[Economic Report of the President (1996)]
[Administration of William J. Clinton]
[Online through the Government Publishing Office, www.gpo.gov]

[DOCID: f:erp_b69._]
Economic Report of the President - - - - - - - - - - - - H. Doc. 104-161
[From the online service of the U.S. Government Printing Office]
[wais.access.gpo.gov]


Table B-69.--Bond yields and interest rates, 1929-95
[Percent per annum]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury securities           Corporate  bonds    High-                                         Discount
--------------------------------------------     (Moody's)       grade                                           rate,
Bills  (new            Constant        ------------------ municipal   Newhome   Commercial  Prime  rate    Federal   Federal
Year and  month                             issues)\1\           maturities\2\                           bonds    mortgage   paper,  6     charged     Reserve     funds
--------------------------------------------                   (Standard  yields\3\   months\4\       by       Bank  of   rate\6\
10-     30-     Aaa      Baa        &                               banks\5\       New
3-month   6-month  3-year   year    year                      Poor's)                                         York\5\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1929..........................................................  ........  ........  ......  ......  ......     4.73     5.90      4.27   .........       5.85     5.50-6.00        5.16  .......
1933..........................................................     0.515  ........  ......  ......  ......     4.49     7.76      4.71   .........       1.73     1.50-4.00        2.56  .......
1939..........................................................      .023  ........  ......  ......  ......     3.01     4.96      2.76   .........        .59          1.50        1.00  .......

1940..........................................................      .014  ........  ......  ......  ......     2.84     4.75      2.50   .........        .56          1.50        1.00  .......
1941..........................................................      .103  ........  ......  ......  ......     2.77     4.33      2.10   .........        .53          1.50        1.00  .......
1942..........................................................      .326  ........  ......  ......  ......     2.83     4.28      2.36   .........        .66          1.50     \7\1.00  .......
1943..........................................................      .373  ........  ......  ......  ......     2.73     3.91      2.06   .........        .69          1.50     \7\1.00  .......
1944..........................................................      .375  ........  ......  ......  ......     2.72     3.61      1.86   .........        .73          1.50     \7\1.00  .......

1945..........................................................      .375  ........  ......  ......  ......     2.62     3.29      1.67   .........        .75          1.50     \7\1.00  .......
1946..........................................................      .375  ........  ......  ......  ......     2.53     3.05      1.64   .........        .81          1.50     \7\1.00  .......
1947..........................................................      .594  ........  ......  ......  ......     2.61     3.24      2.01   .........       1.03     1.50-1.75        1.00  .......
1948..........................................................     1.040  ........  ......  ......  ......     2.82     3.47      2.40   .........       1.44     1.75-2.00        1.34  .......
1949..........................................................     1.102  ........  ......  ......  ......     2.66     3.42      2.21   .........       1.49          2.00        1.50  .......

1950..........................................................     1.218  ........  ......  ......  ......     2.62     3.24      1.98   .........       1.45          2.07        1.59  .......
1951..........................................................     1.552  ........  ......  ......  ......     2.86     3.41      2.00   .........       2.16          2.56        1.75  .......
1952..........................................................     1.766  ........  ......  ......  ......     2.96     3.52      2.19   .........       2.33          3.00        1.75  .......
1953..........................................................     1.931  ........    2.47    2.85  ......     3.20     3.74      2.72   .........       2.52          3.17        1.99  .......
1954..........................................................      .953  ........    1.63    2.40  ......     2.90     3.51      2.37   .........       1.58          3.05        1.60  .......

1955..........................................................     1.753  ........    2.47    2.82  ......     3.06     3.53      2.53   .........       2.18          3.16        1.89     1.78
1956..........................................................     2.658  ........    3.19    3.18  ......     3.36     3.88      2.93   .........       3.31          3.77        2.77     2.73
1957..........................................................     3.267  ........    3.98    3.65  ......     3.89     4.71      3.60   .........       3.81          4.20        3.12     3.11
1958..........................................................     1.839  ........    2.84    3.32  ......     3.79     4.73      3.56   .........       2.46          3.83        2.15     1.57
1959..........................................................     3.405     3.832    4.46    4.33  ......     4.38     5.05      3.95   .........       3.97          4.48        3.36     3.30

1960..........................................................     2.928     3.247    3.98    4.12  ......     4.41     5.19      3.73   .........       3.85          4.82        3.53     3.22
1961..........................................................     2.378     2.605    3.54    3.88  ......     4.35     5.08      3.46   .........       2.97          4.50        3.00     1.96
1962..........................................................     2.778     2.908    3.47    3.95  ......     4.33     5.02      3.18   .........       3.26          4.50        3.00     2.68
1963..........................................................     3.157     3.253    3.67    4.00  ......     4.26     4.86      3.23       5.89        3.55          4.50        3.23     3.18
1964..........................................................     3.549     3.686    4.03    4.19  ......     4.40     4.83      3.22       5.83        3.97          4.50        3.55     3.50

1965..........................................................     3.954     4.055    4.22    4.28  ......     4.49     4.87      3.27       5.81        4.38          4.54        4.04     4.07
1966..........................................................     4.881     5.082    5.23    4.92  ......     5.13     5.67      3.82       6.25        5.55          5.63        4.50     5.11
1967..........................................................     4.321     4.630    5.03    5.07  ......     5.51     6.23      3.98       6.46        5.10          5.61        4.19     4.22
1968..........................................................     5.339     5.470    5.68    5.65  ......     6.18     6.94      4.51       6.97        5.90          6.30        5.16     5.66
1969..........................................................     6.677     6.853    7.02    6.67  ......     7.03     7.81      5.81       7.81        7.83          7.96        5.87     8.20

1970..........................................................     6.458     6.562    7.29    7.35  ......     8.04     9.11      6.51       8.45        7.71          7.91        5.95     7.18
1971..........................................................     4.348     4.511    5.65    6.16  ......     7.39     8.56      5.70       7.74        5.11          5.72        4.88     4.66
1972..........................................................     4.071     4.466    5.72    6.21  ......     7.21     8.16      5.27       7.60        4.73          5.25        4.50     4.43
1973..........................................................     7.041     7.178    6.95    6.84  ......     7.44     8.24      5.18       7.96        8.15          8.03        6.44     8.73
1974..........................................................     7.886     7.926    7.82    7.56  ......     8.57     9.50      6.09       8.92        9.84         10.81        7.83    10.50

1975..........................................................     5.838     6.122    7.49    7.99  ......     8.83    10.61      6.89       9.00        6.32          7.86        6.25     5.82
1976..........................................................     4.989     5.266    6.77    7.61  ......     8.43     9.75      6.49       9.00        5.34          6.84        5.50     5.04
1977..........................................................     5.265     5.510    6.69    7.42    7.75     8.02     8.97      5.56       9.02        5.61          6.83        5.46     5.54
1978..........................................................     7.221     7.572    8.29    8.41    8.49     8.73     9.49      5.90       9.56        7.99          9.06        7.46     7.93
1979..........................................................    10.041    10.017    9.71    9.44    9.28     9.63    10.69      6.39      10.78       10.91         12.67       10.28    11.19

1980..........................................................    11.506    11.374   11.55   11.46   11.27    11.94    13.67      8.51      12.66       12.29         15.27       11.77    13.36
1981..........................................................    14.029    13.776   14.44   13.91   13.45    14.17    16.04     11.23      14.70       14.76         18.87       13.42    16.38
1982..........................................................    10.686    11.084   12.92   13.00   12.76    13.79    16.11     11.57      15.14       11.89         14.86       11.02    12.26
1983..........................................................     8.63      8.75    10.45   11.10   11.18    12.04    13.55      9.47      12.57        8.89         10.79        8.50     9.09
1984..........................................................     9.58      9.80    11.89   12.44   12.41    12.71    14.19     10.15      12.38       10.16         12.04        8.80    10.23

1985..........................................................     7.48      7.66     9.64   10.62   10.79    11.37    12.72      9.18      11.55        8.01          9.93        7.69     8.10
1986..........................................................     5.98      6.03     7.06    7.68    7.78     9.02    10.39      7.38      10.17        6.39          8.33        6.33     6.81
1987..........................................................     5.82      6.05     7.68    8.39    8.59     9.38    10.58      7.73       9.31        6.85          8.21        5.66     6.66
1988..........................................................     6.69      6.92     8.26    8.85    8.96     9.71    10.83      7.76       9.19        7.68          9.32        6.20     7.57
1989..........................................................     8.12      8.04     8.55    8.49    8.45     9.26    10.18      7.24      10.13        8.80         10.87        6.93     9.21

1990..........................................................     7.51      7.47     8.26    8.55    8.61     9.32    10.36      7.25      10.05        7.95         10.01        6.98     8.10
1991..........................................................     5.42      5.49     6.82    7.86    8.14     8.77     9.80      6.89       9.32        5.85          8.46        5.45     5.69
1992..........................................................     3.45      3.57     5.30    7.01    7.67     8.14     8.98      6.41       8.24        3.80          6.25        3.25     3.52
1993..........................................................     3.02      3.14     4.44    5.87    6.59     7.22     7.93      5.63       7.20        3.30          6.00        3.00     3.02
1994..........................................................     4.29      4.66     6.27    7.09    7.37     7.97     8.63      6.19       7.49        4.93          7.15        3.60     4.21

1995..........................................................     5.51      5.59     6.25    6.57    6.88     7.59     8.20      5.95       7.87        5.93          8.83        5.21     5.83
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Rate on new issues within period; bank-discount basis.
\2\ Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
\3\ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assuming, on the average, repayment at end of 10 years. Rates
beginning January 1973 not strictly comparable with prior rates.
\4\ Bank-discount basis; prior to November 1979, data are for 4-6 months paper.
\5\ For monthly data, high and low for the period. Prime rate for 1929-33 and 1947-48 are ranges of the rate in effect during the period.
\6\ Since July 19, 1975, the daily effective rate is an average of the rates on a given day weighted by the volume of transactions at these rates. Prior to that date, the daily effective rate
was the rate considered most representative of the day's transactions, usually the one at which most transactions occurred.
\7\ From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured by Government securities maturing in 1 year or less.

See next page for continuation of table.


Table B-69.--Bond yields and interest rates, 1929-95--Continued
[Percent per annum]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury securities           Corporate  bonds    High-                                         Discount
--------------------------------------------     (Moody's)       grade                                           rate,
Bills  (new            Constant        ------------------ municipal   Newhome   Commercial  Prime  rate    Federal   Federal
Year and  month                             issues)\1\           maturities\2\                           bonds    mortgage   paper,  6     charged     Reserve     funds
--------------------------------------------                   (Standard  yields\3\   months\4\       by       Bank  of   rate\6\
10-     30-     Aaa      Baa        &                               banks\5\       New
3-month   6-month  3-year   year    year                      Poor's)                                         York\5\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

High-low    High-low

--------------------------
1991:
Jan.........................................................     6.30      6.34     7.38    8.09    8.27     9.04    10.45      7.05       9.65        7.02    10.00-9.50   6.50-6.50     6.91
Feb.........................................................     5.95      5.93     7.08    7.85    8.03     8.83    10.07      6.90       9.57        6.41     9.50-9.00   6.50-6.00     6.25
Mar.........................................................     5.91      5.91     7.35    8.11    8.29     8.93    10.09      7.07       9.43        6.36     9.00-9.00   6.00-6.00     6.12
Apr.........................................................     5.67      5.73     7.23    8.04    8.21     8.86     9.94      7.05       9.60        6.07     9.00-9.00   6.00-5.50     5.91
May.........................................................     5.51      5.65     7.12    8.07    8.27     8.86     9.86      6.95       9.52        5.94     9.00-8.50   5.50-5.50     5.78
June........................................................     5.60      5.76     7.39    8.28    8.47     9.01     9.96      7.09       9.46        6.16     8.50-8.50   5.50-5.50     5.90
July........................................................     5.58      5.71     7.38    8.27    8.45     9.00     9.89      7.03       9.43        6.14     8.50-8.50   5.50-5.50     5.82
Aug.........................................................     5.39      5.47     6.80    7.90    8.14     8.75     9.65      6.89       9.48        5.76     8.50-8.50   5.50-5.50     5.66
Sept........................................................     5.25      5.29     6.50    7.65    7.95     8.61     9.51      6.80       9.30        5.59     8.50-8.00   5.50-5.00     5.45
Oct.........................................................     5.03      5.08     6.23    7.53    7.93     8.55     9.49      6.59       9.04        5.33     8.00-8.00   5.00-5.00     5.21
Nov.........................................................     4.60      4.66     5.90    7.42    7.92     8.48     9.45      6.64       8.64        4.93     8.00-7.50   5.00-4.50     4.81
Dec.........................................................     4.12      4.16     5.39    7.09    7.70     8.31     9.26      6.63       8.53        4.49     7.50-6.50   4.50-3.50     4.43

1992:
Jan.........................................................     3.84      3.88     5.40    7.03    7.58     8.20     9.13      6.41       8.49        4.06     6.50-6.50   3.50-3.50     4.03
Feb.........................................................     3.84      3.94     5.72    7.34    7.85     8.29     9.23      6.67       8.65        4.13     6.50-6.50   3.50-3.50     4.06
Mar.........................................................     4.05      4.19     6.18    7.54    7.97     8.35     9.25      6.69       8.51        4.38     6.50-6.50   3.50-3.50     3.98
Apr.........................................................     3.81      3.93     5.93    7.48    7.96     8.33     9.21      6.64       8.58        4.13     6.50-6.50   3.50-3.50     3.73
May.........................................................     3.66      3.78     5.81    7.39    7.89     8.28     9.13      6.57       8.59        3.97     6.50-6.50   3.50-3.50     3.82
June........................................................     3.70      3.81     5.60    7.26    7.84     8.22     9.05      6.50       8.43        3.99     6.50-6.50   3.50-3.50     3.76
July........................................................     3.28      3.36     4.91    6.84    7.60     8.07     8.84      6.12       8.00        3.53     6.50-6.00   3.50-3.00     3.25
Aug.........................................................     3.14      3.23     4.72    6.59    7.39     7.95     8.65      6.08       8.00        3.44     6.00-6.00   3.00-3.00     3.30
Sept........................................................     2.97      3.01     4.42    6.42    7.34     7.92     8.62      6.24       7.93        3.26     6.00-6.00   3.00-3.00     3.22
Oct.........................................................     2.84      2.98     4.64    6.59    7.53     7.99     8.84      6.43       7.90        3.33     6.00-6.00   3.00-3.00     3.10
Nov.........................................................     3.14      3.35     5.14    6.87    7.61     8.10     8.96      6.35       8.07        3.67     6.00-6.00   3.00-3.00     3.09
Dec.........................................................     3.25      3.39     5.21    6.77    7.44     7.98     8.81      6.24       7.88        3.70     6.00-6.00   3.00-3.00     2.92

1993:
Jan.........................................................     3.06      3.17     4.93    6.60    7.34     7.91     8.67      6.18       7.82        3.35     6.00-6.00   3.00-3.00     3.02
Feb.........................................................     2.95      3.08     4.58    6.26    7.09     7.71     8.39      5.87       7.77        3.27     6.00-6.00   3.00-3.00     3.03
Mar.........................................................     2.97      3.08     4.40    5.98    6.82     7.58     8.15      5.65       7.46        3.24     6.00-6.00   3.00-3.00     3.07
Apr.........................................................     2.89      3.00     4.30    5.97    6.85     7.46     8.14      5.78       7.46        3.19     6.00-6.00   3.00-3.00     2.96
May.........................................................     2.96      3.07     4.40    6.04    6.92     7.43     8.21      5.81       7.37        3.20     6.00-6.00   3.00-3.00     3.00
June........................................................     3.10      3.23     4.53    5.96    6.81     7.33     8.07      5.73       7.23        3.38     6.00-6.00   3.00-3.00     3.04
July........................................................     3.05      3.15     4.43    5.81    6.63     7.17     7.93      5.60       7.20        3.35     6.00-6.00   3.00-3.00     3.06
Aug.........................................................     3.05      3.17     4.36    5.68    6.32     6.85     7.60      5.50       7.05        3.33     6.00-6.00   3.00-3.00     3.03
Sept........................................................     2.96      3.06     4.17    5.36    6.00     6.66     7.34      5.31       6.95        3.25     6.00-6.00   3.00-3.00     3.09
Oct.........................................................     3.04      3.13     4.18    5.33    5.94     6.67     7.31      5.29       6.80        3.27     6.00-6.00   3.00-3.00     2.99
Nov.........................................................     3.12      3.27     4.50    5.72    6.21     6.93     7.66      5.47       6.80        3.43     6.00-6.00   3.00-3.00     3.02
Dec.........................................................     3.08      3.25     4.54    5.77    6.25     6.93     7.69      5.35       6.92        3.40     6.00-6.00   3.00-3.00     2.96

1994:
Jan.........................................................     3.02      3.19     4.48    5.75    6.29     6.92     7.65      5.30       6.95        3.30     6.00-6.00   3.00-3.00     3.05
Feb.........................................................     3.21      3.38     4.83    5.97    6.49     7.08     7.76      5.44       6.85        3.62     6.00-6.00   3.00-3.00     3.25
Mar.........................................................     3.52      3.79     5.40    6.48    6.91     7.48     8.13      5.93       6.99        4.08     6.00-6.25   3.00-3.00     3.34
Apr.........................................................     3.74      4.13     5.99    6.97    7.27     7.88     8.52      6.28       7.31        4.40     6.25-6.75   3.00-3.00     3.56
May.........................................................     4.19      4.64     6.34    7.18    7.41     7.99     8.62      6.26       7.43        4.92     6.75-7.25   3.00-3.50     4.01
June........................................................     4.18      4.58     6.27    7.10    7.40     7.97     8.65      6.14       7.62        4.86     7.25-7.25   3.50-3.50     4.25
July........................................................     4.39      4.81     6.48    7.30    7.58     8.11     8.80      6.19       7.71        5.13     7.25-7.25   3.50-3.50     4.26
Aug.........................................................     4.50      4.91     6.50    7.24    7.49     8.07     8.74      6.19       7.67        5.19     7.25-7.75   3.50-4.00     4.47
Sept........................................................     4.64      5.02     6.69    7.46    7.71     8.34     8.98      6.33       7.70        5.32     7.75-7.75   4.00-4.00     4.73
Oct.........................................................     4.96      5.39     7.04    7.74    7.94     8.57     9.20      6.50       7.76        5.70     7.75-7.75   4.00-4.00     4.76
Nov.........................................................     5.25      5.69     7.44    7.96    8.08     8.68     9.32      6.96       7.81        6.01     7.75-8.50   4.00-4.75     5.29
Dec.........................................................     5.64      6.21     7.71    7.81    7.87     8.46     9.10      6.76       7.83        6.62     8.50-8.50   4.75-4.75     5.45

1995:
Jan.........................................................     5.81      6.31     7.66    7.78    7.85     8.46     9.08      6.53       8.18        6.63     8.50-8.50   4.75-4.75     5.53
Feb.........................................................     5.80      6.10     7.25    7.47    7.61     8.26     8.85      6.24       8.28        6.38     8.50-9.00   4.75-5.25     5.92
Mar.........................................................     5.73      5.91     6.89    7.20    7.45     8.12     8.70      6.10       8.21        6.30     9.00-9.00   5.25-5.25     5.98
Apr.........................................................     5.67      5.80     6.68    7.06    7.36     8.03     8.60      6.01       8.15        6.19     9.00-9.00   5.25-5.25     6.05
May.........................................................     5.70      5.73     6.27    6.63    6.95     7.65     8.20      5.90       7.99        6.07     9.00-9.00   5.25-5.25     6.01
June........................................................     5.50      5.46     5.80    6.17    6.57     7.30     7.90      5.83       7.73        5.79     9.00-9.00   5.25-5.25     6.00
July........................................................     5.47      5.41     5.89    6.28    6.72     7.41     8.04      5.98       7.78        5.68     9.00-8.75   5.25-5.25     5.85
Aug.........................................................     5.41      5.40     6.10    6.49    6.86     7.57     8.19      6.07       7.75        5.75     8.75-8.75   5.25-5.25     5.74
Sept........................................................     5.26      5.28     5.89    6.20    6.55     7.32     7.93      5.88       7.69        5.66     8.75-8.75   5.25-5.25     5.80
Oct.........................................................     5.30      5.34     5.77    6.04    6.37     7.12     7.75      5.77       7.58        5.71     8.75-8.75   5.25-5.25     5.76
Nov.........................................................     5.35      5.29     5.57    5.93    6.26     7.02     7.68      5.61       7.46        5.59     8.75-8.75   5.25-5.25     5.80
Dec.........................................................     5.16      5.15     5.39    5.71    6.06     6.82     7.49      5.42       7.40        5.43     8.75-8.50   5.25-5.25     5.60
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.