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Economic Report of the President 1979, Treasury rates, monthly continuation

Original source · Answer-key source

US federal government work; public domain (17 USC 105). Council of Economic Advisers, Economic Report of the President 1979; digitized by FRASER, Federal Reserve Bank of St. Louis. Truth data: Board of Governors of the Federal Reserve System via FRED.

Economic Report of the President 1979, Treasury rates, monthly continuation

The answer key

Check numbers below match the grid columns. An absence check requires the stated value to be absent in its stated field.

Retained checks
Check	Kind	Expected answer	Field / row / column
1	cell	6.99	1976 / Jan / 1976-01 / U.S. Treasury securities / Constant maturities / 3 years
2	cell	7.74	1976 / Jan / 1976-01 / U.S. Treasury securities / Constant maturities / 10 years
3	cell	7.06	1976 / Feb / 1976-02 / U.S. Treasury securities / Constant maturities / 3 years
4	cell	7.79	1976 / Feb / 1976-02 / U.S. Treasury securities / Constant maturities / 10 years
5	cell	7.13	1976 / Mar / 1976-03 / U.S. Treasury securities / Constant maturities / 3 years
6	cell	7.73	1976 / Mar / 1976-03 / U.S. Treasury securities / Constant maturities / 10 years
7	cell	6.84	1976 / Apr / 1976-04 / U.S. Treasury securities / Constant maturities / 3 years
8	cell	7.56	1976 / Apr / 1976-04 / U.S. Treasury securities / Constant maturities / 10 years

Model-by-check results

Right and Wrong describe exact checks. No output scores zero. Tab reaches each result.

Every model, every retained check
Model	Page checks right	Page score / 100	1	2	3	4	5	6	7	8
Claude Opus 5.5	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
GPT-6.1 Sol	8/8	100.0	Right	Right	Right	Right	Right	Right	Right	Right
Claude Sonnet 5.5	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
Gemini 3.8 Flash	8/8	100.0	Right	Right	Right	Right	Right	Right	Right	Right
Gemini 4 Argon	8/8	100.0	Right	Right	Right	Right	Right	Right	Right	Right
Chandra OCR 2 4-bit	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
Mistral OCR	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
GPT-6 Luna	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
LightOnOCR 3 1B	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
OCRia-1	8/8	100.0	Right	Right	Right	Right	Right	Right	Right	Right
dots.ocr 4-bit	8/8	100.0	Right	Right	Right	Right	Right	Right	Right	Right
Nemotron 3.5 Parse	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
Indra	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
Granite-Docling	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
PaddleOCR-VL 1.6	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
Tesseract 5.5.3	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong

Raw model outputs beside the key

Key reference

6.99
7.74
7.06
7.79
7.13
7.73
6.84
7.56

Claude Opus 5.5 · 0/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

**TABLE B–65.—*Bond yields and interest rates, 1929–78***

[Percent per annum]

| Year or month | U.S. Treasury securities: Bills (new issues)¹ 3-month | Bills 6-month | Constant maturities² 3 years | Constant maturities² 10 years | Corporate bonds (Moody's) Aaa | Corporate bonds (Moody's) Baa | High-grade municipal bonds (Standard & Poor's) | New-home mortgage yields (FHLBB) (³) | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, Federal Reserve Bank of New York⁴ | Federal funds rate⁵ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1929 | | | | | 4.73 | 5.90 | 4.27 | | 5.85 | | 5.16 | |
| 1933 | 0.515 | | | | 4.49 | 7.76 | 4.71 | | 1.73 | | 2.56 | |
| 1939 | .023 | | | | 3.01 | 4.96 | 2.76 | | .59 | | 1.00 | |
| 1940 | .014 | | | | 2.84 | 4.75 | 2.50 | | .56 | | 1.00 | |
| 1941 | .103 | | | | 2.77 | 4.33 | 2.10 | | .53 | | 1.00 | |
| 1942 | .326 | | | | 2.83 | 4.28 | 2.36 | | .66 | | ⁶1.00 | |
| 1943 | .373 | | | | 2.73 | 3.91 | 2.06 | | .69 | | ⁶1.00 | |
| 1944 | .375 | | | | 2.72 | 3.61 | 1.86 | | .73 | | ⁶1.00 | |
| 1945 | .375 | | | | 2.62 | 3.29 | 1.67 | | .75 | | ⁶1.00 | |
| 1946 | .375 | | | | 2.53 | 3.05 | 1.64 | | .81 | | ⁶1.00 | |
| 1947 | .594 | | | | 2.61 | 3.24 | 2.01 | | 1.03 | | 1.00 | |
| 1948 | 1.040 | | | | 2.82 | 3.47 | 2.40 | | 1.44 | | 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 | 5.82 | 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 | 5.17 | 5.66 |
| 1969 | 6.677 | 6.853 | 7.02 | 6.67 | 7.03 | 7.81 | 5.81 | 7.80 | 7.83 | 7.96 | 5.87 | 8.22 |
| 1970 | 6.458 | 6.562 | 7.29 | 7.35 | 8.04 | 9.11 | 6.51 | 8.45 | 7.72 | 7.91 | 5.95 | 7.17 |
| 1971 | 4.348 | 4.511 | 5.65 | 6.16 | 7.39 | 8.56 | 5.70 | 7.74 | 5.11 | 5.72 | 4.88 | 4.67 |
| 1972 | 4.071 | 4.466 | 5.72 | 6.21 | 7.21 | 8.16 | 5.27 | 7.60 | 4.69 | 5.25 | 4.50 | 4.44 |
| 1973 | 7.041 | 7.178 | 6.95 | 6.84 | 7.44 | 8.24 | 5.18 | 7.95 | 8.15 | 8.03 | 6.45 | 8.74 |
| 1974 | 7.886 | 7.926 | 7.82 | 7.56 | 8.57 | 9.50 | 6.09 | 8.92 | 9.87 | 10.81 | 7.83 | 10.51 |
| 1975 | 5.838 | 6.122 | 7.49 | 7.99 | 8.83 | 10.61 | 6.89 | 9.01 | 6.33 | 7.86 | 6.25 | 5.82 |
| 1976 | 4.989 | 5.266 | 6.77 | 7.61 | 8.43 | 9.75 | 6.49 | 8.99 | 5.35 | 6.84 | 5.50 | 5.05 |
| 1977 | 5.265 | 5.510 | 6.69 | 7.42 | 8.02 | 8.97 | 5.56 | 9.01 | 5.60 | 6.83 | 5.46 | 5.54 |
| 1978 | 7.221 | 7.572 | 8.29 | 8.41 | 8.73 | 9.49 | 5.90 | 9.54 | 7.99 | 9.06 | 7.46 | 7.94 |

See next page for continuation of table.

258

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

---

**TABLE B–65.—*Bond yields and interest rates, 1929–78*—Continued**

[Percent per annum]

| Year or month | U.S. Treasury securities: Bills (new issues)¹ 3-month | Bills 6-month | Constant maturities² 3 years | Constant maturities² 10 years | Corporate bonds (Moody's) Aaa | Corporate bonds (Moody's) Baa | High-grade municipal bonds (Standard & Poor's) | New-home mortgage yields (FHLBB) (³) | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, Federal Reserve Bank of New York⁴ | Federal funds rate⁵ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **1976:** | | | | | | | | | | | | |
| Jan | 4.961 | 5.238 | 6.99 | 7.74 | 8.60 | 10.41 | 6.80 | 8.99 | 5.27 | 7¼–6¾ | 6 –5½ | 4.87 |
| Feb | 4.852 | 5.144 | 7.06 | 7.79 | 8.55 | 10.24 | 6.91 | 8.93 | 5.23 | 6¾–6¾ | 5½–5½ | 4.77 |
| Mar | 5.047 | 5.488 | 7.13 | 7.73 | 8.52 | 10.12 | 6.86 | 8.93 | 5.37 | 6¾–6¾ | 5½–5½ | 4.84 |
| Apr | 4.878 | 5.201 | 6.84 | 7.56 | 8.40 | 9.94 | 6.62 | 8.92 | 5.23 | 6¾–6¾ | 5½–5½ | 4.82 |
| May | 5.185 | 5.600 | 7.27 | 7.90 | 8.58 | 9.86 | 6.87 | 8.97 | 5.54 | 6¾–6¾ | 5½–5½ | 5.29 |
| June | 5.443 | 5.784 | 7.32 | 7.86 | 8.62 | 9.89 | 6.85 | 8.89 | 5.94 | 7 –7¼ | 5½–5½ | 5.48 |
| July | 5.278 | 5.597 | 7.12 | 7.83 | 8.56 | 9.82 | 6.64 | 8.97 | 5.67 | 7¼–7¼ | 5½–5½ | 5.31 |
| Aug | 5.153 | 5.416 | 6.86 | 7.77 | 8.45 | 9.64 | 6.28 | 9.02 | 5.47 | 7¼–7 | 5½–5½ | 5.29 |
| Sept | 5.075 | 5.311 | 6.66 | 7.59 | 8.38 | 9.40 | 6.20 | 9.08 | 5.45 | 7 –7 | 5½–5½ | 5.25 |
| Oct | 4.930 | 5.073 | 6.24 | 7.41 | 8.32 | 9.29 | 6.06 | 9.07 | 5.22 | 7 –6¾ | 5½–5½ | 5.03 |
| Nov | 4.810 | 4.944 | 6.09 | 7.29 | 8.25 | 9.23 | 6.05 | 9.05 | 5.05 | 6½–6½ | 5½–5¼ | 4.95 |
| Dec | 4.355 | 4.513 | 5.68 | 6.87 | 7.98 | 9.12 | 5.69 | 9.10 | 4.70 | 6½–6¼ | 5¼–5¼ | 4.65 |
| **1977:** | | | | | | | | | | | | |
| Jan | 4.597 | 4.783 | 6.22 | 7.21 | 7.96 | 9.08 | 5.70 | 9.05 | 4.74 | 6¼–6¼ | 5¼–5¼ | 4.61 |
| Feb | 4.662 | 4.896 | 6.44 | 7.39 | 8.04 | 9.12 | 5.75 | 8.99 | 4.82 | 6¼–6¼ | 5¼–5¼ | 4.68 |
| Mar | 4.613 | 4.883 | 6.47 | 7.46 | 8.10 | 9.12 | 5.76 | 8.95 | 4.87 | 6¼–6¼ | 5¼–5¼ | 4.69 |
| Apr | 4.540 | 4.790 | 6.31 | 7.37 | 8.04 | 9.07 | 5.61 | 8.94 | 4.87 | 6¼–6¼ | 5¼–5¼ | 4.73 |
| May | 4.942 | 5.193 | 6.55 | 7.46 | 8.05 | 9.01 | 5.64 | 8.96 | 5.35 | 6¼–6¾ | 5¼–5¼ | 5.35 |
| June | 5.004 | 5.198 | 6.39 | 7.28 | 7.95 | 8.91 | 5.53 | 8.98 | 5.49 | 6¾–6¾ | 5¼–5¼ | 5.39 |
| July | 5.146 | 5.351 | 6.51 | 7.33 | 7.94 | 8.87 | 5.50 | 9.00 | 5.41 | 6¾–6¾ | 5¼–5¼ | 5.42 |
| Aug | 5.500 | 5.810 | 6.79 | 7.40 | 7.98 | 8.82 | 5.46 | 9.02 | 5.84 | 6¾–7 | 5¼–5¾ | 5.90 |
| Sept | 5.770 | 5.991 | 6.84 | 7.34 | 7.92 | 8.80 | 5.37 | 9.04 | 6.17 | 7 –7¼ | 5¾–5¾ | 6.14 |
| Oct | 6.188 | 6.410 | 7.19 | 7.52 | 8.04 | 8.89 | 5.53 | 9.07 | 6.55 | 7¼–7¾ | 5¾–6 | 6.47 |
| Nov | 6.160 | 6.433 | 7.22 | 7.58 | 8.08 | 8.95 | 5.38 | 9.07 | 6.59 | 7¾–7¾ | 6 –6 | 6.51 |
| Dec | 6.063 | 6.377 | 7.30 | 7.69 | 8.19 | 8.99 | 5.48 | 9.09 | 6.64 | 7¾–7¾ | 6 –6 | 6.56 |
| **1978:** | | | | | | | | | | | | |
| Jan | 6.448 | 6.685 | 7.61 | 7.96 | 8.41 | 9.17 | 5.60 | 9.15 | 6.79 | 7¾–8 | 6 –6½ | 6.70 |
| Feb | 6.457 | 6.740 | 7.67 | 8.03 | 8.47 | 9.20 | 5.51 | 9.18 | 6.80 | 8 –8 | 6½–6½ | 6.78 |
| Mar | 6.319 | 6.644 | 7.70 | 8.04 | 8.47 | 9.22 | 5.49 | 9.26 | 6.80 | 8 –8 | 6½–6½ | 6.79 |
| Apr | 6.306 | 6.700 | 7.85 | 8.15 | 8.56 | 9.32 | 5.71 | 9.30 | 6.86 | 8 –8 | 6½–6½ | 6.89 |
| May | 6.430 | 7.019 | 8.07 | 8.35 | 8.69 | 9.49 | 5.97 | 9.37 | 7.11 | 8 –8¼ | 6½–7 | 7.36 |
| June | 6.707 | 7.200 | 8.30 | 8.46 | 8.76 | 9.60 | 6.13 | 9.46 | 7.63 | 8¼–9 | 7 –7 | 7.60 |
| July | 7.074 | 7.471 | 8.54 | 8.64 | 8.88 | 9.60 | 6.18 | 9.57 | 7.91 | 9 –9 | 7 –7¼ | 7.81 |
| Aug | 7.036 | 7.363 | 8.33 | 8.41 | 8.69 | 9.48 | 5.98 | 9.70 | 7.90 | 9 –9¼ | 7¼–7¾ | 8.04 |
| Sept | 7.836 | 7.948 | 8.41 | 8.42 | 8.69 | 9.42 | 5.93 | 9.73 | 8.44 | 9¼–9¾ | 7¾–8 | 8.45 |
| Oct | 8.132 | 8.493 | 8.62 | 8.64 | 8.89 | 9.59 | 5.95 | 9.83 | 9.03 | 9¾–10¼ | 8 –8½ | 8.96 |
| Nov | 8.787 | 9.204 | 9.04 | 8.81 | 9.03 | 9.83 | 6.03 | 9.87 | 10.23 | 10½–11½ | 9½–9½ | 9.76 |
| Dec | 9.122 | 9.397 | 9.33 | 9.01 | 9.16 | 9.94 | 6.33 | 10.02 | 10.43 | 11½–11¾ | 9½–9½ | 10.03 |

¹ Rate on new issues within period.
² Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
³ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.
⁴ Average effective rate for the year; opening and closing rate for the month.
⁵ Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.
⁶ 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.

259

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

GPT-6.1 Sol · 16/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

TABLE B–65.—*Bond yields and interest rates, 1929–78*

[Percent per annum]

| Year or month | U.S. Treasury securities: Bills (new issues)¹: 3-month | U.S. Treasury securities: Bills (new issues)¹: 6-month | U.S. Treasury securities: Constant maturities²: 3 years | U.S. Treasury securities: Constant maturities²: 10 years | Corporate bonds (Moody’s): Aaa | Corporate bonds (Moody’s): Baa | High-grade municipal bonds (Standard & Poor’s) | New-home mortgage yields (FHLBB) (3) | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, Federal Reserve Bank of New York⁴ | Federal funds rate⁵ |
|---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| 1929 | ----- | ----- | ----- | ----- | 4.73 | 5.90 | 4.27 | ----- | 5.85 | ----- | 5.16 | ----- |
| 1933 | 0.515 | ----- | ----- | ----- | 4.49 | 7.76 | 4.71 | ----- | 1.73 | ----- | 2.56 | ----- |
| 1939 | .023 | ----- | ----- | ----- | 3.01 | 4.96 | 2.76 | ----- | .59 | ----- | 1.00 | ----- |
| 1940 | .014 | ----- | ----- | ----- | 2.84 | 4.75 | 2.50 | ----- | .56 | ----- | 1.00 | ----- |
| 1941 | .103 | ----- | ----- | ----- | 2.77 | 4.33 | 2.10 | ----- | .53 | ----- | 1.00 | ----- |
| 1942 | .326 | ----- | ----- | ----- | 2.83 | 4.28 | 2.36 | ----- | .66 | ----- | ⁶1.00 | ----- |
| 1943 | .373 | ----- | ----- | ----- | 2.73 | 3.91 | 2.06 | ----- | .69 | ----- | ⁶1.00 | ----- |
| 1944 | .375 | ----- | ----- | ----- | 2.72 | 3.61 | 1.86 | ----- | .73 | ----- | ⁶1.00 | ----- |
| 1945 | .375 | ----- | ----- | ----- | 2.62 | 3.29 | 1.67 | ----- | .75 | ----- | ⁶1.00 | ----- |
| 1946 | .375 | ----- | ----- | ----- | 2.53 | 3.05 | 1.64 | ----- | .81 | ----- | ⁶1.00 | ----- |
| 1947 | .594 | ----- | ----- | ----- | 2.61 | 3.24 | 2.01 | ----- | 1.03 | ----- | 1.00 | ----- |
| 1948 | 1.040 | ----- | ----- | ----- | 2.82 | 3.47 | 2.40 | ----- | 1.44 | ----- | 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 | 5.82 | 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 | 5.17 | 5.66 |
| 1969 | 6.677 | 6.853 | 7.02 | 6.67 | 7.03 | 7.81 | 5.81 | 7.80 | 7.83 | 7.96 | 5.87 | 8.22 |
| 1970 | 6.458 | 6.562 | 7.29 | 7.35 | 8.04 | 9.11 | 6.51 | 8.45 | 7.72 | 7.91 | 5.95 | 7.17 |
| 1971 | 4.348 | 4.511 | 5.65 | 6.16 | 7.39 | 8.56 | 5.70 | 7.74 | 5.11 | 5.72 | 4.88 | 4.67 |
| 1972 | 4.071 | 4.466 | 5.72 | 6.21 | 7.21 | 8.16 | 5.27 | 7.60 | 4.69 | 5.25 | 4.50 | 4.44 |
| 1973 | 7.041 | 7.178 | 6.95 | 6.84 | 7.44 | 8.24 | 5.18 | 7.95 | 8.15 | 8.03 | 6.45 | 8.74 |
| 1974 | 7.886 | 7.926 | 7.82 | 7.56 | 8.57 | 9.50 | 6.09 | 8.92 | 9.87 | 10.81 | 7.83 | 10.51 |
| 1975 | 5.838 | 6.122 | 7.49 | 7.99 | 8.83 | 10.61 | 6.89 | 9.01 | 6.33 | 7.86 | 6.25 | 5.82 |
| 1976 | 4.989 | 5.266 | 6.77 | 7.61 | 8.43 | 9.75 | 6.49 | 8.99 | 5.35 | 6.84 | 5.50 | 5.05 |
| 1977 | 5.265 | 5.510 | 6.69 | 7.42 | 8.02 | 8.97 | 5.56 | 9.01 | 5.60 | 6.83 | 5.46 | 5.54 |
| 1978 | 7.221 | 7.572 | 8.29 | 8.41 | 8.73 | 9.49 | 5.90 | 9.54 | 7.99 | 9.06 | 7.46 | 7.94 |

See next page for continuation of table.

258

Digitized for FRASER  
http://fraser.stlouisfed.org/  
Federal Reserve Bank of St. Louis

TABLE B–65.—*Bond yields and interest rates, 1929–78*—Continued

[Percent per annum]

| Year or month | U.S. Treasury securities: Bills (new issues)¹: 3-month | U.S. Treasury securities: Bills (new issues)¹: 6-month | U.S. Treasury securities: Constant maturities²: 3 years | U.S. Treasury securities: Constant maturities²: 10 years | Corporate bonds (Moody’s): Aaa | Corporate bonds (Moody’s): Baa | High-grade municipal bonds (Standard & Poor’s) | New-home mortgage yields (FHLBB) (3) | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, Federal Reserve Bank of New York⁴ | Federal funds rate⁵ |
|---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| 1976: | | | | | | | | | | | | |
| Jan. | 4.961 | 5.238 | 6.99 | 7.74 | 8.60 | 10.41 | 6.80 | 8.99 | 5.27 | 7¼–6¾ | 6–5½ | 4.87 |
| Feb. | 4.852 | 5.144 | 7.06 | 7.79 | 8.55 | 10.24 | 6.91 | 8.93 | 5.23 | 6¾–6¾ | 5½–5½ | 4.77 |
| Mar. | 5.047 | 5.488 | 7.13 | 7.73 | 8.52 | 10.12 | 6.86 | 8.93 | 5.37 | 6¾–6¾ | 5½–5½ | 4.84 |
| Apr. | 4.878 | 5.201 | 6.84 | 7.56 | 8.40 | 9.94 | 6.62 | 8.92 | 5.23 | 6¾–6¾ | 5½–5½ | 4.82 |
| May | 5.185 | 5.600 | 7.27 | 7.90 | 8.58 | 9.86 | 6.87 | 8.97 | 5.54 | 6¾–6¾ | 5½–5½ | 5.28 |
| June | 5.443 | 5.784 | 7.32 | 7.86 | 8.62 | 9.89 | 6.85 | 8.89 | 5.94 | 7–7¼ | 5½–5½ | 5.48 |
| July | 5.278 | 5.597 | 7.12 | 7.83 | 8.56 | 9.82 | 6.64 | 8.97 | 5.67 | 7¼–7¼ | 5½–5½ | 5.31 |
| Aug. | 5.153 | 5.416 | 6.86 | 7.77 | 8.45 | 9.64 | 6.28 | 9.02 | 5.47 | 7¼–7 | 5½–5½ | 5.29 |
| Sept. | 5.075 | 5.311 | 6.66 | 7.59 | 8.38 | 9.40 | 6.20 | 9.08 | 5.45 | 7–7 | 5½–5½ | 5.25 |
| Oct. | 4.930 | 5.073 | 6.24 | 7.41 | 8.32 | 9.29 | 6.06 | 9.07 | 5.22 | 7–6¾ | 5½–5½ | 5.03 |
| Nov. | 4.810 | 4.944 | 6.09 | 7.29 | 8.25 | 9.23 | 6.05 | 9.05 | 5.05 | 6½–6½ | 5½–5¼ | 4.95 |
| Dec. | 4.355 | 4.513 | 5.68 | 6.87 | 7.98 | 9.12 | 5.69 | 9.10 | 4.70 | 6½–6¼ | 5¼–5¼ | 4.65 |
| 1977: | | | | | | | | | | | | |
| Jan. | 4.597 | 4.783 | 6.22 | 7.21 | 7.91 | 9.08 | 5.70 | 9.05 | 4.74 | 6¼–6¼ | 5¼–5¼ | 4.61 |
| Feb. | 4.662 | 4.896 | 6.44 | 7.39 | 8.04 | 9.12 | 5.75 | 8.99 | 4.82 | 6¼–6¼ | 5¼–5¼ | 4.68 |
| Mar. | 4.638 | 4.883 | 6.47 | 7.46 | 8.10 | 9.12 | 5.76 | 8.95 | 4.87 | 6¼–6¼ | 5¼–5¼ | 4.69 |
| Apr. | 4.540 | 4.790 | 6.31 | 7.37 | 8.04 | 9.07 | 5.61 | 8.94 | 4.87 | 6¼–6¼ | 5¼–5¼ | 4.73 |
| May | 4.942 | 5.193 | 6.55 | 7.46 | 8.05 | 9.01 | 5.64 | 8.96 | 5.35 | 6¼–6¾ | 5¼–5¼ | 5.35 |
| June | 5.004 | 5.198 | 6.39 | 7.28 | 7.95 | 8.91 | 5.53 | 8.98 | 5.49 | 6¾–6¾ | 5¼–5¼ | 5.39 |
| July | 5.146 | 5.351 | 6.51 | 7.33 | 7.94 | 8.87 | 5.50 | 9.00 | 5.41 | 6¾–6¾ | 5¼–5¼ | 5.42 |
| Aug. | 5.500 | 5.810 | 6.79 | 7.40 | 7.98 | 8.82 | 5.46 | 9.02 | 5.84 | 6¾–7 | 5¼–5¾ | 5.90 |
| Sept. | 5.770 | 5.991 | 6.84 | 7.34 | 7.92 | 8.80 | 5.37 | 9.04 | 6.17 | 7–7¼ | 5¾–5¾ | 6.14 |
| Oct. | 6.188 | 6.410 | 7.19 | 7.52 | 8.04 | 8.89 | 5.53 | 9.07 | 6.55 | 7¼–7¾ | 5¾–6 | 6.47 |
| Nov. | 6.160 | 6.433 | 7.22 | 7.58 | 8.08 | 8.95 | 5.38 | 9.07 | 6.59 | 7¾–7¾ | 6–6 | 6.51 |
| Dec. | 6.063 | 6.377 | 7.30 | 7.69 | 8.19 | 8.99 | 5.48 | 9.09 | 6.64 | 7¾–7¾ | 6–6 | 6.56 |
| 1978: | | | | | | | | | | | | |
| Jan. | 6.448 | 6.685 | 7.61 | 7.96 | 8.41 | 9.17 | 5.60 | 9.15 | 6.79 | 7¾–8 | 6–6½ | 6.70 |
| Feb. | 6.457 | 6.740 | 7.67 | 8.03 | 8.47 | 9.20 | 5.51 | 9.18 | 6.80 | 8–8 | 6½–6½ | 6.78 |
| Mar. | 6.319 | 6.644 | 7.70 | 8.04 | 8.47 | 9.22 | 5.49 | 9.26 | 6.80 | 8–8 | 6½–6½ | 6.79 |
| Apr. | 6.306 | 6.700 | 7.85 | 8.15 | 8.56 | 9.32 | 5.71 | 9.30 | 6.86 | 8–8 | 6½–6½ | 6.89 |
| May | 6.430 | 7.019 | 8.07 | 8.35 | 8.69 | 9.49 | 5.97 | 9.37 | 7.11 | 8–8½ | 6½–7 | 7.36 |
| June | 6.707 | 7.200 | 8.30 | 8.46 | 8.76 | 9.60 | 6.13 | 9.46 | 7.63 | 8½–9 | 7–7 | 7.60 |
| July | 7.074 | 7.471 | 8.54 | 8.64 | 8.88 | 9.60 | 6.18 | 9.57 | 7.91 | 9–9 | 7–7¼ | 7.81 |
| Aug. | 7.036 | 7.363 | 8.33 | 8.41 | 8.69 | 9.48 | 5.98 | 9.70 | 7.90 | 9–9¼ | 7¼–7¾ | 8.04 |
| Sept. | 7.836 | 7.948 | 8.41 | 8.42 | 8.69 | 9.42 | 5.93 | 9.73 | 8.44 | 9¼–9¾ | 7¾–8 | 8.45 |
| Oct. | 8.132 | 8.493 | 8.62 | 8.64 | 8.89 | 9.59 | 5.95 | 9.83 | 9.03 | 9¾–10½ | 8–8½ | 8.96 |
| Nov. | 8.787 | 9.204 | 9.04 | 8.81 | 9.03 | 9.83 | 6.03 | 9.87 | 10.23 | 10½–11½ | 9½–9½ | 9.76 |
| Dec. | 9.122 | 9.397 | 9.33 | 9.01 | 9.16 | 9.94 | 6.33 | 10.02 | 10.43 | 11½–11¾ | 9½–9½ | 10.03 |

¹ Rate on new issues within period.  
² Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.  
³ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.  
⁴ Average effective rate for the year; opening and closing rate for the month.  
⁵ Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.  
⁶ 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 Home Loan Bank Board (FHLBB), Moody’s Investors Service, and Standard & Poor’s Corporation.

259

Digitized for FRASER  
http://fraser.stlouisfed.org/  
Federal Reserve Bank of St. Louis

Claude Sonnet 5.5 · 0/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

TABLE B–65.—*Bond yields and interest rates, 1929–78*

[Percent per annum]

| Year or month | Bills (new issues)¹ 3-month | Bills (new issues)¹ 6-month | Constant maturities² 3 years | Constant maturities² 10 years | Corporate bonds (Moody's) Aaa | Corporate bonds (Moody's) Baa | High-grade municipal bonds (Standard & Poor's) | New-home mortgage yields (FHLBB) (³) | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, Federal Reserve Bank of New York⁴ | Federal funds rate⁵ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1929 | | | | | 4.73 | 5.90 | 4.27 | | 5.85 | | 5.16 | |
| 1933 | 0.515 | | | | 4.49 | 7.76 | 4.71 | | 1.73 | | 2.56 | |
| 1939 | .023 | | | | 3.01 | 4.96 | 2.76 | | .59 | | 1.00 | |
| 1940 | .014 | | | | 2.84 | 4.75 | 2.50 | | .56 | | 1.00 | |
| 1941 | .103 | | | | 2.77 | 4.33 | 2.10 | | .53 | | 1.00 | |
| 1942 | .326 | | | | 2.83 | 4.28 | 2.36 | | .66 | | ⁶1.00 | |
| 1943 | .373 | | | | 2.73 | 3.91 | 2.06 | | .69 | | ⁶1.00 | |
| 1944 | .375 | | | | 2.72 | 3.61 | 1.86 | | .73 | | ⁶1.00 | |
| 1945 | .375 | | | | 2.62 | 3.29 | 1.67 | | .75 | | ⁶1.00 | |
| 1946 | .375 | | | | 2.53 | 3.05 | 1.64 | | .81 | | ⁶1.00 | |
| 1947 | .594 | | | | 2.61 | 3.24 | 2.01 | | 1.03 | | 1.00 | |
| 1948 | 1.040 | | | | 2.82 | 3.47 | 2.40 | | 1.44 | | 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 | 5.82 | 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 | 5.17 | 5.66 |
| 1969 | 6.677 | 6.853 | 7.02 | 6.67 | 7.03 | 7.81 | 5.81 | 7.80 | 7.83 | 7.96 | 5.87 | 8.22 |
| 1970 | 6.458 | 6.562 | 7.29 | 7.35 | 8.04 | 9.11 | 6.51 | 8.45 | 7.72 | 7.91 | 5.95 | 7.17 |
| 1971 | 4.348 | 4.511 | 5.65 | 6.16 | 7.39 | 8.56 | 5.70 | 7.74 | 5.11 | 5.72 | 4.88 | 4.67 |
| 1972 | 4.071 | 4.466 | 5.72 | 6.21 | 7.21 | 8.16 | 5.27 | 7.60 | 4.69 | 5.25 | 4.50 | 4.44 |
| 1973 | 7.041 | 7.178 | 6.95 | 6.84 | 7.44 | 8.24 | 5.18 | 7.95 | 8.15 | 8.03 | 6.45 | 8.74 |
| 1974 | 7.886 | 7.926 | 7.82 | 7.56 | 8.57 | 9.50 | 6.09 | 8.92 | 9.87 | 10.81 | 7.83 | 10.51 |
| 1975 | 5.838 | 6.122 | 7.49 | 7.99 | 8.83 | 10.61 | 6.89 | 9.01 | 6.33 | 7.86 | 6.25 | 5.82 |
| 1976 | 4.989 | 5.266 | 6.77 | 7.61 | 8.43 | 9.75 | 6.49 | 8.99 | 5.35 | 6.84 | 5.50 | 5.05 |
| 1977 | 5.265 | 5.510 | 6.69 | 7.42 | 8.02 | 8.97 | 5.56 | 9.01 | 5.60 | 6.83 | 5.46 | 5.54 |
| 1978 | 7.221 | 7.572 | 8.29 | 8.41 | 8.73 | 9.49 | 5.90 | 9.54 | 7.99 | 9.06 | 7.46 | 7.94 |

See next page for continuation of table.

