[Economic Report of the President (2004)]
[Administration of George W. Bush]
[Online through the Government Printing Office, www.gpo.gov]


 
Table B-73.--Bond yields and interest rates, 1929-2003
[Percent per annum]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury securities              Corporate                                          Discount window
--------------------------------------------      bonds      High-grade     New-       Prime    (Federal Reserve Bank
Bills  (new            Constant           (Moody's)       munici-      home       rate      of New York) \5\ \6\  Federal
Year and  month                               issues)\1\           maturities\2\     ---------------- pal  bonds    mort-      charged  -----------------------   funds
--------------------------------------------                   (Stand-      gage        by                             rate\7\
3-        6-       3-      10-     30-   Aaa\3\    Baa      ard &    yields\4\   banks\5\    Primary    Discount
month     month    year    year    year                     Poor's)                            credit      rate
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1929.............................................................  ........  ........  ......  ......  ......    4.73    5.90        4.27  .........   5.50-6.00  .........        5.16  .......
1933.............................................................     0.515  ........  ......  ......  ......    4.49    7.76        4.71  .........   1.50-4.00  .........        2.56  .......
1939.............................................................      .023  ........  ......  ......  ......    3.01    4.96        2.76  .........        1.50  .........        1.00  .......

1940.............................................................      .014  ........  ......  ......  ......    2.84    4.75        2.50  .........        1.50  .........        1.00  .......
1941.............................................................      .103  ........  ......  ......  ......    2.77    4.33        2.10  .........        1.50  .........        1.00  .......
1942.............................................................      .326  ........  ......  ......  ......    2.83    4.28        2.36  .........        1.50  .........     \8\1.00  .......
1943.............................................................      .373  ........  ......  ......  ......    2.73    3.91        2.06  .........        1.50  .........     \8\1.00  .......
1944.............................................................      .375  ........  ......  ......  ......    2.72    3.61        1.86  .........        1.50  .........     \8\1.00  .......

1945.............................................................      .375  ........  ......  ......  ......    2.62    3.29        1.67  .........        1.50  .........     \8\1.00  .......
1946.............................................................      .375  ........  ......  ......  ......    2.53    3.05        1.64  .........        1.50  .........     \8\1.00  .......
1947.............................................................      .594  ........  ......  ......  ......    2.61    3.24        2.01  .........   1.50-1.75  .........        1.00  .......
1948.............................................................     1.040  ........  ......  ......  ......    2.82    3.47        2.40  .........   1.75-2.00  .........        1.34  .......
1949.............................................................     1.102  ........  ......  ......  ......    2.66    3.42        2.21  .........        2.00  .........        1.50  .......

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

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

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

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

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

1975.............................................................     5.838     6.122    7.49    7.99  ......    8.83   10.61        6.89      9.00         7.86  .........        6.25     5.82
1976.............................................................     4.989     5.266    6.77    7.61  ......    8.43    9.75        6.49      9.00         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         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         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        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        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        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        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        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        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         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         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         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         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        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        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         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         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         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         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         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         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         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
2003.............................................................     1.02      1.06     2.10    4.01  ......    5.67    6.77        4.73      5.80         4.12       2.12  ..........     1.13
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
\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, 1929-2003--Continued
[Percent per annum]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury securities              Corporate     High-                              Discount window
--------------------------------------------      bonds       grade                           (Federal Reserve Bank
Bills  (new            Constant           (Moody's)     munici-     New-       Prime     of New York) \5\ \6\
issues)\1\           maturities\2\     ----------------    pal      home       rate    ------------------------ Federal
Year and  month                           --------------------------------------------                  bonds     mort-      charged                             funds
(Stand-     gage        by        Primary    Discount   rate\7\
3-        6-       3-      10-     30-   Aaa\3\    Baa     ard &  yields\4\   banks\5\     credit       rate
month     month    year    year    year                   Poor's)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

High-low    High-low    High-low
------------------------------------

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

2003:
Jan..............................................................     1.17      1.21     2.18    4.05  ......    6.17    7.35     4.88      6.12    4.25-4.25   2.25-2.25   0.75-0.75     1.24
Feb..............................................................     1.16      1.18     2.05    3.90  ......    5.95    7.06     4.80      5.82    4.25-4.25   2.25-2.25  ..........     1.26
Mar..............................................................     1.13      1.12     1.98    3.81  ......    5.89    6.95     4.72      5.75    4.25-4.25   2.25-2.25  ..........     1.25
Apr..............................................................     1.14      1.15     2.06    3.96  ......    5.74    6.85     4.71      5.92    4.25-4.25   2.25-2.25  ..........     1.26
May..............................................................     1.08      1.09     1.75    3.57  ......    5.22    6.38     4.35      5.75    4.25-4.25   2.25-2.25  ..........     1.26
June.............................................................     0.95      0.94     1.51    3.33  ......    4.97    6.19     4.32      5.51    4.25-4.00   2.25-2.00  ..........     1.22
July.............................................................     0.90      0.95     1.93    3.98  ......    5.49    6.62     4.71      5.53    4.00-4.00   2.00-2.00  ..........     1.01
Aug..............................................................     0.96      1.04     2.44    4.45  ......    5.88    7.01     5.08      5.77    4.00-4.00   2.00-2.00  ..........     1.03
Sept.............................................................     0.95      1.02     2.23    4.27  ......    5.72    6.79     4.91      5.97    4.00-4.00   2.00-2.00  ..........     1.01
Oct..............................................................     0.93      1.01     2.26    4.29  ......    5.70    6.73     4.84      5.92    4.00-4.00   2.00-2.00  ..........     1.01
Nov..............................................................     0.94      1.02     2.45    4.30  ......    5.65    6.66     4.74      5.92    4.00-4.00   2.00-2.00  ..........     1.00
Dec..............................................................     0.90      1.00     2.44    4.27  ......    5.62    6.60     4.65      5.59    4.00-4.00   2.00-2.00  ..........     0.98
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\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\ Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit under an amendment to the Federal
Reserve Board's Regulation A, effective January 9, 2003.
\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.