1.00 8 1.00 8 1.00 8 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.16 3.36 3.53 3.00 3.00 3.23 3.55 4.04 4.50 4.19 5.17 5.87 4.50 4.50 4.50 4.10 4.00 4.00 4.00 4.00 4.-00 4.00 4.18 4.50 FHA new home mortgaag yields s 4.34 4.17 4.21 4.29 4.61 4.62 4.64 4.79 5.42 5.49 5.71 6.18 5.80 5.61 5.47 5.45 5.46 6.29 6.55 7.13 8.19 6.77 6.62 6.46 6.35 6.29 6.44 6.51 6.53 6.60 6.63 6.65 6.77 See footnotes at end of table. 242 1970TABLE G-55 .—Bondyields and interest rates, 1929-69— Continued [Percent per annum] Year or month 1968: Jan Feb Mar Apr May June July Aug _ Sept Oct Nov Dec 1969: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec U.S. Government securities 3-month Treasuur bills i 5.081 4.969 5.144 5.365 5.621 5.544 5.382 5.095 5.202 5.334 5.492 5.916 6.177 6.156 6.080 6.150 6.077 6.493 7.004 7.007 7.129 7.040 7.193 7.720 9-12 month issues2 5.39 5.37 5.55 5.63 6.06 6.01 5.68 5.41 5.40 5.44 5.56 6.00 6.26 6.21 6.22 6.11 6.26 7.07 7.59 7.51 7.76 7.63 7.94 8.34 3-5 year issues 3 5.53 5.59 5.77 5.69 5.95 5.71 5.44 5.32 5.30 5.42 5.47 5.99 6.04 6.16 6.33 6.15 6.33 6.64 7.02 7.08 7.58 7.47 7.57 7.98 Taxable bonds4 5.18 5.16 5.39 5.28 5.40 5.23 5.09 5.04 5.09 5.24 5.36 5.66 5.74 5.86 6.05 5.84 5.85 6.05 6.07 6.02 6.32 6.27 6.52 6.81 Corporate bonds (Moody's) Aaa 6.17 6.10 6.11 6.21 6.27 6.28 6.24 6.02 5.97 6.09 6.19 6.45 6.59 6.66 6.85 6.89 6.79 6.98 7.08 6.97 7.14 7.33 7.35 7.72 Baa 6.84 6.80 6.85 6.97 7.03 7.07 6.98 6.82 6.79 6.84 7.01 7.23 7.32 7.30 7.51 7.54 7.52 7.70 7.84 7.86 8.05 8.22 8.25 8.65 Highgrrad municippa bonds (Standaar & Poor's) 4.34 4.39 4.56 4.41 4.56 4.56 4.36 4.31 4.47 4.56 4.68 4.91 4.95 5.10 5.34 5.29 5.47 5.83 5.84 6.07 6.35 6.21 6.37 6.91 Average rate on shortteer bank loans to business-sselecte cities 6.36 6.84 6.89 6.61 7.32 7.86 8.82 8.83 Prime commer--cia paper, months 5.60 5.50 5.64 5.81 6.18 6.25 6.19 5.88 5.82 5.80 5.92 6.17 6.53 6.62 6.82 7.04 7.35 8.23 8.65 8.33 8.48 8.57 8.46 8.84 Federra Reserve Bank discooun rate 4.50 4.50 4.66 5.20 5.50 5.50 5.50 5.48 5.25 5.25 5.25 5.36 5.50 5.50 5.50 5.95 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 FHA new home mortgaag yields s 6.81 6.81 6.78 6.83 6.94 7.52 7.42 7.35 7.28 7.29 7.36 7.50 7.99 8.05 8.06 8.06 8.35 8.36 8.36 8.40 8.48 8.48 * Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Certificates of indebtedness and selected note and bond issues (fully taxable). 8 Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereafter. 4 First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as folloows April 1953 to date, 10 years; April 1952-March 1953,12 years; October 1941-March 1952, 15 years. 5 Data for first of the month, based on the maximum permissible interest rate (JlA percent beginning late January 1969). Thru July 1961, computed on 25-year mortgages paid in 12 years and thereafter, 30-year mortgages prepaid in 15 years. 