[Economic Report of the President (2003)] [Administration of George W. Bush] [Online through the Government Publishing Office, www.gpo.gov] Table B-73.--Bond yields and interest rates, 1929-2002 [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\6\ Bank of rate\7\ 3- 6- 3- 10- 30- Aaa\3\ Baa ard & yields\4\ months\5\ New month month year year year Poor's) York\6\ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 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 \8\1.00 ....... 1943............................................................... .373 ........ ...... ...... ...... 2.73 3.91 2.06 ......... .69 1.50 \8\1.00 ....... 1944............................................................... .375 ........ ...... ...... ...... 2.72 3.61 1.86 ......... .73 1.50 \8\1.00 ....... 1945............................................................... .375 ........ ...... ...... ...... 2.62 3.29 1.67 ......... .75 1.50 \8\1.00 ....... 1946............................................................... .375 ........ ...... ...... ...... 2.53 3.05 1.64 ......... .81 1.50 \8\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 7.26 7.86 5.55 7.71 5.62 8.44 5.00 5.46 1998............................................................... 4.81 4.85 5.14 5.26 5.58 6.53 7.22 5.12 7.07 ......... 8.35 4.92 5.35 1999............................................................... 4.66 4.76 5.49 5.65 5.87 7.04 7.87 5.43 7.04 ......... 8.00 4.62 4.97 2000............................................................... 5.85 5.92 6.22 6.03 5.94 7.62 8.36 5.77 7.52 ......... 9.23 5.73 6.24 2001............................................................... 3.45 3.39 4.09 5.02 5.49 7.08 7.95 5.19 7.00 ......... 6.91 3.40 3.88 2002............................................................... 1.62 1.69 3.10 4.61 ...... 6.49 7.80 5.05 6.43 ......... 4.67 1.17 1.67 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \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. In February 2002, the Department of the Treasury discontinued publication of the 30-year series. \3\ Beginning December 7, 2001, data for corporate Aaa series are industrial bonds only. \4\ 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. See next page for continuation of table. Table B-73.--Bond yields and interest rates, 1929-2002--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\6\ Bank of rate\7\ 3- 6- 3- 10- 30- Aaa\3\ Baa ard & yields\4\ months\5\ New month month year year year Poor's) York\6\ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ High-low High-low -------------------------- 1998: Jan.............................................................. 5.09 5.07 5.38 5.54 5.81 6.61 7.19 5.07 7.27 ......... 8.50-8.50 5.00-5.00 5.56 Feb.............................................................. 5.11 5.07 5.43 5.57 5.89 6.67 7.25 5.16 7.24 ......... 8.50-8.50 5.00-5.00 5.51 Mar.............................................................. 5.03 5.04 5.57 5.65 5.95 6.71 7.32 5.30 7.17 ......... 8.50-8.50 5.00-5.00 5.49 Apr.............................................................. 5.00 5.08 5.58 5.64 5.92 6.69 7.33 5.33 7.19 ......... 8.50-8.50 5.00-5.00 5.45 May.............................................................. 5.03 5.15 5.61 5.65 5.93 6.69 7.30 5.21 7.18 ......... 8.50-8.50 5.00-5.00 5.49 June............................................................. 4.99 5.12 5.52 5.50 5.70 6.53 7.13 5.13 7.16 ......... 8.50-8.50 5.00-5.00 5.56 July............................................................. 4.96 5.03 5.47 5.46 5.68 6.55 7.15 5.18 7.13 ......... 8.50-8.50 5.00-5.00 5.54 Aug.............................................................. 4.94 4.97 5.24 5.34 5.54 6.52 7.14 5.13 7.09 ......... 8.50-8.50 5.00-5.00 5.55 Sept............................................................. 4.74 4.75 4.62 4.81 5.20 6.40 7.09 4.98 6.98 ......... 