258

---

TABLE B–65.—*Bond yields and interest rates, 1929–78*—Continued

[Percent per annum]

| Year or month | 3-month | 6-month | 3 years | 10 years | Aaa | Baa | High-grade municipal bonds (Standard & Poor's) | New-home mortgage yields (FHLBB) (³) | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, Federal Reserve Bank of New York⁴ | Federal funds rate⁵ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **1976:** | | | | | | | | | | | | |
| Jan | 4.961 | 5.238 | 6.99 | 7.74 | 8.60 | 10.41 | 6.80 | 8.99 | 5.27 | 7¼– 6¾ | 6 –5½ | 4.87 |
| Feb | 4.852 | 5.144 | 7.06 | 7.79 | 8.55 | 10.24 | 6.91 | 8.93 | 5.23 | 6¾– 6¾ | 5½–5½ | 4.77 |
| Mar | 5.047 | 5.488 | 7.13 | 7.73 | 8.52 | 10.12 | 6.86 | 8.93 | 5.37 | 6¾– 6¾ | 5½–5½ | 4.84 |
| Apr | 4.878 | 5.201 | 6.84 | 7.56 | 8.40 | 9.94 | 6.62 | 8.92 | 5.23 | 6¾– 6¾ | 5½–5½ | 4.82 |
| May | 5.185 | 5.600 | 7.27 | 7.90 | 8.58 | 9.86 | 6.87 | 8.97 | 5.54 | 6¾– 6¾ | 5½–5½ | 5.29 |
| June | 5.443 | 5.784 | 7.32 | 7.86 | 8.62 | 9.89 | 6.85 | 8.89 | 5.94 | 7 – 7¼ | 5½–5½ | 5.48 |
| July | 5.278 | 5.597 | 7.12 | 7.83 | 8.56 | 9.82 | 6.64 | 8.97 | 5.67 | 7¼– 7¼ | 5½–5½ | 5.31 |
| Aug | 5.153 | 5.416 | 6.86 | 7.77 | 8.45 | 9.64 | 6.28 | 9.02 | 5.47 | 7¼– 7 | 5½–5½ | 5.29 |
| Sept | 5.075 | 5.311 | 6.66 | 7.59 | 8.38 | 9.40 | 6.20 | 9.08 | 5.45 | 7 – 7 | 5½–5½ | 5.25 |
| Oct | 4.930 | 5.073 | 6.24 | 7.41 | 8.32 | 9.29 | 6.06 | 9.07 | 5.22 | 7 – 6¾ | 5½–5½ | 5.03 |
| Nov | 4.810 | 4.944 | 6.09 | 7.29 | 8.25 | 9.23 | 6.05 | 9.05 | 5.05 | 6½– 6½ | 5½–5¼ | 4.95 |
| Dec | 4.355 | 4.513 | 5.68 | 6.87 | 7.98 | 9.12 | 5.69 | 9.10 | 4.70 | 6½– 6¼ | 5¼–5¼ | 4.65 |
| **1977:** | | | | | | | | | | | | |
| Jan | 4.597 | 4.783 | 6.22 | 7.21 | 7.96 | 9.08 | 5.70 | 9.05 | 4.74 | 6¼– 6¼ | 5¼–5¼ | 4.61 |
| Feb | 4.662 | 4.896 | 6.44 | 7.39 | 8.04 | 9.12 | 5.75 | 8.99 | 4.82 | 6¼– 6¼ | 5¼–5¼ | 4.68 |
| Mar | 4.613 | 4.883 | 6.47 | 7.46 | 8.10 | 9.12 | 5.76 | 8.95 | 4.87 | 6¼– 6¼ | 5¼–5¼ | 4.69 |
| Apr | 4.540 | 4.790 | 6.31 | 7.37 | 8.04 | 9.07 | 5.61 | 8.94 | 4.87 | 6¼– 6¼ | 5¼–5¼ | 4.73 |
| May | 4.942 | 5.193 | 6.55 | 7.46 | 8.05 | 9.01 | 5.64 | 8.96 | 5.35 | 6¼– 6¾ | 5¼–5¼ | 5.35 |
| June | 5.004 | 5.198 | 6.39 | 7.28 | 7.95 | 8.91 | 5.53 | 8.98 | 5.49 | 6¾– 6¾ | 5¼–5¼ | 5.39 |
| July | 5.146 | 5.351 | 6.51 | 7.33 | 7.94 | 8.87 | 5.50 | 9.00 | 5.41 | 6¾– 6¾ | 5¼–5¼ | 5.42 |
| Aug | 5.500 | 5.810 | 6.79 | 7.40 | 7.98 | 8.82 | 5.46 | 9.02 | 5.84 | 6¾– 7 | 5¼–5¾ | 5.90 |
| Sept | 5.770 | 5.991 | 6.84 | 7.34 | 7.92 | 8.80 | 5.37 | 9.04 | 6.17 | 7 – 7¼ | 5¾–5¾ | 6.14 |
| Oct | 6.188 | 6.410 | 7.19 | 7.52 | 8.04 | 8.89 | 5.53 | 9.07 | 6.55 | 7¼– 7¾ | 5¾–6 | 6.47 |
| Nov | 6.160 | 6.433 | 7.22 | 7.58 | 8.08 | 8.95 | 5.38 | 9.07 | 6.59 | 7¾– 7¾ | 6 –6 | 6.51 |
| Dec | 6.063 | 6.377 | 7.30 | 7.69 | 8.19 | 8.99 | 5.48 | 9.09 | 6.64 | 7¾– 7¾ | 6 –6 | 6.56 |
| **1978:** | | | | | | | | | | | | |
| Jan | 6.448 | 6.685 | 7.61 | 7.96 | 8.41 | 9.17 | 5.60 | 9.15 | 6.79 | 7¾– 8 | 6 –6½ | 6.70 |
| Feb | 6.457 | 6.740 | 7.67 | 8.03 | 8.47 | 9.20 | 5.51 | 9.18 | 6.80 | 8 – 8 | 6½–6½ | 6.78 |
| Mar | 6.319 | 6.644 | 7.70 | 8.04 | 8.47 | 9.22 | 5.49 | 9.26 | 6.80 | 8 – 8 | 6½–6½ | 6.79 |
| Apr | 6.306 | 6.700 | 7.85 | 8.15 | 8.56 | 9.32 | 5.71 | 9.30 | 6.86 | 8 – 8 | 6½–6½ | 6.89 |
| May | 6.430 | 7.019 | 8.07 | 8.35 | 8.69 | 9.49 | 5.97 | 9.37 | 7.11 | 8 – 8½ | 6½–7 | 7.36 |
| June | 6.707 | 7.200 | 8.30 | 8.46 | 8.76 | 9.60 | 6.13 | 9.46 | 7.63 | 8½– 9 | 7 –7 | 7.60 |
| July | 7.074 | 7.471 | 8.54 | 8.64 | 8.88 | 9.60 | 6.18 | 9.57 | 7.91 | 9 – 9 | 7 –7¼ | 7.81 |
| Aug | 7.036 | 7.363 | 8.33 | 8.41 | 8.69 | 9.48 | 5.98 | 9.70 | 7.90 | 9 – 9¼ | 7¼–7¾ | 8.04 |
| Sept | 7.836 | 7.948 | 8.41 | 8.42 | 8.69 | 9.42 | 5.93 | 9.73 | 8.44 | 9¼– 9¾ | 7¾–8 | 8.45 |
| Oct | 8.132 | 8.493 | 8.62 | 8.64 | 8.89 | 9.59 | 5.95 | 9.83 | 9.03 | 9¾–10¼ | 8 –8½ | 8.96 |
| Nov | 8.787 | 9.204 | 9.04 | 8.81 | 9.03 | 9.83 | 6.03 | 9.87 | 10.23 | 10½–11½ | 9½–9½ | 9.76 |
| Dec | 9.122 | 9.397 | 9.33 | 9.01 | 9.16 | 9.94 | 6.33 | 10.02 | 10.43 | 11½–11¾ | 9½–9½ | 10.03 |

¹ Rate on new issues within period.
² Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
³ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.
⁴ Average effective rate for the year; opening and closing rate for the month.
⁵ Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.
⁶ 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.

259

Gemini 3.8 Flash · 16/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

### Table B-65.—*Bond yields and interest rates, 1929–78*

[Percent per annum]

| Year or month | U.S. Treasury securities: Bills (new issues) ¹: 3-month | U.S. Treasury securities: Bills (new issues) ¹: 6-month | U.S. Treasury securities: Constant maturities ²: 3 years | U.S. Treasury securities: Constant maturities ²: 10 years | Corporate bonds (Moody's): Aaa | Corporate bonds (Moody's): Baa | High-grade municipal bonds (Standard & Poor's) | New-home mortgage yields (FHLBB) (³) | Prime commercial paper, 4-6 months | Prime rate charged by banks ⁴ | Discount rate, Federal Reserve Bank of New York ⁴ | Federal funds rate ⁵ |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| 1929 | -------- | -------- | -------- | -------- | 4.73 | 5.90 | 4.27 | -------- | 5.85 | -------- | 5.16 | -------- |
| 1933 | 0.515 | -------- | -------- | -------- | 4.49 | 7.76 | 4.71 | -------- | 1.73 | -------- | 2.56 | -------- |
| 1939 | .023 | -------- | -------- | -------- | 3.01 | 4.96 | 2.76 | -------- | .59 | -------- | 1.00 | -------- |
| 1940 | .014 | -------- | -------- | -------- | 2.84 | 4.75 | 2.50 | -------- | .56 | -------- | 1.00 | -------- |
| 1941 | .103 | -------- | -------- | -------- | 2.77 | 4.33 | 2.10 | -------- | .53 | -------- | 1.00 | -------- |
| 1942 | .326 | -------- | -------- | -------- | 2.83 | 4.28 | 2.36 | -------- | .66 | -------- | ⁶ 1.00 | -------- |
| 1943 | .373 | -------- | -------- | -------- | 2.73 | 3.91 | 2.06 | -------- | .69 | -------- | ⁶ 1.00 | -------- |
| 1944 | .375 | -------- | -------- | -------- | 2.72 | 3.61 | 1.86 | -------- | .73 | -------- | ⁶ 1.00 | -------- |
| 1945 | .375 | -------- | -------- | -------- | 2.62 | 3.29 | 1.67 | -------- | .75 | -------- | ⁶ 1.00 | -------- |
| 1946 | .375 | -------- | -------- | -------- | 2.53 | 3.05 | 1.64 | -------- | .81 | -------- | ⁶ 1.00 | -------- |
| 1947 | .594 | -------- | -------- | -------- | 2.61 | 3.24 | 2.01 | -------- | 1.03 | -------- | 1.00 | -------- |
| 1948 | 1.040 | -------- | -------- | -------- | 2.82 | 3.47 | 2.40 | -------- | 1.44 | -------- | 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 | 5.82 | 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 | 5.17 | 5.66 |
| 1969 | 6.677 | 6.853 | 7.02 | 6.67 | 7.03 | 7.81 | 5.81 | 7.80 | 7.83 | 7.96 | 5.87 | 8.22 |
| 1970 | 6.458 | 6.562 | 7.29 | 7.35 | 8.04 | 9.11 | 6.51 | 8.45 | 7.72 | 7.91 | 5.95 | 7.17 |
| 1971 | 4.348 | 4.511 | 5.65 | 6.16 | 7.39 | 8.56 | 5.70 | 7.74 | 5.11 | 5.72 | 4.88 | 4.67 |
| 1972 | 4.071 | 4.466 | 5.72 | 6.21 | 7.21 | 8.16 | 5.27 | 7.60 | 4.69 | 5.25 | 4.50 | 4.44 |
| 1973 | 7.041 | 7.178 | 6.95 | 6.84 | 7.44 | 8.24 | 5.18 | 7.95 | 8.15 | 8.03 | 6.45 | 8.74 |
| 1974 | 7.886 | 7.926 | 7.82 | 7.56 | 8.57 | 9.50 | 6.09 | 8.92 | 9.87 | 10.81 | 7.83 | 10.51 |
| 1975 | 5.838 | 6.122 | 7.49 | 7.99 | 8.83 | 10.61 | 6.89 | 9.01 | 6.33 | 7.86 | 6.25 | 5.82 |
| 1976 | 4.989 | 5.266 | 6.77 | 7.61 | 8.43 | 9.75 | 6.49 | 8.99 | 5.35 | 6.84 | 5.50 | 5.05 |
| 1977 | 5.265 | 5.510 | 6.69 | 7.42 | 8.02 | 8.97 | 5.56 | 9.01 | 5.60 | 6.83 | 5.46 | 5.54 |
| 1978 | 7.221 | 7.572 | 8.29 | 8.41 | 8.73 | 9.49 | 5.90 | 9.54 | 7.99 | 9.06 | 7.46 | 7.94 |

See next page for continuation of table.

258

---

### TABLE B-65.—*Bond yields and interest rates, 1929–78*—Continued

[Percent per annum]

| Year or month | U.S. Treasury securities: Bills (new issues) ¹: 3-month | U.S. Treasury securities: Bills (new issues) ¹: 6-month | U.S. Treasury securities: Constant maturities ²: 3 years | U.S. Treasury securities: Constant maturities ²: 10 years | Corporate bonds (Moody's): Aaa | Corporate bonds (Moody's): Baa | High-grade municipal bonds (Standard & Poor's) | New-home mortgage yields (FHLBB) (³) | Prime commercial paper, 4-6 months | Prime rate charged by banks ⁴ | Discount rate, Federal Reserve Bank of New York ⁴ | Federal funds rate ⁵ |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **1976:** | | | | | | | | | | | | |
| Jan | 4.961 | 5.238 | 6.99 | 7.74 | 8.60 | 10.41 | 6.80 | 8.99 | 5.27 | 7¼- 6¾ | 6 -5½ | 4.87 |
| Feb | 4.852 | 5.144 | 7.06 | 7.79 | 8.55 | 10.24 | 6.91 | 8.93 | 5.23 | 6¾- 6¾ | 5½-5½ | 4.77 |
| Mar | 5.047 | 5.488 | 7.13 | 7.73 | 8.52 | 10.12 | 6.86 | 8.93 | 5.37 | 6¾- 6¾ | 5½-5½ | 4.84 |
| Apr | 4.878 | 5.201 | 6.84 | 7.56 | 8.40 | 9.94 | 6.62 | 8.92 | 5.23 | 6¾- 6¾ | 5½-5½ | 4.82 |
| May | 5.185 | 5.600 | 7.27 | 7.90 | 8.58 | 9.86 | 6.87 | 8.97 | 5.54 | 6½- 6½ | 5½-5½ | 5.29 |
| June | 5.443 | 5.784 | 7.32 | 7.86 | 8.62 | 9.89 | 6.85 | 8.89 | 5.94 | 7 - 7¼ | 5½-5½ | 5.48 |
| July | 5.278 | 5.597 | 7.12 | 7.83 | 8.56 | 9.82 | 6.64 | 8.97 | 5.67 | 7¼- 7¼ | 5½-5½ | 5.31 |
| Aug | 5.153 | 5.416 | 6.86 | 7.77 | 8.45 | 9.64 | 6.28 | 9.02 | 5.47 | 7¼- 7 | 5½-5½ | 5.29 |
| Sept | 5.075 | 5.311 | 6.66 | 7.59 | 8.38 | 9.40 | 6.20 | 9.08 | 5.45 | 7 - 7 | 5½-5½ | 5.25 |
| Oct | 4.930 | 5.073 | 6.24 | 7.41 | 8.32 | 9.29 | 6.06 | 9.07 | 5.22 | 7 - 6½ | 5½-5½ | 5.03 |
| Nov | 4.810 | 4.944 | 6.09 | 7.29 | 8.25 | 9.23 | 6.05 | 9.05 | 5.05 | 6½- 6½ | 5½-5¼ | 4.95 |
| Dec | 4.355 | 4.513 | 5.68 | 6.87 | 7.98 | 9.12 | 5.69 | 9.10 | 4.70 | 6½- 6¼ | 5¼-5¼ | 4.65 |
| **1977:** | | | | | | | | | | | | |
| Jan | 4.597 | 4.783 | 6.22 | 7.21 | 7.96 | 9.08 | 5.70 | 9.05 | 4.74 | 6¼- 6¼ | 5¼-5¼ | 4.61 |
| Feb | 4.662 | 4.896 | 6.44 | 7.39 | 8.04 | 9.12 | 5.75 | 8.99 | 4.82 | 6¼- 6¼ | 5¼-5¼ | 4.68 |
| Mar | 4.613 | 4.883 | 6.47 | 7.46 | 8.10 | 9.12 | 5.76 | 8.95 | 4.87 | 6¼- 6¼ | 5¼-5¼ | 4.69 |
| Apr | 4.540 | 4.790 | 6.31 | 7.37 | 8.04 | 9.07 | 5.61 | 8.94 | 4.87 | 6¼- 6¼ | 5¼-5¼ | 4.73 |
| May | 4.942 | 5.193 | 6.55 | 7.46 | 8.05 | 9.01 | 5.64 | 8.96 | 5.35 | 6¼- 6¾ | 5¼-5¼ | 5.35 |
| June | 5.004 | 5.198 | 6.39 | 7.28 | 7.95 | 8.91 | 5.53 | 8.98 | 5.49 | 6¾- 6¾ | 5¼-5¼ | 5.39 |
| July | 5.146 | 5.351 | 6.51 | 7.33 | 7.94 | 8.87 | 5.50 | 9.00 | 5.41 | 6¾- 6¾ | 5¼-5¼ | 5.42 |
| Aug | 5.500 | 5.810 | 6.79 | 7.40 | 7.98 | 8.82 | 5.46 | 9.02 | 5.84 | 6¾- 7 | 5¼-5¾ | 5.90 |
| Sept | 5.770 | 5.991 | 6.84 | 7.34 | 7.92 | 8.80 | 5.37 | 9.04 | 6.17 | 7 - 7¼ | 5¾-5¾ | 6.14 |
| Oct | 6.188 | 6.410 | 7.19 | 7.52 | 8.04 | 8.89 | 5.53 | 9.07 | 6.55 | 7¼- 7½ | 5¾- 6 | 6.47 |
| Nov | 6.160 | 6.433 | 7.22 | 7.58 | 8.08 | 8.95 | 5.38 | 9.07 | 6.59 | 7¾- 7¾ | 6 - 6 | 6.51 |
| Dec | 6.063 | 6.377 | 7.30 | 7.69 | 8.19 | 8.99 | 5.48 | 9.09 | 6.64 | 7¾- 7¾ | 6 - 6 | 6.56 |
| **1978:** | | | | | | | | | | | | |
| Jan | 6.448 | 6.685 | 7.61 | 7.96 | 8.41 | 9.17 | 5.60 | 9.15 | 6.79 | 7¾- 8 | 6 -6½ | 6.70 |
| Feb | 6.457 | 6.740 | 7.67 | 8.03 | 8.47 | 9.20 | 5.51 | 9.18 | 6.80 | 8 - 8 | 6½-6½ | 6.78 |
| Mar | 6.319 | 6.644 | 7.70 | 8.04 | 8.47 | 9.22 | 5.49 | 9.26 | 6.80 | 8 - 8 | 6½-6½ | 6.79 |
| Apr | 6.306 | 6.700 | 7.85 | 8.15 | 8.56 | 9.32 | 5.71 | 9.30 | 6.86 | 8 - 8 | 6½-6½ | 6.89 |
| May | 6.430 | 7.019 | 8.07 | 8.35 | 8.69 | 9.49 | 5.97 | 9.37 | 7.11 | 8 - 8½ | 6½- 7 | 7.36 |
| June | 6.707 | 7.200 | 8.30 | 8.46 | 8.76 | 9.60 | 6.13 | 9.46 | 7.63 | 8½- 9 | 7 - 7 | 7.60 |
| July | 7.074 | 7.471 | 8.54 | 8.64 | 8.88 | 9.60 | 6.18 | 9.57 | 7.91 | 9 - 9 | 7 -7¼ | 7.81 |
| Aug | 7.036 | 7.363 | 8.33 | 8.41 | 8.69 | 9.48 | 5.98 | 9.70 | 7.90 | 9 - 9¼ | 7¼-7¾ | 8.04 |
| Sept | 7.836 | 7.948 | 8.41 | 8.42 | 8.69 | 9.42 | 5.93 | 9.73 | 8.44 | 9¼- 9¾ | 7¾- 8 | 8.45 |
| Oct | 8.132 | 8.493 | 8.62 | 8.64 | 8.89 | 9.59 | 5.95 | 9.83 | 9.03 | 9¾-10¼ | 8 -8½ | 8.96 |
| Nov | 8.787 | 9.204 | 9.04 | 8.81 | 9.03 | 9.83 | 6.03 | 9.87 | 10.23 | 10½-11½ | 9½-9½ | 9.76 |
| Dec | 9.122 | 9.397 | 9.33 | 9.01 | 9.16 | 9.94 | 6.33 | 10.02 | 10.43 | 11½-11¾ | 9½-9½ | 10.03 |

¹ Rate on new issues within period.  
² Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.  
³ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.  
⁴ Average effective rate for the year; opening and closing rate for the month.  
⁵ Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.  
⁶ 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.

259

Gemini 4 Argon · 16/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

TABLE B-65.—*Bond yields and interest rates, 1929–78*

[Percent per annum]

<table>
  <thead>
    <tr>
      <th rowspan="3">Year or month</th>
      <th colspan="4">U.S. Treasury securities</th>
      <th colspan="2">Corporate bonds (Moody's)</th>
      <th rowspan="3">High-grade municipal bonds (Standard &amp; Poor's)</th>
      <th rowspan="3">New-home mortgage yields (FHLBB) (<sup>3</sup>)</th>
      <th rowspan="3">Prime commercial paper, 4–6 months</th>
      <th rowspan="3">Prime rate charged by banks <sup>4</sup></th>
      <th rowspan="3">Discount rate, Federal Reserve Bank of New York <sup>4</sup></th>
      <th rowspan="3">Federal funds rate <sup>5</sup></th>
    </tr>
    <tr>
      <th colspan="2">Bills (new issues) <sup>1</sup></th>
      <th colspan="2">Constant maturities <sup>2</sup></th>
      <th rowspan="2">Aaa</th>
      <th rowspan="2">Baa</th>
    </tr>
    <tr>
      <th>3-month</th>
      <th>6-month</th>
      <th>3 years</th>
      <th>10 years</th>
    </tr>
  </thead>
  <tbody>
    <tr>
      <td>1929</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td>4.73</td>
      <td>5.90</td>
      <td>4.27</td>
      <td></td>
      <td>5.85</td>
      <td></td>
      <td>5.16</td>
      <td></td>
    </tr>
    <tr>
      <td>1933</td>
      <td>0.515</td>
      <td></td>
      <td></td>
      <td></td>
      <td>4.49</td>
      <td>7.76</td>
      <td>4.71</td>
      <td></td>
      <td>1.73</td>
      <td></td>
      <td>2.56</td>
      <td></td>
    </tr>
    <tr>
      <td>1939</td>
      <td>.023</td>
      <td></td>
      <td></td>
      <td></td>
      <td>3.01</td>
      <td>4.96</td>
      <td>2.76</td>
      <td></td>
      <td>.59</td>
      <td></td>
      <td>1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1940</td>
      <td>.014</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.84</td>
      <td>4.75</td>
      <td>2.50</td>
      <td></td>
      <td>.56</td>
      <td></td>
      <td>1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1941</td>
      <td>.103</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.77</td>
      <td>4.33</td>
      <td>2.10</td>
      <td></td>
      <td>.53</td>
      <td></td>
      <td>1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1942</td>
      <td>.326</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.83</td>
      <td>4.28</td>
      <td>2.36</td>
      <td></td>
      <td>.66</td>
      <td></td>
      <td><sup>6</sup> 1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1943</td>
      <td>.373</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.73</td>
      <td>3.91</td>
      <td>2.06</td>
      <td></td>
      <td>.69</td>
      <td></td>
      <td><sup>6</sup> 1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1944</td>
      <td>.375</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.72</td>
      <td>3.61</td>
      <td>1.86</td>
      <td></td>
      <td>.73</td>
      <td></td>
      <td><sup>6</sup> 1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1945</td>
      <td>.375</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.62</td>
      <td>3.29</td>
      <td>1.67</td>
      <td></td>
      <td>.75</td>
      <td></td>
      <td><sup>6</sup> 1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1946</td>
      <td>.375</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.53</td>
      <td>3.05</td>
      <td>1.64</td>
      <td></td>
      <td>.81</td>
      <td></td>
      <td><sup>6</sup> 1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1947</td>
      <td>.594</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.61</td>
      <td>3.24</td>
      <td>2.01</td>
      <td></td>
      <td>1.03</td>
      <td></td>
      <td>1.00</td>
      <td></td>
    </tr>
    <tr>
      <td>1948</td>
      <td>1.040</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.82</td>
      <td>3.47</td>
      <td>2.40</td>
      <td></td>
      <td>1.44</td>
      <td></td>
      <td>1.34</td>
      <td></td>
    </tr>
    <tr>
      <td>1949</td>
      <td>1.102</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.66</td>
      <td>3.42</td>
      <td>2.21</td>
      <td></td>
      <td>1.49</td>
      <td>2.00</td>
      <td>1.50</td>
      <td></td>
    </tr>
    <tr>
      <td>1950</td>
      <td>1.218</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.62</td>
      <td>3.24</td>
      <td>1.98</td>
      <td></td>
      <td>1.45</td>
      <td>2.07</td>
      <td>1.59</td>
      <td></td>
    </tr>
    <tr>
      <td>1951</td>
      <td>1.552</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.86</td>
      <td>3.41</td>
      <td>2.00</td>
      <td></td>
      <td>2.16</td>
      <td>2.56</td>
      <td>1.75</td>
      <td></td>
    </tr>
    <tr>
      <td>1952</td>
      <td>1.766</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.96</td>
      <td>3.52</td>
      <td>2.19</td>
      <td></td>
      <td>2.33</td>
      <td>3.00</td>
      <td>1.75</td>
      <td></td>
    </tr>
    <tr>
      <td>1953</td>
      <td>1.931</td>
      <td></td>
      <td>2.47</td>
      <td>2.85</td>
      <td>3.20</td>
      <td>3.74</td>
      <td>2.72</td>
      <td></td>
      <td>2.52</td>
      <td>3.17</td>
      <td>1.99</td>
      <td></td>
    </tr>
    <tr>
      <td>1954</td>
      <td>.953</td>
      <td></td>
      <td>1.63</td>
      <td>2.40</td>
      <td>2.90</td>
      <td>3.51</td>
      <td>2.37</td>
      <td></td>
      <td>1.58</td>
      <td>3.05</td>
      <td>1.60</td>
      <td></td>
    </tr>
    <tr>
      <td>1955</td>
      <td>1.753</td>
      <td></td>
      <td>2.47</td>
      <td>2.82</td>
      <td>3.06</td>
      <td>3.53</td>
      <td>2.53</td>
      <td></td>
      <td>2.18</td>
      <td>3.16</td>
      <td>1.89</td>
      <td>1.78</td>
    </tr>
    <tr>
      <td>1956</td>
      <td>2.658</td>
      <td></td>
      <td>3.19</td>
      <td>3.18</td>
      <td>3.36</td>
      <td>3.88</td>
      <td>2.93</td>
      <td></td>
      <td>3.31</td>
      <td>3.77</td>
      <td>2.77</td>
      <td>2.73</td>
    </tr>
    <tr>
      <td>1957</td>
      <td>3.267</td>
      <td></td>
      <td>3.98</td>
      <td>3.65</td>
      <td>3.89</td>
      <td>4.71</td>
      <td>3.60</td>
      <td></td>
      <td>3.81</td>
      <td>4.20</td>
      <td>3.12</td>
      <td>3.11</td>
    </tr>
    <tr>
      <td>1958</td>
      <td>1.839</td>
      <td></td>
      <td>2.84</td>
      <td>3.32</td>
      <td>3.79</td>
      <td>4.73</td>
      <td>3.56</td>
      <td></td>
      <td>2.46</td>
      <td>3.83</td>
      <td>2.15</td>
      <td>1.57</td>
    </tr>
    <tr>
      <td>1959</td>
      <td>3.405</td>
      <td>3.832</td>
      <td>4.46</td>
      <td>4.33</td>
      <td>4.38</td>
      <td>5.05</td>
      <td>3.95</td>
      <td></td>
      <td>3.97</td>
      <td>4.48</td>
      <td>3.36</td>
      <td>3.30</td>
    </tr>
    <tr>
      <td>1960</td>
      <td>2.928</td>
      <td>3.247</td>
      <td>3.98</td>
      <td>4.12</td>
      <td>4.41</td>
      <td>5.19</td>
      <td>3.73</td>
      <td></td>
      <td>3.85</td>
      <td>4.82</td>
      <td>3.53</td>
      <td>3.22</td>
    </tr>
    <tr>
      <td>1961</td>
      <td>2.378</td>
      <td>2.605</td>
      <td>3.54</td>
      <td>3.88</td>
      <td>4.35</td>
      <td>5.08</td>
      <td>3.46</td>
      <td></td>
      <td>2.97</td>
      <td>4.50</td>
      <td>3.00</td>
      <td>1.96</td>
    </tr>
    <tr>
      <td>1962</td>
      <td>2.778</td>
      <td>2.908</td>
      <td>3.47</td>
      <td>3.95</td>
      <td>4.33</td>
      <td>5.02</td>
      <td>3.18</td>
      <td></td>
      <td>3.26</td>
      <td>4.50</td>
      <td>3.00</td>
      <td>2.68</td>
    </tr>
    <tr>
      <td>1963</td>
      <td>3.157</td>
      <td>3.253</td>
      <td>3.67</td>
      <td>4.00</td>
      <td>4.26</td>
      <td>4.86</td>
      <td>3.23</td>
      <td>5.89</td>
      <td>3.55</td>
      <td>4.50</td>
      <td>3.23</td>
      <td>3.18</td>
    </tr>
    <tr>
      <td>1964</td>
      <td>3.549</td>
      <td>3.686</td>
      <td>4.03</td>
      <td>4.19</td>
      <td>4.40</td>
      <td>4.83</td>
      <td>3.22</td>
      <td>5.82</td>
      <td>3.97</td>
      <td>4.50</td>
      <td>3.55</td>
      <td>3.50</td>
    </tr>
    <tr>
      <td>1965</td>
      <td>3.954</td>
      <td>4.055</td>
      <td>4.22</td>
      <td>4.28</td>
      <td>4.49</td>
      <td>4.87</td>
      <td>3.27</td>
      <td>5.81</td>
      <td>4.38</td>
      <td>4.54</td>
      <td>4.04</td>
      <td>4.07</td>
    </tr>
    <tr>
      <td>1966</td>
      <td>4.881</td>
      <td>5.082</td>
      <td>5.23</td>
      <td>4.92</td>
      <td>5.13</td>
      <td>5.67</td>
      <td>3.82</td>
      <td>6.25</td>
      <td>5.55</td>
      <td>5.63</td>
      <td>4.50</td>
      <td>5.11</td>
    </tr>
    <tr>
      <td>1967</td>
      <td>4.321</td>
      <td>4.630</td>
      <td>5.03</td>
      <td>5.07</td>
      <td>5.51</td>
      <td>6.23</td>
      <td>3.98</td>
      <td>6.46</td>
      <td>5.10</td>
      <td>5.61</td>
      <td>4.19</td>
      <td>4.22</td>
    </tr>
    <tr>
      <td>1968</td>
      <td>5.339</td>
      <td>5.470</td>
      <td>5.68</td>
      <td>5.65</td>
      <td>6.18</td>
      <td>6.94</td>
      <td>4.51</td>
      <td>6.97</td>
      <td>5.90</td>
      <td>6.30</td>
      <td>5.17</td>
      <td>5.66</td>
    </tr>
    <tr>
      <td>1969</td>
      <td>6.677</td>
      <td>6.853</td>
      <td>7.02</td>
      <td>6.67</td>
      <td>7.03</td>
      <td>7.81</td>
      <td>5.81</td>
      <td>7.80</td>
      <td>7.83</td>
      <td>7.96</td>
      <td>5.87</td>
      <td>8.22</td>
    </tr>
    <tr>
      <td>1970</td>
      <td>6.458</td>
      <td>6.562</td>
      <td>7.29</td>
      <td>7.35</td>
      <td>8.04</td>
      <td>9.11</td>
      <td>6.51</td>
      <td>8.45</td>
      <td>7.72</td>
      <td>7.91</td>
      <td>5.95</td>
      <td>7.17</td>
    </tr>
    <tr>
      <td>1971</td>
      <td>4.348</td>
      <td>4.511</td>
      <td>5.65</td>
      <td>6.16</td>
      <td>7.39</td>
      <td>8.56</td>
      <td>5.70</td>
      <td>7.74</td>
      <td>5.11</td>
      <td>5.72</td>
      <td>4.88</td>
      <td>4.67</td>
    </tr>
    <tr>
      <td>1972</td>
      <td>4.071</td>
      <td>4.466</td>
      <td>5.72</td>
      <td>6.21</td>
      <td>7.21</td>
      <td>8.16</td>
      <td>5.27</td>
      <td>7.60</td>
      <td>4.69</td>
      <td>5.25</td>
      <td>4.50</td>
      <td>4.44</td>
    </tr>
    <tr>
      <td>1973</td>
      <td>7.041</td>
      <td>7.178</td>
      <td>6.95</td>
      <td>6.84</td>
      <td>7.44</td>
      <td>8.24</td>
      <td>5.18</td>
      <td>7.95</td>
      <td>8.15</td>
      <td>8.03</td>
      <td>6.45</td>
      <td>8.74</td>
    </tr>
    <tr>
      <td>1974</td>
      <td>7.886</td>
      <td>7.926</td>
      <td>7.82</td>
      <td>7.56</td>
      <td>8.57</td>
      <td>9.50</td>
      <td>6.09</td>
      <td>8.92</td>
      <td>9.87</td>
      <td>10.81</td>
      <td>7.83</td>
      <td>10.51</td>
    </tr>
    <tr>
      <td>1975</td>
      <td>5.838</td>
      <td>6.122</td>
      <td>7.49</td>
      <td>7.99</td>
      <td>8.83</td>
      <td>10.61</td>
      <td>6.89</td>
      <td>9.01</td>
      <td>6.33</td>
      <td>7.86</td>
      <td>6.25</td>
      <td>5.82</td>
    </tr>
    <tr>
      <td>1976</td>
      <td>4.989</td>
      <td>5.266</td>
      <td>6.77</td>
      <td>7.61</td>
      <td>8.43</td>
      <td>9.75</td>
      <td>6.49</td>
      <td>8.99</td>
      <td>5.35</td>
      <td>6.84</td>
      <td>5.50</td>
      <td>5.05</td>
    </tr>
    <tr>
      <td>1977</td>
      <td>5.265</td>
      <td>5.510</td>
      <td>6.69</td>
      <td>7.42</td>
      <td>8.02</td>
      <td>8.97</td>
      <td>5.56</td>
      <td>9.01</td>
      <td>5.60</td>
      <td>6.83</td>
      <td>5.46</td>
      <td>5.54</td>
    </tr>
    <tr>
      <td>1978</td>
      <td>7.221</td>
      <td>7.572</td>
      <td>8.29</td>
      <td>8.41</td>
      <td>8.73</td>
      <td>9.49</td>
      <td>5.90</td>
      <td>9.54</td>
      <td>7.99</td>
      <td>9.06</td>
      <td>7.46</td>
      <td>7.94</td>
    </tr>
  </tbody>
</table>

