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Economic Report of the President 1980, 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 1980; 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 1980, 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	9.69	1979 / Sept / 1979-09 / U.S. Treasury securities / Constant maturities / 3 years
2	cell	9.33	1979 / Sept / 1979-09 / U.S. Treasury securities / Constant maturities / 10 years
3	cell	10.95	1979 / Oct / 1979-10 / U.S. Treasury securities / Constant maturities / 3 years
4	cell	10.30	1979 / Oct / 1979-10 / U.S. Treasury securities / Constant maturities / 10 years
5	cell	11.18	1979 / Nov / 1979-11 / U.S. Treasury securities / Constant maturities / 3 years
6	cell	10.65	1979 / Nov / 1979-11 / U.S. Treasury securities / Constant maturities / 10 years
7	cell	10.71	1979 / Dec / 1979-12 / U.S. Treasury securities / Constant maturities / 3 years
8	cell	10.39	1979 / Dec / 1979-12 / 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	0/8	0.0	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong	Wrong
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

9.69
9.33
10.95
10.30
11.18
10.65
10.71
10.39

Claude Opus 5.5 · 0/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

TABLE B-64.—*Bond yields and interest rates, 1929–79*

[Percent per annum]

| Year or month | U.S. Treasury securities: Bills (new issues) ¹ 3-month | Bills 6-month | Constant maturities ² 3 years | Constant maturities 10 years | Corporate bonds (Moody's) Aaa | Corporate bonds 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 |
| 1979 | 10.041 | 10.017 | 9.71 | 9.44 | 9.63 | 10.69 | 6.39 | 10.77 | ⁷ 10.91 | 12.67 | 10.28 | 11.20 |

See next page for continuation of table.

278

---

TABLE B-64.—*Bond yields and interest rates, 1929–79*—Continued

[Percent per annum]

| Year or month | U.S. Treasury securities: Bills (new issues) ¹ 3-month | Bills 6-month | Constant maturities ² 3 years | Constant maturities 10 years | Corporate bonds (Moody's) Aaa | Corporate bonds 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **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 | 8.60 | 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 |
| **1979:** | | | | | | | | | | | | |
| Jan | 9.351 | 9.501 | 9.50 | 9.10 | 9.25 | 10.13 | 6.25 | 10.18 | 10.32 | 11¾–11¾ | 9½–9½ | 10.07 |
| Feb | 9.265 | 9.349 | 9.29 | 9.10 | 9.26 | 10.08 | 6.19 | 10.20 | 10.01 | 11¾–11¾ | 9½–9½ | 10.06 |
| Mar | 9.457 | 9.458 | 9.38 | 9.12 | 9.37 | 10.26 | 6.16 | 10.30 | 9.96 | 11¾–11¾ | 9½–9½ | 10.09 |
| Apr | 9.493 | 9.498 | 9.43 | 9.18 | 9.38 | 10.33 | 6.14 | 10.36 | 9.87 | 11¾–11¾ | 9½–9½ | 10.01 |
| May | 9.579 | 9.531 | 9.42 | 9.25 | 9.50 | 10.47 | 6.10 | 10.47 | 9.98 | 11¾–11¾ | 9½–9½ | 10.24 |
| June | 9.045 | 9.062 | 8.95 | 8.91 | 9.29 | 10.38 | 5.99 | 10.66 | 9.71 | 11¾–11½ | 9½–9½ | 10.29 |
| July | 9.262 | 9.190 | 8.94 | 8.95 | 9.20 | 10.29 | 6.05 | 10.78 | 9.82 | 11½–11¾ | 9½–10 | 10.47 |
| Aug | 9.450 | 9.450 | 9.14 | 9.03 | 9.23 | 10.35 | 6.10 | 11.01 | 10.39 | 11¾–12¼ | 10 –10½ | 10.94 |
| Sept | 10.182 | 10.125 | 9.69 | 9.33 | 9.44 | 10.54 | 6.40 | 11.02 | 11.60 | 12¼–13½ | 10½–11 | 11.43 |
| Oct | 11.472 | 11.339 | 10.95 | 10.30 | 10.13 | 11.40 | 6.98 | 11.21 | 13.23 | 13½–15 | 11 –12 | 13.77 |
| Nov | 11.868 | 11.856 | 11.18 | 10.65 | 10.76 | 11.99 | 7.19 | 11.37 | ⁷ 13.26 | 15¼–15½ | 12 –12 | 13.18 |
| Dec | 12.071 | 11.847 | 10.71 | 10.39 | 10.74 | 12.06 | 7.09 | 11.65 | 12.80 | 15½–15¼ | 12 –12 | 13.78 |

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 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.
⁷ Beginning November 1979, data are for 6-months paper.

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.

279

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

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

TABLE B–64.—*Bond yields and interest rates, 1929–79*

[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 |
| 1979 | 10.041 | 10.017 | 9.71 | 9.44 | 9.63 | 10.69 | 6.39 | 10.77 | ⁷ 10.91 | 12.67 | 10.28 | 11.20 |

See next page for continuation of table.

278

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

TABLE B–64.—*Bond yields and interest rates, 1929–79*—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 |
|---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| 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 | 7.40 | 8.05 | 9.01 | 5.64 | 8.94 | 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 | 8.60 | 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 | 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 |
| 1979: | | | | | | | | | | | | |
| Jan | 9.351 | 9.501 | 9.50 | 9.10 | 9.25 | 10.13 | 6.25 | 10.18 | 10.32 | 11¾–11¾ | 9½–9½ | 10.07 |
| Feb | 9.265 | 9.349 | 9.29 | 9.10 | 9.26 | 10.08 | 6.19 | 10.20 | 10.01 | 11¾–11¾ | 9½–9½ | 10.06 |
| Mar | 9.457 | 9.458 | 9.38 | 9.12 | 9.37 | 10.26 | 6.16 | 10.30 | 9.96 | 11¾–11¾ | 9½–9½ | 10.09 |
| Apr | 9.493 | 9.498 | 9.43 | 9.18 | 9.38 | 10.33 | 6.14 | 10.36 | 9.87 | 11¾–11¾ | 9½–9½ | 10.01 |
| May | 9.579 | 9.531 | 9.42 | 9.25 | 9.50 | 10.47 | 6.10 | 10.47 | 9.98 | 11¾–11¾ | 9½–9½ | 10.24 |
| June | 9.045 | 9.062 | 8.95 | 8.91 | 9.29 | 10.38 | 5.99 | 10.66 | 9.71 | 11¾–11½ | 9½–9½ | 10.29 |
| July | 9.262 | 9.190 | 8.94 | 8.95 | 9.20 | 10.29 | 6.05 | 10.78 | 9.82 | 11½–11¼ | 9½–10 | 10.47 |
| Aug | 9.450 | 9.450 | 9.14 | 9.03 | 9.23 | 10.35 | 6.10 | 11.01 | 10.39 | 11¼–12¼ | 10 –10½ | 10.94 |
| Sept | 10.182 | 10.125 | 9.69 | 9.33 | 9.44 | 10.54 | 6.40 | 11.02 | 11.60 | 12¼–13½ | 10½–11 | 11.43 |
| Oct | 11.472 | 11.339 | 10.95 | 10.30 | 10.13 | 11.40 | 6.98 | 11.21 | 13.23 | 13½–15 | 11 –12 | 13.77 |
| Nov | 11.868 | 11.856 | 11.18 | 10.65 | 10.76 | 11.99 | 7.19 | 11.37 | ⁷ 13.26 | 15¼–15½ | 12 –12 | 13.18 |
| Dec | 12.071 | 11.847 | 10.71 | 10.39 | 10.74 | 12.06 | 7.09 | 11.65 | 12.80 | 15¼–15¼ | 12 –12 | 13.78 |

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 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.  
⁷ Beginning November 1979, data are for 6-months paper.

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.

279

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-erp1980-rates. Joined pages use the same full output.

TABLE B-64.—*Bond yields and interest rates, 1929–79*

[Percent per annum]

| Year or month | U.S. Treasury: Bills (new issues)¹ 3-month | Bills 6-month | Constant maturities² 3 years | Constant maturities 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 |
| 1979 | 10.041 | 10.017 | 9.71 | 9.44 | 9.63 | 10.69 | 6.39 | 10.77 | ⁷10.91 | 12.67 | 10.28 | 11.20 |

See next page for continuation of table.