0 Treasury bills were first issued in December 1929 and were issued irregularly in 1930. ' Not available on same basis as for 1939 and subsequent years. > 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 or less. 9 Beginning 1959, series revised to exclude loans to nonbank financial institutions. 10 Beginning February 1967, series revised to incorporate changes in coverage, in the sample of reporting banks, and in the reporting period (shifted to the middle month of the quarter). Note.—Yields and rates computed for New York City except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, Standaar & Poor's Corporation, and Federal Housing Administration. 243 1970TABLE C-57.—Bondyields and interest rates, 1929-70 [Percent per annum] Year or month 1929. 1930.. 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1 9 4 1 . . . . 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. 1968: Jan.. Feb.. Mar.. Apr.. May.. June. July.. Aug.. Sept. Oct.. Nov.. Dec. U.S. Government securities 3-month Treasuur bills i () 1.402 .879 .515 .256 .137 .143 .447 .053 .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 5.081 4.969 5.144 5.365 5.621 5.544 5.382 5.095 5.202 5.334 5.492 5.916 9-12 month issues2 0.75 .79 .81 .82 .88 1.14 1.14 1.26 1.73 1.81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 3.28 3.76 4.09 5.17 4.84 5.62 7.06 6.90 5.39 5.37 5.55 5.63 6.06 6.01 5.68 5.41 5.40 5.44 5.56 6.00 3-5 year issues 3 2.66 2.12 1.29 1.11 1.40 .83 .59 .18 .16 .32 .62 .43 1.50 1.93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 4.06 4.22 5.16 5.07 5.59 6.85 7.37 5.53 5.59 5.77 5.69 5.95 5.71 5.44 5.32 5.30 5.42 5.47 5.99 Taxable bonds4 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 4.15 4.21 4.65 4.85 5.26 6.12 6.58 5.18 5.16 5.39 5.28 5.40 5.23 5.09 5.04 5.09 5.24 5.36 5.66 Corporate bonds (Moo Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3.24 3.26 3.19 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 6.17 6.10 6.11 6.21 6.27 6.28 6.24 6.02 5.97 6.09 6.19 6.45 dy's) Baa 5.90 5.90 7.62 9.30 7.76 6.32 5.75 4.77 5.03 5.80 4.96 4.75 4.33 4.28 3.91 3.61 3.29 3.05 3.24 3.47 3.42 3.24 3.4L 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 6.84 6.80 6.85 6.97 7.03 7.07 6.98 6.82 6.79 6.84 7.01 7.23 Highgrrad municippa bonds (Standaar & Poor's) 4.27 4.07 4 01 4.65 4 71 4.03 3 40 3.G7 3 10 2.91 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 4.34 4.39 4.56 4.41 4.56 4.56 4.36 4.31 4.47 4.56 4.68 4.91 Average rate on shortteer bank loans to busi- e s s -selected cities (7) (0 ( 7 ) ( 7 ) ( 7 ) ( 7 ) ( 7 ) (0 (7) ( 7 ) 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2 1 2 1 2.5 2.68 2.69 3.11 3.49 3.69 3.61 3.70 4.20 4.62 4.34 « 5.00 5.16 4.97 5.00 5.01 4.99 5.06 6.00 io 6.00 6.68 8.21 8.48 6.36 6.84 6.89 6.61 Prime