8.50-8.25 5.00-5.00 5.51 Oct.............................................................. 4.08 4.15 4.18 4.53 5.01 6.37 7.18 4.90 6.85 ......... 8.25-8.00 5.00-4.75 5.07 Nov.............................................................. 4.44 4.43 4.57 4.83 5.25 6.41 7.34 5.06 6.80 ......... 8.00-7.75 4.75-4.50 4.83 Dec.............................................................. 4.42 4.43 4.48 4.65 5.06 6.22 7.23 5.00 6.94 ......... 7.75-7.75 4.50-4.50 4.68 1999: Jan.............................................................. 4.34 4.36 4.61 4.72 5.16 6.24 7.29 5.04 6.96 ......... 7.75-7.75 4.50-4.50 4.63 Feb.............................................................. 4.45 4.43 4.90 5.00 5.37 6.40 7.39 5.03 6.92 ......... 7.75-7.75 4.50-4.50 4.76 Mar.............................................................. 4.48 4.52 5.11 5.23 5.58 6.62 7.53 5.10 6.86 ......... 7.75-7.75 4.50-4.50 4.81 Apr.............................................................. 4.28 4.36 5.03 5.18 5.55 6.64 7.48 5.07 6.85 ......... 7.75-7.75 4.50-4.50 4.74 May.............................................................. 4.51 4.55 5.33 5.54 5.81 6.93 7.72 5.17 6.89 ......... 7.75-7.75 4.50-4.50 4.74 June............................................................. 4.59 4.81 5.70 5.90 6.04 7.23 8.02 5.34 7.03 ......... 7.75-7.75 4.50-4.50 4.76 July............................................................. 4.60 4.62 5.62 5.79 5.98 7.19 7.95 5.36 7.29 ......... 8.00-8.00 4.50-4.50 4.99 Aug.............................................................. 4.76 4.88 5.77 5.94 6.07 7.40 8.15 5.59 7.09 ......... 8.25-8.00 4.75-4.50 5.07 Sept............................................................. 4.73 4.91 5.75 5.92 6.07 7.39 8.20 5.70 7.09 ......... 8.25-8.25 4.75-4.75 5.22 Oct.............................................................. 4.88 4.98 5.94 6.11 6.26 7.55 8.38 5.92 7.17 ......... 8.25-8.25 4.75-4.75 5.20 Nov.............................................................. 5.07 5.17 5.92 6.03 6.15 7.36 8.15 5.85 7.24 ......... 8.50-8.25 5.00-4.75 5.42 Dec.............................................................. 5.23 5.43 6.14 6.28 6.35 7.55 8.19 5.93 7.28 ......... 8.50-8.50 5.00-5.00 5.30 2000: Jan.............................................................. 5.34 5.52 6.49 6.66 6.63 7.78 8.33 6.10 7.45 ......... 8.50-8.50 5.00-5.00 5.45 Feb.............................................................. 5.57 5.75 6.65 6.52 6.23 7.68 8.29 6.06 7.54 ......... 8.75-8.50 5.25-5.00 5.73 Mar.............................................................. 5.72 5.85 6.53 6.26 6.05 7.68 8.37 5.89 7.60 ......... 9.00-8.75 5.50-5.25 5.85 Apr.............................................................. 5.67 5.82 6.36 5.99 5.85 7.64 8.40 5.76 7.63 ......... 9.00-9.00 5.50-5.50 6.02 May.............................................................. 5.92 6.12 6.77 6.44 6.15 7.99 8.90 6.04 7.55 ......... 9.50-9.00 6.00-5.50 6.27 June............................................................. 5.74 6.02 6.43 6.10 5.93 7.67 8.48 5.84 7.50 ......... 9.50-9.50 6.00-6.00 6.53 July............................................................. 5.93 5.99 6.28 6.05 5.85 7.65 8.35 5.72 7.51 ......... 9.50-9.50 6.00-6.00 6.54 Aug.............................................................. 6.11 6.09 6.17 5.83 5.72 7.55 8.26 5.63 7.54 ......... 9.50-9.50 6.00-6.00 6.50 Sept............................................................. 6.00 5.98 6.02 5.80 5.83 7.62 8.35 5.64 7.52 ......... 9.50-9.50 6.00-6.00 6.52 Oct.............................................................. 6.10 6.04 5.85 5.74 5.80 7.55 8.34 5.65 7.53 ......... 9.50-9.50 6.00-6.00 6.51 Nov.............................................................. 6.19 6.07 5.79 5.72 5.78 7.45 8.28 5.60 7.47 ......... 9.50-9.50 6.00-6.00 6.51 Dec.............................................................. 5.83 5.70 5.26 5.24 5.49 7.21 8.02 5.30 7.40 ......... 