Bond Yields and Interest Rates - St. Louis FedTABLE C-28. Bond yields and interest rates, selected...
Transcript of Bond Yields and Interest Rates - St. Louis FedTABLE C-28. Bond yields and interest rates, selected...
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TABLE C-28.—Bond yields and interest rates, selected years, 1929-49
[Percent per annum]
Period 9-12monthcertifi-cates of
indebted-ness
U. S. Government securityyields
Long-term bonds
Partiallytax-
exempt 215 years
and over,taxable
High grade cor-porate bond
yields(Moody's)
Aaabonds
Baabonds
Bankrates onshort-term
businessloans
(3)(3)(3)00
2.1
2.02.6
2.22.12.12.5
(3)
2.42.472.602.64
2.702.742.63
(3)
Bankersaccept-ances 90days-NewYork
5.03.63.13.43.44
.44
.44
.44
.61
.871.111.13
1.061.061.131.19
1.191.191.061.06
FederalEeserveBank
discountrate-NewYork
1929 average1933 average1935 average1937 average1939 average
1941 average1943 average
1945 average1946 average1947 average1948 average. . . _1949 average 8
1948—First quarterSecond quarter. _Third quarter. __Fourth quarter. .
1949—First quarterSecond quarter. _Third quarter. _.Fourth quarter«_
(0(l)0)0)0)
(00.75
.81
.82
.881.141.14
1.091.091.141.22
1.221.201.061.10
3.603.312.792.742.41
2.051.W8
1.66C5)(5)
2.47
2.372.192.252.442.31
2.452.422.452.44
2.402.382.242.20
4.734.493.603.263.01
2.772.73
2.622.532.612.822.67
2.852.772.832.82
2.712.702.632.60
5.907.765. 755.034.96
4.333.91
3.293.053.243.473.42
3.533.403.423.52
3.463.453.413.35
5.162.561.501.291.00
1.004 1.00
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TABLE B-28.—Bond yields and interest rates, selected years> 1929-50
[Percent per annum]
Period
1929 average1933 average _ _1935 average1937 average1939 average _
1941 average1943 average. .
1945 average1946 average. .1947 average1948 average _ -1949 average
1949— First quarterSecond quarterThird quarterFourth quarter
1950 — First quarterSecond quarter
U. S. Government securityyields
9-12monthcertifi-cates of
indebted-ness
0)0)(0(00)
0)0.75
.81
.82
.88
.14
.14
.22
.20
.06
.09
1.1461.19
Long-term bonds
Partiallytax-
exempt 2
3.603.312.792.742.41
2.051.98
1.66(5)(5)(5)(5)
(5)(5)(5)(5)
(5)(5)
15 yearsand over,taxable
2.47
2.372.192.252.442.31
2.402.382.242.20
2.242.31
High grade cor-porate bond
yields(Moody's)
Aaabonds
4.734.493.603.263.01
2.772.73
2.622.532.612.822.66
2.712.712.632.60
2.582.61
Baabonds
5.907.765.755.034.96
4.333.91
3.293.053.243.473.42
3.463.463.413.34
3.243.25
Bankrates onshort-term
businessloans
(3)(3)(3)(3)2.1
2.02.6
2.22.12.12.52.7
2.702. 742.632.65
2.602.68
Bankersaccept-ances 90days-NewYork
5.03.63.13.43.44
.44
.44
.44
.61
.871.111.12
1.191.191.061.06
1.061.06
FederalReserveBank
discountrate-NewYork
5.162.561.501.331.00
1.004 1.00
* 1.004 1. 00
.00
.34
.50
.50
.50
.501.50
1.501.50
1 Tax exempt prior to March 1,1941; taxable thereafter.2 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 12 years,
in 1929 and 1933; and after 15 years, from 1935.3 Not available.4 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances
secured by Government securities maturing in 1 year or less.No partially tax-exempt bonds due or callable in 15 years and over.
6 Beginning June 1,1950, series is based on three note issues maturing July 1,1951.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System.