commer--cia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 .75 94 .81 .59 .56 .53 .66 .69 .73 .75 81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 3.97 4.38 5.55 5.10 5.90 7.83 7.72 5.60 5.50 5.64 5.81 6.18 6.25 6.19 5.88 5.82 5.80 5.92 6.17 Federra Reserve Bank rlie aiscooun rate 5.17 3.04 2.12 2.82 2 56 1.54 1.50 1.50 1.33 1.00 1.00 1.00 1.00 8 1.00 8 1.00 8 1.00 8 1.00 8 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 5.17 5.87 5.95 4.50 4.50 4.66 5.20 5.50 5.50 5.50 5.48 5.25 5.25 5.25 5.36 FHA new home mortgaag yields5 4.34 /ti1.17 1.21 129 1.61 162 4.64 4.79 5.42 5.49 5.71 6.18 5.80 5.61 5.47 5.45 5.46 6.29 6.55 7.13 8.19 9.05 6.81 6.81 6.78 6.83 6.94 7.52 7.42 7.35 7.28 7.29 r.36 See footnotes at end of table. 264 1971TABLE G-57.—Bond yields and interest rates, 1929-70—Continued (Percent per annum] Year or month 1969: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1970: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec u.s 3-month Treasuur bills i 6.177 6.156 6.080 6.150 6.077 6.493 7.004 7.007 7.129 7.040 7.193 7.720 7.914 7.164 6.710 6.480 7.035 6.742 6.468 6.412 6.244 5.927 5.288 4.860 . Government securities 9-12 month issues 2 6.26 6.21 6.22 6.11 6.26 7.07 7.59 7.51 7.76 7.63 7.94 8.34 8.22 7.60 6.88 6.96 7.69 7.50 7.00 6.92 6.68 6.34 5.52 4.94 3-5 year issues3 6.04 6.16 6.33 6.15 6.33 6.64 7.02 7.08 7.58 7.47 7.57 7.98 8.14 7.80 7.20 7.49 7.97 7.86 7.58 7.56 7.24 7.06 6.37 5.86 Taxable bonds4 5.74 5.86 6.05 5.84 5.85 6.05 6.07 6.02 6.32 6.27 6.52 6.81 6.86 6.44 6.39 6.53 6.94 6.99 6.57 6.75 6.63 6.59 6.24 5.97 Corporate bonds (Moody's) Aaa 6.59 6.66 6.85 6.89 6.79 6.98 7.08 6.97 7.14 7.33 7.35 7.72 7.91 7.93 7.84 7.83 8.11 8.48 8.44 8.13 8.09 8.03 8.05 7.64-Baa 7.32 7.30 7.51 7.54 7.52 7.70 7.84 7.86 8.05 8.22 8.25 8.65 8.86 8.78 8.63 8.70 8.98 9.25 9.40 9.44 9.39 9.33 9.38 9.12 Highgrrad municippa bonds (Standaar & Poor's) 4.95 5.10 5.34 5.29 5.47 5.83 5.84 6.07 6.35 6.21 6.37 6.91 6.80 6.57 6.14 6.55 7.02 7.06 6.69 6.33 6.45 6.55 6.20 5.71 Average rate on shortteer bank loans to business-sselecte cities Prime commer--cia months 7.32 7.86 8.82 8.83 8.86 8.49 8.50 8.07 6.53 6.62 6.82 7.04 7.35 8.23 8.65 8.33 8.48 8.56 8.46 8.84 8.78 8.55 8.33 8.06 8.23 8.21 8,29 7.90 7.32 6.85 6.30 5.73 Federra Reserve Bank discooun rate 5.50 5.50 5.50 5.95 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 5.85 5.52 FHA new home mortgaag yields* 7.50 7.99 8.05 8.06 8.06 8.35 8.36 8.36 8.40 8.48 8.48 8.62 9.29 9.20 ,9.10 9.11 9.16 9.11 9.07 9.01 8.97 8.90 1 Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months. 2 Certificates of indebtedness and selected note and bond issues (fully taxable). •Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereafter. * First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as folloows April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years. 