See next page for continuation of table.

258

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

---

TABLE B-65.—*Bond yields and interest rates, 1929–78*—Continued

[Percent per annum]

<table>
  <thead>
    <tr>
      <th rowspan="3">Year or month</th>
      <th colspan="4">U.S. Treasury securities</th>
      <th colspan="2">Corporate bonds (Moody's)</th>
      <th rowspan="3">High-grade municipal bonds (Standard &amp; Poor's)</th>
      <th rowspan="3">New-home mortgage yields (FHLBB) (<sup>3</sup>)</th>
      <th rowspan="3">Prime commercial paper, 4–6 months</th>
      <th rowspan="3">Prime rate charged by banks <sup>4</sup></th>
      <th rowspan="3">Discount rate, Federal Reserve Bank of New York <sup>4</sup></th>
      <th rowspan="3">Federal funds rate <sup>5</sup></th>
    </tr>
    <tr>
      <th colspan="2">Bills (new issues) <sup>1</sup></th>
      <th colspan="2">Constant maturities <sup>2</sup></th>
      <th rowspan="2">Aaa</th>
      <th rowspan="2">Baa</th>
    </tr>
    <tr>
      <th>3-month</th>
      <th>6-month</th>
      <th>3 years</th>
      <th>10 years</th>
    </tr>
  </thead>
  <tbody>
    <tr>
      <td>1976:</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Jan</td>
      <td>4.961</td>
      <td>5.238</td>
      <td>6.99</td>
      <td>7.74</td>
      <td>8.60</td>
      <td>10.41</td>
      <td>6.80</td>
      <td>8.99</td>
      <td>5.27</td>
      <td>7¼– 6¾</td>
      <td>6 –5½</td>
      <td>4.87</td>
    </tr>
    <tr>
      <td>Feb</td>
      <td>4.852</td>
      <td>5.144</td>
      <td>7.06</td>
      <td>7.79</td>
      <td>8.55</td>
      <td>10.24</td>
      <td>6.91</td>
      <td>8.93</td>
      <td>5.23</td>
      <td>6¾– 6¾</td>
      <td>5½–5½</td>
      <td>4.77</td>
    </tr>
    <tr>
      <td>Mar</td>
      <td>5.047</td>
      <td>5.488</td>
      <td>7.13</td>
      <td>7.73</td>
      <td>8.52</td>
      <td>10.12</td>
      <td>6.86</td>
      <td>8.93</td>
      <td>5.37</td>
      <td>6¾– 6¾</td>
      <td>5½–5½</td>
      <td>4.84</td>
    </tr>
    <tr>
      <td>Apr</td>
      <td>4.878</td>
      <td>5.201</td>
      <td>6.84</td>
      <td>7.56</td>
      <td>8.40</td>
      <td>9.94</td>
      <td>6.62</td>
      <td>8.92</td>
      <td>5.23</td>
      <td>6¾– 6¾</td>
      <td>5½–5½</td>
      <td>4.82</td>
    </tr>
    <tr>
      <td>May</td>
      <td>5.185</td>
      <td>5.600</td>
      <td>7.27</td>
      <td>7.90</td>
      <td>8.58</td>
      <td>9.86</td>
      <td>6.87</td>
      <td>8.97</td>
      <td>5.54</td>
      <td>6¾– 6¾</td>
      <td>5½–5½</td>
      <td>5.29</td>
    </tr>
    <tr>
      <td>June</td>
      <td>5.443</td>
      <td>5.784</td>
      <td>7.32</td>
      <td>7.86</td>
      <td>8.62</td>
      <td>9.89</td>
      <td>6.85</td>
      <td>8.89</td>
      <td>5.94</td>
      <td>7 – 7¼</td>
      <td>5½–5½</td>
      <td>5.48</td>
    </tr>
    <tr>
      <td>July</td>
      <td>5.278</td>
      <td>5.597</td>
      <td>7.12</td>
      <td>7.83</td>
      <td>8.56</td>
      <td>9.82</td>
      <td>6.64</td>
      <td>8.97</td>
      <td>5.67</td>
      <td>7¼– 7¼</td>
      <td>5½–5½</td>
      <td>5.31</td>
    </tr>
    <tr>
      <td>Aug</td>
      <td>5.153</td>
      <td>5.416</td>
      <td>6.86</td>
      <td>7.77</td>
      <td>8.45</td>
      <td>9.64</td>
      <td>6.28</td>
      <td>9.02</td>
      <td>5.47</td>
      <td>7¼– 7</td>
      <td>5½–5½</td>
      <td>5.29</td>
    </tr>
    <tr>
      <td>Sept</td>
      <td>5.075</td>
      <td>5.311</td>
      <td>6.66</td>
      <td>7.59</td>
      <td>8.38</td>
      <td>9.40</td>
      <td>6.20</td>
      <td>9.08</td>
      <td>5.45</td>
      <td>7 – 7</td>
      <td>5½–5½</td>
      <td>5.25</td>
    </tr>
    <tr>
      <td>Oct</td>
      <td>4.930</td>
      <td>5.073</td>
      <td>6.24</td>
      <td>7.41</td>
      <td>8.32</td>
      <td>9.29</td>
      <td>6.06</td>
      <td>9.07</td>
      <td>5.22</td>
      <td>7 – 6¾</td>
      <td>5½–5½</td>
      <td>5.03</td>
    </tr>
    <tr>
      <td>Nov</td>
      <td>4.810</td>
      <td>4.944</td>
      <td>6.09</td>
      <td>7.29</td>
      <td>8.25</td>
      <td>9.23</td>
      <td>6.05</td>
      <td>9.05</td>
      <td>5.05</td>
      <td>6½– 6½</td>
      <td>5½–5¼</td>
      <td>4.95</td>
    </tr>
    <tr>
      <td>Dec</td>
      <td>4.355</td>
      <td>4.513</td>
      <td>5.68</td>
      <td>6.87</td>
      <td>7.98</td>
      <td>9.12</td>
      <td>5.69</td>
      <td>9.10</td>
      <td>4.70</td>
      <td>6½– 6¼</td>
      <td>5¼–5¼</td>
      <td>4.65</td>
    </tr>
    <tr>
      <td>1977:</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Jan</td>
      <td>4.597</td>
      <td>4.783</td>
      <td>6.22</td>
      <td>7.21</td>
      <td>7.96</td>
      <td>9.08</td>
      <td>5.70</td>
      <td>9.05</td>
      <td>4.74</td>
      <td>6¼– 6¼</td>
      <td>5¼–5¼</td>
      <td>4.61</td>
    </tr>
    <tr>
      <td>Feb</td>
      <td>4.662</td>
      <td>4.896</td>
      <td>6.44</td>
      <td>7.39</td>
      <td>8.04</td>
      <td>9.12</td>
      <td>5.75</td>
      <td>8.99</td>
      <td>4.82</td>
      <td>6¼– 6¼</td>
      <td>5¼–5¼</td>
      <td>4.68</td>
    </tr>
    <tr>
      <td>Mar</td>
      <td>4.613</td>
      <td>4.883</td>
      <td>6.47</td>
      <td>7.46</td>
      <td>8.10</td>
      <td>9.12</td>
      <td>5.76</td>
      <td>8.95</td>
      <td>4.87</td>
      <td>6¼– 6¼</td>
      <td>5¼–5¼</td>
      <td>4.69</td>
    </tr>
    <tr>
      <td>Apr</td>
      <td>4.540</td>
      <td>4.790</td>
      <td>6.31</td>
      <td>7.37</td>
      <td>8.04</td>
      <td>9.07</td>
      <td>5.61</td>
      <td>8.94</td>
      <td>4.87</td>
      <td>6¼– 6¼</td>
      <td>5¼–5¼</td>
      <td>4.73</td>
    </tr>
    <tr>
      <td>May</td>
      <td>4.942</td>
      <td>5.193</td>
      <td>6.55</td>
      <td>7.46</td>
      <td>8.05</td>
      <td>9.01</td>
      <td>5.64</td>
      <td>8.96</td>
      <td>5.35</td>
      <td>6¼– 6¾</td>
      <td>5¼–5¼</td>
      <td>5.35</td>
    </tr>
    <tr>
      <td>June</td>
      <td>5.004</td>
      <td>5.198</td>
      <td>6.39</td>
      <td>7.28</td>
      <td>7.95</td>
      <td>8.91</td>
      <td>5.53</td>
      <td>8.98</td>
      <td>5.49</td>
      <td>6¾– 6¾</td>
      <td>5¼–5¼</td>
      <td>5.39</td>
    </tr>
    <tr>
      <td>July</td>
      <td>5.146</td>
      <td>5.351</td>
      <td>6.51</td>
      <td>7.33</td>
      <td>7.94</td>
      <td>8.87</td>
      <td>5.50</td>
      <td>9.00</td>
      <td>5.41</td>
      <td>6¾– 6¾</td>
      <td>5¼–5¼</td>
      <td>5.42</td>
    </tr>
    <tr>
      <td>Aug</td>
      <td>5.500</td>
      <td>5.810</td>
      <td>6.79</td>
      <td>7.40</td>
      <td>7.98</td>
      <td>8.82</td>
      <td>5.46</td>
      <td>9.02</td>
      <td>5.84</td>
      <td>6¾– 7</td>
      <td>5¼–5¾</td>
      <td>5.90</td>
    </tr>
    <tr>
      <td>Sept</td>
      <td>5.770</td>
      <td>5.991</td>
      <td>6.84</td>
      <td>7.34</td>
      <td>7.92</td>
      <td>8.80</td>
      <td>5.37</td>
      <td>9.04</td>
      <td>6.17</td>
      <td>7 – 7¼</td>
      <td>5¾–5¾</td>
      <td>6.14</td>
    </tr>
    <tr>
      <td>Oct</td>
      <td>6.188</td>
      <td>6.410</td>
      <td>7.19</td>
      <td>7.52</td>
      <td>8.04</td>
      <td>8.89</td>
      <td>5.53</td>
      <td>9.07</td>
      <td>6.55</td>
      <td>7¼– 7¾</td>
      <td>5¾–6</td>
      <td>6.47</td>
    </tr>
    <tr>
      <td>Nov</td>
      <td>6.160</td>
      <td>6.433</td>
      <td>7.22</td>
      <td>7.58</td>
      <td>8.08</td>
      <td>8.95</td>
      <td>5.38</td>
      <td>9.07</td>
      <td>6.59</td>
      <td>7¾– 7¾</td>
      <td>6 –6</td>
      <td>6.51</td>
    </tr>
    <tr>
      <td>Dec</td>
      <td>6.063</td>
      <td>6.377</td>
      <td>7.30</td>
      <td>7.69</td>
      <td>8.19</td>
      <td>8.99</td>
      <td>5.48</td>
      <td>9.09</td>
      <td>6.64</td>
      <td>7¾– 7¾</td>
      <td>6 –6</td>
      <td>6.56</td>
    </tr>
    <tr>
      <td>1978:</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Jan</td>
      <td>6.448</td>
      <td>6.685</td>
      <td>7.61</td>
      <td>7.96</td>
      <td>8.41</td>
      <td>9.17</td>
      <td>5.60</td>
      <td>9.15</td>
      <td>6.79</td>
      <td>7¾– 8</td>
      <td>6 –6½</td>
      <td>6.70</td>
    </tr>
    <tr>
      <td>Feb</td>
      <td>6.457</td>
      <td>6.740</td>
      <td>7.67</td>
      <td>8.03</td>
      <td>8.47</td>
      <td>9.20</td>
      <td>5.51</td>
      <td>9.18</td>
      <td>6.80</td>
      <td>8 – 8</td>
      <td>6½–6½</td>
      <td>6.78</td>
    </tr>
    <tr>
      <td>Mar</td>
      <td>6.319</td>
      <td>6.644</td>
      <td>7.70</td>
      <td>8.04</td>
      <td>8.47</td>
      <td>9.22</td>
      <td>5.49</td>
      <td>9.26</td>
      <td>6.80</td>
      <td>8 – 8</td>
      <td>6½–6½</td>
      <td>6.79</td>
    </tr>
    <tr>
      <td>Apr</td>
      <td>6.306</td>
      <td>6.700</td>
      <td>7.85</td>
      <td>8.15</td>
      <td>8.56</td>
      <td>9.32</td>
      <td>5.71</td>
      <td>9.30</td>
      <td>6.86</td>
      <td>8 – 8</td>
      <td>6½–6½</td>
      <td>6.89</td>
    </tr>
    <tr>
      <td>May</td>
      <td>6.430</td>
      <td>7.019</td>
      <td>8.07</td>
      <td>8.35</td>
      <td>8.69</td>
      <td>9.49</td>
      <td>5.97</td>
      <td>9.37</td>
      <td>7.11</td>
      <td>8 – 8½</td>
      <td>6½–7</td>
      <td>7.36</td>
    </tr>
    <tr>
      <td>June</td>
      <td>6.707</td>
      <td>7.200</td>
      <td>8.30</td>
      <td>8.46</td>
      <td>8.76</td>
      <td>9.60</td>
      <td>6.13</td>
      <td>9.46</td>
      <td>7.63</td>
      <td>8½– 9</td>
      <td>7 –7</td>
      <td>7.60</td>
    </tr>
    <tr>
      <td>July</td>
      <td>7.074</td>
      <td>7.471</td>
      <td>8.54</td>
      <td>8.64</td>
      <td>8.88</td>
      <td>9.60</td>
      <td>6.18</td>
      <td>9.57</td>
      <td>7.91</td>
      <td>9 – 9</td>
      <td>7 –7¼</td>
      <td>7.81</td>
    </tr>
    <tr>
      <td>Aug</td>
      <td>7.036</td>
      <td>7.363</td>
      <td>8.33</td>
      <td>8.41</td>
      <td>8.69</td>
      <td>9.48</td>
      <td>5.98</td>
      <td>9.70</td>
      <td>7.90</td>
      <td>9 – 9¼</td>
      <td>7¼–7¾</td>
      <td>8.04</td>
    </tr>
    <tr>
      <td>Sept</td>
      <td>7.836</td>
      <td>7.948</td>
      <td>8.41</td>
      <td>8.42</td>
      <td>8.69</td>
      <td>9.42</td>
      <td>5.93</td>
      <td>9.73</td>
      <td>8.44</td>
      <td>9¼– 9¾</td>
      <td>7¾–8</td>
      <td>8.45</td>
    </tr>
    <tr>
      <td>Oct</td>
      <td>8.132</td>
      <td>8.493</td>
      <td>8.62</td>
      <td>8.64</td>
      <td>8.89</td>
      <td>9.59</td>
      <td>5.95</td>
      <td>9.83</td>
      <td>9.03</td>
      <td>9¾–10¼</td>
      <td>8 –8½</td>
      <td>8.96</td>
    </tr>
    <tr>
      <td>Nov</td>
      <td>8.787</td>
      <td>9.204</td>
      <td>9.04</td>
      <td>8.81</td>
      <td>9.03</td>
      <td>9.83</td>
      <td>6.03</td>
      <td>9.87</td>
      <td>10.23</td>
      <td>10½–11½</td>
      <td>9½–9½</td>
      <td>9.76</td>
    </tr>
    <tr>
      <td>Dec</td>
      <td>9.122</td>
      <td>9.397</td>
      <td>9.33</td>
      <td>9.01</td>
      <td>9.16</td>
      <td>9.94</td>
      <td>6.33</td>
      <td>10.02</td>
      <td>10.43</td>
      <td>11½–11¾</td>
      <td>9½–9½</td>
      <td>10.03</td>
    </tr>
  </tbody>
</table>

<sup>1</sup> Rate on new issues within period.
<sup>2</sup> Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
<sup>3</sup> Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.
<sup>4</sup> Average effective rate for the year; opening and closing rate for the month.
<sup>5</sup> Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.
<sup>6</sup> 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.

259

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Chandra OCR 2 · 0/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

<div data-bbox="284 54 747 70" data-label="Caption">TABLE B-65.—Bond yields and interest rates, 1929-78</div>
<div data-bbox="446 74 585 88" data-label="Text">[Percent per annum]</div>
<div data-bbox="115 92 912 691" data-label="Table">
<table border="1">
<thead>
<tr>
<th rowspan="3">Year or month</th>
<th colspan="4">U.S. Treasury securities</th>
<th colspan="2">Corporate bonds (Moody's)</th>
<th rowspan="3">High-grade municipal bonds (Standard &amp; Poor's)</th>
<th rowspan="3">New-home mortgage yields (FHLLB) (%)</th>
<th rowspan="3">Prime commercial paper, 4-6 months</th>
<th rowspan="3">Prime rate charged by banks<sup>4</sup></th>
<th rowspan="3">Dis-count rate, Federal Reserve Bank of New York<sup>4</sup></th>
<th rowspan="3">Federal funds rate<sup>4</sup></th>
</tr>
<tr>
<th colspan="2">Bills (new issues)<sup>1</sup></th>
<th colspan="2">Constant maturities<sup>2</sup></th>
<th rowspan="2">Aaa</th>
<th rowspan="2">Baa</th>
</tr>
<tr>
<th>3-month</th>
<th>6-month</th>
<th>3 years</th>
<th>10 years</th>
</tr>
</thead>
<tbody>
<tr><td>1929.....</td><td></td><td></td><td></td><td></td><td>4.73</td><td>5.90</td><td>4.27</td><td></td><td>5.85</td><td></td><td>5.16</td><td></td></tr>
<tr><td>1933.....</td><td>0.515</td><td></td><td></td><td></td><td>4.49</td><td>7.76</td><td>4.71</td><td></td><td>1.73</td><td></td><td>2.56</td><td></td></tr>
<tr><td>1939.....</td><td>0.023</td><td></td><td></td><td></td><td>3.01</td><td>4.96</td><td>2.76</td><td></td><td>.59</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1940.....</td><td>0.014</td><td></td><td></td><td></td><td></td><td></td><td>2.50</td><td></td><td>.56</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1941.....</td><td>0.103</td><td></td><td></td><td></td><td>2.84</td><td>4.75</td><td>2.10</td><td></td><td>.53</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1942.....</td><td>0.326</td><td></td><td></td><td></td><td>2.83</td><td>4.28</td><td>2.36</td><td></td><td>.66</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1943.....</td><td>0.373</td><td></td><td></td><td></td><td>2.73</td><td>3.91</td><td>2.06</td><td></td><td>.69</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1944.....</td><td>0.375</td><td></td><td></td><td></td><td>2.72</td><td>3.61</td><td>1.86</td><td></td><td>.73</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1945.....</td><td>0.375</td><td></td><td></td><td></td><td>2.62</td><td>3.29</td><td>1.67</td><td></td><td>.75</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1946.....</td><td>0.375</td><td></td><td></td><td></td><td>2.53</td><td>3.05</td><td>1.64</td><td></td><td>.81</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1947.....</td><td>0.594</td><td></td><td></td><td></td><td>2.61</td><td>3.24</td><td>2.01</td><td></td><td>1.03</td><td></td><td>1.00</td><td></td></tr>
<tr><td>1948.....</td><td>1.040</td><td></td><td></td><td></td><td>2.82</td><td>3.47</td><td>2.40</td><td></td><td>1.44</td><td></td><td>1.34</td><td></td></tr>
<tr><td>1949.....</td><td>1.102</td><td></td><td></td><td></td><td>2.66</td><td>3.42</td><td>2.21</td><td></td><td>1.49</td><td>2.00</td><td>1.50</td><td></td></tr>
<tr><td>1950.....</td><td>1.218</td><td></td><td></td><td></td><td>2.62</td><td>3.24</td><td>1.98</td><td></td><td>1.45</td><td>2.07</td><td>1.59</td><td></td></tr>
<tr><td>1951.....</td><td>1.552</td><td></td><td></td><td></td><td>2.86</td><td>3.41</td><td>2.00</td><td></td><td>2.16</td><td>2.56</td><td>1.75</td><td></td></tr>
<tr><td>1952.....</td><td>1.766</td><td></td><td></td><td></td><td>2.96</td><td>3.52</td><td>2.19</td><td></td><td>2.33</td><td>3.00</td><td>1.75</td><td></td></tr>
<tr><td>1953.....</td><td>1.931</td><td></td><td>2.47</td><td>2.85</td><td>3.20</td><td>3.74</td><td>2.72</td><td></td><td>2.52</td><td>3.17</td><td>1.99</td><td></td></tr>
<tr><td>1954.....</td><td>.953</td><td></td><td>1.63</td><td>2.40</td><td>2.90</td><td>3.51</td><td>2.37</td><td></td><td>1.58</td><td>3.05</td><td>1.60</td><td></td></tr>
<tr><td>1955.....</td><td>1.753</td><td></td><td>2.47</td><td>2.82</td><td>3.06</td><td>3.53</td><td>2.53</td><td></td><td>2.18</td><td>3.16</td><td>1.89</td><td>1.78</td></tr>
<tr><td>1956.....</td><td>2.658</td><td></td><td>3.19</td><td>3.18</td><td>3.36</td><td>3.88</td><td>2.93</td><td></td><td>3.31</td><td>3.77</td><td>2.77</td><td>2.73</td></tr>
<tr><td>1957.....</td><td>3.267</td><td></td><td>3.98</td><td>3.65</td><td>3.89</td><td>4.77</td><td>3.60</td><td></td><td>3.81</td><td>4.20</td><td>3.12</td><td>3.11</td></tr>
<tr><td>1958.....</td><td>1.839</td><td>5.073</td><td>6.24</td><td>7.41</td><td>3.79</td><td>4.73</td><td>3.56</td><td></td><td>2.46</td><td>3.83</td><td>2.15</td><td>1.57</td></tr>
<tr><td>1959.....</td><td>3.405</td><td>3.832</td><td>4.46</td><td>4.33</td><td>4.38</td><td>5.05</td><td>3.95</td><td></td><td>3.97</td><td>4.48</td><td>3.36</td><td>3.30</td></tr>
<tr><td>1960.....</td><td>2.928</td><td>3.247</td><td>3.98</td><td>4.12</td><td>4.41</td><td>5.19</td><td>3.73</td><td></td><td>3.85</td><td>4.82</td><td>3.53</td><td>3.22</td></tr>
<tr><td>1961.....</td><td>2.978</td><td>2.605</td><td>3.54</td><td>3.88</td><td>4.35</td><td>5.08</td><td>3.46</td><td></td><td>2.97</td><td>4.50</td><td>3.00</td><td>1.96</td></tr>
<tr><td>1962.....</td><td>2.778</td><td>2.908</td><td>3.47</td><td>3.95</td><td>4.33</td><td>5.02</td><td>3.18</td><td></td><td>3.26</td><td>4.80</td><td>3.00</td><td>2.68</td></tr>
<tr><td>1963.....</td><td>3.157</td><td>3.253</td><td>3.67</td><td>4.00</td><td>4.26</td><td>4.86</td><td>3.23</td><td>5.89</td><td>3.55</td><td>4.50</td><td>3.23</td><td>3.18</td></tr>
<tr><td>1964.....</td><td>3.549</td><td>3.686</td><td>4.03</td><td>4.19</td><td>4.40</td><td>4.83</td><td>3.22</td><td>5.82</td><td>3.97</td><td>4.50</td><td>3.55</td><td>3.50</td></tr>
<tr><td>1965.....</td><td>3.964</td><td>4.055</td><td>4.22</td><td>4.28</td><td>4.49</td><td>4.87</td><td>3.27</td><td>5.81</td><td>4.38</td><td>4.54</td><td>4.04</td><td>4.07</td></tr>
<tr><td>1966.....</td><td>4.881</td><td>5.082</td><td>5.23</td><td>4.92</td><td>5.13</td><td>5.67</td><td>3.82</td><td>6.25</td><td>5.55</td><td>5.63</td><td>4.50</td><td>5.11</td></tr>
<tr><td>1967.....</td><td>4.321</td><td>4.630</td><td>5.03</td><td>5.07</td><td>5.51</td><td>6.23</td><td>3.98</td><td>6.46</td><td>5.10</td><td>5.61</td><td>4.19</td><td>4.22</td></tr>
<tr><td>1968.....</td><td>5.339</td><td>5.470</td><td>5.68</td><td>5.65</td><td>6.18</td><td>6.94</td><td>4.51</td><td>6.97</td><td>5.90</td><td>6.30</td><td>5.17</td><td>5.66</td></tr>
<tr><td>1969.....</td><td>6.677</td><td>6.853</td><td>7.02</td><td>6.67</td><td>7.03</td><td>7.81</td><td>5.81</td><td>7.80</td><td>7.83</td><td>7.96</td><td>5.87</td><td>8.22</td></tr>
<tr><td>1970.....</td><td>6.458</td><td>6.562</td><td>7.29</td><td>7.35</td><td>8.04</td><td>9.11</td><td>6.51</td><td>8.45</td><td>7.72</td><td>7.91</td><td>5.95</td><td>7.17</td></tr>
<tr><td>1971.....</td><td>4.348</td><td>4.511</td><td>5.65</td><td>6.16</td><td>7.39</td><td>8.56</td><td>5.70</td><td>7.74</td><td>5.11</td><td>5.72</td><td>4.88</td><td>4.67</td></tr>
<tr><td>1972.....</td><td>4.071</td><td>4.466</td><td>5.72</td><td>6.21</td><td>7.21</td><td>8.16</td><td>5.27</td><td>7.60</td><td>4.69</td><td>5.25</td><td>4.50</td><td>4.44</td></tr>
<tr><td>1973.....</td><td>7.041</td><td>7.178</td><td>6.95</td><td>6.84</td><td>7.44</td><td>8.24</td><td>5.18</td><td>7.95</td><td>8.15</td><td>8.03</td><td>6.45</td><td>8.74</td></tr>
<tr><td>1974.....</td><td>7.886</td><td>7.926</td><td>7.82</td><td>7.56</td><td>8.57</td><td>9.50</td><td>6.09</td><td>8.92</td><td>9.87</td><td>10.81</td><td>7.83</td><td>10.51</td></tr>
<tr><td>1975.....</td><td>5.838</td><td>6.122</td><td>7.49</td><td>7.99</td><td>8.83</td><td>10.61</td><td>6.89</td><td>9.01</td><td>6.33</td><td>7.86</td><td>6.25</td><td>5.82</td></tr>
<tr><td>1976.....</td><td>4.989</td><td>5.265</td><td>6.77</td><td>7.61</td><td>8.43</td><td>9.75</td><td>6.49</td><td>8.99</td><td>5.35</td><td>6.84</td><td>5.50</td><td>5.05</td></tr>
<tr><td>1977.....</td><td>5.265</td><td>5.510</td><td>6.69</td><td>7.42</td><td>8.02</td><td>8.97</td><td>5.56</td><td>9.01</td><td>5.60</td><td>6.83</td><td>5.46</td><td>5.54</td></tr>
<tr><td>1978.....</td><td>7.221</td><td>7.572</td><td>8.29</td><td>8.41</td><td>8.73</td><td>9.49</td><td>5.90</td><td>9.54</td><td>7.99</td><td>9.06</td><td>7.46</td><td>7.94</td></tr>
</tbody>
</table>
</div>
<div data-bbox="130 698 393 711" data-label="Text">See next page for continuation of table.</div>
<div data-bbox="110 630 890 740" data-label="Footnote">
<p><sup>1</sup> Rate on new issues within period.<br/>
<sup>2</sup> Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.<br/>
<sup>3</sup> Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.<br/>
<sup>4</sup> Average effective rate for the year; opening and closing rate for the month.<br/>
<sup>5</sup> Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.<br/>
<sup>6</sup> 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.</p>
</div>
<div data-bbox="100 745 890 765" data-label="Text">
<p>Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board (FHLLB), Moody's Investors Service, and Standard &amp; Poor's Corporation.</p>
</div>
<div data-bbox="475 905 525 925" data-label="Page-Footer">258</div>