9.50-9.50 6.00-6.00 6.40 2001: Jan.............................................................. 5.27 5.04 4.77 5.16 5.54 7.15 7.93 5.15 7.20 ......... 9.50-9.00 6.00-5.00 5.98 Feb.............................................................. 4.93 4.78 4.71 5.10 5.45 7.10 7.87 5.21 7.10 ......... 8.50-8.50 5.00-5.00 5.49 Mar.............................................................. 4.50 4.36 4.43 4.89 5.34 6.98 7.84 5.19 7.04 ......... 8.50-8.00 5.00-4.50 5.31 Apr.............................................................. 3.92 3.89 4.42 5.14 5.65 7.20 8.07 5.33 7.07 ......... 8.00-7.50 4.50-4.00 4.80 May.............................................................. 3.67 3.66 4.51 5.39 5.78 7.29 8.07 5.35 7.12 ......... 7.50-7.00 4.00-3.50 4.21 June............................................................. 3.48 3.44 4.35 5.28 5.67 7.18 7.97 5.24 7.12 ......... 7.00-6.75 3.50-3.25 3.97 July............................................................. 3.54 3.48 4.31 5.24 5.61 7.13 7.97 5.22 7.11 ......... 6.75-6.75 3.25-3.25 3.77 Aug.............................................................. 3.39 3.31 4.04 4.97 5.48 7.02 7.85 5.06 7.15 ......... 6.75-6.50 3.25-3.00 3.65 Sept............................................................. 2.87 2.84 3.45 4.73 5.48 7.17 8.03 5.09 6.89 ......... 6.50-6.00 3.00-2.50 3.07 Oct.............................................................. 2.22 2.19 3.14 4.57 5.32 7.03 7.91 5.07 6.73 ......... 6.00-5.50 2.50-2.00 2.49 Nov.............................................................. 1.93 1.94 3.22 4.65 5.12 6.97 7.81 5.06 6.63 ......... 5.50-5.00 2.00-1.50 2.09 Dec.............................................................. 1.72 1.81 3.62 5.09 5.48 6.76 8.05 5.28 6.79 ......... 5.00-4.75 1.50-1.25 1.82 2002: Jan.............................................................. 1.66 1.74 3.56 5.04 5.45 6.55 7.87 5.19 6.87 ......... 4.75-4.75 1.25-1.25 1.73 Feb.............................................................. 1.73 1.83 3.55 4.91 ...... 6.51 7.89 5.14 6.82 ......... 4.75-4.75 1.25-1.25 1.74 Mar.............................................................. 1.81 2.02 4.14 5.28 ...... 6.81 8.11 5.27 6.76 ......... 4.75-4.75 1.25-1.25 1.73 Apr.............................................................. 1.72 1.97 4.01 5.21 ...... 6.76 8.03 5.27 6.74 ......... 4.75-4.75 1.25-1.25 1.75 May.............................................................. 1.74 1.88 3.80 5.16 ...... 6.75 8.09 5.22 6.59 ......... 4.75-4.75 1.25-1.25 1.75 June............................................................. 1.71 1.83 3.49 4.93 ...... 6.63 7.95 5.11 6.47 ......... 4.75-4.75 1.25-1.25 1.75 July............................................................. 1.68 1.71 3.01 4.65 ...... 6.53 7.90 5.01 6.37 ......... 4.75-4.75 1.25-1.25 1.73 Aug.............................................................. 1.63 1.62 2.52 4.26 ...... 6.37 7.58 4.92 6.26 ......... 4.75-4.75 1.25-1.25 1.74 Sept............................................................. 1.63 1.61 2.32 3.87 ...... 6.15 7.40 4.73 6.17 ......... 4.75-4.75 1.25-1.25 1.75 Oct.............................................................. 1.60 1.57 2.25 3.94 ...... 6.32 7.73 4.85 6.09 ......... 4.75-4.75 1.25-1.25 1.75 Nov.............................................................. 1.26 1.29 2.32 4.05 ...... 6.31 7.62 4.98 6.08 ......... 4.75-4.25 1.25-0.75 1.34 Dec.............................................................. 1.20 1.26 2.23 4.03 ...... 6.21 7.45 4.91 6.04 ......... 4.25-4.25 0.75-0.75 1.24 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ \5\ Bank-discount basis; prior to November 1979, data are for 4-6 months paper. Series no longer published. \6\ 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. \7\ 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. \8\ 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. 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.