[Economic Report of the President (1998)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



Table B-73.--Bond yields and interest rates, 1929-97
[Percent per annum]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury securities              Corporate     High-
--------------------------------------------      bonds       grade                                       Discount
Bills  (new            Constant           (Moody's)     munici-     New-    Com-  mer- Prime  rate     rate,
issues)\1\           maturities\2\     ----------------    pal      home        cial      charged     Federal   Federal
Year and  month                           --------------------------------------------                  bonds     mort-    paper,  6       by        Reserve     funds
(Stand-     gage                 banks\5\    Bank  of   rate\6\
3-        6-       3-      10-     30-     Aaa     Baa     ard &  yields\3\  months\4\                   New
month     month    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    7.96    8.62     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
1996...............................................................     5.02      5.09     5.99    6.44    6.71    7.37    8.05     5.75      7.80        5.42         8.27        5.02     5.30
1997...............................................................     5.07      5.18     6.10    6.35    6.61    7.27    7.87     5.55      7.71   .........         8.44        5.00     5.46
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Rate on new issues within period; bank-discount basis.
\2\ Yields on the more actively traded issues adjusted to constant maturities by the Department of the Treasury.
\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. Series no longer published by Federal Reserve (FR). See FR release H.15 Selected Interest Rates  dated May 12,
1997.
\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-73.--Bond yields and interest rates, 1929-97--Continued
[Percent per annum]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury securities              Corporate     High-
--------------------------------------------      bonds       grade                                       Discount
Bills  (new            Constant           (Moody's)     munici-     New-    Com-  mer- Prime  rate     rate,
issues)\1\           maturities\2\     ----------------    pal      home        cial      charged     Federal   Federal
Year and  month                           --------------------------------------------                  bonds     mort-    paper,  6       by        Reserve     funds
(Stand-     gage                 banks\5\    Bank  of   rate\6\
3-        6-       3-      10-     30-     Aaa     Baa     ard &  yields\3\  months\4\                   New
month     month    year    year    year                   Poor's)                                       York\5\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

High-low    High-low
--------------------------
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    6.25-6.00   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    6.75-6.25   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    7.25-6.75   3.50-3.00     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    7.75-7.25   4.00-3.50     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    8.50-7.75   4.75-4.00     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    9.00-8.50   5.25-4.75     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

1996:
Jan..............................................................     5.02      4.97     5.20    5.65    6.05    6.81    7.47     5.42      7.32        5.23    8.50-8.50   5.25-5.00     5.56
Feb..............................................................     4.87      4.79     5.14    5.81    6.24    6.99    7.63     5.45      7.20        4.99    8.50-8.25   5.00-5.00     5.22
Mar..............................................................     4.96      4.96     5.79    6.27    6.60    7.35    8.03     5.82      7.49        5.26    8.25-8.25   5.00-5.00     5.31
Apr..............................................................     4.99      5.08     6.11    6.51    6.79    7.50    8.19     5.93      7.76        5.38    8.25-8.25   5.00-5.00     5.22
May..............................................................     5.02      5.12     6.27    6.74    6.93    7.62    8.30     5.98      7.80        5.42    8.25-8.25   5.00-5.00     5.24
June.............................................................     5.11      5.26     6.49    6.91    7.06    7.71    8.40     6.03      8.05        5.57    8.25-8.25   5.00-5.00     5.27
July.............................................................     5.17      5.32     6.45    6.87    7.03    7.65    8.35     5.91      8.01        5.67    8.25-8.25   5.00-5.00     5.40
Aug..............................................................     5.09      5.17     6.21    6.64    6.84    7.46    8.18     5.72      8.08        5.51    8.25-8.25   5.00-5.00     5.22
Sept.............................................................     5.15      5.29     6.41    6.83    7.03    7.66    8.35     5.86      7.98        5.66    8.25-8.25   5.00-5.00     5.30
Oct..............................................................     5.01      5.12     6.08    6.53    6.81    7.39    8.07     5.71      7.95        5.45    8.25-8.25   5.00-5.00     5.24
Nov..............................................................     5.03      5.07     5.82    6.20    6.48    7.10    7.79     5.59      7.80        5.40    8.25-8.25   5.00-5.00     5.31
Dec..............................................................     4.87      5.02     5.91    6.30    6.55    7.20    7.89     5.62      7.79        5.44    8.25-8.25   5.00-5.00     5.29

1997:
Jan..............................................................     5.05      5.11     6.16    6.58    6,83    7.42    8.09     5.72      7.81        5.48    8.25-8.25   5.00-5.00     5.25
Feb..............................................................     5.00      5.05     6.03    6.42    6.69    7.31    7.94     5.63      7.78        5.42    8.25-8.25   5.00-5.00     5.19
Mar..............................................................     5.14      5.24     6.38    6.69    6.93    7.55    8.18     5.78      7.88        5.61    8.50-8.25   5.00-5.00     5.39
Apr..............................................................     5.17      5.35     6.61    6.89    7.09    7.73    8.34     5.88      8.03        5.79    8.50-8.50   5.00-5.00     5.51
May..............................................................     5.13      5.35     6.42    6.71    6.94    7.58    8.20     5.71      8.01        5.78    8.50-8.50   5.00-5.00     5.50
June.............................................................     4.92      5.14     6.24    6.49    6.77    7.41    8.02     5.60      7.95        5.69    8.50-8.50   5.00-5.00     5.56
July.............................................................     5.07      5.12     6.00    6.22    6.51    7.14    7.75     5.41      7.78        5.60    8.50-8.50   5.00-5.00     5.52
Aug..............................................................     5.13      5.17     6.06    6.30    6.58    7.22    7.82     5.47      7.59        5.59    8.50-8.50   5.00-5.00     5.54
Sept.............................................................     4.97      5.11     5.98    6.21    6.50    7.15    7.70     5.38      7.61   .........    8.50-8.50   5.00-5.00     5.54
Oct..............................................................     4.95      5.09     5.84    6.03    6.33    7.00    7.57     5.37      7.54   .........    8.50-8.50   5.00-5.00     5.50
Nov..............................................................     5.15      5.17     5.76    5.88    6.11    6.87    7.42     5.38      7.40   .........    8.50-8.50   5.00-5.00     5.52
Dec..............................................................     5.16      5.24     5.74    5.81    5.99    6.76    7.32     5.22      7.40   .........    8.50-8.50   5.00-5.00     5.50
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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.