Mistral OCR · 8/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

<file name="historical-erp1979-rates.pdf">
TABLE B-65.—Band yields and interest rates, 1929–78
[Percent per annum]

|  Year or month | U.S. Treasury securities |   |   |   | Corporate bonds (Moody's) |   | High-grade municipal bonds (Standard & Poor's) | New-home mortgage yields (FHLBB) (1) | Prime commercial paper, 4–6 months | Prime rate charged by banks (2) | Discount rate, Federal Reserve Bank of New York (3) | Federal funds rate (4)  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|   |  Bills (new issues) (1) |   | Constant maturities (5) |   | /aa | Baa  |   |   |   |   |   |   |
|   |  3–month | 6–month | 3 years | 10 years  |   |   |   |   |   |   |   |   |
|  1929 |  |  |  |  | 4.73 | 5.90 | 4.27 |  | 5.85 |  | 5.16 |   |
|  1933 | 0.515 |  |  |  | 4.49 | 7.76 | 4.71 |  | 1.73 |  | 2.56 |   |
|  1939 | .023 |  |  |  | 3.01 | 4.96 | 2.76 |  | .59 |  | 1.00 |   |
|  1940 | .014 |  |  |  | 2.84 | 4.75 | 2.50 |  | .56 |  | 1.00 |   |
|  1941 | .103 |  |  |  | 2.77 | 4.33 | 2.10 |  | .53 |  | 1.00 |   |
|  1942 | .326 |  |  |  | 2.83 | 4.28 | 2.36 |  | .66 |  | 1.00 |   |
|  1943 | .373 |  |  |  | 2.73 | 3.91 | 2.06 |  | .69 |  | 1.00 |   |
|  1944 | .375 |  |  |  | 2.72 | 3.61 | 1.86 |  | .73 |  | 1.00 |   |
|  1945 | .375 |  |  |  | 2.62 | 3.29 | 1.67 |  | .75 |  | 1.00 |   |
|  1946 | .375 |  |  |  | 2.53 | 3.05 | 1.64 |  | .81 |  | 1.00 |   |
|  1947 | .594 |  |  |  | 2.61 | 3.24 | 2.01 |  | 1.03 |  | 1.00 |   |
|  1948 | 1.040 |  |  |  | 2.82 | 3.47 | 2.40 |  | 1.44 |  | 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 | 5.82 | 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 | 5.17 | 5.66  |
|  1969 | 6.677 | 6.853 | 7.02 | 6.67 | 7.03 | 7.81 | 5.81 | 7.80 | 7.83 | 7.96 | 5.87 | 8.22  |
|  1970 | 6.458 | 6.562 | 7.29 | 7.35 | 8.04 | 9.11 | 6.51 | 8.45 | 7.72 | 7.91 | 5.95 | 7.17  |
|  1971 | 4.348 | 4.511 | 5.65 | 6.16 | 7.39 | 8.56 | 5.70 | 7.74 | 5.11 | 5.72 | 4.88 | 4.67  |
|  1972 | 4.071 | 4.466 | 5.72 | 6.21 | 7.21 | 8.16 | 5.27 | 7.60 | 4.69 | 5.25 | 4.50 | 4.44  |
|  1973 | 7.041 | 7.178 | 6.95 | 6.84 | 7.44 | 8.24 | 5.18 | 7.95 | 8.15 | 8.03 | 6.45 | 8.74  |
|  1974 | 7.886 | 7.926 | 7.82 | 7.56 | 8.57 | 9.50 | 6.09 | 8.92 | 9.87 | 10.81 | 7.83 | 10.51  |
|  1975 | 5.838 | 6.122 | 7.49 | 7.99 | 8.83 | 10.61 | 6.89 | 9.01 | 6.33 | 7.86 | 6.25 | 5.82  |
|  1976 | 4.989 | 5.266 | 6.77 | 7.61 | 8.43 | 9.75 | 6.49 | 8.99 | 5.35 | 6.84 | 5.50 | 5.05  |
|  1977 | 5.265 | 5.510 | 6.69 | 7.42 | 8.02 | 8.97 | 5.56 | 9.01 | 5.60 | 6.83 | 5.46 | 5.54  |
|  1978 | 7.221 | 7.572 | 8.29 | 8.41 | 8.73 | 9.49 | 5.90 | 9.54 | 7.99 | 9.06 | 7.46 | 7.94  |

See next page for continuation of table.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
TABLE B-65.—Bond yields and interest rates, 1929–78—Continued
[Percent per annum]

|  Year or month | U.S. Treasury securities |   |   |   | Corporate bonds (Moody's) |   | High-grade municipal bonds (Standard & Poor's) | New-home mortgage yields (FHLBB) (2) | Prime commercial paper, 4–6 months | Prime rate charged by banks3 | Discount rate, Federal Reserve Bank of New York4 | Federal funds rate5  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|   |  Bills (new issues)1 |   | Constant maturities2 |   | Aaa | Baa  |   |   |   |   |   |   |
|   |  3-month | 6-month | 3 years | 10 years  |   |   |   |   |   |   |   |   |
|  1976: |  |  |  |  |  |  |  |  |  |  |  |   |
|  Jan... | 4,961 | 5,238 | 6,99 | 7,74 | 8,60 | 10,41 | 6,80 | 8,99 | 5,27 | 7½–6¾ | 6–5½ | 4,87  |
|  Feb... | 4,852 | 5,144 | 7,06 | 7,79 | 8,55 | 10,24 | 6,91 | 8,93 | 5,23 | 6¾–6¾ | 5½–5½ | 4,77  |
|  Mar... | 5,047 | 5,488 | 7,13 | 7,73 | 8,52 | 10,12 | 6,86 | 8,93 | 5,37 | 6¾–6¾ | 5½–5½ | 4,84  |
|  Apr... | 4,878 | 5,201 | 6,84 | 7,56 | 8,40 | 9,94 | 6,62 | 8,92 | 5,23 | 6¾–6¾ | 5½–5½ | 4,82  |
|  May... | 5,185 | 5,600 | 7,27 | 7,90 | 8,58 | 9,86 | 6,87 | 8,97 | 5,54 | 6¾–6¾ | 5½–5½ | 5,29  |
|  June... | 5,443 | 5,784 | 7,32 | 7,86 | 8,62 | 9,89 | 6,85 | 8,89 | 5,94 | 7–7¾ | 5½–5½ | 5,48  |
|  July... | 5,278 | 5,597 | 7,12 | 7,83 | 8,56 | 9,82 | 6,64 | 8,97 | 5,67 | 7½–7¾ | 5½–5½ | 5,31  |
|  Aug... | 5,153 | 5,416 | 6,86 | 7,77 | 8,45 | 9,64 | 6,28 | 9,02 | 5,47 | 7½–7 | 5½–5½ | 5,29  |
|  Sept... | 5,075 | 5,311 | 6,66 | 7,59 | 8,38 | 9,40 | 6,20 | 9,08 | 5,45 | 7–7 | 5½–5½ | 5,25  |
|  Oct... | 4,930 | 5,073 | 6,24 | 7,41 | 8,32 | 9,29 | 6,06 | 9,07 | 5,22 | 7–6¾ | 5½–5½ | 5,03  |
|  Nov... | 4,810 | 4,944 | 6,09 | 7,29 | 8,25 | 9,23 | 6,05 | 9,05 | 5,05 | 6½–6½ | 5½–5½ | 4,95  |
|  Dec... | 4,355 | 4,513 | 5,68 | 6,87 | 7,98 | 9,12 | 5,69 | 9,10 | 4,70 | 6½–6½ | 5½–5½ | 4,65  |
|  1977: |  |  |  |  |  |  |  |  |  |  |  |   |
|  Jan... | 4,597 | 4,783 | 6,22 | 7,21 | 7,96 | 9,08 | 5,70 | 9,05 | 4,74 | 6½–6½ | 5½–5½ | 4,61  |
|  Feb... | 4,662 | 4,896 | 6,44 | 7,39 | 8,04 | 9,12 | 5,75 | 8,99 | 4,82 | 6½–6½ | 5½–5½ | 4,68  |
|  Mar... | 4,613 | 4,883 | 6,47 | 7,46 | 8,10 | 9,12 | 5,76 | 8,95 | 4,87 | 6½–6½ | 5½–5½ | 4,69  |
|  Apr... | 4,540 | 4,790 | 6,31 | 7,37 | 8,04 | 9,07 | 5,61 | 8,94 | 4,87 | 6½–6½ | 5½–5½ | 4,73  |
|  May... | 4,942 | 5,193 | 6,55 | 7,46 | 8,05 | 9,01 | 5,64 | 8,96 | 5,35 | 6½–6¾ | 5½–5½ | 5,35  |
|  June... | 5,004 | 5,198 | 6,39 | 7,28 | 7,95 | 8,91 | 5,53 | 8,98 | 5,49 | 6¾–6¾ | 5½–5½ | 5,39  |
|  July... | 5,146 | 5,351 | 6,51 | 7,33 | 7,94 | 8,87 | 5,50 | 9,00 | 5,41 | 6¾–6¾ | 5½–5½ | 5,42  |
|  Aug... | 5,500 | 5,810 | 6,79 | 7,40 | 7,98 | 8,82 | 5,46 | 9,02 | 5,84 | 6¾–7 | 5½–5¾ | 5,90  |
|  Sept... | 5,770 | 5,991 | 6,84 | 7,34 | 7,92 | 8,80 | 5,37 | 9,04 | 6,17 | 7–7¾ | 5¾–5¾ | 6,14  |
|  Oct... | 6,188 | 6,410 | 7,19 | 7,52 | 8,04 | 8,89 | 5,53 | 9,07 | 6,55 | 7½–7¾ | 5¾–6 | 6,47  |
|  Nov... | 6,160 | 6,433 | 7,22 | 7,58 | 8,08 | 8,95 | 5,38 | 9,07 | 6,59 | 7½–7¾ | 6–6 | 6,51  |
|  Dec... | 6,063 | 6,377 | 7,30 | 7,69 | 8,19 | 8,99 | 5,48 | 9,09 | 6,64 | 7½–7¾ | 6–6 | 6,56  |
|  1978: |  |  |  |  |  |  |  |  |  |  |  |   |
|  Jan... | 6,448 | 6,685 | 7,61 | 7,96 | 8,41 | 9,17 | 5,60 | 9,15 | 6,79 | 7½–8 | 6–6½ | 6,70  |
|  Feb... | 6,457 | 6,740 | 7,67 | 8,03 | 8,47 | 9,20 | 5,51 | 9,18 | 6,80 | 8–8 | 6½–6½ | 6,78  |
|  Mar... | 6,319 | 6,644 | 7,70 | 8,04 | 8,47 | 9,22 | 5,49 | 9,26 | 6,80 | 8–8 | 6½–6½ | 6,79  |
|  Apr... | 6,306 | 6,700 | 7,85 | 8,15 | 8,56 | 9,32 | 5,71 | 9,30 | 6,86 | 8–8 | 6½–6½ | 6,89  |
|  May... | 6,430 | 7,019 | 8,07 | 8,35 | 8,69 | 9,49 | 5,97 | 9,37 | 7,11 | 8–8½ | 6½–7 | 7,36  |
|  June... | 6,707 | 7,200 | 8,30 | 8,46 | 8,76 | 9,60 | 6,13 | 9,46 | 7,63 | 8½–9 | 7–7 | 7,60  |
|  July... | 7,074 | 7,471 | 8,54 | 8,64 | 8,88 | 9,60 | 6,18 | 9,57 | 7,91 | 9–9 | 7–7½ | 7,81  |
|  Aug... | 7,036 | 7,363 | 8,33 | 8,41 | 8,69 | 9,48 | 5,98 | 9,70 | 7,90 | 9–9½ | 7½–7½ | 8,04  |
|  Sept... | 7,836 | 7,948 | 8,41 | 8,42 | 8,69 | 9,42 | 5,93 | 9,73 | 8,44 | 9½–9¾ | 7¾–8 | 8,45  |
|  Oct... | 8,132 | 8,493 | 8,62 | 8,64 | 8,89 | 9,59 | 5,95 | 9,83 | 9,03 | 9¾–10½ | 8–8½ | 8,96  |
|  Nov... | 8,787 | 9,204 | 9,04 | 8,81 | 9,03 | 9,83 | 6,03 | 9,87 | 10,23 | 10½–11½ | 9½–9½ | 9,76  |
|  Dec... | 9,122 | 9,397 | 9,33 | 9,01 | 9,16 | 9,94 | 6,33 | 10,02 | 10,43 | 11½–11½ | 9½–9½ | 10,03  |

1 Rate on new issues within period.
2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.
4 Average effective rate for the year; opening and closing rate for the month.
5 Based on seven-day averages of daily effective rates for weeks ending Wednesday, 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.
6 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard &amp; Poor's Corporation.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
</file>

GPT-6 Luna · 0/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

# Table B–65.—Bond yields and interest rates, 1929–78

[Percent per annum]

| Year or month | Bills (new issues)¹ 3-month | Bills (new issues)¹ 6-month | Constant maturities² 3 years | Constant maturities² 10 years | Corporate bonds (Moody’s) Aaa | Corporate bonds (Moody’s) Baa | High-grade municipal bonds (Standard & Poor’s) | New-home mortgage yields (FHLBB)³ | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, Federal Reserve Bank of New York⁴ | Federal funds rate⁵ |
|---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| 1929 |  |  |  |  | 4.73 | 5.90 | 4.27 |  | 5.85 |  | 5.16 |  |
| 1933 | 0.515 |  |  |  | 4.49 | 7.76 | 4.71 |  | 1.73 |  | 2.56 |  |
| 1939 | .023 |  |  |  | 3.01 | 4.96 | 2.76 |  | .59 |  | 1.00 |  |
| 1940 | .014 |  |  |  | 2.84 | 4.75 | 2.50 |  | .56 |  | 1.00 |  |
| 1941 | .103 |  |  |  | 2.77 | 4.33 | 2.10 |  | .53 |  | 1.00 |  |
| 1942 | .326 |  |  |  | 2.83 | 4.28 | 2.36 |  | .66 |  | ¹ 1.00 |  |
| 1943 | .373 |  |  |  | 2.73 | 3.91 | 2.06 |  | .69 |  | ⁶ 1.00 |  |
| 1944 | .375 |  |  |  | 2.72 | 3.61 | 1.86 |  | .73 |  | ⁶ 1.00 |  |
| 1945 | .375 |  |  |  | 2.62 | 3.29 | 1.67 |  | .75 |  | ⁶ 1.00 |  |
| 1946 | .375 |  |  |  | 2.53 | 3.05 | 1.64 |  | .81 |  | ⁶ 1.00 |  |
| 1947 | .594 |  |  |  | 2.61 | 3.24 | 2.01 |  | 1.03 |  | 1.00 |  |
| 1948 | 1.040 |  |  |  | 2.82 | 3.47 | 2.40 |  | 1.44 |  | 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 | 5.82 | 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 | 5.17 | 5.66 |
| 1969 | 6.677 | 6.853 | 7.02 | 6.67 | 7.03 | 7.81 | 5.81 | 7.80 | 7.83 | 7.96 | 5.87 | 8.22 |
| 1970 | 6.458 | 6.562 | 7.29 | 7.35 | 8.04 | 9.11 | 6.51 | 8.45 | 7.72 | 7.91 | 5.95 | 7.17 |
| 1971 | 4.348 | 4.511 | 5.65 | 6.16 | 7.39 | 8.56 | 5.70 | 7.74 | 5.11 | 5.72 | 4.88 | 4.67 |
| 1972 | 4.071 | 4.466 | 5.72 | 6.21 | 7.21 | 8.16 | 5.27 | 7.60 | 4.69 | 5.25 | 4.50 | 4.44 |
| 1973 | 7.041 | 7.178 | 6.95 | 6.84 | 7.44 | 8.24 | 5.18 | 7.95 | 8.15 | 8.03 | 6.45 | 8.74 |
| 1974 | 7.886 | 7.926 | 7.82 | 7.56 | 8.57 | 9.50 | 6.09 | 8.92 | 9.87 | 10.81 | 7.83 | 10.51 |
| 1975 | 5.838 | 6.122 | 7.49 | 7.99 | 8.83 | 10.61 | 6.89 | 9.09 | 6.33 | 7.86 | 6.25 | 5.82 |
| 1976 | 4.989 | 5.266 | 6.77 | 7.61 | 8.43 | 9.75 | 6.49 | 8.99 | 5.35 | 6.84 | 5.50 | 5.05 |
| 1977 | 5.265 | 5.510 | 6.69 | 7.42 | 8.02 | 8.97 | 5.56 | 9.01 | 5.60 | 6.83 | 5.46 | 5.54 |
| 1978 | 7.221 | 7.572 | 8.29 | 8.41 | 8.73 | 9.49 | 5.90 | 9.54 | 7.99 | 9.06 | 7.46 | 7.94 |

See next page for continuation of table.

# Table B–65.—Bond yields and interest rates, 1929–78—Continued

[Percent per annum]

| Year or month | Bills (new issues)¹ 3-month | Bills (new issues)¹ 6-month | Constant maturities² 3 years | Constant maturities² 10 years | Corporate bonds (Moody’s) Aaa | Corporate bonds (Moody’s) Baa | High-grade municipal bonds (Standard & Poor’s) | New-home mortgage yields (FHLBB)³ | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, Federal Reserve Bank of New York⁴ | Federal funds rate⁵ |
|---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| 1976: |  |  |  |  |  |  |  |  |  |  |  |  |
| Jan. | 4.961 | 5.238 | 6.99 | 7.74 | 8.60 | 10.41 | 6.80 | 8.99 | 5.27 | 7¼–6¾ | 6–5½ | 4.87 |
| Feb. | 4.852 | 5.144 | 7.06 | 7.79 | 8.55 | 10.24 | 6.91 | 8.93 | 5.23 | 6¾–6¾ | 5½–5½ | 4.77 |
| Mar. | 5.047 | 5.488 | 7.13 | 7.73 | 8.52 | 10.12 | 6.86 | 8.93 | 5.37 | 6⅜–6¾ | 5½–5½ | 4.84 |
| Apr. | 4.878 | 5.201 | 6.84 | 7.56 | 8.40 | 9.94 | 6.62 | 8.92 | 5.23 | 6¾–6¾ | 5½–5½ | 4.82 |
| May. | 5.185 | 5.600 | 7.27 | 7.90 | 8.58 | 9.86 | 6.87 | 8.97 | 5.54 | 6¾–6¾ | 5½–5½ | 5.29 |
| June. | 5.443 | 5.784 | 7.32 | 7.86 | 8.62 | 9.89 | 6.85 | 8.89 | 5.94 | 7–7¼ | 5½–5½ | 5.48 |
| July. | 5.278 | 5.597 | 7.12 | 7.83 | 8.56 | 9.82 | 6.64 | 8.97 | 5.67 | 7¼–7¼ | 5½–5½ | 5.31 |
| Aug. | 5.153 | 5.416 | 6.86 | 7.77 | 8.45 | 9.64 | 6.28 | 9.02 | 5.47 | 7¼–7 | 5½–5½ | 5.29 |
| Sept. | 5.075 | 5.311 | 6.66 | 7.59 | 8.38 | 9.40 | 6.20 | 9.08 | 5.45 | 7–7 | 5½–5½ | 5.25 |
| Oct. | 4.930 | 5.073 | 6.24 | 7.41 | 8.32 | 9.29 | 6.06 | 9.07 | 5.22 | 7–6¾ | 5½–5½ | 5.03 |
| Nov. | 4.810 | 4.944 | 6.09 | 7.29 | 8.25 | 9.23 | 6.05 | 9.05 | 5.05 | 6½–6½ | 5½–5¼ | 4.95 |
| Dec. | 4.355 | 4.513 | 5.68 | 6.87 | 7.98 | 9.12 | 5.69 | 9.10 | 4.70 | 6½–6¼ | 5¼–5¼ | 4.65 |
| 1977: |  |  |  |  |  |  |  |  |  |  |  |  |
| Jan. | 4.597 | 4.783 | 6.22 | 7.21 | 7.96 | 9.08 | 5.70 | 9.05 | 4.74 | 6¼–6¼ | 5¼–5¼ | 4.61 |
| Feb. | 4.662 | 4.896 | 6.44 | 7.39 | 8.04 | 9.12 | 5.75 | 8.99 | 4.82 | 6¼–6¼ | 5¼–5¼ | 4.68 |
| Mar. | 4.613 | 4.883 | 6.47 | 7.46 | 8.10 | 9.12 | 5.76 | 8.95 | 4.87 | 6¼–6¼ | 5¼–5¼ | 4.69 |
| Apr. | 4.540 | 4.790 | 6.31 | 7.37 | 8.04 | 9.07 | 5.61 | 8.94 | 4.87 | 6¼–6¼ | 5¼–5¼ | 4.73 |
| May. | 4.942 | 5.193 | 6.55 | 7.46 | 8.05 | 9.01 | 5.64 | 8.96 | 5.35 | 6½–6½ | 5¼–5¼ | 5.35 |
| June. | 5.004 | 5.198 | 6.39 | 7.28 | 7.95 | 8.91 | 5.53 | 8.98 | 5.49 | 6¾–6¾ | 5¼–5¼ | 5.39 |
| July. | 5.146 | 5.351 | 6.51 | 7.33 | 7.94 | 8.87 | 5.50 | 9.00 | 5.41 | 6¾–6¾ | 5¼–5¼ | 5.42 |
| Aug. | 5.500 | 5.810 | 6.79 | 7.40 | 7.98 | 8.82 | 5.46 | 9.02 | 5.84 | 6¾–7 | 5¼–5¼ | 5.90 |
| Sept. | 5.770 | 5.991 | 6.84 | 7.34 | 7.92 | 8.80 | 5.37 | 9.04 | 6.17 | 7–7¼ | 5¾–5¾ | 6.14 |
| Oct. | 6.188 | 6.410 | 7.19 | 7.52 | 8.04 | 8.89 | 5.53 | 9.07 | 6.55 | 7¼–7¾ | 5¾–6 | 6.47 |
| Nov. | 6.160 | 6.433 | 7.22 | 7.58 | 8.08 | 8.95 | 5.38 | 9.07 | 6.59 | 7¾–7¾ | 6–6 | 6.51 |
| Dec. | 6.063 | 6.377 | 7.30 | 7.69 | 8.19 | 8.99 | 5.48 | 9.09 | 6.64 | 7¾–7¾ | 6–6 | 6.56 |
| 1978: |  |  |  |  |  |  |  |  |  |  |  |  |
| Jan. | 6.448 | 6.685 | 7.61 | 7.96 | 8.41 | 9.17 | 5.60 | 9.15 | 6.79 | 7¾–8 | 6–6½ | 6.70 |
| Feb. | 6.457 | 6.740 | 7.67 | 8.03 | 8.47 | 9.20 | 5.51 | 9.18 | 6.80 | 8–8 | 6½–6½ | 6.78 |
| Mar. | 6.319 | 6.644 | 7.70 | 8.04 | 8.47 | 9.22 | 5.49 | 9.26 | 6.80 | 8–8 | 6½–6½ | 6.79 |
| Apr. | 6.306 | 6.700 | 7.85 | 8.15 | 8.56 | 9.32 | 5.71 | 9.30 | 6.86 | 8–8 | 6½–6½ | 6.89 |
| May. | 6.430 | 7.019 | 8.07 | 8.35 | 8.69 | 9.49 | 5.97 | 9.37 | 7.11 | 8–8 | 6½–7 | 7.36 |
| June. | 6.707 | 7.200 | 8.30 | 8.46 | 8.76 | 9.60 | 6.13 | 9.46 | 7.63 | 8½–9 | 7–7 | 7.60 |
| July. | 7.074 | 7.471 | 8.54 | 8.64 | 8.88 | 9.60 | 6.18 | 9.57 | 7.91 | 9–9 | 7–7½ | 7.81 |
| Aug. | 7.036 | 7.363 | 8.33 | 8.41 | 8.69 | 9.48 | 5.98 | 9.70 | 7.90 | 9–9 | 7¼–7¾ | 8.04 |
| Sept. | 7.836 | 7.948 | 8.41 | 8.42 | 8.69 | 9.42 | 5.93 | 9.73 | 8.44 | 9¼–9¾ | 7¾–8 | 8.45 |
| Oct. | 8.132 | 8.493 | 8.62 | 8.64 | 8.89 | 9.59 | 5.95 | 9.83 | 9.03 | 9¾–10¼ | 8–8½ | 8.96 |
| Nov. | 8.787 | 9.204 | 9.04 | 8.81 | 9.03 | 9.83 | 6.03 | 9.87 | 10.23 | 10¼–11½ | 9½–9½ | 9.76 |
| Dec. | 9.122 | 9.397 | 9.33 | 9.01 | 9.16 | 9.94 | 6.33 | 10.02 | 10.43 | 11½–11¾ | 9½–9½ | 10.03 |

¹ Rate on new issues within period.  
² Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.  
³ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.  
⁴ Average effective rate for the year; opening and closing rate for the month.  
⁵ Based on seven-day average of daily effective rates for weeks ending Wednesday. 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.  
⁶ 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 Home Loan Bank Board (FHLBB), Moody’s Investors Service, and Standard & Poor’s Corporation.