278

---

TABLE B-64.—*Bond yields and interest rates, 1929–79*—Continued

[Percent per annum]

| Year or month | 3-month | 6-month | 3 years | 10 years | Aaa | Baa | Municipal (S&P) | New-home mortgage (FHLBB)³ | Prime commercial paper, 4–6 months | Prime rate charged by banks⁴ | Discount rate, FRB New York⁴ | Federal funds rate⁵ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **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 | 8.60 | 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 |
| **1979:** | | | | | | | | | | | | |
| Jan | 9.351 | 9.501 | 9.50 | 9.10 | 9.25 | 10.13 | 6.25 | 10.18 | 10.32 | 11¾–11¾ | 9½–9½ | 10.07 |
| Feb | 9.265 | 9.349 | 9.29 | 9.10 | 9.26 | 10.08 | 6.19 | 10.20 | 10.01 | 11¾–11¾ | 9½–9½ | 10.06 |
| Mar | 9.457 | 9.458 | 9.38 | 9.12 | 9.37 | 10.26 | 6.16 | 10.30 | 9.96 | 11¾–11¾ | 9½–9½ | 10.09 |
| Apr | 9.493 | 9.498 | 9.43 | 9.18 | 9.38 | 10.33 | 6.14 | 10.36 | 9.87 | 11¾–11¾ | 9½–9½ | 10.01 |
| May | 9.579 | 9.531 | 9.42 | 9.25 | 9.50 | 10.47 | 6.10 | 10.47 | 9.98 | 11¾–11¾ | 9½–9½ | 10.24 |
| June | 9.045 | 9.062 | 8.95 | 8.91 | 9.29 | 10.38 | 5.99 | 10.66 | 9.71 | 11¾–11½ | 9½–9½ | 10.29 |
| July | 9.262 | 9.190 | 8.94 | 8.95 | 9.20 | 10.29 | 6.05 | 10.78 | 9.82 | 11½–11¾ | 9½–10 | 10.47 |
| Aug | 9.450 | 9.450 | 9.14 | 9.03 | 9.23 | 10.35 | 6.10 | 11.01 | 10.39 | 11¾–12¼ | 10 –10½ | 10.94 |
| Sept | 10.182 | 10.125 | 9.69 | 9.33 | 9.44 | 10.54 | 6.40 | 11.02 | 11.60 | 12¼–13½ | 10½–11 | 11.43 |
| Oct | 11.472 | 11.339 | 10.95 | 10.30 | 10.13 | 11.40 | 6.98 | 11.21 | 13.23 | 13½–15 | 11 –12 | 13.77 |
| Nov | 11.868 | 11.856 | 11.18 | 10.65 | 10.76 | 11.99 | 7.19 | 11.37 | ⁷13.26 | 15¼–15½ | 12 –12 | 13.18 |
| Dec | 12.071 | 11.847 | 10.71 | 10.39 | 10.74 | 12.06 | 7.09 | 11.65 | 12.80 | 15½–15¼ | 12 –12 | 13.78 |

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 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.
⁷ Beginning November 1979, data are for 6-months paper.

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.

279

Gemini 3.8 Flash · 16/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

TABLE B-64.—*Bond yields and interest rates, 1929–79*

[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) 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 |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| | **Bills (new issues) ¹** | | **Constant maturities ²** | | **Aaa** | **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 | | 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 |
| 1979 | 10.041 | 10.017 | 9.71 | 9.44 | 9.63 | 10.69 | 6.39 | 10.77 | ⁷ 10.91 | 12.67 | 10.28 | 11.20 |

See next page for continuation of table.

278

---

TABLE B-64.—*Bond yields and interest rates, 1929–79*—Continued

[Percent per annum]

| Year or month | U.S. Treasury securities | | | | Corporate bonds (Moody's) | | High-grade municipal bonds (Stand-ard & 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 |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| | **Bills (new issues) ¹** | | **Constant maturities ²** | | **Aaa** | **Baa** | | | | | | |
| | **3-month** | **6-month** | **3 years** | **10 years** | | | | | | | | |
| 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 | 8.60 | 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 | 10¾–11½ | 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 |
| 1979: | | | | | | | | | | | | |
| Jan | 9.351 | 9.501 | 9.50 | 9.10 | 9.25 | 10.13 | 6.25 | 10.18 | 10.32 | 11¾–11¾ | 9½–9½ | 10.07 |
| Feb | 9.265 | 9.349 | 9.29 | 9.10 | 9.26 | 10.08 | 6.19 | 10.20 | 10.01 | 11¾–11¾ | 9½–9½ | 10.06 |
| Mar | 9.457 | 9.458 | 9.38 | 9.12 | 9.37 | 10.26 | 6.16 | 10.30 | 9.96 | 11¾–11¾ | 9½–9½ | 10.09 |
| Apr | 9.493 | 9.498 | 9.43 | 9.18 | 9.38 | 10.33 | 6.14 | 10.36 | 9.87 | 11¾–11¾ | 9½–9½ | 10.01 |
| May | 9.579 | 9.531 | 9.42 | 9.25 | 9.50 | 10.47 | 6.10 | 10.47 | 9.98 | 11¾–11¾ | 9½–9½ | 10.24 |
| June | 9.045 | 9.062 | 8.95 | 8.91 | 9.29 | 10.38 | 5.99 | 10.66 | 9.71 | 11¾–11½ | 9½–9½ | 10.29 |
| July | 9.262 | 9.190 | 8.94 | 8.95 | 9.20 | 10.29 | 6.05 | 10.78 | 9.82 | 11½–11¾ | 9½–10 | 10.47 |
| Aug | 9.450 | 9.450 | 9.14 | 9.03 | 9.23 | 10.35 | 6.10 | 11.01 | 10.39 | 11¾–12¼ | 10 –10½ | 10.94 |
| Sept | 10.182 | 10.125 | 9.69 | 9.33 | 9.44 | 10.54 | 6.40 | 11.02 | 11.60 | 12¼–13½ | 10½–11 | 11.43 |
| Oct | 11.472 | 11.339 | 10.95 | 10.30 | 10.13 | 11.40 | 6.98 | 11.21 | 13.23 | 13½–15 | 11 –12 | 13.77 |
| Nov | 11.868 | 11.856 | 11.18 | 10.65 | 10.76 | 11.99 | 7.19 | 11.37 | ⁷ 13.26 | 15¼–15½ | 12 –12 | 13.18 |
| Dec | 12.071 | 11.847 | 10.71 | 10.39 | 10.74 | 12.06 | 7.09 | 11.65 | 12.80 | 15½–15¼ | 12 –12 | 13.78 |

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 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.  
⁷ Beginning November 1979, data are for 6-months paper.  

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.

279

Gemini 4 Argon · 16/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

TABLE B–64.—*Bond yields and interest rates, 1929–79*

[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 & 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>
    <tr>
      <td>1979</td>
      <td>10.041</td>
      <td>10.017</td>
      <td>9.71</td>
      <td>9.44</td>
      <td>9.63</td>
      <td>10.69</td>
      <td>6.39</td>
      <td>10.77</td>
      <td><sup>7</sup> 10.91</td>
      <td>12.67</td>
      <td>10.28</td>
      <td>11.20</td>
    </tr>
  </tbody>
</table>

See next page for continuation of table.

278

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

---

TABLE B–64.—*Bond yields and interest rates, 1929–79—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 & 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>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>8.60</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>
    <tr>
      <td>1979:</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>9.351</td>
      <td>9.501</td>
      <td>9.50</td>
      <td>9.10</td>
      <td>9.25</td>
      <td>10.13</td>
      <td>6.25</td>
      <td>10.18</td>
      <td>10.32</td>
      <td>11¾–11¾</td>
      <td>9½–9½</td>
      <td>10.07</td>
    </tr>
    <tr>
      <td>Feb</td>
      <td>9.265</td>
      <td>9.349</td>
      <td>9.29</td>
      <td>9.10</td>
      <td>9.26</td>
      <td>10.08</td>
      <td>6.19</td>
      <td>10.20</td>
      <td>10.01</td>
      <td>11¾–11¾</td>
      <td>9½–9½</td>
      <td>10.06</td>
    </tr>
    <tr>
      <td>Mar</td>
      <td>9.457</td>
      <td>9.458</td>
      <td>9.38</td>
      <td>9.12</td>
      <td>9.37</td>
      <td>10.26</td>
      <td>6.16</td>
      <td>10.30</td>
      <td>9.96</td>
      <td>11¾–11¾</td>
      <td>9½–9½</td>
      <td>10.09</td>
    </tr>
    <tr>
      <td>Apr</td>
      <td>9.493</td>
      <td>9.498</td>
      <td>9.43</td>
      <td>9.18</td>
      <td>9.38</td>
      <td>10.33</td>
      <td>6.14</td>
      <td>10.36</td>
      <td>9.87</td>
      <td>11¾–11¾</td>
      <td>9½–9½</td>
      <td>10.01</td>
    </tr>
    <tr>
      <td>May</td>
      <td>9.579</td>
      <td>9.531</td>
      <td>9.42</td>
      <td>9.25</td>
      <td>9.50</td>
      <td>10.47</td>
      <td>6.10</td>
      <td>10.47</td>
      <td>9.98</td>
      <td>11¾–11¾</td>
      <td>9½–9½</td>
      <td>10.24</td>
    </tr>
    <tr>
      <td>June</td>
      <td>9.045</td>
      <td>9.062</td>
      <td>8.95</td>
      <td>8.91</td>
      <td>9.29</td>
      <td>10.38</td>
      <td>5.99</td>
      <td>10.66</td>
      <td>9.71</td>
      <td>11¾–11½</td>
      <td>9½–9½</td>
      <td>10.29</td>
    </tr>
    <tr>
      <td>July</td>
      <td>9.262</td>
      <td>9.190</td>
      <td>8.94</td>
      <td>8.95</td>
      <td>9.20</td>
      <td>10.29</td>
      <td>6.05</td>
      <td>10.78</td>
      <td>9.82</td>
      <td>11½–11¾</td>
      <td>9½–10</td>
      <td>10.47</td>
    </tr>
    <tr>
      <td>Aug</td>
      <td>9.450</td>
      <td>9.450</td>
      <td>9.14</td>
      <td>9.03</td>
      <td>9.23</td>
      <td>10.35</td>
      <td>6.10</td>
      <td>11.01</td>
      <td>10.39</td>
      <td>11¾–12¼</td>
      <td>10 –10½</td>
      <td>10.94</td>
    </tr>
    <tr>
      <td>Sept</td>
      <td>10.182</td>
      <td>10.125</td>
      <td>9.69</td>
      <td>9.33</td>
      <td>9.44</td>
      <td>10.54</td>
      <td>6.40</td>
      <td>11.02</td>
      <td>11.60</td>
      <td>12¼–13½</td>
      <td>10½–11</td>
      <td>11.43</td>
    </tr>
    <tr>
      <td>Oct</td>
      <td>11.472</td>
      <td>11.339</td>
      <td>10.95</td>
      <td>10.30</td>
      <td>10.13</td>
      <td>11.40</td>
      <td>6.98</td>
      <td>11.21</td>
      <td>13.23</td>
      <td>13½–15</td>
      <td>11 –12</td>
      <td>13.77</td>
    </tr>
    <tr>
      <td>Nov</td>
      <td>11.868</td>
      <td>11.856</td>
      <td>11.18</td>
      <td>10.65</td>
      <td>10.76</td>
      <td>11.99</td>
      <td>7.19</td>
      <td>11.37</td>
      <td><sup>7</sup> 13.26</td>
      <td>15¼–15½</td>
      <td>12 –12</td>
      <td>13.18</td>
    </tr>
    <tr>
      <td>Dec</td>
      <td>12.071</td>
      <td>11.847</td>
      <td>10.71</td>
      <td>10.39</td>
      <td>10.74</td>
      <td>12.06</td>
      <td>7.09</td>
      <td>11.65</td>
      <td>12.80</td>
      <td>15½–15¼</td>
      <td>12 –12</td>
      <td>13.78</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> 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.
<sup>7</sup> Beginning November 1979, data are for 6-months paper.

