[Economic Indicators January, 2004]
[Page Number 30]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
INTEREST RATES AND BOND YIELDS

Interest rates fell in January.
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                                                                   [Percent per annum]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                     U.S. Treasury security yields       High-grade             Discount window  (N.Y.
                               ----------------------------------------  municipal                  F.R. Bank) \4\                             New-home
                                              Constant maturities \2\      bonds     Corporate ------------------------ Prime rate   Federal   mortgage
            Period                3-month   ---------------------------  (Standard   Aaa bonds                          charged by    funds     yields
                                 bills (new                              & Poor's)   (Moody's)    Primary    Discount    banks \5\  rate \6\  (FHFB) \7\
                                issues) \1\   3-year  10-year  30-year      \3\                 credit \4\   rate \5\
--------------------------------------------------------------------------------------------------------------------------------------------------------
1994..........................        4.29      6.27     7.09     7.37        6.19        7.96  ..........        3.60        7.15      4.21       7.49
1995..........................        5.51      6.25     6.57     6.88        5.95        7.59  ..........        5.21        8.83      5.83       7.87
1996..........................        5.02      5.99     6.44     6.71        5.75        7.37  ..........        5.02        8.27      5.30       7.80
1997..........................        5.07      6.10     6.35     6.61        5.55        7.26  ..........        5.00        8.44      5.46       7.71
1998..........................        4.81      5.14     5.26     5.58        5.12        6.53  ..........        4.92        8.35      5.35       7.07
1999..........................        4.66      5.49     5.65     5.87        5.43        7.04  ..........        4.62        8.00      4.97       7.04
2000..........................        5.85      6.22     6.03     5.94        5.77        7.62  ..........        5.73        9.23      6.24       7.52
2001 .........................        3.45      4.09     5.02     5.49        5.19        7.08  ..........        3.40        6.91      3.88       7.00
2002 .........................        1.62      3.10     4.61     *           5.05        6.49  ..........        1.17        4.67      1.67       6.43
2003 .........................        1.02     r2.10    r4.01     *           4.73        5.67       2.12        *            4.12      1.13       5.80
 
2003:Jan......................        1.17      2.18     4.05     *           4.88        6.17       2.25        *            4.25      1.24       6.12
      Feb.....................        1.16      2.05     3.90     *           4.80        5.95       2.25        *            4.25      1.26       5.82
      Mar.....................        1.13      1.98     3.81     *           4.72        5.89       2.25        *            4.25      1.25       5.75
      Apr.....................        1.14      2.06     3.96     *           4.71        5.74       2.25        *            4.25      1.26       5.92
      May.....................        1.08      1.75     3.57     *           4.35        5.22       2.25        *            4.25      1.26       5.75
      June....................        0.95      1.51     3.33     *           4.32        4.97       2.00        *            4.00      1.22       5.51
      July....................        0.90      1.93     3.98     *           4.71        5.49       2.00        *            4.00      1.01       5.53
      Aug.....................        0.96      2.44     4.45     *           5.08        5.88       2.00        *            4.00      1.03       5.77
      Sept....................        0.95      2.23     4.27     *           4.91        5.72       2.00        *            4.00      1.01       5.97
      Oct.....................        0.93      2.26     4.29     *           4.84        5.70       2.00        *            4.00      1.01       5.92
      Nov.....................        0.94      2.45     4.30     *           4.74        5.65       2.00        *            4.00      1.00       5.92
      Dec.....................        0.90      2.44     4.27     *           4.65        5.62       2.00        *            4.00      0.98       5.59
 
2004:Jan......................        0.89      2.27     4.15     *           4.53        5.54       2.00        *            4.00      1.00  ..........
 
Week ended:
2004:Jan 10...................        0.92      2.36     4.27     *           4.56        5.62       2.00        *            4.00      0.97  ..........
           17.................        0.87      2.16     4.04     *           4.43        5.46       2.00        *            4.00      0.99  ..........
           24.................        0.88      2.19     4.05     *           4.50        5.46       2.00        *            4.00      1.00  ..........
           31.................        0.89      2.32     4.17     *           4.62        5.55       2.00        *            4.00      1.02  ..........
      Feb  7..................        0.92      2.33     4.16     *           4.56        5.53       2.00        *            4.00      1.01  ..........
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    \1\ Bank-discount basis.
    \2\ Yields on actively traded 
issues adjusted to constant 
maturities.
    \3\ Weekly data are Wednesday 
figures.
    \4\ The rate for primary credit 
replaces the rate for adjustment 
credit under an amendment to the 
Federal Reserve Board's Regulation 
A, effective January 9, 2003.
    \5\ Average effective rate for 
year; rate in effect at end of month 
or week.
    \6\ Daily effective rate; 
weighted average of rates on 
brokered trades.
    \7\ 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.

    *Series no longer published or 
discontinued.

    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.