LightOnOCR 3 1B · 0/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

![header](310,53,764,69) TABLE B-65.—Bond yields and interest rates, 1929-78

![text](493,74,616,87) [Percent per annum]

![table](116,87,918,631) <table>
  <thead>
    <tr>
      <th>Year or month</th>
      <th>U.S. Treasury securities</th>
      <th>Corporate bonds (Moody's)</th>
      <th>High-grade municipal bonds (Standard &amp; Poor's)</th>
      <th>New-home mortgage yields (FHLBB) (3)</th>
      <th>Prime commercial paper, 4-6 months</th>
      <th>Prime rate charged by banks (4)</th>
      <th>Discount rate, Federal Reserve Bank of New York (4)</th>
      <th>Federal funds rate (5)</th>
      <th></th>
      <th></th>
      <th></th>
      <th></th>
      <th></th>
      <th></th>
      <th></th>
    </tr>
  </thead>
  <tbody>
    <tr>
      <td></td>
      <td>Bills (new issues) (1)</td>
      <td>Constant maturities (2)</td>
      <td>Aaa</td>
      <td>Baa</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td></td>
      <td>3-month</td>
      <td>6-month</td>
      <td>3 years</td>
      <td>10 years</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1929</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td>4.73</td>
      <td>5.90</td>
      <td>4.27</td>
      <td></td>
      <td>5.85</td>
      <td></td>
      <td>5.16</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1933</td>
      <td>0.515</td>
      <td></td>
      <td></td>
      <td></td>
      <td>4.49</td>
      <td>7.76</td>
      <td>4.71</td>
      <td></td>
      <td>1.73</td>
      <td></td>
      <td>2.56</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1939</td>
      <td>.023</td>
      <td></td>
      <td></td>
      <td></td>
      <td>3.01</td>
      <td>4.96</td>
      <td>2.76</td>
      <td></td>
      <td>.59</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1940</td>
      <td>.014</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.84</td>
      <td>4.75</td>
      <td>2.50</td>
      <td></td>
      <td>.56</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1941</td>
      <td>.103</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.77</td>
      <td>4.33</td>
      <td>2.10</td>
      <td></td>
      <td>.53</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1942</td>
      <td>.326</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.83</td>
      <td>4.28</td>
      <td>2.36</td>
      <td></td>
      <td>.66</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1943</td>
      <td>.373</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.73</td>
      <td>3.91</td>
      <td>2.06</td>
      <td></td>
      <td>.69</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1944</td>
      <td>.375</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.72</td>
      <td>3.61</td>
      <td>1.86</td>
      <td></td>
      <td>.73</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1945</td>
      <td>.375</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.62</td>
      <td>3.29</td>
      <td>1.67</td>
      <td></td>
      <td>.75</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1946</td>
      <td>.375</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.53</td>
      <td>3.05</td>
      <td>1.64</td>
      <td></td>
      <td>.81</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1947</td>
      <td>.594</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.61</td>
      <td>3.24</td>
      <td>2.01</td>
      <td></td>
      <td>1.03</td>
      <td></td>
      <td>1.00</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1948</td>
      <td>1.040</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.82</td>
      <td>3.47</td>
      <td>2.40</td>
      <td></td>
      <td>1.44</td>
      <td></td>
      <td>1.34</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1949</td>
      <td>1.102</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.66</td>
      <td>3.42</td>
      <td>2.21</td>
      <td></td>
      <td>1.49</td>
      <td>2.00</td>
      <td>1.50</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1950</td>
      <td>1.218</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.62</td>
      <td>3.24</td>
      <td>1.98</td>
      <td></td>
      <td>1.45</td>
      <td>2.07</td>
      <td>1.59</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1951</td>
      <td>1.552</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.86</td>
      <td>3.41</td>
      <td>2.00</td>
      <td></td>
      <td>2.16</td>
      <td>2.56</td>
      <td>1.75</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1952</td>
      <td>1.766</td>
      <td></td>
      <td></td>
      <td></td>
      <td>2.96</td>
      <td>3.52</td>
      <td>2.19</td>
      <td></td>
      <td>2.33</td>
      <td>3.00</td>
      <td>1.75</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1953</td>
      <td>1.931</td>
      <td></td>
      <td>2.47</td>
      <td>2.85</td>
      <td>3.20</td>
      <td>3.74</td>
      <td>2.72</td>
      <td></td>
      <td>2.52</td>
      <td>3.17</td>
      <td>1.99</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1954</td>
      <td>.953</td>
      <td></td>
      <td>1.63</td>
      <td>2.40</td>
      <td>2.90</td>
      <td>3.51</td>
      <td>2.37</td>
      <td></td>
      <td>1.58</td>
      <td>3.05</td>
      <td>1.60</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1955</td>
      <td>1.753</td>
      <td></td>
      <td>2.47</td>
      <td>2.82</td>
      <td>3.06</td>
      <td>3.53</td>
      <td>2.53</td>
      <td></td>
      <td>2.18</td>
      <td>3.16</td>
      <td>1.89</td>
      <td>1.78</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1956</td>
      <td>2.658</td>
      <td></td>
      <td>3.19</td>
      <td>3.18</td>
      <td>3.36</td>
      <td>3.88</td>
      <td>2.93</td>
      <td></td>
      <td>3.31</td>
      <td>3.77</td>
      <td>2.77</td>
      <td>2.73</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1957</td>
      <td>3.267</td>
      <td></td>
      <td>3.98</td>
      <td>3.65</td>
      <td>3.89</td>
      <td>4.71</td>
      <td>3.60</td>
      <td></td>
      <td>3.81</td>
      <td>4.20</td>
      <td>3.12</td>
      <td>3.11</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1958</td>
      <td>1.839</td>
      <td></td>
      <td>2.84</td>
      <td>3.32</td>
      <td>3.79</td>
      <td>4.73</td>
      <td>3.56</td>
      <td></td>
      <td>2.46</td>
      <td>3.83</td>
      <td>2.15</td>
      <td>1.57</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1959</td>
      <td>3.405</td>
      <td>3.832</td>
      <td>4.46</td>
      <td>4.33</td>
      <td>4.38</td>
      <td>5.05</td>
      <td>3.95</td>
      <td></td>
      <td>3.97</td>
      <td>4.48</td>
      <td>3.36</td>
      <td>3.30</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1960</td>
      <td>2.928</td>
      <td>3.247</td>
      <td>3.98</td>
      <td>4.12</td>
      <td>4.41</td>
      <td>5.19</td>
      <td>3.73</td>
      <td></td>
      <td>3.85</td>
      <td>4.82</td>
      <td>3.53</td>
      <td>3.22</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1961</td>
      <td>2.378</td>
      <td>2.605</td>
      <td>3.54</td>
      <td>3.88</td>
      <td>4.35</td>
      <td>5.08</td>
      <td>3.46</td>
      <td></td>
      <td>2.97</td>
      <td>4.50</td>
      <td>3.00</td>
      <td>1.96</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1962</td>
      <td>2.778</td>
      <td>2.908</td>
      <td>3.47</td>
      <td>3.95</td>
      <td>4.33</td>
      <td>5.02</td>
      <td>3.18</td>
      <td></td>
      <td>3.26</td>
      <td>4.50</td>
      <td>3.00</td>
      <td>2.68</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1963</td>
      <td>3.157</td>
      <td>3.253</td>
      <td>3.67</td>
      <td>4.00</td>
      <td>4.26</td>
      <td>4.86</td>
      <td>3.23</td>
      <td>5.89</td>
      <td>3.55</td>
      <td>4.50</td>
      <td>3.23</td>
      <td>3.18</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1964</td>
      <td>3.549</td>
      <td>3.686</td>
      <td>4.03</td>
      <td>4.19</td>
      <td>4.40</td>
      <td>4.83</td>
      <td>3.22</td>
      <td>5.82</td>
      <td>3.97</td>
      <td>4.50</td>
      <td>3.55</td>
      <td>3.50</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1965</td>
      <td>3.954</td>
      <td>4.055</td>
      <td>4.22</td>
      <td>4.28</td>
      <td>4.49</td>
      <td>4.87</td>
      <td>3.27</td>
      <td>5.81</td>
      <td>4.38</td>
      <td>4.54</td>
      <td>4.04</td>
      <td>4.07</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1966</td>
      <td>4.881</td>
      <td>5.082</td>
      <td>5.23</td>
      <td>4.92</td>
      <td>5.13</td>
      <td>5.67</td>
      <td>3.82</td>
      <td>6.25</td>
      <td>5.55</td>
      <td>5.63</td>
      <td>4.50</td>
      <td>5.11</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1967</td>
      <td>4.321</td>
      <td>4.630</td>
      <td>5.03</td>
      <td>5.07</td>
      <td>5.51</td>
      <td>6.23</td>
      <td>3.98</td>
      <td>6.46</td>
      <td>5.10</td>
      <td>5.61</td>
      <td>4.19</td>
      <td>4.22</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1968</td>
      <td>5.339</td>
      <td>5.470</td>
      <td>5.68</td>
      <td>5.65</td>
      <td>6.18</td>
      <td>6.94</td>
      <td>4.51</td>
      <td>6.97</td>
      <td>5.90</td>
      <td>6.30</td>
      <td>5.17</td>
      <td>5.66</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1969</td>
      <td>6.677</td>
      <td>6.853</td>
      <td>7.02</td>
      <td>6.67</td>
      <td>7.03</td>
      <td>7.81</td>
      <td>5.81</td>
      <td>7.80</td>
      <td>7.83</td>
      <td>7.96</td>
      <td>5.87</td>
      <td>8.22</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1970</td>
      <td>7.074</td>
      <td>7.471</td>
      <td>8.54</td>
      <td>8.64</td>
      <td>8.88</td>
      <td>9.60</td>
      <td>6.18</td>
      <td>9.57</td>
      <td>7.91</td>
      <td>9.09</td>
      <td>7.86</td>
      <td>6.25</td>
      <td>5.82</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1971</td>
      <td>7.036</td>
      <td>7.363</td>
      <td>8.33</td>
      <td>8.41</td>
      <td>8.69</td>
      <td>9.48</td>
      <td>5.98</td>
      <td>9.70</td>
      <td>7.90</td>
      <td>9.09</td>
      <td>7.86</td>
      <td>6.25</td>
      <td>5.82</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1972</td>
      <td>7.836</td>
      <td>7.948</td>
      <td>8.41</td>
      <td>8.42</td>
      <td>8.69</td>
      <td>9.48</td>
      <td>5.98</td>
      <td>9.70</td>
      <td>7.90</td>
      <td>9.09</td>
      <td>7.86</td>
      <td>6.25</td>
      <td>5.82</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1973</td>
      <td>8.132</td>
      <td>8.493</td>
      <td>8.62</td>
      <td>8.64</td>
      <td>8.89</td>
      <td>9.59</td>
      <td>5.98</td>
      <td>9.70</td>
      <td>7.90</td>
      <td>9.09</td>
      <td>7.86</td>
      <td>6.25</td>
      <td>5.82</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1974</td>
      <td>8.787</td>
      <td>9.204</td>
      <td>9.04</td>
      <td>8.81</td>
      <td>9.03</td>
      <td>9.83</td>
      <td>6.03</td>
      <td>9.87</td>
      <td>10.23</td>
      <td>10.12</td>
      <td>9.76</td>
      <td>9.76</td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>1975</td>
      <td>9.122</td>
      <td>9.397</td>
      <td>9.33</td>
      <td>9.01</td>
      <td>9.16</td>
      <td>9.94</td>
      <td>6.33</td>
      <td>10.02</td>
      <td>10.43</td>
      <td>9.06</td>
      <td>7.94</td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
  </tbody>
</table>

![text](161,640,440,653) See next page for continuation of table.

![caption](205,68,790,83) TABLE B-65.—Bond yields and interest rates, 1929-78—Continued

![text](459,85,590,98) [Percent per annum]

![page_number](499,914,561,935) 259

![footer](0,953,379,992) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

![footer](123,953,889,992) Convert this document image to markdown in reading order. Preserve all text and numbers exactly. Represent tables as markdown or HTML, retaining row and column labels. Do not fill missing text or invent content. Output only the transcription.

![footer](123,994,889,998) Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.

![footer](0,953,889,992) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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OCRia-1 · 8/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

# TABLE B-65.—*Bond yields and interest rates, 1929–78*

[Percent per annum]

<table>
<thead>
<tr>
<th>Year or month</th>
<th colspan="4">U.S. Treasury securities</th>
<th colspan="2">Corporate bonds (Moody's)</th>
<th>High-grade municipal bonds (Standard &#x26; Poor's)</th>
<th>New-home mortgage yields (FHLBB) <sup>(3)</sup></th>
<th>Prime commercial paper, 4-6 months</th>
<th>Prime rate charged by banks <sup>4</sup></th>
<th>Discount rate, Federal Reserve Bank of New York <sup>4</sup></th>
<th>Federal funds rate <sup>5</sup></th>
</tr>
<tr>
<th></th>
<th> Bills (new issues) <sup>1</sup> </th>
<th> Constant maturities <sup>2</sup> </th>
<th> 3 months</th>
<th> 6-month</th>
<th> 3 years</th>
<th> 10 years</th>
<th> Aa</th>
<th> Baa</th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
<tr>
<td>1929</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>4.73</td>
<td>5.90</td>
<td>4.27</td>
<td>-----------</td>
<td>5.85</td>
<td>-----------</td>
<td>5.16</td>
<td>-----------</td>
</tr>
<tr>
<td>1933</td>
<td>0.515</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>4.49</td>
<td>7.76</td>
<td>4.71</td>
<td>-----------</td>
<td>1.73</td>
<td>-----------</td>
<td>2.56</td>
<td>-----------</td>
</tr>
<tr>
<td>1939</td>
<td>.023</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>3.01</td>
<td>4.96</td>
<td>2.76</td>
<td>-----------</td>
<td>.59</td>
<td>-----------</td>
<td>1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1940</td>
<td>.014</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.84</td>
<td>4.75</td>
<td>2.50</td>
<td>-----------</td>
<td>.56</td>
<td>-----------</td>
<td>1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1941</td>
<td>.103</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.77</td>
<td>4.33</td>
<td>2.10</td>
<td>-----------</td>
<td>.53</td>
<td>-----------</td>
<td>1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1942</td>
<td>.326</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.83</td>
<td>4.28</td>
<td>2.36</td>
<td>-----------</td>
<td>.66</td>
<td>-----------</td>
<td>* 1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1943</td>
<td>.373</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.73</td>
<td>3.91</td>
<td>2.06</td>
<td>-----------</td>
<td>.69</td>
<td>-----------</td>
<td>* 1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1944</td>
<td>.375</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.72</td>
<td>3.61</td>
<td>1.86</td>
<td>-----------</td>
<td>.73</td>
<td>-----------</td>
<td>* 1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1945</td>
<td>.375</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.62</td>
<td>3.29</td>
<td>1.67</td>
<td>-----------</td>
<td>.75</td>
<td>-----------</td>
<td>* 1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1946</td>
<td>.375</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.53</td>
<td>3.05</td>
<td>1.64</td>
<td>-----------</td>
<td>.81</td>
<td>-----------</td>
<td>* 1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1947</td>
<td>.594</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.61</td>
<td>3.24</td>
<td>2.01</td>
<td>-----------</td>
<td>1.03</td>
<td>-----------</td>
<td>1.00</td>
<td>-----------</td>
</tr>
<tr>
<td>1948</td>
<td>1.040</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.82</td>
<td>3.47</td>
<td>2.40</td>
<td>-----------</td>
<td>1.44</td>
<td>-----------</td>
<td>1.34</td>
<td>-----------</td>
</tr>
<tr>
<td>1949</td>
<td>1.102</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.66</td>
<td>3.42</td>
<td>2.21</td>
<td>-----------</td>
<td>1.49</td>
<td>2.00</td>
<td>1.50</td>
<td>-----------</td>
</tr>
<tr>
<td>1950</td>
<td>1.218</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.62</td>
<td>3.24</td>
<td>1.98</td>
<td>-----------</td>
<td>1.45</td>
<td>2.07</td>
<td>1.59</td>
<td>-----------</td>
</tr>
<tr>
<td>1951</td>
<td>1.552</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.86</td>
<td>3.41</td>
<td>2.00</td>
<td>-----------</td>
<td>2.16</td>
<td>2.56</td>
<td>1.75</td>
<td>-----------</td>
</tr>
<tr>
<td>1952</td>
<td>1.766</td>
<td>-----------</td>
<td>-----------</td>
<td>-----------</td>
<td>2.96</td>
<td>3.52</td>
<td>2.19</td>
<td>-----------</td>
<td>2.33</td>
<td>3.00</td>
<td>1.75</td>
<td>-----------</td>
</tr>
<tr>
<td>1953</td>
<td>1.931</td>
<td>-----------</td>
<td>2.47</td>
<td>2.85</td>
<td>3.20</td>
<td>3.74</td>
<td>2.72</td>
<td>-----------</td>
<td>2.52</td>
<td>3.17</td>
<td>1.99</td>
<td>-----------</td>
</tr>
<tr>
<td>1954</td>
<td>.953</td>
<td>-----------</td>
<td>1.63</td>
<td>2.40</td>
<td>2.90</td>
<td>3.51</td>
<td>2.37</td>
<td>-----------</td>
<td>1.58</td>
<td>3.05</td>
<td>1.60</td>
<td>-----------</td>
</tr>
<tr>
<td>1955</td>
<td>1.753</td>
<td>-----------</td>
<td>2.47</td>
<td>2.82</td>
<td>3.06</td>
<td>3.53</td>
<td>2.53</td>
<td>-----------</td>
<td>2.18</td>
<td>3.16</td>
<td>1.89</td>
<td>1.78</td>
</tr>
<tr>
<td>1956</td>
<td>2.658</td>
<td>-----------</td>
<td>3.19</td>
<td>3.18</td>
<td>3.36</td>
<td>3.88</td>
<td>2.93</td>
<td>-----------</td>
<td>3.31</td>
<td>3.77</td>
<td>2.77</td>
<td>2.73</td>
</tr>
<tr>
<td>1957</td>
<td>3.267</td>
<td>-----------</td>
<td>3.98</td>
<td>3.65</td>
<td>3.89</td>
<td>4.71</td>
<td>3.60</td>
<td>-----------</td>
<td>3.81</td>
<td>4.20</td>
<td>3.12</td>
<td>3.11</td>
</tr>
<tr>
<td>1958</td>
<td>1.839</td>
<td>-----------</td>
<td>2.84</td>
<td>3.32</td>
<td>3.79</td>
<td>4.73</td>
<td>3.56</td>
<td>-----------</td>
<td>2.46</td>
<td>3.83</td>
<td>2.15</td>
<td>1.57</td>
</tr>
<tr>
<td>1959</td>
<td>3.405</td>
<td>3.832</td>
<td>4.46</td>
<td>4.33</td>
<td>4.38</td>
<td>5.05</td>
<td>3.95</td>
<td>-----------</td>
<td>3.97</td>
<td>4.48</td>
<td>3.36</td>
<td>3.30</td>
</tr>
<tr>
<td>1960</td>
<td>2.928</td>
<td>3.247</td>
<td>3.98</td>
<td>4.12</td>
<td>4.41</td>
<td>5.19</td>
<td>3.73</td>
<td>-----------</td>
<td>3.85</td>
<td>4.82</td>
<td>3.53</td>
<td>3.22</td>
</tr>
<tr>
<td>1961</td>
<td>2.378</td>
<td>2.605</td>
<td>3.54</td>
<td>3.88</td>
<td>4.35</td>
<td>5.08</td>
<td>3.46</td>
<td>-----------</td>
<td>2.97</td>
<td>4.50</td>
<td>3.00</td>
<td>1.96</td>
</tr>
<tr>
<td>1962</td>
<td>2.778</td>
<td>2.908</td>
<td>3.47</td>
<td>3.95</td>
<td>4.33</td>
<td>5.02</td>
<td>3.18</td>
<td>-----------</td>
<td>3.26</td>
<td>4.50</td>
<td>3.00</td>
<td>2.68</td>
</tr>
<tr>
<td>1963</td>
<td>3.157</td>
<td>3.253</td>
<td>3.67</td>
<td>4.00</td>
<td>4.26</td>
<td>4.86</td>
<td>3.23</td>
<td>5.89</td>
<td>3.55</td>
<td>4.50</td>
<td>3.23</td>
<td>3.18</td>
</tr>
<tr>
<td>1964</td>
<td>3.549</td>
<td>3.686</td>
<td>4.03</td>
<td>4.19</td>
<td>4.40</td>
<td>4.83</td>
<td>3.22</td>
<td>5.82</td>
<td>3.97</td>
<td>4.50</td>
<td>3.55</td>
<td>3.50</td>
</tr>
<tr>
<td>1965</td>
<td>3.954</td>
<td>4.055</td>
<td>4.22</td>
<td>4.28</td>
<td>4.49</td>
<td>4.87</td>
<td>3.27</td>
<td>5.81</td>
<td>4.38</td>
<td>4.54</td>
<td>4.04</td>
<td>4.07</td>
</tr>
<tr>
<td>1966</td>
<td>4.881</td>
<td>5.082</td>
<td>5.23</td>
<td>4.92</td>
<td>5.13</td>
<td>5.67</td>
<td>3.82</td>
<td>6.25</td>
<td>5.55</td>
<td>5.63</td>
<td>4.50</td>
<td>5.11</td>
</tr>
<tr>
<td>1967</td>
<td>4.321</td>
<td>4.630</td>
<td>5.03</td>
<td>5.07</td>
<td>5.51</td>
<td>6.23</td>
<td>3.98</td>
<td>6.46</td>
<td>5.10</td>
<td>5.61</td>
<td>4.19</td>
<td>4.22</td>
</tr>
<tr>
<td>1968</td>
<td>5.339</td>
<td>5.470</td>
<td>5.68</td>
<td>5.65</td>
<td>6.18</td>
<td>6.94</td>
<td>4.51</td>
<td>6.97</td>
<td>5.90</td>
<td>6.30</td>
<td>5.17</td>
<td>5.66</td>
</tr>
<tr>
<td>1969</td>
<td>6.677</td>
<td>6.853</td>
<td>7.02</td>
<td>6.67</td>
<td>7.03</td>
<td>7.81</td>
<td>5.81</td>
<td>7.80</td>
<td>7.83</td>
<td>7.96</td>
<td>5.87</td>
<td>8.22</td>
</tr>
<tr>
<td>1970</td>
<td>6.458</td>
<td>6.562</td>
<td>7.29</td>
<td>7.35</td>
<td>8.04</td>
<td>9.11</td>
<td>6.51</td>
<td>8.45</td>
<td>7.72</td>
<td>7.91</td>
<td>5.95</td>
<td>7.17</td>
</tr>
<tr>
<td>1971</td>
<td>4.348</td>
<td>4.511</td>
<td>5.65</td>
<td>6.16</td>
<td>7.39</td>
<td>8.56</td>
<td>5.70</td>
<td>7.74</td>
<td>5.11</td>
<td>5.72</td>
<td>4.88</td>
<td>4.67</td>
</tr>
<tr>
<td>1972</td>
<td>4.071</td>
<td>4.466</td>
<td>5.72</td>
<td>6.21</td>
<td>7.21</td>
<td>8.16</td>
<td>5.27</td>
<td>7.60</td>
<td>4.69</td>
<td>5.25</td>
<td>4.50</td>
<td>4.44</td>
</tr>
<tr>
<td>1973</td>
<td>7.041</td>
<td>7.178</td>
<td>6.95</td>
<td>6.84</td>
<td>7.44</td>
<td>8.24</td>
<td>5.18</td>
<td>7.95</td>
<td>8.15</td>
<td>8.03</td>
<td>6.45</td>
<td>8.74</td>
</tr>
<tr>
<td>1974</td>
<td>7.886</td>
<td>7.926</td>
<td>7.82</td>
<td>7.56</td>
<td>8.57</td>
<td>9.50</td>
<td>6.09</td>
<td>8.92</td>
<td>9.87</td>
<td>10.81</td>
<td>7.83</td>
<td>10.51</td>
</tr>
<tr>
<td>1975</td>
<td>5.838</td>
<td>6.122</td>
<td>7.49</td>
<td>7.99</td>
<td>8.83</td>
<td>10.61</td>
<td>6.89</td>
<td>9.01</td>
<td>6.33</td>
<td>7.86</td>
<td>6.25</td>
<td>5.82</td>
</tr>
<tr>
<td>1976</td>
<td>4.989</td>
<td>5.266</td>
<td>6.77</td>
<td>7.61</td>
<td>8.43</td>
<td>9.75</td>
<td>6.49</td>
<td>8.99</td>
<td>5.35</td>
<td>6.84</td>
<td>5.50</td>
<td>5.05</td>
</tr>
<tr>
<td>1977</td>
<td>5.265</td>
<td>5.510</td>
<td>6.69</td>
<td>7.42</td>
<td>8.02</td>
<td>8.97</td>
<td>5.56</td>
<td>9.01</td>
<td>5.60</td>
<td>6.83</td>
<td>5.46</td>
<td>5.54</td>
</tr>
<tr>
<td>1978</td>
<td>7.221</td>
<td>7.572</td>
<td>8.29</td>
<td>8.41</td>
<td>8.73</td>
<td>9.49</td>
<td>5.90</td>
<td>9.54</td>
<td>7.99</td>
<td>9.06</td>
<td>7.46</td>
<td>7.94</td>
</tr>
</thead></table>

See next page for continuation of table.

258

---

# TABLE B-65.—Bond yields and interest rates, 1929-78—Continued

[Percent per annum]