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.

279

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Federal Reserve Bank of St. Louis

Chandra OCR 2 · 0/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

<div data-bbox="312 61 680 76" data-label="Caption">TABLE B-64.—Bond yields and interest rates, 1929-79</div>
<div data-bbox="441 79 557 91" data-label="Text">[Percent per annum]</div>
<div data-bbox="144 97 853 690" 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 (FHLBB)<sup>a</sup></th>
<th rowspan="3">Prime commercial paper, 4-6 months</th>
<th rowspan="3">Prime rate charged by banks<sup>a</sup></th>
<th rowspan="3">Discount rate, Federal Reserve Bank of New York<sup>a</sup></th>
<th rowspan="3">Federal funds rate<sup>a</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>.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>4.70</td><td>2.40</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></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>3.18</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>3.85</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>3.97</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>5.539</td><td>5.470</td><td>5.68</td><td>5.85</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>
<tr><td>1979</td><td>10.041</td><td>10.017</td><td>9.71</td><td>9.44</td><td>9.63</td><td>10.69</td><td>6.39</td><td>10.77</td><td>10.91</td><td>12.67</td><td>10.28</td><td>11.20</td></tr>
</tbody>
</table>
</div>
<div data-bbox="154 697 363 710" data-label="Text">See next page for continuation of table.</div>
<div data-bbox="162 621 348 632" data-label="Text"><sup>1</sup> Rate on new issues within period.</div>
<div data-bbox="162 631 707 643" data-label="Text"><sup>2</sup> Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.</div>
<div data-bbox="149 641 863 668" data-label="Text"><sup>a</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.</div>
<div data-bbox="149 665 863 697" data-label="Text"><sup>b</sup> Average effective rate for the year; opening and closing rate for the month. 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.</div>
<div data-bbox="149 694 863 717" data-label="Text"><sup>c</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.</div>
<div data-bbox="162 714 466 726" data-label="Text"><sup>d</sup> Beginning November 1979, data are for 6-months paper.</div>
<div data-bbox="149 732 863 750" data-label="Text">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.</div>
<div data-bbox="478 937 520 954" data-label="Page-Footer">278</div>
<div data-bbox="0 951 258 996" data-label="Page-Footer">Digitized for FRASER<br/>http://fraser.stlouisfed.org/<br/>Federal Reserve Bank of St. Louis</div>

Mistral OCR · 8/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

<file name="historical-erp1980-rates.pdf">
TABLE B-64.—Bond yields and interest rates, 1929–79
[Percent per annum]

|  Year or month | U.S. Treasury securities |   |   |   | Corporate bonds (Moody's) |   | High-grade municipal bonds (Stand-ard & Poor's) | New-home mortgage yields (FHLBB) a | Prime commercial paper, 4–6 months | Prime rate charged by banks b | Discount rate, Federal Reserve Bank of New York c | Federal funds rate d  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|   |  Bills (new issues) e |   | Constant maturities e |   | Aaa | 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 |  | e 1.00 |   |
|  1943 | .373 |  |  |  | 2.73 | 3.91 | 2.06 |  | .69 |  | e 1.00 |   |
|  1944 | .375 |  |  |  | 2.72 | 3.61 | 1.86 |  | .73 |  | e 1.00 |   |
|  1945 | .375 |  |  |  | 2.62 | 3.29 | 1.67 |  | .75 |  | e 1.00 |   |
|  1946 | .375 |  |  |  | 2.53 | 3.05 | 1.64 |  | .81 |  | e 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  |
|  1979 | 10.041 | 10.017 | 9.71 | 9.44 | 9.63 | 10.69 | 6.39 | 10.77 | 10.91 | 12.67 | 10.28 | 11.20  |

See next page for continuation of table.

Digitized for FRASER

http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis
TABLE B-64.—Bond yields and interest rates, 1929–79—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)a | Prime commercial paper, 4–6 months | Prime rate charged by banksa | Discount rate, Federal Reserve Bank of New Yorka | Federal funds rateb  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|   |  Bills (new issues)1 |   | Constant maturities2 |   | Aaa | Baa  |   |   |   |   |   |   |
|   |  3-month | 6-month | 3 years | 10 years  |   |   |   |   |   |   |   |   |
|  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 | 6½–6½ | 5½–5½ | 5.35  |
|  June | 5,004 | 5,198 | 6.39 | 7.28 | 7.95 | 8.91 | 5.53 | 8.98 | 5.49 | 6½–6½ | 5½–5½ | 5.39  |
|  July | 5,146 | 5,351 | 6.51 | 7.33 | 7.94 | 8.87 | 5.50 | 9.00 | 5.41 | 6½–6½ | 5½–5½ | 5.42  |
|  Aug. | 5,500 | 5,810 | 6.79 | 7.40 | 7.98 | 8.82 | 5.46 | 9.02 | 5.84 | 6½–7 | 5½–5½ | 5.90  |
|  Sept. | 5,770 | 5,991 | 6.84 | 7.34 | 7.92 | 8.80 | 5.37 | 9.04 | 6.17 | 7–7½ | 5½–5½ | 6.14  |
|  Oct. | 6,188 | 6,410 | 7.19 | 7.52 | 8.04 | 8.89 | 5.53 | 9.07 | 6.55 | 7½–7½ | 5½–6 | 6.47  |
|  Nov. | 6,160 | 6,433 | 7.22 | 7.58 | 8.08 | 8.95 | 5.38 | 9.07 | 6.59 | 7½–7½ | 6–6 | 6.51  |
|  Dec. | 6,063 | 6,377 | 7.30 | 7.69 | 8.19 | 8.99 | 5.48 | 9.09 | 6.64 | 7½–7½ | 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 | 8.60 | 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 | 9½–9½ | 7½–8 | 8.45  |
|  Oct. | 8,132 | 8,493 | 8.62 | 8.64 | 8.89 | 9.59 | 5.95 | 9.83 | 9.03 | 9½–10½ | 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  |
|  1979: |  |  |  |  |  |  |  |  |  |  |  |   |
|  Jan. | 9,351 | 9,501 | 9.50 | 9.10 | 9.25 | 10.13 | 6.25 | 10.18 | 10.32 | 11½–11½ | 9½–9½ | 10.07  |
|  Feb. | 9,265 | 9,349 | 9.29 | 9.10 | 9.26 | 10.08 | 6.19 | 10.20 | 10.01 | 11½–11½ | 9½–9½ | 10.06  |
|  Mar. | 9,457 | 9,458 | 9.38 | 9.12 | 9.37 | 10.26 | 6.16 | 10.30 | 9.96 | 11½–11½ | 9½–9½ | 10.09  |
|  Apr. | 9,493 | 9,498 | 9.43 | 9.18 | 9.38 | 10.33 | 6.14 | 10.36 | 9.87 | 11½–11½ | 9½–9½ | 10.01  |
|  May | 9,579 | 9,531 | 9.42 | 9.25 | 9.50 | 10.47 | 6.10 | 10.47 | 9.98 | 11½–11½ | 9½–9½ | 10.24  |
|  June | 9,045 | 9,062 | 8.95 | 8.91 | 9.29 | 10.38 | 5.99 | 10.66 | 9.71 | 11½–11½ | 9½–9½ | 10.29  |
|  July | 9,262 | 9,190 | 8.94 | 8.95 | 9.20 | 10.29 | 6.05 | 10.78 | 9.82 | 11½–11½ | 9½–10 | 10.47  |
|  Aug. | 9,450 | 9,450 | 9.14 | 9.03 | 9.23 | 10.35 | 6.10 | 11.01 | 10.39 | 11½–12½ | 10–10½ | 10.94  |
|  Sept. | 10,182 | 10,125 | 9.69 | 9.33 | 9.44 | 10.54 | 6.40 | 11.02 | 11.60 | 12½–13½ | 10½–11 | 11.43  |
|  Oct. | 11,472 | 11,339 | 10.95 | 10.30 | 10.13 | 11.40 | 6.98 | 11.21 | 13.23 | 13½–15 | 11–12 | 13.77  |
|  Nov. | 11,868 | 11,856 | 11.18 | 10.65 | 10.76 | 11.99 | 7.19 | 11.37 | 13.26 | 15½–15½ | 12–12 | 13.18  |
|  Dec. | 12,071 | 11,847 | 10.71 | 10.39 | 10.74 | 12.06 | 7.09 | 11.65 | 12.80 | 15½–15½ | 12–12 | 13.78  |

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 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.
7 Beginning November 1979, data are for 6-months paper.
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-erp1980-rates. Joined pages use the same full output.

