Business Services Industry
Interest rates and bond yields - ending March 28, 1998 - Money, Credit, and Security Markets - Brief Article - Illustration
Economic Indicators, March, 1998
Overall, interest rates rose in March.
[Percent per annum]
U.S. Treasury security yields
Constant maturities(2)
3-month
bills (new
Period issues)(1) 3-year 10-year 30-year
1988 6.69 8.26 8.85 8.96
1989 8.12 8.55 8.49 8.45
1990 7.51 8.26 8.55 8.61
1991 5.42 6.82 7.86 8.14
1992 3.40 5.30 7.01 7.67
1993 3.02 4.44 5.87 6.59
1994 4.29 6.27 7.09 7.37
1995 5.51 6.25 6.57 6.88
1996 5.02 5.99 6.44 6.11
1997 5.07 6.10 6.35 6.61
1997: Mar 5.14 6.38 6.69 6.93
Apr 5.17 6.61 6.89 7.09
May 5.13 6.42 6.71 6.94
June 4.92 6.24 6.49 6.77
July 5.07 6.00 6.22 6.51
Aug 5.13 6.06 6.30 6.58
Sept 4.97 5.98 6.21 6.30
Oct 4.95 5.84 6.03 6.33
Nov 5.15 5.76 5.88 6.11
Dec 5.16 5.74 5.81 5.99
1998: Jan 5.09 5.38 5.54 5.81
Feb 5.11 5.43 5.57 5.89
Mar(p) 5.03 5.57 5.65 5.90
Week ended:
1998: Mar 7 5.12 5.62 5.75 6.05
14 4.97 5.53 5.62 5.93
21 4.99 5.50 5.57 5.89
28 5.03 5.59 5.63 5.92
High-grade
municipal Corporate Prime
bonds Aaa commercial
(Standard bonds paper,
Period & Poor's)(3) (Moody's) 6 months(1)
1988 7.76 9.71 7.68
1989 7.24 9.26 8.80
1990 7.25 9.32 7.95
1991 6.89 8.77 5.85
1992 6.41 8.14 3.80
1993 5.63 7.22 3.30
1994 6.19 7.96 4.93
1995 5.95 7.59 5.93
1996 5.75 7.37 5.42
1997 5.55 7.27 (*)
1997: Mar 5.78 7.55 5.61
Apr 5.88 7.73 5.79
May 5.71 7.58 5.78
June 5.60 7.41 5.69
July 5.41 7.14 5.60
Aug 5.47 7.22 5.59
Sept 5.38 7.15 (*)
Oct 5.37 7.00 (*)
Nov 5.38 6.87 (*)
Dec 5.22 6.76 (*)
1998: Jan 5.07 6.61 (*)
Feb 5.16 6.67 (*)
Mar(p) 5.30 6.71 (*)
Week ended:
1998: Mar 7 5.32 6.81 (*)
14 5.30 6.70 (*)
21 5.30 6.66 (*)
28 5.28 6.69 (*)
Discount rate Prime rate
Period (N.Y. F.R. Bank)(4) charged by banks(4)
1988 6.20 9.32
1989 6.93 10.87
1990 6.98 10.01
1991 0.45 8.46
1992 3.25 6.25
1993 3.00 6.00
1994 3.60 7.15
1995 5.21 8.83
1996 5.02 8.27
1997 5.00 8.44
1997: Mar 5.00-5.00 8.25-8.50
Apr 5.00-5.00 8.50-8.50
May 5.00-5.00 8.50-8.50
June 5.00-5.00 8.50-8.50
July 5.00-5.00 8.50-8.50
Aug 5.00-5.00 8.50-8.50
Sept 5.00-5.00 8.50-8.50
Oct 5.00-5.00 8.50-8.50
Nov 5.00-5.00 8.50-8.50
Dec 5.00-5.00 8.50-8.50
1998: Jan 5.00-5.00 8.50-8.50
Feb 5.00-5.00 8.50-8.50
Mar(p) 5.00-5.00 8.50-8.50
Week ended:
1998: Mar 7 5.00-5.00 8.50-8.50
14 5.00-5.00 8.50-8.50
21 5.00-5.00 8.50-8.50
28 5.00-5.00 8.50-8.50
Federal New- home mortgage
Period funds rate(5) yields (FHFB)(6)
1988 7.57 9.19
1989 9.21 10.13
1990 8.10 10.05
1991 5.69 9.32
1992 3.52 8.24
1993 3.02 7.20
1994 4.21 7.49
1995 5.83 7.87
1996 5.30 7.80
1997 5.46 7.71
1997: Mar 5.39 7.88
Apr 5.51 8.03
May 5.50 8.01
June 5.56 7.95
July 5.52 7.78
Aug 5.54 7.59
Sept 5.54 7.61
Oct 5.50 7.54
Nov 5.52 7.40
Dec 5.50 7.40
1998: Jan 5.56 7.27
Feb 5.51 7.24
Mar(p) 5.50 ...
Week ended:
1998: Mar 7 5.60 ...
14 5.45 ...
21 5.47 ...
28 5.43 ...
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