<table>
<thead>
<tr>
<th>Year or month</th>
<th colspan="4">U.S. Treasury securities</th>
<th colspan="2">Corporate bonds (Moody's)</th>
<th>High-grade municipal bonds (Standard &#x26; Poor's)</th>
<th>New-home mortgage yields (FHLBB) <sup>(3)</sup></th>
<th>Prime commercial paper, 4-6 months</th>
<th>Prime rate charged by banks <sup>(4)</sup></th>
<th>Discount rate, Federal Reserve Bank of New York <sup>(4)</sup></th>
<th>Federal funds rate <sup>6</sup></th>
</tr>
<tr>
<th></th>
<th colspan="2">Bills (new issues)<sup>1</sup></th>
<th colspan="2">Constant maturities <sup>2</sup></th>
<th>Aaa</th>
<th>Baa</th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
<tr>
<th></th>
<th>3-month</th>
<th>6-month</th>
<th>3 years</th>
<th>10 years</th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
  </thead>
  <tbody>
<tr>
<td><b>1976:</b></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jan...</td>
<td>4.961</td>
<td>5.238</td>
<td>6.99</td>
<td>7.74</td>
<td>8.60</td>
<td>10.41</td>
<td>6.80</td>
<td>8.99</td>
<td>5.27</td>
<td>7<sup>1</sup><sub>4</sub> - 6<sup>3</sup><sub>4</sub></td>
<td>6 - 5<sup>1</sup><sub>2</sub></td>
<td>4.87</td>
</tr>
<tr>
<td>Feb...</td>
<td>4.852</td>
<td>5.144</td>
<td>7.06</td>
<td>7.79</td>
<td>8.55</td>
<td>10.24</td>
<td>6.91</td>
<td>8.93</td>
<td>5.23</td>
<td>6<sup>3</sup><sub>4</sub> - 6<sup>3</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>4.77</td>
</tr>
<tr>
<td>Mar...</td>
<td>5.047</td>
<td>5.488</td>
<td>7.13</td>
<td>7.73</td>
<td>8.52</td>
<td>10.12</td>
<td>6.86</td>
<td>8.93</td>
<td>5.37</td>
<td>6<sup>3</sup><sub>4</sub> - 6<sup>3</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>4.84</td>
</tr>
<tr>
<td>Apr...</td>
<td>4.878</td>
<td>5.201</td>
<td>6.84</td>
<td>7.56</td>
<td>8.40</td>
<td>9.94</td>
<td>6.62</td>
<td>8.92</td>
<td>5.23</td>
<td>6<sup>3</sup><sub>4</sub> - 6<sup>3</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>4.82</td>
</tr>
<tr>
<td>May...</td>
<td>5.185</td>
<td>5.600</td>
<td>7.27</td>
<td>7.90</td>
<td>8.58</td>
<td>9.86</td>
<td>6.87</td>
<td>8.97</td>
<td>5.54</td>
<td>6<sup>3</sup><sub>4</sub> - 6<sup>3</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>5.29</td>
</tr>
<tr>
<td>June...</td>
<td>5.443</td>
<td>5.784</td>
<td>7.32</td>
<td>7.86</td>
<td>8.62</td>
<td>9.89</td>
<td>6.85</td>
<td>8.89</td>
<td>5.94</td>
<td>7 - 7<sup>1</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>5.48</td>
</tr>
<tr>
<td>July...</td>
<td>5.278</td>
<td>5.597</td>
<td>7.12</td>
<td>7.83</td>
<td>8.56</td>
<td>9.82</td>
<td>6.64</td>
<td>8.97</td>
<td>5.67</td>
<td>7<sup>1</sup><sub>4</sub> - 7<sup>1</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>5.31</td>
</tr>
<tr>
<td>Aug...</td>
<td>5.153</td>
<td>5.416</td>
<td>6.86</td>
<td>7.77</td>
<td>8.45</td>
<td>9.64</td>
<td>6.28</td>
<td>9.02</td>
<td>5.47</td>
<td>7<sup>1</sup><sub>4</sub> - 7</td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>5.29</td>
</tr>
<tr>
<td>Sept...</td>
<td>5.075</td>
<td>5.311</td>
<td>6.66</td>
<td>7.59</td>
<td>8.38</td>
<td>9.40</td>
<td>6.20</td>
<td>9.08</td>
<td>5.45</td>
<td>7 - 7</td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>5.25</td>
</tr>
<tr>
<td>Oct...</td>
<td>4.930</td>
<td>5.073</td>
<td>6.24</td>
<td>7.41</td>
<td>8.32</td>
<td>9.29</td>
<td>6.06</td>
<td>9.07</td>
<td>5.22</td>
<td>7 - 6<sup>3</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>5.03</td>
</tr>
<tr>
<td>Nov...</td>
<td>4.810</td>
<td>4.944</td>
<td>6.09</td>
<td>7.29</td>
<td>8.25</td>
<td>9.23</td>
<td>6.05</td>
<td>9.05</td>
<td>5.05</td>
<td>6<sup>1</sup><sub>2</sub> - 6<sup>1</sup><sub>2</sub></td>
<td>5<sup>1</sup><sub>2</sub>-5<sup>1</sup><sub>2</sub></td>
<td>4.95</td>
</tr>
<tr>
<td>Dec...</td>
<td>4.355</td>
<td>4.513</td>
<td>5.68</td>
<td>6.87</td>
<td>7.98</td>
<td>9.12</td>
<td>5.69</td>
<td>9.10</td>
<td>4.70</td>
<td>6<sup>1</sup><sub>2</sub> - 6<sup>1</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>1</sup><sub>4</sub></td>
<td>4.65</td>
</tr>
<tr>
<td><b>1977:</b></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jan...</td>
<td>4.597</td>
<td>4.783</td>
<td>6.22</td>
<td>7.21</td>
<td>7.96</td>
<td>9.08</td>
<td>5.70</td>
<td>9.05</td>
<td>4.74</td>
<td>6<sup>1</sup><sub>4</sub> - 6<sup>1</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>1</sup><sub>4</sub></td>
<td>4.61</td>
</tr>
<tr>
<td>Feb...</td>
<td>4.662</td>
<td>4.896</td>
<td>6.44</td>
<td>7.39</td>
<td>8.04</td>
<td>9.12</td>
<td>5.75</td>
<td>8.99</td>
<td>4.82</td>
<td>6<sup>1</sup><sub>4</sub> - 6<sup>1</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>1</sup><sub>4</sub></td>
<td>4.68</td>
</tr>
<tr>
<td>Mar...</td>
<td>4.613</td>
<td>4.883</td>
<td>6.47</td>
<td>7.46</td>
<td>8.10</td>
<td>9.12</td>
<td>5.76</td>
<td>8.95</td>
<td>4.87</td>
<td>6<sup>1</sup><sub>4</sub> - 6<sup>1</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>1</sup><sub>4</sub></td>
<td>4.69</td>
</tr>
<tr>
<td>Apr...</td>
<td>4.540</td>
<td>4.790</td>
<td>6.31</td>
<td>7.37</td>
<td>8.04</td>
<td>9.07</td>
<td>5.61</td>
<td>8.94</td>
<td>4.87</td>
<td>6<sup>1</sup><sub>4</sub> - 6<sup>1</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>1</sup><sub>4</sub></td>
<td>4.73</td>
</tr>
<tr>
<td>May...</td>
<td>4.942</td>
<td>5.193</td>
<td>6.55</td>
<td>7.46</td>
<td>8.05</td>
<td>9.01</td>
<td>5.64</td>
<td>8.96</td>
<td>5.35</td>
<td>6<sup>1</sup><sub>4</sub> - 6<sup>3</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>1</sup><sub>4</sub></td>
<td>5.35</td>
</tr>
<tr>
<td>June...</td>
<td>5.004</td>
<td>5.198</td>
<td>6.39</td>
<td>7.28</td>
<td>7.95</td>
<td>8.91</td>
<td>5.53</td>
<td>8.98</td>
<td>5.49</td>
<td>6<sup>3</sup><sub>4</sub> - 6<sup>3</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>1</sup><sub>4</sub></td>
<td>5.39</td>
</tr>
<tr>
<td>July...</td>
<td>5.146</td>
<td>5.351</td>
<td>6.51</td>
<td>7.33</td>
<td>7.94</td>
<td>8.87</td>
<td>5.50</td>
<td>9.00</td>
<td>5.41</td>
<td>6<sup>3</sup><sub>4</sub> - 6<sup>3</sup><sub>4</sub></td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>1</sup><sub>4</sub></td>
<td>5.42</td>
</tr>
<tr>
<td>Aug...</td>
<td>5.500</td>
<td>5.810</td>
<td>6.79</td>
<td>7.40</td>
<td>7.98</td>
<td>8.82</td>
<td>5.46</td>
<td>9.02</td>
<td>5.84</td>
<td>6<sup>3</sup><sub>4</sub> - 7</td>
<td>5<sup>1</sup><sub>4</sub>-5<sup>3</sup><sub>4</sub></td>
<td>5.90</td>
</tr>
<tr>
<td>Sept...</td>
<td>5.770</td>
<td>5.991</td>
<td>6.84</td>
<td>7.34</td>
<td>7.92</td>
<td>8.80</td>
<td>5.37</td>
<td>9.04</td>
<td>6.17</td>
<td>7 - 7<sup>1</sup><sub>4</sub></td>
<td>5<sup>3</sup><sub>4</sub>-5<sup>3</sup><sub>4</sub></td>
<td>6.14</td>
</tr>
<tr>
<td>Oct...</td>
<td>6.188</td>
<td>6.410</td>
<td>7.19</td>
<td>7.52</td>
<td>8.04</td>
<td>8.89</td>
<td>5.53</td>
<td>9.07</td>
<td>6.55</td>
<td>7<sup>1</sup><sub>4</sub> - 7<sup>3</sup><sub>4</sub></td>
<td>5<sup>3</sup><sub>4</sub>-6</td>
<td>6.47</td>
</tr>
<tr>
<td>Nov...</td>
<td>6.160</td>
<td>6.433</td>
<td>7.22</td>
<td>7.58</td>
<td>8.08</td>
<td>8.95</td>
<td>5.38</td>
<td>9.07</td>
<td>6.59</td>
<td>7<sup>3</sup><sub>4</sub> - 7<sup>3</sup><sub>4</sub></td>
<td>6 - 6</td>
<td>6.51</td>
</tr>
<tr>
<td>Dec...</td>
<td>6.063</td>
<td>6.377</td>
<td>7.30</td>
<td>7.69</td>
<td>8.19</td>
<td>8.99</td>
<td>5.48</td>
<td>9.09</td>
<td>6.64</td>
<td>7<sup>3</sup><sub>4</sub> - 7<sup>3</sup><sub>4</sub></td>
<td>6 - 6</td>
<td>6.56</td>
</tr>
<tr>
<td><b>1978:</b></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jan...</td>
<td>6.448</td>
<td>6.685</td>
<td>7.61</td>
<td>7.96</td>
<td>8.41</td>
<td>9.17</td>
<td>5.60</td>
<td>9.15</td>
<td>6.79</td>
<td>7<sup>3</sup><sub>4</sub> - 8</td>
<td>6 - 6<sup>1</sup><sub>2</sub></td>
<td>6.70</td>
</tr>
<tr>
<td>Feb...</td>
<td>6.457</td>
<td>6.740</td>
<td>7.67</td>
<td>8.03</td>
<td>8.47</td>
<td>9.20</td>
<td>5.51</td>
<td>9.18</td>
<td>6.80</td>
<td>8 - 8</td>
<td>6<sup>1</sup><sub>2</sub>-6<sup>1</sup><sub>2</sub></td>
<td>6.78</td>
</tr>
<tr>
<td>Mar...</td>
<td>6.319</td>
<td>6.644</td>
<td>7.70</td>
<td>8.04</td>
<td>8.47</td>
<td>9.22</td>
<td>5.49</td>
<td>9.26</td>
<td>6.80</td>
<td>8 - 8</td>
<td>6<sup>1</sup><sub>2</sub>-6<sup>1</sup><sub>2</sub></td>
<td>6.79</td>
</tr>
<tr>
<td>Apr...</td>
<td>6.306</td>
<td>6.700</td>
<td>7.85</td>
<td>8.15</td>
<td>8.56</td>
<td>9.32</td>
<td>5.71</td>
<td>9.30</td>
<td>6.86</td>
<td>8 - 8</td>
<td>6<sup>1</sup><sub>2</sub>-6<sup>1</sup><sub>2</sub></td>
<td>6.89</td>
</tr>
<tr>
<td>May...</td>
<td>6.430</td>
<td>7.019</td>
<td>8.07</td>
<td>8.35</td>
<td>8.69</td>
<td>9.49</td>
<td>5.97</td>
<td>9.37</td>
<td>7.11</td>
<td>8 - 8<sup>1</sup><sub>2</sub></td>
<td>6<sup>1</sup><sub>2</sub>-7</td>
<td>7.36</td>
</tr>
<tr>
<td>June...</td>
<td>6.707</td>
<td>7.200</td>
<td>8.30</td>
<td>8.46</td>
<td>8.76</td>
<td>9.60</td>
<td>6.13</td>
<td>9.46</td>
<td>7.63</td>
<td>8<sup>1</sup><sub>2</sub> - 9</td>
<td>7 - 7</td>
<td>7.60</td>
</tr>
<tr>
<td>July...</td>
<td>7.074</td>
<td>7.471</td>
<td>8.54</td>
<td>8.64</td>
<td>8.88</td>
<td>9.60</td>
<td>6.18</td>
<td>9.57</td>
<td>7.91</td>
<td>9 - 9</td>
<td>7 - 7<sup>1</sup><sub>4</sub></td>
<td>7.81</td>
</tr>
<tr>
<td>Aug...</td>
<td>7.036</td>
<td>7.363</td>
<td>8.33</td>
<td>8.41</td>
<td>8.69</td>
<td>9.48</td>
<td>5.98</td>
<td>9.70</td>
<td>7.90</td>
<td>9 - 9<sup>1</sup><sub>4</sub></td>
<td>7<sup>1</sup><sub>4</sub>-7<sup>3</sup><sub>4</sub></td>
<td>8.04</td>
</tr>
<tr>
<td>Sept...</td>
<td>7.836</td>
<td>7.948</td>
<td>8.41</td>
<td>8.42</td>
<td>8.69</td>
<td>9.42</td>
<td>5.93</td>
<td>9.73</td>
<td>8.44</td>
<td>9<sup>1</sup><sub>4</sub> - 9<sup>3</sup><sub>4</sub></td>
<td>7<sup>3</sup><sub>4</sub>-8</td>
<td>8.45</td>
</tr>
<tr>
<td>Oct...</td>
<td>8.132</td>
<td>8.493</td>
<td>8.62</td>
<td>8.64</td>
<td>8.89</td>
<td>9.59</td>
<td>5.95</td>
<td>9.83</td>
<td>9.03</td>
<td>9<sup>3</sup><sub>4</sub>-10<sup>1</sup><sub>4</sub></td>
<td>8 - 8<sup>1</sup><sub>2</sub></td>
<td>8.96</td>
</tr>
<tr>
<td>Nov...</td>
<td>8.787</td>
<td>9.204</td>
<td>9.04</td>
<td>8.81</td>
<td>9.03</td>
<td>9.83</td>
<td>6.03</td>
<td>9.87</td>
<td>10.23</td>
<td>10<sup>1</sup><sub>2</sub>-11<sup>1</sup><sub>2</sub></td>
<td>9<sup>1</sup><sub>2</sub>-9<sup>1</sup><sub>2</sub></td>
<td>9.76</td>
</tr>
<tr>
<td>Dec...</td>
<td>9.122</td>
<td>9.397</td>
<td>9.33</td>
<td>9.01</td>
<td>9.16</td>
<td>9.94</td>
<td>6.33</td>
<td>10.02</td>
<td>10.43</td>
<td>11<sup>1</sup><sub>2</sub>-11<sup>3</sup><sub>4</sub></td>
<td>9<sup>1</sup><sub>2</sub>-9<sup>1</sup><sub>2</sub></td>
<td>10.03</td>
</tr>
  </tbody>
</table>

<sup>1</sup> Rate on new issues within period.
<sup>2</sup> Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
<sup>3</sup> Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.
<sup>4</sup> Average effective rate for the year; opening and closing rate for the month.
<sup>5</sup> Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.
<sup>6</sup> 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation. 259

dots.ocr · 8/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

TABLE B-65.—Bond yields and interest rates, 1929-78—Continued

[Percent per annum]

<table><thead><tr><th rowspan="3">Year or month</th><th colspan="4">U.S. Treasury securities</th><th colspan="2">Corporate bonds (Moody's)</th><th rowspan="2">High-grade municipal bonds (Stand-ard & Poor's)</th><th rowspan="2">New-home mortgage yields (FHLBB) (2)</th><th rowspan="2">Prime commercial paper, 4-6 months</th><th rowspan="2">Prime rate charged by banks 4</th><th rowspan="2">Discount rate, Federal Reserve Bank of New York 4</th><th rowspan="2">Federal funds rate 5</th></tr><tr><th colspan="2">Bills (new issues) 1</th><th colspan="2">Constant maturities 2</th><th colspan="2">Aaa</th><th colspan="2">Baa</th></tr><tr><th>3-month</th><th>6-month</th><th>3 years</th><th>10 years</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr></thead><tbody><tr><td colspan="14"><strong>1976:</strong></td></tr><tr><td>Jan....</td><td>4.961</td><td>5.238</td><td>6.99</td><td>7.74</td><td>8.60</td><td>10.41</td><td>6.80</td><td>8.99</td><td>5.27</td><td>7⅓-6⅔</td><td>6⅓-5⅔</td><td>4.87</td></tr><tr><td>Feb....</td><td>4.852</td><td>5.144</td><td>7.06</td><td>7.79</td><td>8.55</td><td>10.24</td><td>6.91</td><td>8.93</td><td>5.23</td><td>6⅔-6⅓</td><td>5⅓-5⅔</td><td>4.77</td></tr><tr><td>Mar....</td><td>5.047</td><td>5.488</td><td>7.13</td><td>7.73</td><td>8.52</td><td>10.12</td><td>6.86</td><td>8.93</td><td>5.37</td><td>6⅔-6⅓</td><td>5⅓-5⅔</td><td>4.84</td></tr><tr><td>Apr....</td><td>4.878</td><td>5.201</td><td>6.84</td><td>7.56</td><td>8.40</td><td>9.94</td><td>6.62</td><td>8.92</td><td>5.23</td><td>6⅔-6⅓</td><td>5⅓-5⅔</td><td>4.82</td></tr><tr><td>May....</td><td>5.185</td><td>5.600</td><td>7.27</td><td>7.90</td><td>8.58</td><td>9.86</td><td>6.87</td><td>8.97</td><td>5.54</td><td>6⅔-6⅓</td><td>5⅓-5⅔</td><td>5.29</td></tr><tr><td>June..</td><td>5.443</td><td>5.784</td><td>7.32</td><td>7.86</td><td>8.62</td><td>9.89</td><td>6.85</td><td>8.89</td><td>5.94</td><td>7-7⅓</td><td>5⅓-5⅔</td><td>5.48</td></tr><tr><td>July....</td><td>5.278</td><td>5.597</td><td>7.12</td><td>7.83</td><td>8.56</td><td>9.82</td><td>6.64</td><td>8.97</td><td>5.67</td><td>7⅓-7¼</td><td>5⅓-5⅔</td><td>5.31</td></tr><tr><td>Aug....</td><td>5.153</td><td>5.416</td><td>6.86</td><td>7.77</td><td>8.45</td><td>9.64</td><td>6.28</td><td>9.02</td><td>5.47</td><td>7⅓-7¼</td><td>5⅓-5⅔</td><td>5.29</td></tr><tr><td>Sept....</td><td>5.075</td><td>5.311</td><td>6.66</td><td>7.59</td><td>8.38</td><td>9.40</td><td>6.20</td><td>9.03</td><td>5.45</td><td>6⅔-6⅓</td><td>5⅓-5⅔</td><td>5.25</td></tr><tr><td>Oct....</td><td>4.930</td><td>5.073</td><td>6.74</td><td>7.41</td><td>8.32</td><td>9.29</td><td>6.06</td><td>9.07</td><td>5.22</td><td>7-6⅔</td><td>5⅓-5⅔</td><td>6.03</td></tr><tr><td>Nov....</td><td>4.810</td><td>4.944</td><td>6.09</td><td>7.29</td><td>8.25</td><td>9.23</td><td>6.05</td><td>9.05</td><td>5.05</td><td>6⅓-6¼</td><td>5⅓-5⅔</td><td>4.95</td></tr><tr><td>Dec..</td><td>4.355</td><td>4.513</td><td>5.68</td><td>6.87</td><td>7.98</td><td>9.12</td><td>5.69</td><td>9.10</td><td>4.70</td><td>6⅔-6¼</td><td>5⅓-5¼</td><td>4.65</td></tr><tr><td colspan="14"><strong>1977:</strong></td></tr><tr><td>Jan....</td><td>4.597</td><td>4.783</td><td>6.22</td><td>7.21</td><td>7.96</td><td>9.08</td><td>5.70</td><td>9.05</td><td>4.74</td><td>6⅓-6¼</td><td>5⅓-5¼</td><td>4.61</td></tr><tr><td>Feb....</td><td>4.662</td><td>4.896</td><td>6.44</td><td>7.39</td><td>8.04</td><td>9.12</td><td>5.75</td><td>8.99</td><td>4.82</td><td>6⅓-6¼</td><td>5⅓-5¼</td><td>4.68</td></tr><tr><td>Mar....</td><td>4.613</td><td>4.883</td><td>6.47</td><td>7.34</td><td>8.10</td><td>9.12</td><td>5.76</td><td>8.95</td><td>4.87</td><td>6⅓-6¼</td><td>5⅓-5¼</td><td>4.69</td></tr><tr><td>Apr....</td><td>4.540</td><td>4.790</td><td>6.31</td><td>7.37</td><td>8.04</td><td>9.07</td><td>5.61</td><td>8.94</td><td>4.87</td><td>6⅓-6¼</td><td>5⅓-5¼</td><td>4.73</td></tr><tr><td>May....</td><td>4.942</td><td>5.193</td><td>6.55</td><td>7.46</td><td>8.05</td><td>9.01</td><td>5.64</td><td>8.96</td><td>5.35</td><td>6⅔-6⅓</td><td>5⅓-5¼</td><td>5.35</td></tr><tr><td>June..</td><td>5.004</td><td>5.198</td><td>6.39</td><td>7.28</td><td>7.95</td><td>8.91</td><td>5.53</td><td>8.98</td><td>5.49</td><td>6⅔-6⅓</td><td>5⅓-5¼</td><td>5.39</td></tr><tr><td>July....</td><td>5.146</td><td>5.351</td><td>6.51</td><td>7.33</td><td>7.94</td><td>8.87</td><td>5.50</td><td>9.00</td><td>5.41</td><td>6⅔-6⅓</td><td>5⅓-5¼</td><td>5.42</td></tr><tr><td>Aug....</td><td>5.500</td><td>5.810</td><td>6.79</td><td>7.40</td><td>7.98</td><td>8.82</td><td>5.46</td><td>9.02</td><td>5.84</td><td>6⅔-7</td><td>5⅓-5⅔</td><td>5.90</td></tr><tr><td>Sept....</td><td>5.770</td><td>5.991</td><td>6.84</td><td>7.43</td><td>7.92</td><td>8.80</td><td>5.37</td><td>9.04</td><td>6.17</td><td>7-7¼</td><td>5⅓-5¾</td><td>6.14</td></tr><tr><td>Oct....</td><td>6.188</td><td>6.410</td><td>7.19</td><td>7.52</td><td>8.04</td><td>8.89</td><td>5.53</td><td>9.07</td><td>6.55</td><td>7⅓-7¾</td><td>5⅓-6</td><td>6.47</td></tr><tr><td>Nov....</td><td>6.160</td><td>6.433</td><td>7.22</td><td>7.58</td><td>8.08</td><td>8.95</td><td>5.38</td><td>9.07</td><td>6.59</td><td>7⅓-7¾</td><td>5⅓-6</td><td>6.51</td></tr><tr><td>Dec..</td><td>6.063</td><td>6.377</td><td>7.30</td><td>7.69</td><td>8.19</td><td>8.99</td><td>5.48</td><td>9.09</td><td>6.64</td><td>7⅓-7¾</td><td>6-6</td><td>6.56</td></tr><tr><td colspan="14"><strong>1978:</strong></td></tr><tr><td>Jan....</td><td>6.448</td><td>6.685</td><td>7.61</td><td>7.96</td><td>8.41</td><td>9.17</td><td>5.60</td><td>9.15</td><td>6.79</td><td>7⅓-8</td><td>6-6⅔</td><td>6.70</td></tr><tr><td>Feb....</td><td>6.457</td><td>6.740</td><td>7.67</td><td>8.03</td><td>8.47</td><td>9.20</td><td>5.51</td><td>9.18</td><td>6.80</td><td>8-8</td><td>6⅓-6⅔</td><td>6.78</td></tr><tr><td>Mar....</td><td>6.319</td><td>6.644</td><td>7.70</td><td>8.04</td><td>8.47</td><td>9.22</td><td>5.49</td><td>9.26</td><td>6.80</td><td>8-8</td><td>6⅔-6⅔</td><td>6.79</td></tr><tr><td>Apr....</td><td>6.306</td><td>6.700</td><td>7.85</td><td>8.15</td><td>8.56</td><td>9.32</td><td>5.71</td><td>9.30</td><td>6.86</td><td>8-8</td><td>6⅔-6⅔</td><td>6.89</td></tr><tr><td>May....</td><td>6.430</td><td>7.019</td><td>8.07</td><td>8.35</td><td>8.69</td><td>9.49</td><td>5.97</td><td>9.37</td><td>7.11</td><td>8-8⅔</td><td>6⅔-7</td><td>7.36</td></tr><tr><td>June..</td><td>6.707</td><td>7.200</td><td>8.30</td><td>8.46</td><td>8.76</td><td>9.60</td><td>6.13</td><td>9.46</td><td>7.63</td><td>8⅓-9</td><td>7-7</td><td>7.60</td></tr><tr><td>July....</td><td>7.074</td><td>7.471</td><td>8.54</td><td>8.64</td><td>8.88</td><td>9.60</td><td>6.18</td><td>9.57</td><td>7.91</td><td>9-9</td><td>7-7¼</td><td>7.81</td></tr><tr><td>Aug....</td><td>7.036</td><td>7.363</td><td>8.33</td><td>8.41</td><td>8.69</td><td>9.48</td><td>5.98</td><td>9.70</td><td>7.90</td><td>9-9¼</td><td>7⅓-7¾</td><td>8.04</td></tr><tr><td>Sept....</td><td>7.836</td><td>7.948</td><td>8.41</td><td>8.42</td><td>8.69</td><td>9.42</td><td>5.93</td><td>9.73</td><td>8.44</td><td>9¼-9¾</td><td>7⅔-8</td><td>8.45</td></tr><tr><td>Oct....</td><td>8.132</td><td>8.493</td><td>8.62</td><td>8.64</td><td>8.89</td><td>9.59</td><td>5.95</td><td>9.83</td><td>9.03</td><td>9⅓-10⅓</td><td>8-8⅔</td><td>8.96</td></tr><tr><td>Nov....</td><td>8.787</td><td>9.204</td><td>9.04</td><td>8.81</td><td>9.03</td><td>9.83</td><td>6.03</td><td>10.23</td><td>10⅓-11⅓</td><td>9⅓-9½</td><td>9⅓-9½</td><td>9.76</td></tr><tr><td>Dec..</td><td>9.122</td><td>9.397</td><td>9.33</td><td>9.01</td><td>9.16</td><td>9.94</td><td>6.33</td><td>10.02</td><td>11⅓-11⅔</td><td>9⅓-9½</td><td>10⅓-10½</td><td>10.03</td></tr></tbody></table>

¹ Rate on new issues within period.

² Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.

³ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.

⁴ Average effective rate for the year; opening and closing rate for the month.

⁵ Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.

⁶ 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.

259

Digitized for FRASER

http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

Nemotron 3.5 Parse · 0/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

**Table B-65.--Bond yields and interest rates, 1929-78**

[Percent per annum]

<table>
<tr>
<th rowspan="3">Year or month</th>
<th colspan="4">U.S. Treasury securities</th>
<th colspan="2">Corporate bonds (Moody's)</th>
<th rowspan="3">High-grade municipal bonds (Standard &amp; Poor's)</th>
<th rowspan="3">New-home mortgage yields (FHLBB) (°)</th>
<th rowspan="3">Prime commercial paper, 4-6 months</th>
<th rowspan="3">Prime rate charged by banks <sup>4</sup></th>
<th rowspan="3">Discount rate, Federal Reserve Bank of New York <sup>4</sup></th>
<td></td>
</tr>
<tr>
<th colspan="2">Bills (new issues )<sup>1</sup></th>
<th colspan="2">Constant maturi- ties <sup>3</sup></th>
<th></th>
<th></th>
</tr>
<tr>
<th>3- month</th>
<th>6- month</th>
<th>3 years</th>
<th>10 years</th>
<th></th>
<th></th>
<th></th>
</tr>
<tr>
<td>1929 .....</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td>4.73</td>
<td>5.90</td>
<td>4.27</td>
<td></td>
<td>5.85</td>
<td></td>
<td>5.16</td>
</tr>
<tr>
<td>1933 .....</td>
<td>0.515</td>
<td></td>
<td></td>
<td></td>
<td>4.49</td>
<td>7.76</td>
<td>4.71</td>
<td></td>
<td>1.73</td>
<td></td>
<td>2.56</td>
</tr>
<tr>
<td>1939 .....</td>
<td>.023</td>
<td></td>
<td></td>
<td></td>
<td>3.01</td>
<td>4.96</td>
<td>2.76</td>
<td></td>
<td>.59</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1940 .....</td>
<td>.014</td>
<td></td>
<td></td>
<td></td>
<td>2.84</td>
<td>4.75</td>
<td>2.50</td>
<td></td>
<td>.56</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1941 .....</td>
<td>.103</td>
<td></td>
<td></td>
<td></td>
<td>2.77</td>
<td>4.33</td>
<td>2.10</td>
<td></td>
<td>.53</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1942 .....</td>
<td>.326</td>
<td></td>
<td></td>
<td></td>
<td>2.83</td>
<td>4.28</td>
<td>2.36</td>
<td></td>
<td>.66</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1943 .....</td>
<td>.373</td>
<td></td>
<td></td>
<td></td>
<td>2.73</td>
<td>3.91</td>
<td>2.06</td>
<td></td>
<td>.69</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1944 .....</td>
<td>.375</td>
<td></td>
<td></td>
<td></td>
<td>2.72</td>
<td>3.61</td>
<td>1.86</td>
<td></td>
<td>.73</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1945 .....</td>
<td>.375</td>
<td></td>
<td></td>
<td></td>
<td>2.62</td>
<td>3.29</td>
<td>1.67</td>
<td></td>
<td>.75</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1946 .....</td>
<td>.375</td>
<td></td>
<td></td>
<td></td>
<td>2.53</td>
<td>3.05</td>
<td>1.64</td>
<td></td>
<td>.81</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1947 .....</td>
<td>.594</td>
<td></td>
<td></td>
<td></td>
<td>2.61</td>
<td>3.24</td>
<td>2.01</td>
<td></td>
<td>1.03</td>
<td></td>
<td>1.00</td>
</tr>
<tr>
<td>1948 .....</td>
<td>1.040</td>
<td></td>
<td></td>
<td></td>
<td>2.82</td>
<td>3.47</td>
<td>2.40</td>
<td></td>
<td>1.44</td>
<td></td>
<td>1.34</td>
</tr>
<tr>
<td>1949 .....</td>
<td>1.102</td>
<td></td>
<td></td>
<td></td>
<td>2.66</td>
<td>3.42</td>
<td>2.21</td>
<td></td>
<td>1.49</td>
<td>2.00</td>
<td>1.50</td>
</tr>
<tr>
<td>1950 .....</td>
<td>1.218</td>
<td></td>
<td></td>
<td></td>
<td>2.62</td>
<td>3.24</td>
<td>1.98</td>
<td></td>
<td>1.45</td>
<td>2.07</td>
<td>1.59</td>
</tr>
<tr>
<td>1951 .....</td>
<td>1.552</td>
<td></td>
<td></td>
<td></td>
<td>2.86</td>
<td>3.41</td>
<td>2.00</td>
<td></td>
<td>2.16</td>
<td>2.56</td>
<td>1.75</td>
</tr>
<tr>
<td>1952 .....</td>
<td>1.766</td>
<td></td>
<td></td>
<td></td>
<td>2.96</td>
<td>3.62</td>
<td>2.19</td>
<td></td>
<td>2.33</td>
<td>3.00</td>
<td>1.75</td>
</tr>
<tr>
<td>1953 .....</td>
<td>1.931</td>
<td></td>
<td>2.47</td>
<td>2.85</td>
<td>3.23</td>
<td>3.74</td>
<td>2.72</td>
<td></td>
<td>2.52</td>
<td>3.17</td>
<td>1.99</td>
</tr>
<tr>
<td>1954 .....</td>
<td>.953</td>
<td></td>
<td>1.63</td>
<td>2.40</td>
<td>2.90</td>
<td>3.51</td>
<td>2.37</td>
<td></td>
<td>1.58</td>
<td>3.05</td>
<td>1.60</td>
</tr>
<tr>
<td>1955 .....</td>
<td>1.753</td>
<td></td>
<td>2.47</td>
<td>2.82</td>
<td>3.06</td>
<td>3.53</td>
<td>2.53</td>
<td></td>
<td>2.18</td>
<td>3.16</td>
<td>1.89</td>
</tr>
<tr>
<td>1956 .....</td>
<td>2.658</td>
<td></td>
<td>3.19</td>
<td>3.18</td>
<td>3.36</td>
<td>3.88</td>
<td>2.93</td>
<td></td>
<td>3.31</td>
<td>3.77</td>
<td>2.73</td>
</tr>
<tr>
<td>1957 .....</td>
<td>3.267</td>
<td></td>
<td>3.98</td>
<td>3.65</td>
<td>3.89</td>
<td>4.71</td>
<td>3.60</td>
<td></td>
<td>3.81</td>
<td>4.20</td>
<td>3.12</td>
</tr>
<tr>
<td>1958 .....</td>
<td>1.839</td>
<td></td>
<td>2.84</td>
<td>3.32</td>
<td>3.79</td>
<td>4.73</td>
<td>3.56</td>
<td></td>
<td>2.46</td>
<td>3.83</td>
<td>2.15</td>
</tr>
<tr>
<td>1959 .....</td>
<td>3.405</td>
<td>3.832</td>
<td>4.46</td>
<td>4.33</td>
<td>4.38</td>
<td>5.05</td>
<td>3.95</td>
<td></td>
<td>3.97</td>
<td>4.48</td>
<td>3.36</td>
</tr>
<tr>
<td>1960 .....</td>
<td>2.928</td>
<td>3.247</td>
<td>3.98</td>
<td>4.12</td>
<td>4.41</td>
<td>5.19</td>
<td>3.73</td>
<td></td>
<td>3.85</td>
<td>4.82</td>
<td>3.53</td>
</tr>
<tr>
<td>1961 .....</td>
<td>2.378</td>
<td>2.605</td>
<td>3.54</td>
<td>3.88</td>
<td>4.35</td>
<td>5.08</td>
<td>3.46</td>
<td></td>
<td>2.97</td>
<td>4.50</td>
<td>3.00</td>
</tr>
<tr>
<td>1962 .....</td>
<td>2.778</td>
<td>2.908</td>
<td>3.47</td>
<td>3.95</td>
<td>4.33</td>
<td>5.02</td>
<td>3.18</td>
<td></td>
<td>3.26</td>
<td>4.50</td>
<td>2.68</td>
</tr>
<tr>
<td>1963 .....</td>
<td>3.157</td>
<td>3.253</td>
<td>3.67</td>
<td>4.00</td>
<td>4.26</td>
<td>4.86</td>
<td>3.23</td>
<td>5.89</td>
<td>3.55</td>
<td>4.50</td>
<td>3.23</td>
</tr>
<tr>
<td>1964 .....</td>
<td>3.549</td>
<td>3.686</td>
<td>4.03</td>
<td>4.19</td>
<td>4.40</td>
<td>4.83</td>
<td>3.22</td>
<td>5.82</td>
<td>3.97</td>
<td>4.50</td>
<td>3.55</td>
</tr>
<tr>
<td>1965 .....</td>
<td>3.954</td>
<td>4.055</td>
<td>4.22</td>
<td>4.28</td>
<td>4.49</td>
<td>4.87</td>
<td>3.27</td>
<td>5.81</td>
<td>4.38</td>
<td>4.54</td>
<td>4.04</td>
</tr>
<tr>
<td>1966 .....</td>
<td>4.881</td>
<td>5.082</td>
<td>5.23</td>
<td>4.92</td>
<td>5.13</td>
<td>5.67</td>
<td>3.82</td>
<td>6.25</td>
<td>5.55</td>
<td>5.63</td>
<td>4.50</td>
</tr>
<tr>
<td>1967 .....</td>
<td>4.321</td>
<td>4.630</td>
<td>5.03</td>
<td>5.07</td>
<td>5.51</td>
<td>6.23</td>
<td>3.98</td>
<td>6.46</td>
<td>5.10</td>
<td>5.61</td>
<td>4.19</td>
</tr>
<tr>
<td>1968 .....</td>
<td>5.339</td>
<td>5.470</td>
<td>5.68</td>
<td>5.65</td>
<td>6.18</td>
<td>6.94</td>
<td>4.51</td>
<td>6.97</td>
<td>5.90</td>
<td>6.30</td>
<td>5.17</td>
</tr>
<tr>
<td>1969 .....</td>
<td>6.677</td>
<td>6.853</td>
<td>7.02</td>
<td>6.67</td>
<td>7.03</td>
<td>7.81</td>
<td>5.81</td>
<td>7.80</td>
<td>7.83</td>
<td>7.96</td>
<td>5.87</td>
</tr>
<tr>
<td>1970 .....</td>
<td>6.458</td>
<td>6.562</td>
<td>7.29</td>
<td>7.35</td>
<td>8.04</td>
<td>9.11</td>
<td>6.51</td>
<td>8.45</td>
<td>7.72</td>
<td>7.91</td>
<td>5.95</td>
</tr>
<tr>
<td>1971 .....</td>
<td>4.348</td>
<td>4.511</td>
<td>5.65</td>
<td>6.16</td>
<td>7.39</td>
<td>8.56</td>
<td>5.70</td>
<td>7.74</td>
<td>5.11</td>
<td>5.72</td>
<td>4.88</td>
</tr>
<tr>
<td>1972 .....</td>
<td>4.071</td>
<td>4.466</td>
<td>5.72</td>
<td>6.21</td>
<td>7.21</td>
<td>8.16</td>
<td>5.27</td>
<td>7.60</td>
<td>4.69</td>
<td>5.25</td>
<td>4.50</td>
</tr>
<tr>
<td>1973 .....</td>
<td>7.041</td>
<td>7.178</td>
<td>6.95</td>
<td>6.84</td>
<td>7.44</td>
<td>8.24</td>
<td>5.18</td>
<td>7.95</td>
<td>8.15</td>
<td>8.03</td>
<td>6.45</td>
</tr>
<tr>
<td>1974 .....</td>
<td>7.886</td>
<td>7.926</td>
<td>7.82</td>
<td>7.56</td>
<td>8.57</td>
<td>9.50</td>
<td>6.09</td>
<td>8.92</td>
<td>9.87</td>
<td>10.81</td>
<td>7.83</td>
</tr>
<tr>
<td>1975 .....</td>
<td>5.838</td>
<td>6.122</td>
<td>7.49</td>
<td>7.99</td>
<td>8.83</td>
<td>10.61</td>
<td>6.89</td>
<td>9.01</td>
<td>6.33</td>
<td>7.86</td>
<td>6.25</td>
</tr>
<tr>
<td>1976 .....</td>
<td>4.989</td>
<td>5.266</td>
<td>6.77</td>
<td>7.61</td>
<td>8.43</td>
<td>9.75</td>
<td>6.49</td>
<td>8.99</td>
<td>5.35</td>
<td>6.84</td>
<td>5.50</td>
</tr>
<tr>
<td>1977 .....</td>
<td>5.265</td>
<td>5.510</td>
<td>6.69</td>
<td>7.42</td>
<td>8.02</td>
<td>8.97</td>
<td>5.56</td>
<td>9.01</td>
<td>5.60</td>
<td>6.83</td>
<td>5.46</td>
</tr>
<tr>
<td>1978 .....</td>
<td>7.221</td>
<td>7.572</td>
<td>8.29</td>
<td>8.41</td>
<td>8.73</td>
<td>9.49</td>
<td>5.90</td>
<td>9.54</td>
<td>7.99</td>
<td>9.06</td>
<td>7.46</td>
</tr>
</table>