**TABLE B–64.—Bond yields and interest rates, 1929–79**  
[Percent per annum]

| Year or month | Bills (new issues), 3-month | Bills (new issues), 6-month | Constant maturities, 3 years | Constant maturities, 10 years | Corporate bonds (Moody’s), Aaa | Corporate bonds (Moody’s), Baa | High-grade municipal bonds (Standard & Poor’s) | New-home mortgage yields (FHLBB) | Prime commercial paper, 4–6 months | Prime rate charged by banks | Discount rate, Federal Reserve Bank of New York | Federal funds rate |
|---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| 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 |
| 1979 | 10.041 | 10.017 | 9.71 | 9.44 | 9.63 | 10.69 | 6.39 | 10.77 | 10.91 | 12.67 | 10.28 | 11.20 |

See next page for continuation of table.

**TABLE B–64.—Bond yields and interest rates, 1929–79—Continued**  
[Percent per annum]

| Year or month | Bills (new issues), 3-month | Bills (new issues), 6-month | Constant maturities, 3 years | Constant maturities, 10 years | Corporate bonds (Moody’s), Aaa | Corporate bonds (Moody’s), Baa | High-grade municipal bonds (Standard & Poor’s) | New-home mortgage yields (FHLBB) | Prime commercial paper, 4–6 months | Prime rate charged by banks | Discount rate, Federal Reserve Bank of New York | Federal funds rate |
|---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| 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 | 6¼–6¼ | 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 | 8–8½ | 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 | 8.60 | 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 | 9¾–9¾ | 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 | 11½–11¼ | 9½–9½ | 10.03 |
| 1979: Jan. | 9.351 | 9.501 | 9.50 | 9.10 | 9.25 | 10.13 | 6.25 | 10.18 | 10.32 | 11¼–11¼ | 9½–9½ | 10.07 |
| Feb. | 9.265 | 9.349 | 9.29 | 9.10 | 9.26 | 10.08 | 6.19 | 10.20 | 10.01 | 11¼–11¼ | 9½–9½ | 10.06 |
| Mar. | 9.457 | 9.458 | 9.38 | 9.12 | 9.37 | 10.26 | 6.16 | 10.30 | 9.96 | 11¼–11¼ | 9½–9½ | 10.09 |
| Apr. | 9.493 | 9.498 | 9.43 | 9.18 | 9.38 | 10.33 | 6.14 | 10.36 | 9.87 | 11¼–11¼ | 9½–9½ | 10.01 |
| May | 9.579 | 9.531 | 9.42 | 9.25 | 9.50 | 10.47 | 6.10 | 10.47 | 9.98 | 11¼–11¼ | 9½–9½ | 10.24 |
| June | 9.045 | 9.062 | 8.95 | 8.91 | 9.29 | 10.38 | 5.99 | 10.66 | 9.71 | 11¼–11½ | 9½–9½ | 10.29 |
| July | 9.262 | 9.190 | 8.94 | 8.95 | 9.20 | 10.29 | 6.05 | 10.78 | 9.82 | 11½–11½ | 9½–10 | 10.47 |
| Aug. | 9.450 | 9.450 | 9.14 | 9.03 | 9.23 | 10.35 | 6.10 | 11.01 | 10.39 | 11¾–12¼ | 10–10½ | 10.94 |
| Sept. | 10.182 | 10.125 | 9.69 | 9.33 | 9.44 | 10.54 | 6.40 | 11.02 | 11.60 | 12¼–13¾ | 10½–11 | 11.43 |
| Oct. | 11.472 | 11.339 | 10.95 | 10.30 | 10.13 | 11.40 | 6.98 | 11.21 | 13.23 | 13½–15 | 11–12 | 13.77 |
| Nov. | 11.868 | 11.856 | 11.18 | 10.65 | 10.76 | 11.99 | 7.19 | 11.37 | 13.26 | 15¼–15½ | 12–12 | 13.18 |
| Dec. | 12.071 | 11.847 | 10.71 | 10.39 | 10.74 | 12.06 | 7.09 | 11.65 | 12.80 | 15½–15¼ | 12–12 | 13.78 |

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 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.  
⁷ Beginning November 1979, data are for 6-months paper.

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-erp1980-rates. Joined pages use the same full output.

![header](335,61,696,75) TABLE B-64.—Bond yields and interest rates, 1929–79

![text](485,79,579,90) [Percent per annum]

![table](161,92,868,672) <table border="1" class="dataframe">
  <thead>
    <tr style="text-align: right;">
      <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) a</th>
      <th rowspan="3">Prime commercial paper, 4–6 months</th>
      <th rowspan="3">Prime rate charged by banks a</th>
      <th rowspan="3">Discount rate, Federal Reserve Bank of New York a</th>
      <th rowspan="3">Federal funds rate a</th>
    </tr>
    <tr style="text-align: right;">
      <th colspan="2">Bills (new issues) 1</th>
      <th colspan="2">Constant maturities 2</th>
      <th>Aaa</th>
      <th>Baa</th>
    </tr>
    <tr style="text-align: right;">
      <th>3-month</th>
      <th>6-month</th>
      <th>3 years</th>
      <th>10 years</th>
      <th></th>
      <th></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>*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>10.182</td>
      <td>10.125</td>
      <td>9.69</td>
      <td>9.33</td>
      <td>9.44</td>
      <td>10.54</td>
      <td>6.40</td>
      <td>11.02</td>
      <td>11.60</td>
      <td>12¼–13¼</td>
      <td>10½–11</td>
      <td>11.43</td>
    </tr>
    <tr>
      <td>1973</td>
      <td>11.472</td>
      <td>11.339</td>
      <td>10.95</td>
      <td>10.30</td>
      <td>10.13</td>
      <td>11.40</td>
      <td>6.98</td>
      <td>11.21</td>
      <td>13.23</td>
      <td>13½–15</td>
      <td>11–12</td>
      <td>13.77</td>
    </tr>
    <tr>
      <td>1974</td>
      <td>11.868</td>
      <td>11.856</td>
      <td>11.18</td>
      <td>10.65</td>
      <td>10.76</td>
      <td>11.99</td>
      <td>7.19</td>
      <td>11.37</td>
      <td>13.26</td>
      <td>15¼–15¼</td>
      <td>12–12</td>
      <td>13.18</td>
    </tr>
    <tr>
      <td>1975</td>
      <td>12.071</td>
      <td>11.847</td>
      <td>10.71</td>
      <td>10.39</td>
      <td>10.74</td>
      <td>12.06</td>
      <td>7.09</td>
      <td>11.65</td>
      <td>12.80</td>
      <td>15½–15¼</td>
      <td>12–12</td>
      <td>13.78</td>
    </tr>
  </tbody>
</table>

![text](188,679,399,690) See next page for continuation of table.

![footnote](175,692,399,703) 1 Rate on new issues within period.

![footnote](175,701,713,712) 2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.

![footnote](190,711,859,731) 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.

![footnote](175,729,625,740) 4 Average effective rate for the year; opening and closing rate for the month.

![footnote](169,738,859,768) 5 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.

![footnote](169,766,859,787) 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.

![footnote](188,785,506,796) 7 Beginning November 1979, data are for 6-months paper.

![text](169,799,858,819) 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.

![page_number](493,933,539,953) 279

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OCRia-1 · 4/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.


<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)</th>
      <th>Prime commercial paper, 4-6 months</th>
      <th>Prime rate charged by banks *</th>
      <th>Discount rate, Federal Reserve Bank of New York *</th>
      <th>Federal funds rate *</th>
    </tr>
<tr>
      <th></th>
      <th>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>
      <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>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><b>4.44</b></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>
<tr>
      <td>1979</td>
<td>10.041</td>
<td>10.017</td>
<td>9.71</td>
<td>9.44</td>
<td>9.63</td>
<td>10.69</td>
<td>6.39</td>
<td>10.77</td>
<td><sup>*</sup> 10.91</td>
<td>12.67</td>
<td>10.28</td>
<td>11.20</td>
    </tr>
  </tbody>
</table>

See next page for continuation of table.

---

# TABLE B-64.—Bond yields and interest rates, 1929–79—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>5</sup></th>
</tr>
<tr>
<th></th>
<th> Bills (new issues) <sup>1</sup> </th>
<th> Constant maturities <sup>2</sup> </th>
<th>Aaa</th>
<th>Baa</th>
<th>3 years</th>
<th>10 years</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>
</tr>
  </thead>
  <tbody>
<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 1/4-6 1/4</td>
<td>5 1/4-5 1/4</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>6 1/4-6 1/4</td>
<td>5 1/4-5 1/4</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>6 1/4-6 1/4</td>
<td>5 1/4-5 1/4</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>6 1/4-6 1/4</td>
<td>5 1/4-5 1/4</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>6 1/4-6 1/4</td>
<td>5 1/4-5 1/4</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>6 3/4-6 3/4</td>
<td>5 1/4-5 1/4</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>6 3/4-6 3/4</td>
<td>5 1/4-5 1/4</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>6 3/4-7</td>
<td>5 1/4-5 3/4</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 - 7 1/4</td>
<td>5 3/4-5 3/4</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>7 1/4-7 1/4</td>
<td>5 3/4-6</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>7 1/4-7 1/4</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>7 1/4-7 1/4</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 3/4-8</td>
<td>6 - 6 1/2</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>6 1/2-6 1/2</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>6 1/2-6 1/2</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 1/2-6 1/2</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 - 8 1/2</td>
<td>6 1/2-7</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>8 1/2-9</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 - 7 1/4</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>8.60</td>
<td>9.48</td>
<td>5.98</td>
<td>9.70</td>
<td>7.90</td>
<td>9 - 9 1/4</td>
<td>7 1/4-7 3/4</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>9 1/4-9 3/4</td>
<td>7 3/4-8</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>9 1/4-10 1/4</td>
<td>8 - 8 1/2</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>10 1/2-11 1/2</td>
<td>9 1/2-9 1/2</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>11 1/2-11 1/4</td>
<td>9 1/2-9 1/2</td>
<td>10.03</td>
</tr>
<tr>
<td><b>1979:</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>9.351</td>
<td>9.501</td>
<td>9.50</td>
<td>9.10</td>
<td>9.25</td>
<td>10.13</td>
<td>6.25</td>
<td>10.18</td>
<td>10.32</td>
<td>11 1/4-11 1/4</td>
<td>9 1/2-9 1/2</td>
<td>10.07</td>
</tr>
<tr>
<td>Feb</td>
<td>9.265</td>
<td>9.349</td>
<td>9.29</td>
<td>9.10</td>
<td>9.26</td>
<td>10.08</td>
<td>6.19</td>
<td>10.20</td>
<td>10.01</td>
<td>11 1/4-11 1/4</td>
<td>9 1/2-9 1/2</td>
<td>10.06</td>
</tr>
<tr>
<td>Mar</td>
<td>9.457</td>
<td>9.458</td>
<td>9.38</td>
<td>9.12</td>
<td>9.37</td>
<td>10.26</td>
<td>6.16</td>
<td>10.30</td>
<td>9.96</td>
<td>11 1/4-11 1/4</td>
<td>9 1/2-9 1/2</td>
<td>10.09</td>
</tr>
<tr>
<td>Apr</td>
<td>9.493</td>
<td>9.498</td>
<td>9.43</td>
<td>9.18</td>
<td>9.38</td>
<td>10.33</td>
<td>6.14</td>
<td>10.36</td>
<td>9.87</td>
<td>11 1/4-11 1/4</td>
<td>9 1/2-9 1/2</td>
<td>10.01</td>
</tr>
<tr>
<td>May</td>
<td>9.579</td>
<td>9.531</td>
<td>9.42</td>
<td>9.25</td>
<td>9.50</td>
<td>10.47</td>
<td>6.10</td>
<td>10.47</td>
<td>9.98</td>
<td>11 1/4-11 1/4</td>
<td>9 1/2-9 1/2</td>
<td>10.24</td>
</tr>
<tr>
<td>June</td>
<td>9.045</td>
<td>9.062</td>
<td>8.95</td>
<td>8.91</td>
<td>9.29</td>
<td>10.38</td>
<td>5.99</td>
<td>10.66</td>
<td>9.71</td>
<td>11 1/4-11 1/2</td>
<td>9 1/2-9 1/2</td>
<td>10.29</td>
</tr>
<tr>
<td>July</td>
<td>9.262</td>
<td>9.190</td>
<td>8.94</td>
<td>8.95</td>
<td>9.20</td>
<td>10.29</td>
<td>6.05</td>
<td>10.78</td>
<td>9.82</td>
<td>11 1/2-11 1/4</td>
<td>9 1/2-10</td>
<td>10.47</td>
</tr>
<tr>
<td>Aug</td>
<td>9.450</td>
<td>9.450</td>
<td>9.14</td>
<td>9.03</td>
<td>9.23</td>
<td>10.35</td>
<td>6.10</td>
<td>11.01</td>
<td>10.39</td>
<td>11 1/4-12 1/4</td>
<td>10 - 10 1/2</td>
<td>10.94</td>
</tr>
<tr>
<td>Sept</td>
<td>10.182</td>
<td>10.125</td>
<td>9.69</td>
<td>9.33</td>
<td>9.44</td>
<td>10.54</td>
<td>6.40</td>
<td>11.02</td>
<td>11.60</td>
<td>12 1/4-13 1/2</td>
<td>10 1/2-11</td>
<td>11.43</td>
</tr>
<tr>
<td>Oct</td>
<td>11.472</td>
<td>11.339</td>
<td>10.95</td>
<td>10.30</td>
<td>10.13</td>
<td>11.40</td>
<td>6.98</td>
<td>11.21</td>
<td>13.23</td>
<td>13 1/2-15</td>
<td>11 - 12</td>
<td>13.77</td>
</tr>
<tr>
<td>Nov</td>
<td>11.868</td>
<td>11.856</td>
<td>11.18</td>
<td>10.65</td>
<td>10.76</td>
<td>11.99</td>
<td>7.19</td>
<td>11.37</td>
<td>* 13.26</td>
<td>15 1/4-15 1/2</td>
<td>12 - 12</td>
<td>13.18</td>
</tr>
<tr>
<td>Dec</td>
<td>12.071</td>
<td>11.847</td>
<td>10.71</td>
<td>10.39</td>
<td>10.74</td>
<td>12.06</td>
<td>7.09</td>
<td>11.65</td>
<td>12.80</td>
<td>15 1/2-15 1/4</td>
<td>12 - 12</td>
<td>13.78</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> 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.
<sup>7</sup> Beginning November 1979, data are for 6-months paper.

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. 279

dots.ocr · 8/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

TABLE B-64.—Bond yields and interest rates, 1929-79—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- and Poor's)</th><th rowspan="2">New-home mortgage yields (FHLBB) <sup>3</sup></th><th rowspan="2">Prime commercial paper, 4-6 months</th><th rowspan="2">Prime rate charged by banks <sup>4</sup></th><th rowspan="2">Discount rate, Federal Reserve Bank of New York <sup>5</sup></th><th rowspan="2">Federal funds rate <sup>6</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><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr></thead><tbody><tr><td colspan="13"><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>6⅛-6¼</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>6⅛-6¼</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>6⅛-6¼</td><td>5¼-5¼</td><td>4.69</td></tr><tr><td>Apr</td><td>4.594</td><td>4.711</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>6⅛-6¼</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>6⅛-6¼</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>6⅛-6¼</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>6⅛-6¼</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>6⅛-7</td><td>5¼-5¼</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>5¼-5¼</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>7¼-7¼</td><td>6⅛-6¼</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>7¼-7¼</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>7¼-7¼</td><td>6-6</td><td>6.56</td></tr><tr><td colspan="13"><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>7¼-8</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>8.60</td><td>9.48</td><td>5.98</td><td>9.70</td><td>7.90</td><td>9-9¼</td><td>7¼-7¼</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>9¼-9¼</td><td>7¼-8</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>9.10</td><td>6.03</td><td>9.87</td><td>10.23</td><td>10½-11¼</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>11½-11¼</td><td>9½-9½</td><td>10.03</td></tr><tr><td colspan="13"><strong>1979:</strong></td></tr><tr><td>Jan</td><td>9.351</td><td>9.501</td><td>9.50</td><td>9.10</td><td>9.25</td><td>10.13</td><td>6.25</td><td>10.18</td><td>10.32</td><td>11½-11¾</td><td>9½-9½</td><td>10.07</td></tr><tr><td>Feb</td><td>9.265</td><td>9.349</td><td>9.29</td><td>9.10</td><td>9.26</td><td>10.08</td><td>6.19</td><td>10.20</td><td>10.01</td><td>11½-11¾</td><td>9½-9½</td><td>10.06</td></tr><tr><td>Mar</td><td>9.457</td><td>9.458</td><td>9.38</td><td>9.12</td><td>9.37</td><td>10.26</td><td>6.16</td><td>10.30</td><td>9.96</td><td>11½-11¾</td><td>9½-9½</td><td>10.09</td></tr><tr><td>Apr</td><td>9.493</td><td>9.498</td><td>9.43</td><td>9.18</td><td>9.38</td><td>10.33</td><td>6.14</td><td>10.36</td><td>9.87</td><td>11½-11¾</td><td>9½-9½</td><td>10.01</td></tr><tr><td>May</td><td>9.579</td><td>9.531</td><td>9.42</td><td>9.25</td><td>9.50</td><td>10.47</td><td>6.10</td><td>10.47</td><td>9.98</td><td>11½-11¾</td><td>9½-9½</td><td>10.24</td></tr><tr><td>June</td><td>9.045</td><td>9.062</td><td>8.95</td><td>8.91</td><td>9.29</td><td>10.38</td><td>5.99</td><td>10.66</td><td>9.71</td><td>11½-11¾</td><td>9½-9½</td><td>10.29</td></tr><tr><td>July</td><td>9.262</td><td>9.190</td><td>8.94</td><td>8.95</td><td>9.20</td><td>10.29</td><td>6.05</td><td>10.78</td><td>9.82</td><td>11½-11¾</td><td>9½-10</td><td>10.47</td></tr><tr><td>Aug</td><td>9.450</td><td>9.450</td><td>9.14</td><td>9.03</td><td>9.23</td><td>10.35</td><td>6.10</td><td>11.01</td><td>10.39</td><td>11½-12¾</td><td>10-10½</td><td>10.94</td></tr><tr><td>Sept</td><td>10.182</td><td>10.125</td><td>9.69</td><td>9.33</td><td>9.44</td><td>10.54</td><td>6.40</td><td>11.02</td><td>11.60</td><td>12¼-13½</td><td>10½-11</td><td>11.43</td></tr><tr><td>Oct</td><td>11.472</td><td>11.339</td><td>10.95</td><td>10.30</td><td>10.13</td><td>11.40</td><td>6.98</td><td>11.21</td><td>13.23</td><td>13½-15</td><td>11-12</td><td>13.77</td></tr><tr><td>Nov</td><td>11.868</td><td>11.856</td><td>11.18</td><td>10.65</td><td>10.76</td><td>11.99</td><td>7.19</td><td>11.37</td><td>13.26</td><td>15½-15¼</td><td>12-12</td><td>13.18</td></tr><tr><td>Dec</td><td>12.071</td><td>11.847</td><td>10.71</td><td>10.39</td><td>10.74</td><td>12.06</td><td>7.09</td><td>11.65</td><td>12.80</td><td>15½-15¼</td><td>12-12</td><td>13.78</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 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.

⁷ Beginning November 1979, data are for 6-months paper.

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.

Nemotron 3.5 Parse · 0/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

TABLE B-64.--_Bond yields and interest rates, 1929-79

[Percent per annum]

<table>
<tr>
<th rowspan="3">Year or month</th>
<th colspan="3">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)<sup>a</sup></th>
<th rowspan="3">Prime commercial paper, 4–6 months</th>
<th rowspan="3">Prime rate charged by banks <sup>a</sup></th>
<th rowspan="3">Discount rate, Federal Reserve Bank of New York <sup>a</sup></th>
<th rowspan="3">Federal funds rate <sup>a</sup></th>
</tr>
<tr>
<th colspan="2">Bills (new issues) 1</th>
<th colspan="2">Constant maturities <sup>2</sup></th>
<td></td>
</tr>
<tr>
<th>3- month</th>
<th>6- month</th>
<th>3 years</th>
<th>10 years</th>
<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>
</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>3.52</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>3.20</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>3.287</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>3.00</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></td>
<td>5.89</td>
<td>3.55</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></td>
<td>5.82</td>
<td>3.97</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></td>
<td>5.81</td>
<td>4.38</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></td>
<td>6.25</td>
<td>5.55</td>
<td>5.63</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></td>
<td>6.46</td>
<td>5.10</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></td>
<td>6.97</td>
<td>5.90</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></td>
<td>7.80</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></td>
<td>8.45</td>
<td>7.72</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></td>
<td>7.74</td>
<td>5.11</td>
<td>5.95</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></td>
<td>7.60</td>
<td>4.69</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></td>
<td>7.95</td>
<td>8.15</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></td>
<td>8.92</td>
<td>9.87</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></td>
<td>9.01</td>
<td>6.33</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></td>
<td>8.99</td>
<td>5.35</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></td>
<td>9.01</td>
<td>5.60</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></td>
<td>9.54</td>
<td>7.99</td>
<td>7.46</td>
</tr>
<tr>
<td>1979</td>
<td>10.041</td>
<td>10.017</td>
<td>9.71</td>
<td>9.44</td>
<td>9.63</td>
<td>10.69</td>
<td>6.39</td>
<td></td>
<td>10.77</td>
<td>10.91</td>
<td>11.20</td>
</tr>
</table>

See next page for continuation of table.

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

**278**

TABLE B-64.--Bond yields and interest rates, 1929-79--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) a</th>
<th rowspan="3">Prime commercial paper, 4-6 months</th>
<th rowspan="3">Prime rate charged by banks <sup>a</sup></th>
<th rowspan="3">Discount rate, Federal Reserve Bank of New York<sup>a</sup></th>
<td></td>
</tr>
<tr>
<th colspan="2">Bills (new issues) 1</th>
<th colspan="2">Constant maturities 2</th>
<th>Aaa</th>
<th>- Baa</th>
</tr>
<tr>
<th>3-month</th>
<th>6-month</th>
<th>3 years</th>
<th>10 years</th>
<td></td>
<td></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>
</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%+-6%</td>
<td>5%+-5%</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%+-6%</td>
<td>5%+-5%</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%+-6%</td>
<td>5%+-5%</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%+-6%</td>
<td>5%+-5%</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%+-6%</td>
<td>5%+-5%</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%+-6%</td>
<td>5%+-5%</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%+-6%</td>
<td>5%+-5%</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%+-7</td>
<td>5%+-5%</td>
</tr>
<tr>
<td>Sept.....</td>
<td>5.770</td>
<td>5.991</td>
<td>6.84</td>
<td>7.94</td>
<td>7.92</td>
<td>8.80</td>
<td>5.37</td>
<td>9.04</td>
<td>6.17</td>
<td>-7%</td>
<td>5%+-5%</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%+-7%</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%+-7%</td>
<td>6–6</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%+-7%</td>
<td>6–6</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>
</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%+-8</td>
<td>6–6%</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%+-6%</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%+-6%</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%+-6%</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%</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%+-9</td>
<td>7–7</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%</td>
</tr>
<tr>
<td>Aug.....</td>
<td>7.036</td>
<td>7.363</td>
<td>8.33</td>
<td>8.41</td>
<td>8.60</td>
<td>9.48</td>
<td>5.98</td>
<td>9.70</td>
<td>7.90</td>
<td>9–9%</td>
<td>7%+-7%</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%+-9%</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%+-10%</td>
<td>8–8%</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%+-11%</td>
<td>9%+-9%</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%+-11%</td>
<td>9%+-9%</td>
</tr>
<tr>
<td>1979:</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>9.351</td>
<td>9.501</td>
<td>9.50</td>
<td>9.10</td>
<td>9.25</td>
<td>10.13</td>
<td>6.25</td>
<td>10.18</td>
<td>10.32</td>
<td>11%+-11%</td>
<td>9%+-9%</td>
</tr>
<tr>
<td>Feb.....</td>
<td>9.265</td>
<td>9.349</td>
<td>9.29</td>
<td>9.10</td>
<td>9.26</td>
<td>10.08</td>
<td>6.19</td>
<td>10.20</td>
<td>10.01</td>
<td>11%+-11%</td>
<td>9%+-9%</td>
</tr>
<tr>
<td>Mar.....</td>
<td>9.457</td>
<td>9.458</td>
<td>9.38</td>
<td>9.12</td>
<td>9.37</td>
<td>10.26</td>
<td>6.16</td>
<td>10.30</td>
<td>9.96</td>
<td>11%+-11%</td>
<td>9%+-9%</td>
</tr>
<tr>
<td>Apr.....</td>
<td>9.493</td>
<td>9.498</td>
<td>9.43</td>
<td>9.18</td>
<td>9.38</td>
<td>10.33</td>
<td>6.14</td>
<td>10.36</td>
<td>9.87</td>
<td>11%+-11%</td>
<td>10.01</td>
</tr>
<tr>
<td>May.....</td>
<td>9.579</td>
<td>9.531</td>
<td>9.42</td>
<td>9.25</td>
<td>9.50</td>
<td>10.47</td>
<td>6.10</td>
<td>10.47</td>
<td>9.98</td>
<td>11%+-11%</td>
<td>10.24</td>
</tr>
<tr>
<td>June.....</td>
<td>9.045</td>
<td>9.062</td>
<td>8.95</td>
<td>8.91</td>
<td>9.29</td>
<td>10.38</td>
<td>5.99</td>
<td>10.66</td>
<td>9.71</td>
<td>11%+-11%</td>
<td>9%+-9%</td>
</tr>
<tr>
<td>July.....</td>
<td>9.262</td>
<td>9.190</td>
<td>8.94</td>
<td>8.95</td>
<td>9.20</td>
<td>10.29</td>
<td>6.05</td>
<td>10.78</td>
<td>9.82</td>
<td>11%+-11%</td>
<td>10.47</td>
</tr>
<tr>
<td>Aug.....</td>
<td>9.450</td>
<td>9.450</td>
<td>9.14</td>
<td>9.03</td>
<td>9.23</td>
<td>10.35</td>
<td>6.10</td>
<td>11.01</td>
<td>10.39</td>
<td>11%+-12%</td>
<td>10.94</td>
</tr>
<tr>
<td>Sept.....</td>
<td>10.182</td>
<td>10.125</td>
<td>9.69</td>
<td>9.33</td>
<td>9.44</td>
<td>10.54</td>
<td>6.40</td>
<td>11.02</td>
<td>11.60</td>
<td>12%+-13%</td>
<td>11.43</td>
</tr>
<tr>
<td>Oct.....</td>
<td>11.472</td>
<td>11.339</td>
<td>10.95</td>
<td>10.30</td>
<td>10.13</td>
<td>11.40</td>
<td>6.98</td>
<td>11.21</td>
<td>13.23</td>
<td>13%+-15</td>
<td>11–12</td>
</tr>
<tr>
<td>Nov.....</td>
<td>11.868</td>
<td>11.856</td>
<td>11.18</td>
<td>10.65</td>
<td>10.76</td>
<td>11.99</td>
<td>7.19</td>
<td>11.37</td>
<td>13.26</td>
<td>15%+-15%</td>
<td>12–12</td>
</tr>
<tr>
<td>Dec.....</td>
<td>12.071</td>
<td>11.847</td>
<td>10.71</td>
<td>10.39</td>
<td>10.74</td>
<td>12.06</td>
<td>7.09</td>
<td>11.65</td>
<td>12.80</td>
<td>15%+-15%</td>
<td>12–12</td>
</tr>
</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> 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.

<sup>7</sup> Beginning November 1979, data are for 6-months paper.

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.

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

279

Indra · 0/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

## TABLE B-64.—Bond yields and interest rates, 1929-79

## (Percent per annum]

<table>
<tr><th></th><th></th><th></th><th></th><th></th><th>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 colspan="2">U.S. Treasury securities</td><td></td><td>bonds (Moody's)</td><td></td><td>High- grade</td><td>New-</td><td></td><td>Prime</td><td></td><td></td><td>Discount rate,</td><td></td></tr>
<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>munici-</td><td>home</td><td></td><td>com-</td><td colspan="2">Prime rate</td><td>Federal</td><td>Federal</td></tr>
<tr><td>Year or month</td><td>Bills (new issues) 1</td><td></td><td colspan="2">Constant maturities 2</td><td></td><td></td><td>pal bonds (Stand-</td><td colspan="2">mortgage</td><td>mercial paper, 4-6</td><td colspan="2">charged by banks *</td><td>Reserve Bank of</td><td>funds rate s</td></tr>
<tr><td></td><td></td><td></td><td></td><td></td><td>Aaa</td><td>Baa</td><td>ard &amp;</td><td colspan="2">(FHLBB) *</td><td>months</td><td></td><td></td><td>New York*</td><td></td></tr>
<tr><td></td><td>3.</td><td>6.</td><td>3</td><td>10</td><td></td><td></td><td>Poor’s)</td><td></td><td></td><td></td><td></td><td></td><td></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>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></td><td>5.85 .</td><td></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></td><td>1.73 .</td><td></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></td><td>59 .</td><td></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></td><td>.30 .</td><td></td><td></td><td>1.00</td><td></td></tr>
<tr><td>1941 . 1942 .</td><td>.103 .326</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 colspan="2"></td><td>.53 .66</td><td colspan="2"> </td><td>1.00 * 1.00</td><td></td></tr>
<tr><td>1943 . 1944 .</td><td>.373 .375</td><td> </td><td colspan="2"> </td><td>2.73 2.72</td><td>3.91 3.61</td><td>2.06 1.86</td><td colspan="2">  </td><td>.69 .15 ..</td><td colspan="2"></td><td>*1.00 *1.00</td><td></td></tr>
<tr><td>1945 .. 1946 ..</td><td>.375 .375</td><td></td><td></td><td> </td><td>2.62 2.53</td><td>3.29 3.05</td><td>1.67 1.64</td><td colspan="2"> </td><td>75 .81</td><td></td><td></td><td>*1.00  61.00 </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></td><td>1.03</td><td></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></td><td>1.44</td><td colspan="2"></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></td><td>1.49</td><td></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></td><td>1.45</td><td></td><td>2.07</td><td>1.59</td><td></td></tr>
<tr><td>1951 . 1952 .</td><td>1.552 1.766</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 colspan="2"> </td><td>2.16 2.33</td><td></td><td>2.56 3.00</td><td>1.75 1.75</td><td> </td></tr>
<tr><td>1953 . 1954 .</td><td>1.931 .953</td><td> </td><td>2.47 1.63</td><td>2.85 2.40</td><td>3.20 2.90</td><td>3.74 3.51</td><td>2.72 2.37</td><td></td><td></td><td>2.52 1.58</td><td></td><td>3.17 3.05</td><td>1.99 1.60 </td><td></td></tr>
<tr><td>1955 . 1956 .</td><td>1.753 2.658</td><td> </td><td>2.47 3.19</td><td>2.82 3.18</td><td>3.06 3.36</td><td>3.53 3.88</td><td>2.53 2.93</td><td colspan="2"> </td><td>2.18 3.31</td><td></td><td>3.16 3.77</td><td>1.89  2.77</td><td>1.78 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 colspan="2"></td><td>3.81</td><td></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 colspan="2"></td><td>2.46</td><td></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></td><td>3.97</td><td></td><td>4.48</td><td>3.36</td><td>3.30</td></tr>
<tr><td>1960.. 1961 ..</td><td>2.928 2.378</td><td>3.247 2.605</td><td>3.98 3.54</td><td>4.12 3.88</td><td>4.41 4.35</td><td>5.19 5.08</td><td>3.73 .. 3.46</td><td colspan="2"></td><td>3.85 2.97</td><td></td><td>4.82 4.50</td><td>3.53 3.00</td><td>3.22 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></td><td>3.26</td><td></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></td><td>5.89</td><td>3.55</td><td></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></td><td>5.82</td><td>3.97</td><td></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></td><td>5.81</td><td>4.38</td><td></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></td><td>6.25</td><td>5.55</td><td></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></td><td>6.46</td><td>5.10</td><td></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></td><td>6.97</td><td>5.90</td><td></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></td><td>7.80</td><td>7.83</td><td></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></td><td>8.45</td><td>7.72</td><td></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></td><td>7.74</td><td>5.11</td><td></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></td><td>7.60</td><td>4.69</td><td></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></td><td>7.95</td><td>8.15</td><td></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></td><td>8.92</td><td>9.87</td><td></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></td><td>9.01</td><td>6.33</td><td></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></td><td>8.99</td><td>5.35</td><td></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></td><td>9.01</td><td>5.60</td><td></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></td><td>9.54</td><td>7.99</td><td></td><td>9.06</td><td>7.46</td><td>7.94</td></tr>
<tr><td>1979 .</td><td>.. 10.041</td><td>10.017</td><td>9.71</td><td>9.44</td><td>9.63</td><td>10.69</td><td>6.39</td><td></td><td>10.77</td><td>7 10.91</td><td></td><td>12.67</td><td>10.28</td><td>11.20</td></tr>
</table>

See next page for continuation of table.
## TABLE B-64.—Bond yields and interest rates, 1929–79—Continued

## [Percent per annum]

<table>
<tr><th></th><th></th><th></th><th></th><th></th><th>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 colspan="2">U.S. Treasury securities</td><td></td><td>bonds</td><td></td><td>High-</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td></td><td></td><td></td><td></td><td></td><td>(Moody's)</td><td></td><td>grade</td><td>New-</td><td>Prime</td><td></td><td></td><td colspan="2">Discount</td><td></td></tr>
<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>munici-</td><td>home</td><td>com-</td><td colspan="2">Prime rate</td><td></td><td>rate,</td><td>Federal</td></tr>
<tr><td>Year or month</td><td>Bills (new issues) 1</td><td></td><td colspan="2">Constant maturities *</td><td>Aaa</td><td>Baa</td><td>pal bonds (Stand- ard &amp;</td><td>mortgage yields (FHLBB) *</td><td>mercial paper, 4-6 months</td><td colspan="2">charged by banks +</td><td colspan="2">Federal Reserve Bank of New York*</td><td>funds rate </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>Poor’s)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></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="2">6¼ -6¼</td><td colspan="2">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 colspan="2">6¼ -6¼</td><td colspan="2">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 colspan="2">6¼ -6¼</td><td colspan="2">5¼ -5¼</td><td>4.69</td></tr>
<tr><td>Apr . May ..</td><td>4.540 4.942</td><td>4.790 5.193</td><td>6.31 6.55</td><td>7.37 7.46</td><td>8.04 8.05</td><td>9.07 9.01</td><td>5.61 5.64</td><td>8.94 8.96</td><td>4.87 5.35</td><td colspan="2">6¼ -6¼ 6¼ -6¾</td><td colspan="2">5¼ -5¼ 5¼ -5¼</td><td>4.73 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="2">6¾ -6¾</td><td colspan="2">5¼ -5¼</td><td>5.39</td></tr>
<tr><td>July .. Aug.</td><td>5.146 5.500</td><td>5.351 5.810</td><td>6.51 6.79</td><td>7.33 7.40</td><td>7.94 7.98</td><td>8.87 8.82</td><td>5.50 5.46</td><td>9.00 9.02</td><td>5.41 5.84</td><td colspan="2">6¾ -6¾ 6¾-7</td><td colspan="2">5¼ -5¼ 5¼ -5¾</td><td>5.42 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</td><td>-7¼</td><td colspan="2">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 colspan="2">7¼ -7¾</td><td colspan="2">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 colspan="2">7¾ -7¾</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="2">7¾ -7¾</td><td>6</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">7¾-8</td><td>6 </td><td>-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</td><td>-8</td><td colspan="2">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</td><td>-8</td><td colspan="2">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</td><td>-8</td><td colspan="2">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</td><td>-8½</td><td colspan="2">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 colspan="2">8½-9</td><td>7</td><td>-7</td><td>7.60</td></tr>
<tr><td>July .. Aug . Sept .</td><td>7.074 7.036 7.836</td><td>7.471 7.363 7.948</td><td>8.54 8.33 8.41</td><td>8.64 8.41 8.42</td><td>8.88 8.60 8.69</td><td>9.60 9.48 9.42</td><td>6.18 5.98 5.93</td><td>9.57 9.70 9.73</td><td>7.91 7.90 8.44</td><td colspan="2">9 9 9¼ -9¾</td><td colspan="2">7 7¼ -7¾ 7¾-8</td><td>7.81 8.04 8.45</td></tr>
<tr><td>Oct . Nov .</td><td>8.132 8.787</td><td>8.493 9.204</td><td>8.62 9.04</td><td>8.64 8.81</td><td>8.89 9.03</td><td>9.59 9.83</td><td>5.95 6.03</td><td>9.83 9.87</td><td>9.03 10.23</td><td colspan="2">9¾ -10¼ 10½-11½</td><td colspan="2">8 9½-9½</td><td>8.96 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 colspan="2">11½-11¾</td><td colspan="2">9½-9½</td><td>10.03</td></tr>
<tr><td>1979:</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>9.351</td><td>9.501</td><td>9.50</td><td>9.10</td><td>9.25</td><td>10.13</td><td>6.25</td><td>10.18</td><td>10.32</td><td colspan="2">11 - 11</td><td colspan="2">9½-9½</td><td>10.07</td></tr>
<tr><td>Feb. </td><td>9.265</td><td>9.349</td><td>9.29</td><td>9.10</td><td>9.26</td><td>10.08</td><td>6.19</td><td>10.20</td><td>10.01</td><td colspan="2">11¾ -11¾</td><td colspan="2">9½-9½</td><td>10.06</td></tr>
<tr><td>Mar . Apr .</td><td>9.457  9.493</td><td>9.458 9.498</td><td>9.38 9.43</td><td>9.12 9.18</td><td>9.37 9.38</td><td>10.26 10.33</td><td>6.16 6.14</td><td>10.30 10.36</td><td>9.96 9.87</td><td colspan="2">11¾-11¾ 11¾-11¾</td><td colspan="2">9½-9½ 9½-9½</td><td>10.09 10.01</td></tr>
<tr><td>May ..</td><td>9.579</td><td>9.531</td><td>9.42</td><td>9.25</td><td>9.50</td><td>10.47</td><td>6.10</td><td>10.47</td><td>9.98</td><td colspan="2">11¾ -11¾</td><td colspan="2">9½-9½</td><td>10.24</td></tr>
<tr><td>June ..</td><td>9.045 </td><td>9.062</td><td>8.95</td><td>8.91</td><td>9.29</td><td>10.38</td><td>5.99</td><td>10.66</td><td>9.71</td><td colspan="2">11¾-11½</td><td colspan="2">9½-9½</td><td>10.29</td></tr>
<tr><td>July ..</td><td>9.262</td><td>9.190</td><td>8.94</td><td>8.95</td><td>9.20</td><td>10.29</td><td>6.05</td><td>10.78</td><td>9.82</td><td colspan="2">11½-11¾</td><td colspan="2">9½-10</td><td>10.47</td></tr>
<tr><td>Aug. Sept .</td><td>9.450 10.182</td><td>9.450 10.125</td><td>9.14 9.69</td><td>9.03 9.33</td><td>9.23 9.44</td><td>10.35 10.54</td><td>6.10 6.40</td><td>11.01 11.02</td><td>10.39 11.60</td><td colspan="2">11¾ -12¼ 12¼ -13½</td><td colspan="2">10 10½-11</td><td>10.94 11.43</td></tr>
<tr><td>Oct ..</td><td>11.472</td><td>11.339</td><td>10.95</td><td>10.30</td><td>10.13</td><td>11.40</td><td>6.98</td><td>11.21</td><td>13.23</td><td colspan="2">13½-15</td><td>11</td><td>-12</td><td>13.77</td></tr>
<tr><td>Nov .</td><td>11.868</td><td>11.856</td><td>11.18</td><td>10.65</td><td>10.76</td><td>11.99</td><td>7.19</td><td>11.37</td><td>13.26</td><td colspan="2">15¼-15½</td><td>12</td><td>-12</td><td>13.18</td></tr>
<tr><td>Dec .</td><td>12.071</td><td>11.847</td><td>10.71</td><td>10.39</td><td>10.74</td><td>12.06</td><td>7.09</td><td>11.65</td><td>12.80</td><td colspan="2">15½-15¼</td><td>12</td><td>-12</td><td>13.78</td></tr>
</table>

¹ Rate on new issues within period.

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

* 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.

* 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.

* Beginning November 1979, data are for 6-months paper.

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-erp1980-rates. Joined pages use the same full output.

<doctag><otsl><loc_74><loc_51><loc_426><loc_350><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel><ecel>

PaddleOCR-VL 1.6 · 0/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

TABLE B-64.—Bond yields and interest rates, 1929–79  
[Percent per annum]  
Corporate bonds (Moody's)  
High-grade securities (FHLB)  
New-commercial bonds (FHLB)  
High-grade securities (FHLB)  
New-commercial bonds (FHLB)  
Prime-rate charged by banks' months  
Prime commercial bonds (FHLB)  
Prime rate charged by banks' months  
Discount rate, Federal Reserve Bank of New York*  
Discount rate, Federal Reserve Bank of New York*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate*  
Federal funds rate

Tesseract 5.5.3 · 0/16 checks in scoring unit

Scoring unit: historical-erp1980-rates. Joined pages use the same full output.

RRARR

Y BBSES QORTS

Federal
funds
rates

516

BRAM RSENS SAIS FARIA KaLSR

ANsas soso Seque Beer Sen

DU) 7g sagne srege sage agers anges Sage5

Naame Sisee SHS8R swags Rosas

5.85
173
59
5B fans
33
66
69
B

Seana

Steet S8SSS Rasey aasag

88588 83823 33883

[Percent per annum)

278

TABLE B-64.—Bond yields and interest rates, 1929-79

egpee |S 58 RBaRR Sean ns SS288
a —_ _— =
ec] @ | 88 & 38838 8 38882 s5333
BY 2 @ S SRReS ae38
By g | 2 $8 RSRSS SRERS AERIS SAGE TEES =

= Riches
2 é :
2 a5 cg] ge seeee Esco

‘See next page for continuation of table.

fraser.stlouisfed.org)
Federal Reserve Bank of St. Louis

Digitized for FRASER

http:
Tape B-64,—Bond yields and interest rates, 1929-79—Continued
[Percent per annum}

Corporate
US. Treasury securities bonds
(Woody's) new. | Prime Discaut
home | mecciat| Prime rate | peaery | Federal
: m
issues) + 7 a| a jank of
faa | Baa | ord | (FALBB)® | months New Yorks
3 [6 | 3 | 10
month | month | years | years
1977
Jan 4597| 4783| 6.22) 721] 796| 908| $70) 905 451
eb 4662 | 4896 | 644) 739/ 904] 912] 575] 899 468
Mar 4613| 4383 | 647) 745] gio] 912} 576] 895 469
ee 4540| 4790| 631] 737| g04] 907] Sel] 894 423
fy. 4342| 5193 | 655) 745] 805/ Sor} S64] 896 535
June 5004] 5198 | 633) 728] 795] asi! 553] 898 539
July... 5145| 5351] 651] 733| 796] 887} 550/ 900 5.42
dug. 3500 | S810) 679] 740) 798] ga2| 546] 902 390
Sep 5770| 3991 734| 732] 880} $37) 304 bis
Oct. Gig8| 6410} 719) 752] 04) sso] $53) 907 647
Nov 6.60| 6433 722) 758} 808] 895] 538| 907 851
Dec 6063| 6377 730] 789] 8:19| 893] 548] 909 656
1978.
Jan. 644s | 6685} 761) 795] g41| 917| s60/ 915
Feb 457 | 6740) 767) 803) 847} 920) $51) 918
Mar “] 63i9| 6o4a) 770] soa] ga7| 922] 349) 926
we 6306] 6700} 785| 815] 856) 932} 571] 330
: 6430 | 7019] g07| 835] 869) 943| 597) 937
June 6707| 7200| 830) 845] 876) 960| 613| 946
duly 7074) 7471| 854) 364] 888} 960| 618] 957
ug. 7363 sai] 860] 948] $93) 970
Sept 7836 | 7348| ai] 842] 869] 942] §93| 973
Oct 3493 864| a3] 955/ 595] 983
Nov 9204| 904) 881/ 903} 983) 803/987
Dee 9397| 933| 901| 916 994) 633| 1002
9601| 950! 910] 925] 1013) 625] tos 1007
9349| 929| 910] 926/ 1008) 619] 1020 1006
9458| 938| 912) 937| 1026) 16] 1030 10.08
9498| 943| 918| 938/ 1033) 614) 10.36 1001
gsai| 942} 925] 950| 1047] 610] loa7| 1024
9062| 895] 891) 929] 1038] 593] oes] 9.71) 11% 11% 1029
9190] 894 295) 920] 1929) 605| 1078] 992| e-t1%| 9%-10 | 1047
9450| 914] 903) 923] 1035| 610 1039 | 11%4-12% 1096
10125] 969| 933| 944] 1054] 640 1a
11338] 1095] 1030] 1013/ 140/698 B77
11'856| 11.18] 1085 1076] 1199| 719 ite 1318
11847] 10:71 1038] 10:74] 1206] 7.08 rey B78

+ 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 mor Telleting fees and charges 2s well as contrat rate and
asgumed, on the average repayment at end of 10 years. January 1973 not strictly comparable with prior rates.

“Average effective rate for the year; ‘and closing rate for the month,

{Sc uy 19,1978, the dally fective rales an average of the rates ona 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 ‘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.

Beginning November 1979, data are for 6-months paper.

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. = )

279
Digitized for FRASER

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