[Economic Indicators September, 1996]
[Page Number 30]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
INTEREST RATES AND BOND YIELDS

Interest rates rose in September.
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                                                                   [Percent per annum]                                                                  
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                                             U.S. Treasury security yields      High-grade                                                              
                                         -------------------------------------  municipal                  Prime      Discount                 New-home 
                                                       Constant maturities\2\     bonds      Corporate  commercial   rate (N.Y.   Prime rate   mortgage 
                 Period                     3-month                             (Standard    Aaa bonds   paper,  6      F.R.      charged by    yields  
                                           bills (new ------------------------      &        (Moody's)   months\1\    Bank)\4\     banks\4\    (FHFB)\5\
                                           issues)\1\    3-year      10-year    Poor's)\3\                                                              
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1986....................................         5.98        7.06        7.68         7.38        9.02        6.39         6.33         8.33       10.17
1987....................................         5.82        7.68        8.39         7.73        9.38        6.85         5.66         8.21        9.31
1988....................................         6.69        8.26        8.85         7.76        9.71        7.68         6.20         9.32        9.19
1989....................................         8.12        8.55        8.49         7.24        9.26        8.80         6.93        10.87       10.13
1990....................................         7.51        8.26        8.55         7.25        9.32        7.95         6.98        10.01       10.05
1991....................................         5.42        6.82        7.86         6.89        8.77        5.85         5.45         8.46        9.32
1992....................................         3.45        5.30        7.01         6.41        8.14        3.80         3.25         6.25        8.24
1993....................................         3.02        4.44        5.87         5.63        7.22        3.30         3.00         6.00        7.20
1994....................................         4.29        6.27        7.09         6.19        7.97        4.93         3.60         7.15        7.49
1995....................................         5.51        6.25        6.57         5.95        7.59        5.93         5.21         8.83        7.87
                                                                                                                                                        
1995:Sept...............................         5.26        5.89        6.20         5.88        7.32        5.66    5.25-5.25    8.75-8.75        7.69
      Oct...............................         5.30        5.77        6.04         5.77        7.12        5.71    5.25-5.25    8.75-8.75        7.58
      Nov...............................         5.35        5.57        5.93         5.61        7.02        5.59    5.25-5.25    8.75-8.75        7.46
      Dec...............................         5.16        5.39        5.71         5.42        6.82        5.43    5.25-5.25    8.75-8.50        7.40
                                                                                                                                                        
1996:Jan................................         5.02        5.20        5.65         5.42        6.81        5.23    5.25-5.00    8.50-8.50        7.32
      Feb...............................         4.87        5.14        5.81         5.45        6.99        4.99    5.00-5.00    8.50-8.25        7.20
      Mar...............................         4.96        5.79        6.27         5.82        7.35        5.26    5.00-5.00    8.25-8.25        7.49
      Apr...............................         4.99        6.11        6.51         5.93        7.50        5.38    5.00-5.00    8.25-8.25        7.76
      May...............................         5.02        6.27        6.74         5.98        7.62        5.42    5.00-5.00    8.25-8.25        7.80
      June..............................         5.11        6.49        6.91         6.03        7.71        5.57    5.00-5.00    8.25-8.25        8.05
      July..............................         5.17        6.45        6.87         5.91        7.65        5.67    5.00-5.00    8.25-8.25        8.01
      Aug...............................         5.09        6.21        6.64         5.72       r7.46        5.51    5.00-5.00    8.25-8.25        8.08
      Sept..............................         5.15        6.41        6.83         5.86        7.66        5.66    5.00-5.00    8.25-8.25  ..........
                                                                                                                                                        
Week ended:                                                                                                                                             
1996:Aug31..............................         5.07        6.41        6.84         5.81        7.64        5.54    5.00-5.00    8.25-8.25  ..........
      Sept 7............................         5.19        6.55        6.95         5.95        7.75        5.70    5.00-5.00    8.25-8.25  ..........
          14............................         5.17        6.45        6.88         5.91        7.71        5.68    5.00-5.00    8.25-8.25  ..........
          21............................         5.07        6.40        6.82         5.81        7.63        5.65    5.00-5.00    8.25-8.25  ..........
          28............................         5.18        6.29        6.73         5.77        7.58        5.62    5.00-5.00    8.25-8.25  ..........
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    \1\Bank-discount basis.
    \2\Yields on the more actively 
traded issues adjusted to constant 
maturities by the Treasury 
Department.
    \3\Weekly data are Wednesday 
figures.
    \4\Average effective rate for 
year; opening and closing rate for 
month and week.
    \5\Effective rate (in the 
primary market) on conventional 
mortgages, reflecting fees and 
charges as well as contract rate and 
assumed, on the average, repayment 
at end of 10 years.

    Sources: Department of the 
Treasury, Board of Governors of the 
Federal Reserve System, Federal 
Housing Finance Board, Moody's 
Investors Service, and Standard & 
Poor's Corporation.