Money, credit, and security markets

Economic Indicators, April, 2003

[Percent per annum]

                       U.S. Treasury security yields

                                 Constant maturities (2)

              3-month bills
  Period      (new issues)    3-year   10-year   30-year
                   (1)

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      6.71
1997              5.07         6.10     6.35      6.61
1998              4.81         5.14     5.26      5.58
1999              4.66         5.49     5.65      5.87
2000              5.85         6.22     6.03      5.94
2001              3.45         4.09     5.02      5.49
2002              1.62         3.10     4.61        *

2002: Apr         1.72         4.01     5.21        *
      May         1.74         3.80     5.16        *
      June        1.71         3.49     4.93        *
      July        1.68         3.01     4.65        *
      Aug         1.63         2.52     4.26        *
      Sept        1.63         2.32     3.87        *
      Oct         1.60         2.25     3.94        *
      Nov         1.26         2.32     4.05        *
      Dec         1.20         2.23     4.03        *

2003: Jan         1.17         2.18     4.05        *
      Feb         1.16         2.05     3.90        *
      Mar         1.13         1.98     3.81        *
      Apr         1.14         2.06     3.96        *

Week ended:
2003: Apr 5       1.10         1.97     3.90        *
         12       1.14         2.05     3.97        *
         19       1.17         2.14     3.99        *
         26       1.16         2.10     3.97        *
  May 3           1.12         1.99     3.92        *

                                          Discount window
                                        (N.Y.F.R. Bank) (4)

              High-grade
               municipal    Corporate   Primary
  Period         bonds         Aaa      credit    Discount
              (Standard &     bonds       (4)     rate (5)
              Poor's) (3)   (Moody's)

1993             5.63         7.22        ...       3.00
1994             6.19         7.96        ...       3.60
1995             5.95         7.59        ...       5.21
1996             5.75         7.37        ...       5.02
1997             5.55         7.26        ...       5.00
1998             5.12         6.53        ...       4.92
1999             5.43         7.04        ...       4.62
2000             5.77         7.62        ...       5.73
2001             5.19         7.08        ...       3.40
2002             5.05         6.49        ...       1.17

2002: Apr        5.27         6.76        ...       1.25
      May        5.22         6.75        ...       1.25
      June       5.11         6.63        ...       1.25
      July       5.01         6.53        ...       1.25
      Aug        4.92         6.37        ...       1.25
      Sept       4.73         6.15        ...       1.25
      Oct        4.85         6.32        ...       1.25
      Nov        4.98         6.31        ...       0.75
      Dec        4.91         6.21        ...       0.75

2003: Jan        4.88         6.17       2.25        *
      Feb        4.80         5.95       2.25        *
      Mar        4.72         5.89       2.25        *
      Apr        4.71         5.74       2.25        *

Week ended:
2003: Apr 5      4.78         5.81       2.25        *
         12      4.77         5.81       2.25        *
         19      4.71         5.80       2.25        *
         26      4.66         5.68       2.25        *
  May 3          4.61         5.56       2.25        *

                                      New home
              Prime rate   Federal    mortgage
  Period      charged by    funds      yields
              banks (5)    rate (6)    (FHFB)
                                        (7)

1993             6.00        3.02       7.20
1994             7.15        4.21       7.49
1995             8.83        5.83       7.87
1996             8.27        5.30       7.80
1997             8.44        5.46       7.71
1998             8.35        5.35       7.07
1999             8.00        4.97       7.04
2000             9.23        6.24       7.52
2001             6.91        3.88       7.00
2002             4.67        1.67       6.43

2002: Apr        4.75        1.75       6.74
      May        4.75        1.75       6.59
      June       4.75        1.75       6.47
      July       4.75        1.73       6.37
      Aug        4.75        1.74       6.26
      Sept       4.75        1.75       6.17
      Oct        4.75        1.75       6.09
      Nov        4.25        1.34       6.08
      Dec        4.25        1.24       6.04

2003: Jan        4.25        1.24       6.12
      Feb        4.25        1.26       5.82
      Mar        4.25        1.25       5.75
      Apr        4.25        1.26        ...

Week ended:
2003: Apr 5      4.25        1.28        ...
         12      4.25        1.23        ...
         19      4.25        1.27        ...
         26      4.25        1.26        ...
  May 3          4.25        1.28        ...

(1) Bank-discount basis.

(2) Yields on actively traded issues adjusted to constant maturities.

(3) Weekly data are Wednesday figures.

(4) The rate for primary credit replaces the rate for adjustment credit
under an amendment to the Federal Reserve Board's Regulation A,
effective January 9, 2003.

(5) Average effective rate for year; rate in effect at the end of month
or week.

(6) Daily effective rate; weighted average of rates on brokered trades.

(7) 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.

* Series no longer published.

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