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Bond yields and interest rates, 1929-96 (Percent per annum)
YEAR U.S. Treasury securities Corporate bonds (Moody's) High-grade municipal bonds
(S & P)		 New home mortgage yields-3 Commercial paper,
6 months-4		 Prime rate charge by banks-5 Discount rate Federal Reserve Bank of NY-5 Federal funds rate - 6
Bills
(new issues)-1		 Constant
maturities-2
3-month 6-month 3-month 10-year 30-year Aaa Baa
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 0.023 ........ ........ ........ ........ 3.01 4.96 2.76 ........ 0.59 1.50 1.00 ........
                           
1940 0.014 ........ ........ ........ ........ 2.84 4.75 2.50 ........ 0.56 1.50 1.00 ........
1941 0.103 ........ ........ ........ ........ 2.77 4.33 2.10 ........ 0.53 1.50 1.00 ........
1942 0.326 ........ ........ ........ ........ 2.83 4.28 2.36 ........ 0.66 1.50 7 -1.00 ........
1943 0.373 ........ ........ ........ ........ 2.73 3.91 2.06 ........ 0.69 1.50 7 -1.00 ........
1944 0.375 ........ ........ ........ ........ 2.72 3.61 1.86 ........ 0.73 1.50 7 -1.00 ........
                           
1945 0.375 ........ ........ ........ ........ 2.62 3.29 1.67 ........ 0.75 1.50 7 -1.00 ........
1946 0.375 ........ ........ ........ ........ 2.53 3.05 1.64 ........ 0.81 1.50 7 -1.00 ........
1947 0.594 ........ ........ ........ ........ 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 0.953 ........ 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 9.8 6.89 9.32 5.85 8.46 5.45 5.69
1992 3.45 3.57 5.3 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
1996 5.02 5.09 6.44 6.44 6.71 7.37 8.05 5.75 7.80 5.42 8.27 5.02 5.30
                           
1 Rate on new issues within period; bank-discount basis
2 Yields on the more activelyl traded issues adjusted to constant maturities by the Department of 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, repaymnet 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.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investor's Service, and Standard & Poor's Corporation.
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