**See next page for continuation of table.**

258

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE B-65.--Bond yields and interest rates, 1929-78--Continued

[Percent per annum]

<table>
<tr>
<th rowspan="3">Year or month</th>
<th colspan="4">U.S. Treasury securities</th>
<th colspan="2">Corporate bonds (Moody's)</th>
<th rowspan="3">High-grade municipal bonds (Stand-ard &amp; Poor's)</th>
<th rowspan="3">New-home mortgage yields (FHLBB) (?)</th>
<th rowspan="3">Prime commercial paper, 4-6 months</th>
<th rowspan="3">Prime rate charged by banks<sup>4</sup></th>
<th rowspan="3">Discount rate, Federal Reserve Bank of New York <sup>4</sup></th>
<th rowspan="3">Federal funds rate $</th>
</tr>
<tr>
<th colspan="2">Bills (new issues)<sup>1</sup></th>
<th colspan="2">Constant maturities <sup>3</sup></th>
<th></th>
<td></td>
</tr>
<tr>
<th>3- month</th>
<th>6- month</th>
<th>3 years</th>
<th>10 years</th>
<th>Aaa</th>
<th>Baa</th>
</tr>
<tr>
<td>1976:</td>
<td>.....</td>
<td>4.961</td>
<td>5.238</td>
<td>6.99</td>
<td>7.74</td>
<td>8.60</td>
<td>10.41</td>
<td>6.80</td>
<td>8.99</td>
<td>5.27</td>
<td>71⁄4- 63⁄4</td>
<td>6 -51⁄2</td>
</tr>
<tr>
<td>Jan.....</td>
<td>Feb .....</td>
<td>4.852</td>
<td>5.144</td>
<td>7.06</td>
<td>7.79</td>
<td>8.55</td>
<td>10.24</td>
<td>6.91</td>
<td>8.93</td>
<td>5.23</td>
<td>63⁄4- 63⁄4</td>
<td>51⁄2- 51⁄2</td>
</tr>
<tr>
<td>Feb .....</td>
<td>5.047</td>
<td>5.488</td>
<td>7.13</td>
<td>7.73</td>
<td>8.52</td>
<td>10.12</td>
<td>6.86</td>
<td>8.93</td>
<td>5.37</td>
<td>63⁄4- 63⁄4</td>
<td>51⁄2- 51⁄2</td>
<td>4.77</td>
</tr>
<tr>
<td>Mar .....</td>
<td>Apr .....</td>
<td>4.878</td>
<td>5.201</td>
<td>6.84</td>
<td>7.56</td>
<td>8.40</td>
<td>9.94</td>
<td>6.62</td>
<td>8.92</td>
<td>5.23</td>
<td>63⁄4- 63⁄4</td>
<td>51⁄2- 51⁄2</td>
</tr>
<tr>
<td>May .....</td>
<td>5.185</td>
<td>5.600</td>
<td>7.27</td>
<td>7.90</td>
<td>8.58</td>
<td>9.86</td>
<td>6.87</td>
<td>8.97</td>
<td>5.54</td>
<td>63⁄4- 63⁄4</td>
<td>51⁄2- 51⁄2</td>
<td>5.29</td>
</tr>
<tr>
<td>June .....</td>
<td>5.443</td>
<td>5.784</td>
<td>7.32</td>
<td>7.86</td>
<td>8.62</td>
<td>9.89</td>
<td>6.85</td>
<td>8.89</td>
<td>5.94</td>
<td>7 - 71⁄4</td>
<td>51⁄2- 51⁄2</td>
<td>5.48</td>
</tr>
<tr>
<td>July .....</td>
<td>5.278</td>
<td>5.597</td>
<td>7.12</td>
<td>7.83</td>
<td>8.56</td>
<td>9.82</td>
<td>6.64</td>
<td>8.97</td>
<td>5.67</td>
<td>71⁄4- 71⁄4</td>
<td>51⁄2- 51⁄2</td>
<td>5.31</td>
</tr>
<tr>
<td>Aug .....</td>
<td>5.153</td>
<td>5.416</td>
<td>6.86</td>
<td>7.77</td>
<td>8.45</td>
<td>9.64</td>
<td>6.28</td>
<td>9.02</td>
<td>5.47</td>
<td>71⁄4- 7</td>
<td>51⁄2- 51⁄2</td>
<td>5.29</td>
</tr>
<tr>
<td>Sept .....</td>
<td>5.075</td>
<td>5.311</td>
<td>6.66</td>
<td>7.59</td>
<td>8.38</td>
<td>9.40</td>
<td>6.20</td>
<td>9.08</td>
<td>5.45</td>
<td>7 - 7</td>
<td>51⁄2- 51⁄2</td>
<td>5.25</td>
</tr>
<tr>
<td>Oct .....</td>
<td>4.930</td>
<td>5.073</td>
<td>6.24</td>
<td>7.41</td>
<td>8.32</td>
<td>9.29</td>
<td>6.06</td>
<td>9.07</td>
<td>5.22</td>
<td>7 - 63⁄4</td>
<td>51⁄2- 51⁄2</td>
<td>5.03</td>
</tr>
<tr>
<td>Nov .....</td>
<td>4.810</td>
<td>4.944</td>
<td>6.09</td>
<td>7.29</td>
<td>8.25</td>
<td>9.23</td>
<td>6.05</td>
<td>9.05</td>
<td>5.05</td>
<td>61⁄2- 61⁄2</td>
<td>51⁄2- 51⁄2</td>
<td>4.95</td>
</tr>
<tr>
<td>Dec .....</td>
<td>4.355</td>
<td>4.513</td>
<td>5.68</td>
<td>6.87</td>
<td>7.98</td>
<td>9.12</td>
<td>5.69</td>
<td>9.10</td>
<td>4.70</td>
<td>61⁄2- 61⁄4</td>
<td>51⁄4- 51⁄4</td>
<td>4.65</td>
</tr>
<tr>
<td>1977:</td>
<td>.....</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td>.</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jan.....</td>
<td>4.597</td>
<td>4.783</td>
<td>6.22</td>
<td>7.21</td>
<td>7.96</td>
<td>9.08</td>
<td>5.70</td>
<td>9.05</td>
<td>4.74</td>
<td>61⁄4- 61⁄4</td>
<td>51⁄4-51⁄4</td>
<td>4.61</td>
</tr>
<tr>
<td>Feb .....</td>
<td>4.662</td>
<td>4.896</td>
<td>6.44</td>
<td>7.39</td>
<td>8.04</td>
<td>9.12</td>
<td>5.75</td>
<td>8.99</td>
<td>4.82</td>
<td>61⁄4- 61⁄4</td>
<td>51⁄4-51⁄4</td>
<td>4.68</td>
</tr>
<tr>
<td>Mar .....</td>
<td>4.613</td>
<td>4.883</td>
<td>6.47</td>
<td>7.46</td>
<td>8.10</td>
<td>9.12</td>
<td>5.76</td>
<td>8.95</td>
<td>4.87</td>
<td>61⁄4- 61⁄4</td>
<td>51⁄4-51⁄4</td>
<td>4.69</td>
</tr>
<tr>
<td>Apr .....</td>
<td>4.540</td>
<td>4.790</td>
<td>6.31</td>
<td>7.37</td>
<td>8.04</td>
<td>9.07</td>
<td>5.61</td>
<td>8.94</td>
<td>4.87</td>
<td>61⁄4- 61⁄4</td>
<td>51⁄4-51⁄4</td>
<td>4.73</td>
</tr>
<tr>
<td>May .....</td>
<td>4.942</td>
<td>5.193</td>
<td>6.55</td>
<td>7.46</td>
<td>8.05</td>
<td>9.01</td>
<td>5.64</td>
<td>8.96</td>
<td>5.35</td>
<td>61⁄4- 61⁄4</td>
<td>51⁄4- 61⁄4</td>
<td>5.35</td>
</tr>
<tr>
<td>June .....</td>
<td>5.004</td>
<td>5.198</td>
<td>6.39</td>
<td>7.28</td>
<td>7.95</td>
<td>8.91</td>
<td>5.53</td>
<td>8.98</td>
<td>5.49</td>
<td>61⁄4- 61⁄4</td>
<td>51⁄4-51⁄4</td>
<td>5.39</td>
</tr>
<tr>
<td>July .....</td>
<td>5.146</td>
<td>5.351</td>
<td>6.51</td>
<td>7.33</td>
<td>7.94</td>
<td>8.87</td>
<td>5.50</td>
<td>9.00</td>
<td>5.41</td>
<td>61⁄4- 61⁄4</td>
<td>51⁄4-51⁄4</td>
<td>5.42</td>
</tr>
<tr>
<td>Aug .....</td>
<td>5.500</td>
<td>5.810</td>
<td>6.79</td>
<td>7.40</td>
<td>7.98</td>
<td>8.82</td>
<td>5.46</td>
<td>9.02</td>
<td>5.84</td>
<td>61⁄4- 7</td>
<td>51⁄4-51⁄4</td>
<td>5.90</td>
</tr>
<tr>
<td>Sept .....</td>
<td>5.770</td>
<td>5.991</td>
<td>6.84</td>
<td>7.34</td>
<td>7.92</td>
<td>8.80</td>
<td>5.37</td>
<td>9.04</td>
<td>6.17</td>
<td>7 - 71⁄4</td>
<td>51⁄4-51⁄4</td>
<td>6.14</td>
</tr>
<tr>
<td>Oct .....</td>
<td>6.188</td>
<td>6.410</td>
<td>7.19</td>
<td>7.52</td>
<td>8.04</td>
<td>8.89</td>
<td>5.53</td>
<td>9.07</td>
<td>6.55</td>
<td>71⁄4- 71⁄4</td>
<td>51⁄4-6</td>
<td>6.47</td>
</tr>
<tr>
<td>Nov .....</td>
<td>6.160</td>
<td>6.433</td>
<td>7.22</td>
<td>7.58</td>
<td>8.08</td>
<td>8.95</td>
<td>5.38</td>
<td>9.07</td>
<td>6.59</td>
<td>71⁄4- 71⁄4</td>
<td>6 -6</td>
<td>6.51</td>
</tr>
<tr>
<td>Dec .....</td>
<td>6.063</td>
<td>6.377</td>
<td>7.30</td>
<td>7.69</td>
<td>8.19</td>
<td>8.99</td>
<td>5.48</td>
<td>9.09</td>
<td>6.64</td>
<td>71⁄4- 71⁄4</td>
<td>6 -6</td>
<td>6.56</td>
</tr>
<tr>
<td>1978:</td>
<td>.....</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jan.....</td>
<td>6.448</td>
<td>6.685</td>
<td>7.61</td>
<td>7.96</td>
<td>8.41</td>
<td>9.17</td>
<td>5.60</td>
<td>9.15</td>
<td>6.79</td>
<td>73⁄4- 8</td>
<td>6 -61⁄2</td>
<td>6.70</td>
</tr>
<tr>
<td>Feb .....</td>
<td>6.457</td>
<td>6.740</td>
<td>7.67</td>
<td>8.03</td>
<td>8.47</td>
<td>9.20</td>
<td>5.51</td>
<td>9.18</td>
<td>6.80</td>
<td>8 - 8</td>
<td>61⁄2-61⁄2</td>
<td>6.78</td>
</tr>
<tr>
<td>Mar .....</td>
<td>6.319</td>
<td>6.644</td>
<td>7.70</td>
<td>8.04</td>
<td>8.47</td>
<td>9.22</td>
<td>5.49</td>
<td>9.26</td>
<td>6.80</td>
<td>8 - 8</td>
<td>61⁄2-61⁄2</td>
<td>6.79</td>
</tr>
<tr>
<td>Apr .....</td>
<td>6.306</td>
<td>6.700</td>
<td>8.5</td>
<td>8.15</td>
<td>8.56</td>
<td>9.32</td>
<td>5.71</td>
<td>9.30</td>
<td>6.86</td>
<td>8 - 8</td>
<td>61⁄2-61⁄2</td>
<td>6.89</td>
</tr>
<tr>
<td>May .....</td>
<td>6.430</td>
<td>7.019</td>
<td>8.07</td>
<td>8.35</td>
<td>8.69</td>
<td>9.49</td>
<td>5.97</td>
<td>9.37</td>
<td>7.11</td>
<td>8 - 81⁄2</td>
<td>61⁄2-7</td>
<td>7.36</td>
</tr>
<tr>
<td>June .....</td>
<td>6.707</td>
<td>7.200</td>
<td>8.30</td>
<td>8.46</td>
<td>8.76</td>
<td>9.60</td>
<td>6.13</td>
<td>9.46</td>
<td>7.63</td>
<td>81⁄2- 9</td>
<td>7 -7</td>
<td>7.60</td>
</tr>
<tr>
<td>July .....</td>
<td>7.074</td>
<td>7.471</td>
<td>8.54</td>
<td>8.64</td>
<td>8.88</td>
<td>9.60</td>
<td>6.18</td>
<td>9.57</td>
<td>7.91</td>
<td>9 - 9</td>
<td>7 -71⁄4</td>
<td>7.81</td>
</tr>
<tr>
<td>Aug .....</td>
<td>7.036</td>
<td>7.363</td>
<td>8.33</td>
<td>8.41</td>
<td>8.69</td>
<td>9.48</td>
<td>5.98</td>
<td>9.70</td>
<td>7.90</td>
<td>9 - 91⁄4</td>
<td>71⁄4-71⁄4</td>
<td>8.04</td>
</tr>
<tr>
<td>Sept .....</td>
<td>7.836</td>
<td>7.948</td>
<td>8.41</td>
<td>8.42</td>
<td>8.69</td>
<td>9.42</td>
<td>5.93</td>
<td>9.73</td>
<td>8.44</td>
<td>91⁄4- 91⁄4</td>
<td>71⁄4-8</td>
<td>8.45</td>
</tr>
<tr>
<td>Oct .....</td>
<td>8.132</td>
<td>8.493</td>
<td>8.62</td>
<td>8.64</td>
<td>8.89</td>
<td>9.59</td>
<td>5.95</td>
<td>9.83</td>
<td>9.03</td>
<td>91⁄4-101⁄4</td>
<td>8 - 81⁄2</td>
<td>8.96</td>
</tr>
<tr>
<td>Nov .....</td>
<td>8.787</td>
<td>9.204</td>
<td>9.04</td>
<td>8.81</td>
<td>9.03</td>
<td>9.83</td>
<td>6.03</td>
<td>9.87</td>
<td>10.23</td>
<td>101⁄2-111⁄2</td>
<td>91⁄4-91⁄2</td>
<td>9.76</td>
</tr>
<tr>
<td>Dec .....</td>
<td>9.122</td>
<td>9.397</td>
<td>9.33</td>
<td>9.01</td>
<td>9.16</td>
<td>9.94</td>
<td>6.33</td>
<td>10.02</td>
<td>10.43</td>
<td>111⁄2-111⁄4</td>
<td>91⁄2-91⁄2</td>
<td>10.03</td>
</tr>
</table>

1 Rate on new issues within period.

2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.

3 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.

4 Average effective rate for the year; opening and closing rate for the month.

Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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.

4 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.

259

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Indra · 0/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

## TABLE B-65.—Bond yields and interest rates, 1929-78

## [Percent per annum]

<table>
<tr><th></th><th></th><th colspan="3">U.S. Treasury securities</th><th></th><th></th><th colspan="2">Corporate</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr>
<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>bonds</td><td></td><td>High- grade</td><td>New-</td><td>Prime</td><td></td><td></td><td></td><td>Dis- count</td><td></td><td></td></tr>
<tr><td></td><td>Bills</td><td></td><td></td><td colspan="2">Constant</td><td></td><td colspan="2">(Moody's)</td><td>munic-</td><td>home</td><td>com-</td><td></td><td colspan="2">Prime</td><td>rate,</td><td></td><td></td></tr>
<tr><td>Year or</td><td>(new</td><td></td><td></td><td colspan="2">maturi-</td><td></td><td></td><td></td><td>ipal</td><td>mort-</td><td>mer-</td><td></td><td>rate</td><td></td><td>Federal</td><td colspan="2">Federal</td></tr>
<tr><td>month</td><td></td><td>issues )!</td><td></td><td colspan="2">ties a</td><td></td><td></td><td></td><td>bonds (Stand-</td><td>gage yields (FHLBB)</td><td>cial paper, 4-6</td><td colspan="3">charged banks 4</td><td>Reserve Bank</td><td>funds rate b</td><td></td></tr>
<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>aa</td><td>Baa</td><td>ard &amp;</td><td></td><td></td><td></td><td></td><td></td><td>of New</td><td></td><td></td></tr>
<tr><td></td><td>3-</td><td>6-</td><td></td><td>3</td><td>10</td><td></td><td></td><td></td><td>Poor’s)</td><td>()</td><td>months</td><td></td><td></td><td></td><td>York 4</td><td></td><td></td></tr>
<tr><td></td><td>month</td><td colspan="2">month</td><td>years</td><td>years</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td colspan="2">1929.</td><td>-</td><td>-- --</td><td></td><td>-</td><td></td><td>4.73</td><td>5.90</td><td>4.27</td><td></td><td>5.85</td><td></td><td></td><td></td><td>5. 16</td><td></td><td></td></tr>
<tr><td>1933</td><td>0.515</td><td></td><td>--</td><td>--</td><td></td><td></td><td> 4.49</td><td>7.76</td><td>4.71</td><td></td><td>1.73 </td><td colspan="2"></td><td></td><td>2.56</td><td>--</td><td></td></tr>
<tr><td>1939.</td><td>.023</td><td>-</td><td>-</td><td></td><td></td><td></td><td>3.01 4</td><td>4.96</td><td>2.76 </td><td></td><td>.59</td><td></td><td></td><td></td><td>1.00</td><td>--</td><td></td></tr>
<tr><td>1940.</td><td>.014</td><td></td><td>-</td><td></td><td></td><td></td><td>2.84</td><td>4.75</td><td>2.50 </td><td></td><td>.56</td><td colspan="3"></td><td>1.00</td><td>- -</td><td></td></tr>
<tr><td>1941. 1942.</td><td>.103 .326</td><td colspan="2">- </td><td></td><td>- --</td><td></td><td>2.77 2.83</td><td>4.33 4.28</td><td>2.10 2.36</td><td></td><td>.53 .66</td><td></td><td> - -</td><td>- -</td><td>1.00 •1.00</td><td></td><td></td></tr>
<tr><td>1943.</td><td>.373</td><td></td><td></td><td>--</td><td></td><td></td><td>2.73</td><td>3. 91</td><td>2.06</td><td></td><td>.69</td><td></td><td></td><td></td><td>•1.00</td><td>-</td><td>- -</td></tr>
<tr><td>1944</td><td>.375</td><td></td><td></td><td></td><td></td><td></td><td>2.72</td><td>3.61</td><td>1.86</td><td></td><td>.73</td><td>--</td><td></td><td>-</td><td>•1.00</td><td></td><td></td></tr>
<tr><td>1945.  1946 1947.</td><td>. 375 .375 .594</td><td>--</td><td>-- </td><td colspan="2">- -  </td><td>--</td><td>2.62 2.53 2.61</td><td>3.29 3.05 3.24</td><td>1.67 1.64 2.01</td><td></td><td>.75 .81 1.03</td><td colspan="3">-- </td><td>•1.00 •1.00 1.00</td><td>--</td><td>-</td></tr>
<tr><td>1948 1949.</td><td>1. 040 1.102</td><td></td><td></td><td></td><td></td><td></td><td>2. 82 2.66</td><td>3.47 3.42</td><td>2.40 2. 21</td><td></td><td>1.44 1. 49</td><td></td><td colspan="2">2.00</td><td>1. 34 1.50</td><td></td><td>-</td></tr>
<tr><td>1950.</td><td>1. 218</td><td></td><td></td><td>--</td><td></td><td></td><td>2.62</td><td>3.24</td><td>1.98</td><td></td><td>1.45</td><td></td><td colspan="2">2.07</td><td>1.59</td><td></td><td></td></tr>
<tr><td>1951 ... 1952.</td><td>1.552 1.766</td><td></td><td></td><td></td><td>-</td><td></td><td>2.86 2.96</td><td>3.41 3.52</td><td>2.00 2.19</td><td>- --  </td><td>2. 16 2.33</td><td></td><td colspan="2">2.56 3.00</td><td>1.75 1.75</td><td> </td><td>-</td></tr>
<tr><td>1953...</td><td>1.931</td><td>-</td><td>-</td><td>2.47</td><td colspan="2">2.85</td><td>3.20</td><td>3.74</td><td>2.72</td><td></td><td>2.52</td><td></td><td colspan="2">3. 17</td><td>1.99</td><td></td><td></td></tr>
<tr><td>1954 .</td><td>.953</td><td>-</td><td>--</td><td>1.63</td><td colspan="2">2.40</td><td>2.90</td><td>3. 51</td><td>2.37</td><td>-</td><td>1.58</td><td></td><td colspan="2">3.05</td><td>1.60</td><td>-</td><td></td></tr>
<tr><td>1955. </td><td>1.753</td><td></td><td>--</td><td>2.47</td><td colspan="2">2.82</td><td>3.06</td><td>3.53</td><td>2.53</td><td>- --</td><td>2. 18</td><td></td><td colspan="2">3. 16</td><td>1.89</td><td></td><td>1.78</td></tr>
<tr><td>1956  1957...</td><td>2.658 3.267</td><td></td><td>--</td><td>3.19 3. 98</td><td colspan="2">3.18 3.65</td><td>3.36 3.89</td><td>3.88 4.71</td><td>2.93 3.60</td><td>-- - </td><td>3.31 3. 81</td><td></td><td colspan="2">3.77 4.20</td><td>2.77 3. 12</td><td></td><td>2.73 3. 11</td></tr>
<tr><td>1958. ...</td><td>1.839</td><td></td><td></td><td>2.84</td><td colspan="2">3.32</td><td>3.79</td><td>4.73</td><td>3.56</td><td>--</td><td>2.46</td><td></td><td colspan="2">3.83</td><td>2.15</td><td></td><td>1.57</td></tr>
<tr><td>1959.</td><td>3.405</td><td colspan="2">3. 832</td><td>4.46</td><td colspan="2">4. 33</td><td>4.38</td><td>5.05</td><td>3.95</td><td></td><td>3.97</td><td></td><td colspan="2">4.48</td><td>3.36</td><td></td><td>3. 30</td></tr>
<tr><td>1960... 1961...</td><td>2. 928 2.378</td><td colspan="2">3.247 2.605</td><td>3.98 3.54</td><td colspan="2">4.12 3.88</td><td>4.41 4.35</td><td>5.19 5.08</td><td>3.73 3.46</td><td></td><td>3.85 2.97</td><td></td><td colspan="2">4.82 4.50</td><td>3.53 3.00</td><td></td><td>3.22 1.96</td></tr>
<tr><td>1962.</td><td>2.778</td><td colspan="2">2. 908</td><td>3.47</td><td colspan="2">3.95</td><td>4.33</td><td>5.02</td><td>3. 18</td><td></td><td>3.26</td><td></td><td colspan="2">4.50</td><td>3.00</td><td></td><td>2.68</td></tr>
<tr><td>1963.</td><td>3. 157</td><td colspan="2">3.253</td><td>3.67</td><td colspan="2">4.00</td><td>4.26</td><td>4.86</td><td>3.23</td><td>5.89</td><td>3.55</td><td></td><td colspan="2">4.50</td><td>3.23</td><td></td><td>3. 18</td></tr>
<tr><td>1964...</td><td>3.549</td><td colspan="2">3.686</td><td>4.03</td><td colspan="2">4.19</td><td>4.40</td><td>4.83</td><td>3.22</td><td>5.82</td><td>3.97</td><td></td><td colspan="2">4.50</td><td>3.55</td><td></td><td>3.50</td></tr>
<tr><td>1965 . 1966 ...</td><td>3. 954 4. 881</td><td colspan="2">4.055 5.082</td><td>4.22 5.23</td><td colspan="2">4.28 4.92</td><td>4.49 5. 13</td><td>4.87 5.67</td><td>3.27 3.82</td><td>5.81 6.25</td><td>4.38 5.55</td><td></td><td colspan="2">4.54 5.63</td><td>4.04 4.50</td><td></td><td>4.07 5.11</td></tr>
<tr><td>1967 ...</td><td>4.321</td><td colspan="2">4.630</td><td>5.03</td><td colspan="2">5.07</td><td>5.51</td><td>6.23</td><td>3. 98</td><td>6.46</td><td>5. 10</td><td></td><td colspan="2">5.61</td><td>4.19</td><td></td><td>4.22</td></tr>
<tr><td>1968</td><td>5. 339</td><td colspan="2">5.470</td><td>5.68</td><td colspan="2">5.65</td><td>6. 18</td><td>6.94</td><td>4. 51</td><td>6.97</td><td>5.90</td><td></td><td colspan="2">6.30</td><td>5. 17</td><td></td><td>5.66</td></tr>
<tr><td>1969.</td><td>6.677</td><td colspan="2">6.853</td><td>7.02</td><td colspan="2">6.67</td><td>7.03</td><td>7.81</td><td>5.81</td><td>7.80</td><td>7.83</td><td></td><td colspan="2">7.96</td><td>5.87</td><td></td><td>8.22</td></tr>
<tr><td>1970.</td><td>6.458</td><td colspan="2">6.562</td><td>7.29</td><td colspan="2">7.35</td><td>8.04</td><td>9.11</td><td>6. 51</td><td>8.45</td><td>7.72</td><td></td><td colspan="2">7.91</td><td>5.95</td><td></td><td>7.17</td></tr>
<tr><td>1971.</td><td>4.348</td><td>4. 511</td><td></td><td>5.65</td><td>6.16</td><td></td><td>7.39</td><td>8.56</td><td>5.70</td><td>7.74</td><td>5. 11</td><td></td><td colspan="2">5.72</td><td>4.88</td><td></td><td>4.67</td></tr>
<tr><td>1972...</td><td>4.071</td><td colspan="2">4.466</td><td>5.72</td><td colspan="2">6.21</td><td>7.21</td><td>8.16</td><td>5.27</td><td>7.60</td><td>4.69</td><td></td><td colspan="2">5.25</td><td>4.50</td><td></td><td>4.44</td></tr>
<tr><td>1973 ...</td><td>7.041</td><td colspan="2">7.178</td><td>6.95</td><td colspan="2">6.84</td><td>7.44</td><td>8.24</td><td>5. 18</td><td>7.95</td><td>8.15</td><td></td><td colspan="2">8.03</td><td>6.45</td><td></td><td>8.74</td></tr>
<tr><td>1974.</td><td>7.886</td><td colspan="2">7.926</td><td>7.82</td><td colspan="2">7.56</td><td>8.57</td><td>9.50</td><td>6.09</td><td>8.92</td><td>9.87</td><td></td><td colspan="2">10.81</td><td>7.83</td><td>10. 51</td><td></td></tr>
<tr><td>1975.</td><td>5. 838</td><td colspan="2">6. 122</td><td>7.49</td><td colspan="2">7.99</td><td>8.83</td><td>10.61</td><td>6.89</td><td>9.01</td><td>6. 33</td><td></td><td colspan="2">7.86</td><td>6.25</td><td></td><td>5.82</td></tr>
<tr><td>1976..</td><td>4.989</td><td colspan="2">5.266</td><td>6.77</td><td colspan="2">7.61</td><td>8.43</td><td>9.75</td><td>6.49</td><td>8.99</td><td>5. 35</td><td></td><td colspan="2">6.84</td><td>5.50</td><td></td><td>5.05</td></tr>
<tr><td>1977 ...</td><td>5.265</td><td colspan="2">5. 510</td><td>6.69</td><td colspan="2">7.42</td><td>8.02</td><td>8.97</td><td>5.56</td><td>9.01</td><td>5.60</td><td></td><td colspan="2">6. 83.</td><td>5.46</td><td></td><td>5.54</td></tr>
<tr><td>1978.</td><td>7.221</td><td colspan="2">7.572</td><td>8.29</td><td>8.41</td><td></td><td>8.73</td><td>9.49</td><td>5.90</td><td>9.54</td><td>7.99</td><td></td><td colspan="2">9.06</td><td>7.46</td><td>7.94</td><td></td></tr>
</table>

