New Report on Interest Rates
Federal Reserve's Latest Statistical Release
Federal Reserve's Latest Statistical Release
For immediate release May 26, 1998
SELECTED INTEREST RATES
Yields in percent per annum
1998 1998 1998 1998 1998 Week Ending 1998
May May May May May May May Apr
Instruments 18 19 20 21 22 22 15
Federal funds (effective) 1 2 3 5.52 5.35 5.52 5.49 5.38 5.60 5.49 5.45
Commercial paper 3 4 5 6
Nonfinancial
1-month 5.50 5.50 5.49 5.48 5.48 5.49 5.49 5.49
2-month 5.51 5.51 5.49 5.49 5.48 5.50 5.48 5.48
3-month 5.50 5.50 5.48 5.48 5.48 5.49 5.48 5.46
Financial
1-month 5.51 5.51 5.50 5.50 5.51 5.51 5.51 5.51
2-month 5.51 5.51 5.50 5.51 5.51 5.51 5.51 5.49
3-month 5.51 5.51 5.50 5.50 5.51 5.51 5.50 5.48
Bankers acceptances (top rated) 3 4 7
3-month 5.48 5.48 5.48 5.48 5.46 5.48 5.48 5.48
6-month 5.43 5.43 5.43 5.43 5.43 5.43 5.44 5.44
CDs (secondary market) 3 8
1-month 5.56 5.56 5.56 5.56 5.56 5.56 5.56 5.56
3-month 5.60 5.60 5.59 5.59 5.60 5.60 5.59 5.58
6-month 5.68 5.67 5.67 5.66 5.68 5.67 5.67 5.63
Eurodollar deposits (London) 3 9
1-month 5.53 5.50 5.53 5.53 5.53 5.53 5.51 5.54
3-month 5.59 5.56 5.56 5.56 5.56 5.57 5.57 5.56
6-month 5.66 5.63 5.63 5.66 5.66 5.64 5.64 5.62
Bank prime loan 2 3 10 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50
Discount window borrowing 2 11 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
U.S. government securities
Treasury bills
Auction average 3 4 12
3-month 5.08 5.08 5.01 5.00
6-month 5.16 5.16 5.17 5.08
1-year 5.15 5.12
Secondary market 3 4
3-month 5.05 5.09 5.07 5.10 5.08 5.08 5.01 4.95
6-month 5.17 5.16 5.15 5.21 5.19 5.18 5.16 5.06
1-year 5.17 5.17 5.14 5.18 5.17 5.17 5.18 5.10
Treasury constant maturities 13
3-month 5.20 5.23 5.21 5.24 5.22 5.22 5.15 5.08
6-month 5.37 5.37 5.36 5.43 5.40 5.39 5.38 5.26
1-year 5.45 5.45 5.42 5.47 5.45 5.45 5.46 5.38
2-year 5.59 5.59 5.57 5.63 5.63 5.60 5.62 5.56
3-year 5.59 5.60 5.57 5.63 5.63 5.60 5.64 5.58
5-year 5.63 5.63 5.60 5.66 5.65 5.63 5.67 5.61
7-year 5.72 5.73 5.68 5.73 5.72 5.72 5.76 5.70
10-year 5.64 5.65 5.61 5.65 5.64 5.64 5.70 5.64
20-year 5.99 6.02 5.98 6.01 5.99 6.00 6.06 6.00
30-year 5.92 5.94 5.89 5.93 5.90 5.92 5.98 5.92
Composite
Over 10 years (long-term) 14 5.98 6.00 5.96 5.99 5.97 5.98 6.04 5.98
Corporate bonds
Moody's seasoned
Aaa 6.69 6.71 6.67 6.69 6.68 6.69 6.74 6.69
Baa 7.27 7.29 7.25 7.28 7.26 7.27 7.35 7.33
A-utility 15 7.18 7.18 7.18 7.10
State & local bonds 16 5.16 5.16 5.23 5.23
Conventional mortgages 17 7.10 7.10 7.19 7.14
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FOOTNOTES
Note: Weekly and monthly figures are averages of business days unless otherwise noted.
DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Yields on Treasury securities at "constant maturity" are interpolated by the U.S. Treasury from the
daily yield curve. This curve, which relates the yield on a security to its time to maturity, is based
on the closing market bid yields on actively traded Treasury securities in the over-the-counter market.
These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank
of New York. The constant maturity yield values are read from the yield curve at fixed maturities,
currently 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a
10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to
maturity. In estimating the 20-year constant maturity, the Treasury incorporates the prevailing
market yield on an outstanding Treasury bond with approximately 20 years remaining to maturity.