5 Data for first of the month, based on the maximum permissible interest rate (8 percent beginning December 2, 1970). Through July 1961, computed on 25-year mortgages paid in 12 years and thereafter, 30-year mortgages prepaid in 15 years. 8 Treasury bills were first issued in December 1929 and were issued irregu larly in 1930. 1 Not available on same basis as for 1939 and subsequent years. « 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 or less. • Beginning 1959, series revised to exclude loans to nonbank financial institutions. 10 Beginning February 1967, series revised to incorporate changes in coverage, in the sample of reporting banks, and in the reporting period (shifted to the middle month of the quarter). Note.—Yields and rates computed for New York City except for short-term bank loans. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, Standaar & Poor's Corporation, and Federal Housing Administration. 265 1971TABLE B-57.—Bond yields and interest rates, 1929-71 (Percent per annum) Year or month 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941.. 1942 1943 1 9 4 4 . . . 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. . 1 9 7 1 . . . 1969* Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec l U.S 3-month Treasuur bills » 1 402 879 .515 .256 .137 143 447 .053 023 .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 6 177 6 156 6.080 6.150 6.077 6.493 7.004 7.007 7.129 7 040 7.193 7.720 . Government securities 9-12 month issues2 0 75 .79 81 .82 88 1 14 1.14 1.26 1.73 1 81 2.07 .92 1.89 2.83 3.53 2.09 4.11 3.55 2.91 3.02 3.28 3.76 4.09 5.17 4.84 5.62 7.06 6.90 4.75 6 26 6 21 6.22 6.11 6.26 7.07 7.59 7.51 7.76 7 63 7.94 8.34 3-5 year issues3 2.66 2.12 1.29 1 11 1 40 .83 59 .50 .73 46 34 1.33 18 16 Vfi? 1.43 1.50 93 2.13 2.56 1.82 2.50 3.12 3.62 2.90 4.33 3.99 3.60 3.57 3.72 4.06 4.22 5.16 5.07 5.59 6.85 7.37 5.77 6 04 6.16 6.33 6.15 6.33 6.64 7.02 7.08 7.58 7 47 7.57 .98 Taxable bonds4 2.46 2.47 2.48 2.37 2.19 2.25 2.44 2.31 2.32 2.57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.08 4.02 3.90 3.95 4.00 4.15 4.21 4.65 4.85 5.26 6.12 6.58 5.74 5 74 5.86 6.05 5.84 5.85 6.05 6.07 6.02 6.32 6 27 6.52 6.81 Corporate bonds (Moody's) Aaa 4.73 4.55 4.58 5.01 4.49 4.00 3.60 3 24 3.26 3.19 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 6.59 6.66 6.85 6.89 6.79 6.98 7.08 6.97 7.14 7.33 7.35 7.72 Baa 5 90 5.90 7 62 9.30 7.76 6.32 5.75 4 77 5.03 5.80 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 7.32 7.30 7.51 7.54 7.52 7.70 7.84 7.86 8.05 8 22 8.25 8.65 Highgrrad municippa bonds (Standaar & Poor's) 4 27 4.07 4 01 4.65 4.71 4.03 3.40 3 07 3.10 2.91 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 4.95 5.10 5.34 5.29 5.47 5.83 5.84 6.07 6.35 6.21 6.37 6.91 Average rate on shortteer bank loans to busineess selected cities 2.1 2.1 2.0 2 2 2.6 2.4 2.2 2.1 2.1 2.5 2.68 2.69 3.11 3.49 3.69 3.61 3.70 4.20 4.62 4.34 7 5.00 5.16 4.97 5.00 5.01 4.99 5.06 6.00 7 6.00 6.68 8.21 8.48 6.32 7.32 7.86 8.82 8.83 Prime commer--cia paper, 4-6 months 5.85 3.59 2.64 2.73 1.73 1.02 .75 75 .94 .81 .59 .56 .53 .66 .69 .73 .75 .81 1.03 1.44 1.49 1.45 2.16 2.33 2.52 1.58 2.18 3.31 3.81 2.46 3.97 3.85 2.97 3.26 3.55 3.97 4.38 5.55 5.10 5.90 7.83 7.72 5.11 6.53 6.62 6.82 7.04 7.35 8.23 8.65 8.33 8.48 8.56 8.46 8.84 Federra Reserve Bank discooun rate 5.17 3.04 2 12 2 82 2.56 1.54 1.50 1 50 1 33 1.00 1.00 1.00 1.00 61 00 6 1.00 8 1.00 8 1.00 M.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 5.17 5.87 5.95 4.88 5 50 5.50 5.50 5.95 6.00 6.00 6.00 6.00 6.00 6 00 6.00 6.00 FHA new home mortgaag yields* 4.34 4.17 4.21 4.29 4.61 4.62 4.64 4.79 5.4? 5.49 5.71 6.18 5.80 5.61 5.47 5.45 5.46 6.29 6.55 7.13 8.19 9.05 7.78 7.50 7.99 8.05 8.06 8.06 8.35 8.36 8.36 8.40 8.48 8.48 See footnotes at end of table. 262 1972TABLE B-57.— Bond yields and interest rates, 1929-71 —Continued [Percent per annum] Year or month 1970: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1971: Jan Feb Mar. Apr May June July Aug Sent Oct Nov Dec U.S. Government securities 3-month Treasuur bills i 7.914 7.164 6.710 6.480 7.035 6.742 6.468 6.412 6.244 5.927 5.288 4.860 4.494 3.773 3.323 3.780 4.139 4.699 5.405 5.078 4.668 4.489 4.191 4.023 9-12 month issues2 8.22 7.60 6.88 6.96 7.69 7.50 7.00 6.92 6.68 6.34 5.52 4.94 4.29 3.80 3 66 4.21 4.93 5.57 5.89 5.67 5.31 4.74 4.50 4.33 3-5 year issues3 8.14 7.80 7.20 7.49 7.97 7.86 7.58 7.56 7.24 7.06 6.37 5.86 5.72 5.31 4.74 5.42 6.02 6.36 6.77 6.39 5.96 5.68 5.50 5.42 Taxable bonds4 6.86 6.44 6.39 6.53 6.94 6.99 6.57 6.75 6.63 6.59 6.24 5.97 5.92 5.84 5.71 5 75 5 96 5.94 5.91 5.78 5.56 5.46 5.48 5.62 Corporate bonds (Moody's) Aaa 7.91 7.93 7.84 7.83 8.11 8.48 8.44 8.13 8.09 8.03 8.05 7.64 7.36 7.08 7.21 7.25 7.53 7.64 7.64 7.59 7.44 7.39 7.26 7.25 Baa 8.86 8.78 8.63 8.70 8.98 9.25 9.40 9.44 9.39 9.33 9.38 9.12 8.74 8.39 8.46 8.45 8 62 8.75 8.76 8.76 8.59 8.48 8.38 8.38 Highgrrad municippa bonds (Standaar & Poor's) 6.80 6.57 6.14 6.55 7.02 7.06 6.69 6.33 6.45 6.55 6.20 5.71 5.70 5.55 5.44 5 65 6.14 6.22 6.31 5.95 5.52 5.24 5.30 5.36 Average rate on shortteer bank loans to business-sselecte cities 8.86 8.49 8.50 8.07 "6.59 6.01 6.51 6.18 Prime commer--cia paper, months 8.78 8.55 8.33 8.06 8.23 8.21 8.29 7.90 7.32 6.85 6.30 5.73 5.11 4.47 4.19 4 57 5.10 5.45 5.75 5.73 5.75 5.54 4.92 4.74 Federra Reserve Bank Hie rate 6 00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 5.85 5.52 5.23 4.91 4.75 4.75 4.75 4.75 4.88 5.00 5.00 5.00 4.83 4.65 FHA new home mortgaag yields* 8.62 9.29 9.20 ,9.10 9.11 9.16 9.11 9.07 9.01 8.97 8.90 8.40 7.32 7.37 7.75 7.89 7.97 7.92 7.84 7.75 7.62 1 Rate on new issues within period. First iss