See next page for continuation of table.
## TABLE B-65.—Bond yields and interest rates, 1929-78—Continued

## [Percent per annum]

<table>
<tr><th></th><th></th><th colspan="2">U.S. Treasury securities</th><th></th><th colspan="2">Corporate bonds</th><th>High-</th><th>New-</th><th>Prime</th><th></th><th></th><th></th><th>Dis-</th><th></th></tr>
<tr><td></td><td>Bills</td><td></td><td>Constant</td><td></td><td colspan="2">(Moody's)</td><td>grade munic-</td><td>home</td><td>com-</td><td></td><td>Prime</td><td></td><td>count rate,</td><td></td></tr>
<tr><td>Year or</td><td>(new</td><td></td><td>maturi-</td><td></td><td></td><td></td><td>ipal</td><td>mort-</td><td>mer-</td><td></td><td>rate</td><td></td><td>Federal</td><td>Federal</td></tr>
<tr><td>month</td><td>issues)1</td><td></td><td>ties </td><td></td><td></td><td></td><td>bonds (Stand-</td><td>gage yields (FHLBB)</td><td>cial paper, 4-6</td><td colspan="2">charged banks4</td><td></td><td>Reserve Bank</td><td>funds rate b</td></tr>
<tr><td></td><td>3-</td><td>6-</td><td>3</td><td>10</td><td>Aaa</td><td>Baa</td><td>ard &amp; Poor's)</td><td>()</td><td>months</td><td></td><td></td><td></td><td>of New York 4</td><td></td></tr>
<tr><td></td><td>month</td><td>month</td><td>years</td><td>years</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>1976:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>Jan___</td><td>4.961</td><td>5. 238</td><td>6.99</td><td>7.74</td><td>8.60</td><td>10.41</td><td>6.80</td><td>8.99</td><td>5.27</td><td>7¼</td><td>6</td><td></td><td></td><td>4.87</td></tr>
<tr><td>Feb  Mar___</td><td>4.852 5.047</td><td>5. 144 5.488</td><td>7.06 7.13</td><td>7.79 7.73</td><td>8.55 8.52</td><td>10.24 10.12</td><td>6.91 6.86</td><td>8.93 8.93</td><td>5.23 5.37</td><td>64 6¾-</td><td colspan="2">6 6¾</td><td></td><td>4.77 4.84</td></tr>
<tr><td>Apr. May ___</td><td>4.878 5. 185</td><td>5. 201 5.600</td><td>6.84 7.27</td><td>7.56 7.90</td><td>8.40 8.58</td><td>9. 94 9.86</td><td>6.62 6.87</td><td>8.92 8.97</td><td>5. 23 5.54</td><td colspan="3">6¾- 6¾ - 6¾</td><td></td><td>4.82 5.29</td></tr>
<tr><td>June </td><td>5. 443</td><td>5.784</td><td>7.32</td><td>7.86</td><td>8.62</td><td>9.89</td><td>6.85</td><td>8.89</td><td>5.94</td><td colspan="3">7 "- 7¼</td><td></td><td>5.48</td></tr>
<tr><td>July </td><td>5.278</td><td>5.597</td><td>7. 12</td><td>7.83</td><td>8.56</td><td>9.82</td><td>6.64</td><td>8.97</td><td>5.67</td><td colspan="3">74 - 74</td><td></td><td>5. 31</td></tr>
<tr><td>Aug.</td><td>5. 153</td><td>5.416</td><td>6.86</td><td>1.77</td><td>8.45</td><td>9.64</td><td>6.28</td><td>9.02</td><td>5.47</td><td colspan="2">7 - 7</td><td>56</td><td></td><td>5.29</td></tr>
<tr><td>Sept_</td><td>5.075</td><td>5. 311</td><td>6.66</td><td>7.59</td><td>8,38</td><td>9.40</td><td>6.20</td><td>9.08</td><td>5.45</td><td></td><td>- 7</td><td>5</td><td></td><td>5.25</td></tr>
<tr><td>Oct__ Nov. __</td><td>4.930 4.810</td><td>5.073 4.944</td><td>6.24 6.09</td><td>7.41 7.29</td><td>8.32 8.25</td><td>9.29 9. 23</td><td>6.06 6.05</td><td>9.07 9.05</td><td>5.22 5.05</td><td colspan="3">7 6-6</td><td>56-56 56-5</td><td>5.03 4.95</td></tr>
<tr><td>Dec __</td><td>4. 355</td><td>4. 513</td><td>5.68</td><td>6.87</td><td>7.98</td><td>9.12</td><td>5.69</td><td>9. 10</td><td>4.70</td><td colspan="3">6- 64</td><td>512-5</td><td>4.65</td></tr>
<tr><td>1977:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>Jan___</td><td>4.597</td><td>4.783</td><td>6.22</td><td>7.21</td><td>7.96</td><td>9.08</td><td>5.70</td><td>9.05</td><td>4.74</td><td colspan="3">64 - 64</td><td>5-5</td><td>4.61</td></tr>
<tr><td>Feb </td><td>4.662</td><td>4.896</td><td>6.44</td><td>7. 39</td><td>8.04</td><td>9.12</td><td>5.75</td><td>8.99</td><td>4.82</td><td colspan="3">64 - 6</td><td>54-5%</td><td>4.68</td></tr>
<tr><td>Mar ___</td><td>4.613</td><td>4.883</td><td>6.47</td><td>7.46</td><td>8. 10</td><td>9.12</td><td>5.76</td><td>8.95</td><td>4.87</td><td colspan="3">64-6</td><td>54-54</td><td>4.69</td></tr>
<tr><td>Apr</td><td>4.540</td><td>4.790</td><td>6.31</td><td>7.37</td><td>8.04</td><td>9.07</td><td>5.61</td><td>8.94</td><td>4.87</td><td colspan="3">6 - 64</td><td>54-54</td><td>4.73</td></tr>
<tr><td>May </td><td>4.942</td><td>5.193</td><td>6.55</td><td>7.46</td><td>8.05</td><td>9.01</td><td>5.64</td><td>8.96</td><td>5.35</td><td colspan="3">6¼ - 6¾</td><td>5-54</td><td>5. 35</td></tr>
<tr><td>June_</td><td>5.004</td><td>5. 198</td><td>6.39</td><td>7.28</td><td>7.95</td><td>8.91</td><td>5.53</td><td>8.98</td><td>5.49</td><td colspan="3">64 - 64</td><td>53-52</td><td>5. 39</td></tr>
<tr><td>July __</td><td>5.146</td><td>5. 351</td><td>6.51</td><td>7.33</td><td>7.94</td><td>8.87</td><td>5.50</td><td>9.00</td><td>5.41</td><td colspan="3">9¾- 9¾</td><td>54-54</td><td>5.42</td></tr>
<tr><td>Aug</td><td>5.500</td><td>5. 810</td><td>6.79</td><td>7.40</td><td>7. 98</td><td>8.82</td><td>5.46</td><td>9.02</td><td>5.84</td><td colspan="2">6¾ - 7</td><td></td><td>53-52</td><td>5.90</td></tr>
<tr><td>Sept. Oct. ___</td><td>5.770 6.188</td><td>5. 991 6.410</td><td>6.84 7.19</td><td>7. 34 7.52</td><td>7.92 8.04</td><td>8.80 8.89</td><td>5.37 5.53</td><td>9.04 9.07</td><td>6.17 6.55</td><td colspan="3">- 74 - 7</td><td>534-54 534-6</td><td>6. 14 6.47</td></tr>
<tr><td>Nov___</td><td>6.160</td><td>6.433</td><td>7.22</td><td>7. 58</td><td>8.08</td><td>8.95</td><td>5. 38</td><td>9.07</td><td>6.59</td><td></td><td></td><td> 6</td><td>-6</td><td>6.51</td></tr>
<tr><td>Dec. __</td><td>6.063</td><td>6.377</td><td>7.30</td><td>7.69</td><td>8.19</td><td>8.99</td><td>5.48</td><td>9.09</td><td>6.64</td><td colspan="3">72 - 7</td><td>-6</td><td>6.56</td></tr>
<tr><td>1978:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>Jan ___</td><td>6.448</td><td>6.685</td><td>7.61</td><td>7.96</td><td>8.41</td><td>9.17</td><td>5.60</td><td>9.15</td><td>6.79</td><td colspan="2">74 - 8</td><td>6</td><td>-6</td><td>6.70</td></tr>
<tr><td>Feb.__</td><td>6.457</td><td>6.740</td><td>7.67</td><td>8.03</td><td>8.47</td><td>9.20</td><td>5.51</td><td>9. 18</td><td>6.80</td><td>8</td><td>- 8</td><td></td><td>6-6</td><td>6.78</td></tr>
<tr><td>Mar___ Apr__</td><td>6. 319 6. 306</td><td>6.644 6.700</td><td>7.70 7.85</td><td>8.04 8.15</td><td>8.47 8.56</td><td>9.22 9.32</td><td>5.49 5. 71</td><td>9.26 9. 30</td><td>6.80 6.86</td><td>8 8</td><td>- 8 - 8</td><td>6</td><td>-63 635-6</td><td>6.79 6.89</td></tr>
<tr><td>May  June__</td><td>6.430 6.707</td><td>7. 019 7. 200</td><td>8.07 8.30</td><td>8.35 8.46</td><td>8.69 8.76</td><td>9.49 9.60</td><td>5.97 6.13</td><td>9.37 9. 46</td><td>7.11 7.63</td><td>8 8½-</td><td>83</td><td></td><td></td><td>7.36 7. 60</td></tr>
<tr><td>July </td><td>7.074</td><td>7.471</td><td>8.54</td><td>8.64</td><td>8.88</td><td>9.60</td><td>6.18</td><td>9.57</td><td>7.91</td><td>9</td><td></td><td></td><td></td><td>7. 81</td></tr>
<tr><td>Aug.</td><td>7.036</td><td>7.363</td><td>8.33</td><td>8.41</td><td>8.69</td><td>9.48</td><td>5.98</td><td>9.70</td><td>7.90</td><td>9</td><td>9</td><td></td><td></td><td>0</td></tr>
<tr><td>Sept.</td><td>7.836</td><td>7.948</td><td>8.41</td><td>8.42</td><td>8.69</td><td>9.42</td><td>5.93</td><td>9.73</td><td>8.44</td><td colspan="2">9¼-</td><td></td><td></td><td></td></tr>
<tr><td>Oct. ___</td><td>8. 132</td><td>8.493</td><td>8.62</td><td>8.64</td><td>8. 89</td><td>9.59</td><td>5.95</td><td>9.83</td><td>9.03</td><td colspan="2">9¾ -10</td><td></td><td></td><td></td></tr>
<tr><td>Nov. __</td><td>8.787</td><td>9. 204</td><td>9.04</td><td>8.81</td><td>9.03</td><td>9.83</td><td>6.03</td><td>9.87</td><td>10. 23</td><td>1035</td><td>11</td><td></td><td></td><td></td></tr>
<tr><td>Dec </td><td>9. 122</td><td>9.397</td><td>9.33</td><td>9.01</td><td>9.16</td><td>9.94</td><td>6.33</td><td>10.02</td><td>10.43</td><td>11</td><td colspan="2">-114 -</td><td>91</td><td>10.03</td></tr>
</table>

1 Rate on new issues within period.

a Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.

3 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate

and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with

prior rates.

• Average effective rate for the year; opening and closing rate for the month.

• Based on seven-day averages of daily effective rates for weeks ending Wednesday. 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. • 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 Home Loan Bank Board (FHLBB), Moody's Investors Service, and Standard & Poor’s Corporation,

Granite-Docling · 0/16 checks in scoring unit

Scoring unit: historical-erp1979-rates. Joined pages use the same full output.

<doctag><otsl><loc_61><loc_48><loc_458><loc_351><ecel><ecel><ched>U.S. Treasury securities<lcel><lcel><lcel><ched>Corporate bonds (Moody's)<lcel><ched>High-grade municipal- ipal bonds (Stand- ard & Poor's)<ched>Prime- munic-  home mort- gage yields (FHLBB)<ched>Prime com- mer- cial paper, 4-6 months<ched>Prime rate charged by banks 4<ched>Dis- count rate, Federal Reserve Bank of New York 4<ched>Federal funds rate 8<nl><ecel><fcel>Bills (new issues) 1<lcel><lcel><lcel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><nl><ecel><fcel>3- month<fcel>6- month<fcel>3 years<fcel>10<fcel>Aa<fcel>Baa<fcel>Stand- ard & Poor's)<fcel>5.90<fcel>4.27<fcel>5.85<fcel>5.16<fcel>5.16<nl><fcel>1929<ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><nl><fcel>1933<fcel>0.515<fcel>3.832<fcel>3.48<fcel>4.73<fcel>7.76<fcel>4.71<fcel>1.73<fcel>1.73<fcel>2.56<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1939<fcel>.023<fcel>3.032<fcel>3.48<fcel>4.96<fcel>4.77<fcel>2.76<fcel>.59<fcel>.59<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1940<fcel>.014<fcel>3.032<fcel>3.48<fcel>4.84<fcel>4.75<fcel>2.50<fcel>.56<fcel>.56<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1941<fcel>.103<fcel>3.032<fcel>3.48<fcel>4.33<fcel>4.75<fcel>2.10<fcel>.53<fcel>.53<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1942<fcel>.326<fcel>3.032<fcel>3.48<fcel>4.28<fcel>2.36<fcel>.66<fcel>.66<fcel>.69<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1943<fcel>.373<fcel>3.032<fcel>3.73<fcel>3.91<fcel>2.06<fcel>.73<fcel>.73<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1944<fcel>.375<fcel>3.032<fcel>3.72<fcel>3.61<fcel>1.86<fcel>.75<fcel>.75<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1945<fcel>.375<fcel>3.032<fcel>2.62<fcel>3.29<fcel>1.67<fcel>.75<fcel>.75<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1946<fcel>.375<fcel>3.032<fcel>2.53<fcel>3.24<fcel>1.64<fcel>.81<fcel>.81<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.34<nl><fcel>1947<fcel>.594<fcel>3.032<fcel>2.61<fcel>3.24<fcel>2.01<fcel>1.03<fcel>.73<fcel>1.00<fcel>1.00<fcel>1.00<fcel>1.34<fcel>1.34<nl><fcel>1948<fcel>1.040<fcel>3.032<fcel>2.82<fcel>3.47<fcel>2.40<fcel>1.44<fcel>.00<fcel>2.00<fcel>1.50<fcel>1.00<ecel><ecel><nl><fcel>1949<fcel>1.102<fcel>3.032<fcel>2.66<fcel>3.42<fcel>2.21<fcel>1.49<fcel>2.00<fcel>2.00<fcel>1.50<fcel>1.59<ecel><ecel><nl><fcel>1950<fcel>1.218<fcel>3.032<fcel>2.62<fcel>3.86<fcel>2.24<fcel>1.98<fcel>1.45<fcel>2.07<fcel>2.56<fcel>1.75<fcel>1.75<fcel>1.75<nl><fcel>1951<fcel>1.552<fcel>3.032<fcel>2.86<fcel>3.41<fcel>2.00<fcel>2.16<fcel>2.33<fcel>2.00<fcel>2.56<fcel>1.75<fcel>1.75<fcel>1.75<nl><fcel>1952<fcel>1.766<fcel>3.032<fcel>2.73<fcel>3.96<fcel>2.19<fcel>2.22<fcel>2.33<fcel>3.00<fcel>1.75<fcel>1.00<fcel>1.00<fcel>1.00<nl><fcel>1953<fcel>1.931<fcel>3.032<fcel>2.47<fcel>3.90<fcel>3.74<fcel>2.72<fcel>2.52<fcel>3.17<fcel>1.99<fcel>1.99<fcel>1.00<fcel>1.78<nl><fcel>1954<fcel>.953<fcel>3.032<fcel>2.60<fcel>3.90<fcel>2.51<fcel>2.37<fcel>1.58<fcel>3.05<fcel>1.60<fcel>1.00<fcel>1.00<fcel>1.78<nl><fcel>1955<fcel>1.753<fcel>3.032<fcel>3.19<fcel>3.82<fcel>3.06<fcel>3.53<fcel>2.53<fcel>2.18<fcel>3.16<fcel>1.89<fcel>1.78<fcel>1.78<nl><fcel>1956<fcel>2.658<fcel>3.032<fcel>3.98<fcel>3.65<fcel>3.89<fcel>2.71<fcel>3.31<fcel>3.77<fcel>2.77<fcel>2.73<fcel>1.11<fcel>1.73<nl><fcel>1957<fcel>3.267<fcel>3.032<fcel>3.98<fcel>3.65<fcel>3.89<fcel>4.71<fcel>3.60<fcel>3.81<fcel>4.20<fcel>3.12<fcel>3.00<fcel>3.11<nl><fcel>1958<fcel>1.839<fcel>3.032<fcel>2.84<fcel>3.32<fcel>4.38<fcel>5.05<fcel>3.95<fcel>3.97<fcel>4.48<fcel>3.36<fcel>1.57<fcel>1.57<nl><fcel>1959<fcel>3.405<fcel>3.832<fcel>4.46<fcel>4.33<fcel>5.08<fcel>3.95<fcel>3.56<fcel>3.97<fcel>4.48<fcel>3.53<fcel>3.30<fcel>3.30<nl><fcel>1960<fcel>2.928<fcel>3.247<fcel>3.98<fcel>4.12<fcel>4.51<fcel>5.19<fcel>3.73<fcel>3.85<fcel>4.82<fcel>3.53<fcel>3.00<fcel>1.96<nl><fcel>1961<fcel>2.378<fcel>3.605<fcel>3.84<fcel>4.88<fcel>4.33<fcel>5.08<fcel>3.18<fcel>2.97<fcel>4.50<fcel>3.00<fcel>3.00<fcel>1.96<nl><fcel>1962<fcel>2.778<fcel>2.908<fcel>3.47<fcel>3.95<fcel>4.88<fcel>5.02<fcel>3.18<fcel>3.26<fcel>4.50<fcel>3.23<fcel>3.00<fcel>2.68<nl><fcel>1963<fcel>3.157<fcel>3.253<fcel>3.67<fcel>4.00<fcel>4.26<fcel>3.86<fcel>5.89<fcel>3.53<fcel>4.50<fcel>3.23<fcel>3.00<fcel>1.98<nl><fcel>1964<fcel>3.549<fcel>3.686<fcel>4.03<fcel>4.19<fcel>4.83<fcel>3.22<fcel>3.97<fcel>4.50<fcel>3.55<fcel>3.00<fcel>3.55<fcel>3.50<nl><fcel>1965<fcel>3.954<fcel>4.055<fcel>4.22<fcel>4.28<fcel>4.49<fcel>4.87<fcel>3.27<fcel>5.81<fcel>4.38<fcel>4.54<fcel>4.04<fcel>4.07<nl><fcel>1966<fcel>4.881<fcel>5.082<fcel>5.23<fcel>4.89<fcel>5.12<fcel>3.67<fcel>3.82<fcel>5.25<fcel>5.55<fcel>4.50<fcel>4.50<fcel>5.11<nl><fcel>1967<fcel>4.321<fcel>4.630<fcel>5.03<fcel>4.71<fcel>5.32<fcel>4.09<fcel>3.06<fcel>5.17<fcel>4.61<fcel>4.19<fcel>5.17<fcel>5.66<nl><fcel>1968<fcel>5.339<fcel>5.470<fcel>5.68<fcel>5.25<fcel>6.18<fcel>4.94<fcel>5.09<fcel>5.90<fcel>6.30<fcel>5.30<fcel>5.17<fcel>5.66<nl><fcel>1969<fcel>6.677<fcel>6.853<fcel>7.87<fcel>6.98<fcel>7.92<fcel>3.69<fcel>5.10<fcel>7.83<fcel>6.97<fcel>5.90<fcel>5.95<fcel>8.22<nl><fcel>1970<fcel>4.355<fcel>6.513<fcel>7.68<fcel>6.87<fcel>7.98<fcel>3.92<fcel>5.69<fcel>4.10<fcel>7.83<fcel>7.91<fcel>5.95<fcel>7.17<nl><fcel>1977<fcel>4.458<fcel>4.511<fcel>7.29<fcel>7.84<fcel>9.08<fcel>5.72<fcel>5.90<fcel>4.74<fcel>5.11<fcel>5.72<fcel>5.90<fcel>4.67<nl><fcel>1978<fcel>4.662<fcel>4.613<fcel>6.883<fcel>4.96<fcel>6.89<fcel>7.04<fcel>9.12<fcel>5.75<fcel>4.98<fcel>4.65<fcel>5.50<fcel>4.44<nl><fcel>1979<fcel>4.542<fcel>4.790<fcel>6.47<fcel>7.46<fcel>7.80<fcel>9.04<fcel>5.76<fcel>5.90<fcel>4.87<fcel>5.11<fcel>5.72<fcel>4.88<nl><fcel>1980<fcel>4.942<fcel>4.590<fcel>7.46<fcel>7.83<fcel>7.04<fcel>9.07<fcel>5.61<fcel>8.94<fcel>4.87<fcel>5.11<fcel>5.72<fcel>4.88<nl><fcel>1981<fcel>4.942<fcel>5.193<fcel>6.55<fcel>7.46<fcel>7.80<fcel>9.01<fcel>5.64<fcel>8.96<fcel>5.35<fcel>6.84<fcel>5.50<fcel>4.69<nl><fcel>1962<fcel>5.540<fcel>5.198<fcel>6.39<fcel>7.83<fcel>7.28<fcel>7.95<fcel>5.83<fcel>8.98<fcel>5.49<fcel>6.64<fcel>7.86<fcel>5.82<nl><fcel>1978<fcel>5.146<fcel>5.351<fcel>6.51<fcel>7.33<fcel>7.94<fcel>8.87<fcel>5.50<fcel>9.00<fcel>5.41<fcel>6.63<fcel>5.34<fcel>5.42<nl><fcel>1959<fcel>4.500<fcel>5.810<fcel>6.79<fcel>7.40<fcel>8.98<fcel>5.82<fcel>6.46<fcel>5.92<fcel>5.84<fcel>6.7<fcel>5.84<fcel>5.90<nl><fcel>Sept. 7, 2017<fcel>5.770<fcel>5.991<fcel>6.84<fcel>7.34<fcel>7.92<fcel>8.80<fcel>5.37<fcel>9.04<fcel>6.17<fcel>7.74<fcel>6.84<fcel>5.14<nl><fcel>Oct. 6, 188<fcel>6.611<fcel>7.429<fcel>7.58<fcel>8.08<fcel>7.95<fcel>5.93<fcel>6.07<fcel>7.59<fcel>7.74<fcel>6.6<fcel>5.46<fcel>6.54<nl><fcel>Nov. 6, 2017<fcel>5.066<fcel>6.377<fcel>7.30<fcel>7.69<fcel>8.18<fcel>9.99<fcel>5.48<fcel>6.09<fcel>7.74<fcel>7.94<fcel>6.06<fcel>6.51<nl><fcel>Dec. 6, 2017<fcel>5.066<fcel>6.685<fcel>7.30<fcel>7.96<fcel>8.41<fcel>9.17<fcel>5.60<fcel>9.53<fcel>6.79

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Tesseract 5.5.3 · 0/16 checks in scoring unit

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NEBAR

5 deicicied

BRS BANS BBsNE

BSR385
ehaiebeded

BESSN RBING BRBRB

drisisini Galsicial sinicleied

bonds

RSKCY SENG BRAKE 2eNge

cided ceded seidds Guuied

ABSA

2 iedebeses

{Percent per annum]
Corporate
(Moody's)
faa

S8B28 FBR!

10

ABIB VBRSZ
Aiicleid Soicies

3
years | years

SLRS BaSSS
Aiciciaid ceicieie

NNS8s

Soe

Tasie B-65.—Bond yields and interest rates, 1929-78

6-

RB888

hainieses

U.S, Treasury securities

Bitts
(new
issues )*

3
month | month

0.515 |.

BESS5

Year or
‘month

258

See next page for continuation of table,

ifraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Digitized for FRASER

http:
Tasie B-65.—Bond yields and interest rates, 1929-78—Continued

[Percent per annum]

U.S, Treasury securities Corporate - :
| ants | Stade | New ime | count
Bills Constant | Meds) | gume- | Rome | com- | Prime | ote |
Year or (new maturi- |——>———] pal | ote | “lat | charged | Federal | Ferrera
month issues)! ties? bonds | far paper, Byes | Reserve | fangs
(Stand- G 2 nh
3 | a] io | Aa | Baa) ards GS oaths} SAMS | of How
month | month | years | years Poor's) York «
6.99 | 7.74 | 8.60 j10.41 | 6.80] 8.99 487
7.06 | 7.79 | 8.55 \10.24| 6.91) 8.93 a7
7.13 | 7.73} 8.52 lio 12] 686] 8.93 4.84
684 | 7.56) 840/999] 662] 8.92 4.82
7:27) 7.90|858\9.86| 6.87 | 8.97 5.29
7:32 | 7.86) 862/989] 6.85] 8.89 5.48
7.12] 7.83 | 8.56) 982] 6.64) 8.97 5.31
6.86 | 7.77 | 845] 868} 6.28) 9:02 5.29
6.66 | 7.59) 838/940] 6.20) 9.08 5.25
6.26 | 741 | 832/929] 6.06] 9.07 24) 5 5.03
6.09) 7.29} 8.25) 9.23 | 6.05] 9.05 oy 4.95
5.68 6.87 | 7.98 | 9.12] 5.69| 9.10 4 465
4.597 | 4.783 | 6.22] 7.21| 7.96] 9.08] 5.70] 9.05 6x4 4.61
4.662 | 4.896 | 6.44 | 7:39] 808] 912) 5.75] 8.99 8g 4.68
4.613 | 4883 | 6.47/ 7.46] 810/912 | 5.76) 8.95 84 4.69
4.540 | 4790 | 6.31 | 7:37 | 8.04] 907 | S61 | 8.94 614] 5 473
4.942 | 5.193] 6.55) 7.46 | 805/901) 5.64) 8.96 64 5.35
5.008 | 5.198 | 6.39] 7:28|7.95| 891) 5.53] 8.98 6% 5.39
5.146 | 5.351] 6.51} 7.33] 7.94) 8.87| 5.50] 9.00 634-634 5.42
5.500} 5.810 | 6.79| 7.40 | 798/882] 5.46) 9:02 BT 5.90
5.770 | 5.99 | 684] 7-34) 7.92] 880] 5.37) 9.04 T-1 614
6.188 | 6.410 | 7:19] 7.52] 804] 889] 5.53) 9.07 Be 14 6.47
6.160 | 6.433 | 7:22| 7:58| 808 | 895] 5.38) 9.07 651
6.063 | 6.377} 7.30) 7.69] 819] 899 | 5.48] 9.09 6.56
6.448 | 6.685 | 7.61] 7.96) 841/917] 5.60) 9.15| 6.79 6.70
6.457 | 6.740) 7.67) 8.03) 8.47) 9.20) S51] 9:18] 6.80 6.78
6.319} 6.644 | 7:70 | 8.08 9.22| 5.49] 9:26] 6.80 6.79
6.306} 6.700 | 7:85) 8.15 32) 571 | 930! 6.86 6.89
6.430 | 7.019 | 8.07 | 8.35 49} S97) 9:37] TU 7.36
6.707 | 7.200 | 8.30 | 8.46 a60] 613) 9:46) 7.63 7.60
7.074] 7.47 | 3.54 | 8.64 9.60] 6.18) 957| 7.91 7.81
7.036 | 7.363| 833| 8.41 9.4 | 598] 9:70| 7:90 8.04
7.836 | 7.948 | ga | 8.42 9.42] 593) 973! a4 8.45
8.132 | 8.493 | 8.62 | 864 9.59 | 8.95 | 983 | 9:03 8.96
8.787 | 9.204) 9.04 | 8.81 6.03} 9:87 | 10.23 9.76
9.122 | 9.397 | 9:33 | 9.0L 6.33 | 10:02 | 10.43 10.03

4 Rate on new issues within period.

2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department,

2 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate
fand assumed, on the average, repayment at end of 10 years. Rates Beginning January 1973 not stritly comparable with
rior rates. i

‘Average otfective rate forthe yea; opening and closing rate for the month,

3 Based on seven-day averages of daily effective rates for weeks ending Wednesday. Since July 19, 1975, the daily
effective rate is an average ofthe rates on a given day weighted by the volume af transactions af these rats, Prior fo
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.. . i

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 Home Loan Bank
Board (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation,

259

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis