Week Ending

Instruments Mar Mar Mar Mar Apr Feb Mar

6 13 20 27 3

FEDERAL RESERVE statistical release

Federal funds (effective) 1 2 3

Commercial paper 3 4 5 6

Nonfinancial

1-month

2-month

3-month

Financial

1-month

2-month

3-month

Bankers acceptances (top rated) 3 4 7

3-month

6-month

CDs (secondary market) 3 8

1-month

3-month

6-month

Eurodollar deposits (London) 3 9

1-month

3-month

6-month

Bank prime loan 2 3 10

Discount window borrowing 2 11

U.S. government securities

Treasury bills

Auction average 3 4 12

3-month

6-month

1-year

Secondary market 3 4

3-month

6-month

1-year

Treasury constant maturities 13

3-month

6-month

1-year

2-year

3-year

5-year

7-year

10-year

20-year

30-year

Composite

Over 10 years (long-term) 14

Corporate bonds

Moody’s seasoned

Aaa

Baa

A-utility 15

State & local bonds 16

Conventional mortgages 17

5.60 5.45 5.47 5.43 5.60 5.51 5.49

5.50 5.51 5.50 5.52 5.52 5.47 5.51

5.48 5.49 5.50 5.48 5.50 5.44 5.49

5.46 5.47 5.46 5.46 5.46 5.42 5.46

5.54 5.52 5.51 5.53 5.54 5.49 5.53

5.51 5.50 5.50 5.51 5.50 5.47 5.51

5.50 5.49 5.48 5.49 5.49 5.45 5.49

5.51 5.51 5.50 5.50 5.49 5.46 5.50

5.47 5.46 5.46 5.46 5.45 5.41 5.46

5.58 5.57 5.58 5.58 5.58 5.53 5.58

5.59 5.58 5.58 5.59 5.58 5.54 5.58

5.61 5.60 5.59 5.61 5.62 5.55 5.61

5.56 5.56 5.55 5.56 5.56 5.48 5.56

5.56 5.56 5.55 5.56 5.56 5.53 5.56

5.58 5.57 5.58 5.60 5.63 5.53 5.59

8.50 8.50 8.50 8.50 8.50 8.50 8.50

5.00 5.00 5.00 5.00 5.00 5.00 5.00

5.12 4.97 4.99 5.03 5.05 5.11 5.03

5.13 5.01 5.03 4.99 5.08 5.07 5.04

5.13 5.11 4.97 5.13

5.08 4.97 5.02 5.05 5.00 5.09 5.03

5.08 5.02 5.05 5.02 5.03 5.07 5.04

5.15 5.09 5.08 5.12 5.09 5.04 5.11

5.20 5.09 5.16 5.19 5.13 5.23 5.16

5.30 5.22 5.26 5.20 5.24 5.27 5.25

5.43 5.37 5.36 5.39 5.36 5.31 5.39

5.61 5.53 5.51 5.57 5.55 5.42 5.56

5.62 5.53 5.50 5.59 5.57 5.43 5.57

5.69 5.57 5.54 5.62 5.58 5.49 5.61

5.80 5.69 5.63 5.69 5.68 5.60 5.71

5.75 5.62 5.57 5.63 5.61 5.57 5.65

6.11 5.99 5.95 5.99 5.97 5.96 6.01

6.05 5.93 5.89 5.92 5.89 5.89 5.95

6.10 5.98 5.94 5.97 5.95 5.94 6.00

6.81 6.70 6.66 6.69 6.67 6.67 6.72

7.40 7.30 7.27 7.30 7.30 7.25 7.32

7.17 7.06 7.06 7.14 6.99 7.02 7.11

5.25 5.20 5.19 5.20 5.19 5.10 5.21

7.19 7.16 7.08 7.08 7.15 7.04 7.13

See overleaf for footnotes

G.13 (415)

SELECTED INTEREST RATES For immediate release

Yields in percent per annum April 7, 1998

These data are released the first Tuesday of each month. The availability of the release is announced on (202) 452-3206.
FOOTNOTES

1. The daily effective federal funds rate is a weighted average of rates on trades through N.Y. brokers.

2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures

include each calendar day in the month.

3. Annualized using a 360-day year or bank interest.

4. On a discount basis.

5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust

Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is,

the offer side). See Board's Commercial Paper Web pages (http://www.bog.frb.fed.us/releases/cp) for more

information.

6. The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and 90-day dates reported on the Board's

Commercial Paper Web page.

7. Representative closing yields for acceptances of the highest rated money center banks.

8. An average of dealer offering rates on nationally traded certificates of deposit.

9. Bid rates for Eurodollar deposits at 11 a.m. London time.

10. One of several base rates used by banks to price short-term business loans.

11. Rate for the Federal Reserve Bank of New York.

12. Auction date for daily data; weekly and monthly averages computed on an issue-date basis.

13. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.

14. Unweighted average of rates on all outstanding bonds neither due nor callable in less than 10 years.

15. Estimate of the yield on a recently offered, A-rated utility bond with a maturity of 30 years and call protection of

5 years; Friday quotations.

16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.

17. Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC.

Note: Weekly and monthly figures are averages of business days unless otherwise noted.

DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES

Yields on Treasury securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve. This

curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively

traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve

at fixed maturities, currently 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-

year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. In estimating the

20-year constant maturity, the Treasury incorporates the prevailing market yield on an outstanding Treasury bond with

approximately 20 years remaining to maturity.

G.13 (415) Federal Reserve Board

Selected Interest Rates April 7, 1998

Yields in percent per annum

Fed Comm

funds paper Treasury bills Treasury constant maturities

1-mo. 3-mo. 6-mo. 1-yr. 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 20-yr. 30-yr.

Mar 2 5.82 5.51 5.18 5.12 5.15 5.26 5.35 5.43 5.60 5.61 5.67 5.77 5.72 6.09 6.03

Mar 3 5.57 5.50 5.09 5.13 5.17 5.23 5.34 5.46 5.64 5.64 5.72 5.82 5.77 6.14 6.07

Mar 4 5.46 5.50 5.05 5.08 5.15 5.19 5.29 5.43 5.63 5.64 5.71 5.81 5.76 6.11 6.05

Mar 5 5.48 5.51 5.04 5.05 5.14 5.18 5.26 5.42 5.62 5.63 5.71 5.84 5.78 6.14 6.07

Mar 6 5.41 5.50 5.02 5.04 5.12 5.15 5.24 5.40 5.58 5.59 5.65 5.78 5.73 6.09 6.02

Mar 9 5.50 5.51 5.03 5.04 5.11 5.11 5.24 5.39 5.57 5.56 5.61 5.74 5.67 6.04 5.97

Mar 10 5.44 5.51 4.96 5.03 5.10 5.09 5.23 5.38 5.55 5.56 5.62 5.73 5.67 6.03 5.97

Mar 11 5.52 5.50 4.96 5.02 5.09 5.09 5.22 5.37 5.53 5.54 5.57 5.69 5.63 6.00 5.93

Mar 12 5.52 5.50 4.95 4.99 5.06 5.08 5.19 5.34 5.50 5.49 5.52 5.62 5.56 5.94 5.87

Mar 13 5.43 5.51 4.96 5.01 5.07 5.09 5.21 5.35 5.50 5.49 5.54 5.65 5.58 5.95 5.89

Mar 16 5.64 5.53 4.97 5.00 5.06 5.12 5.24 5.33 5.47 5.47 5.52 5.60 5.54 5.92 5.86

Mar 17 5.47 5.49 5.01 5.05 5.08 5.14 5.25 5.36 5.50 5.48 5.53 5.63 5.56 5.95 5.89

Mar 18 5.35 5.50 5.03 5.06 5.08 5.17 5.27 5.36 5.52 5.51 5.55 5.65 5.58 5.97 5.91

Mar 19 5.39 5.49 5.04 5.07 5.09 5.18 5.28 5.37 5.52 5.52 5.56 5.65 5.58 5.97 5.90

Mar 20 5.34 5.49 5.05 5.07 5.08 5.19 5.27 5.36 5.52 5.50 5.56 5.64 5.57 5.95 5.89

Mar 23 5.41 5.52 5.02 5.08 5.08 5.17 5.21 5.36 5.52 5.52 5.56 5.63 5.57 5.95 5.88

Mar 24 5.41 5.53 5.03 5.01 5.09 5.17 5.21 5.37 5.50 5.52 5.57 5.63 5.58 5.95 5.88

Mar 25 5.75 5.50 5.04 4.99 5.12 5.18 5.19 5.40 5.58 5.59 5.62 5.70 5.64 6.00 5.94

Mar 26 5.55 5.51 5.08 5.00 5.14 5.22 5.20 5.41 5.62 5.65 5.66 5.74 5.68 6.02 5.96

Mar 27 5.47 5.52 5.08 5.00 5.15 5.21 5.20 5.43 5.63 5.66 5.67 5.75 5.68 6.03 5.96

Mar 30 5.62 5.54 5.09 5.04 5.16 5.18 5.30 5.44 5.65 5.69 5.70 5.79 5.72 6.06 5.98

Mar 31 5.88 5.52 5.02 5.07 5.13 5.16 5.27 5.41 5.60 5.61 5.64 5.74 5.67 6.02 5.94