142
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Midyear Report 1950
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TABLE A-31.—Bond yields and interest rates, selected years, 1929-50
[Percent per annum]
Period
1929 average1933 average1935 average _ _1937 average1939 average
1941 average1943 average _
1945 average _ _1946 average1947 average1948 average..1949 average
1950 average 6
1949— First quarter.Second quarterThird quarterFourth quarter
1950— First quarterSecond quarterThird quarterFourth quarter 6_—
U. S. Government securityyields
9-12monthissues
(2)
88(2)0.75
.81
.82
.881.141.14
1.26
1.221.201.061.09
1.141.191.271.44
Long-term bonds
Partiallytax-
exempt *
3.603.312.792.742.41
2.051.98
1.66(5)(5)(8)«
(5)(5)(s)(•)(5)(6)8(8)
15 yearsand over,taxable
2.47
2.372.192.252.442.31
2.32
2.402.382.242.20
2.242.312.342.38
High grade cor-porate bond
yields(Moody's)
Aaabonds
4.734.493.603.263.01
2.772.73
2.622.532.612.822.66
2.62
2.712.712.632.60
2.582.612.632.67
Baabonds
5.907.765.755.034.96
4.333.91
3.293.053.243.473.42
3.24
3.463.463.413.34
3.243.253.253.22
Bankrates onshort-term
businessloans
(3)(3)(3)(5)
2.1
2.02.6
2.22.12.12.52.7
(3)
2.702.742.632.65
2.602.682.63
(3)
Bankersaccept-ances 90days-NewYork
5.03.63.13.43.44
.44
.44
.44
.61
.871.111.12
1.15
1.191.191.061.06
1.061.061.181.31
FederalReserveBank
discountrate-NewYork
5.162.561.501.331.00
1.00*1.00
*1.00U.OO
1.001.341.50
1.59
1.501.501.501.50
1.501.501.611.75
1 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 12years, in 1929 and 1933; and after 15 years, from 1935.2 Not available before August 1942.3 Not available.
* From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advancessecured by Government securities maturing in 1 year or less.8 No partially tax-exempt bonds due or callable in 15 years and over.6 Estimates based on incomplete data.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System.
201
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1951
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TABLE B-33.—Bond yields and interest rates, selected years, 1929-51
[Percent per annum]
Period
Average:19291933193519371939
19411943
1945194619471948 . ...1949
I960
1950 — First quarterSecond quarterThird quarterFourth quarter
1951 — First quarterSecond quarter
United States Governmentsecurity yields— New York
3-monthTreas-ury
bills i
(3)0.515.137.447.023
.103
.373
.375
.375
.5941.0401.102
1.218
1.118.166.233.353
.400
.532
9-12monthissues 2
(4)(4)(«)(«)(*)
(4)0.75
.81
.82
.881.141.14
1.26
1.141.191.271.44
1.671.84
Taxablebonds
15 yearsand over
(8)(5)0)
8(«)2.47
2.372.192.252.442.31
2.32
2.242.312.342.38
2.422.61
CorporateAaa
bonds(Moody's)
4.734.493.603.263.01
2.772.73
2.622.532.612.822.66
2.62
2.582.612.632.67
2.702.90
Averageof ratescharged
by bankson short-
termloans-selectedcities
(')(6)(6)(6)2.1
2.02.6
2.22.12.12.52.7
2.7
2.602.682.632.84
3.023.07
Primecommer-
cialpaper,
months-NewYork
5.851.73.76.94.59
.54
.69
.75
.811.031.441.48
1.45
1.311.311.471.71
1.962.20
Bankersaccept-ances.
90days-NewYork
5.03.63.13.43.44
.44
.44
.44
.61
.871.111.12
1.15
1.061.061.181.31
1.511.63
FederalReserveBank
discountrate —NewYork
5.162.561.501.331.00
1.00U.OO
n.oo'1.00
1.001.341.50
1.59
1.50.60.61.75
.75
.75
i Rate on new issues within period.3 Includes certificates of indebtedness, when outstanding in proper maturity range, and selected note and
bond issues.3 Treasury bills were first issued in December 1929.< Not available before August 1942.«Taxable bonds in this classification were first issued in March 1941.« Not available on same basis.7 From October 30,1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances
secured by Government securities maturing or callable hi one year or less.Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal
Reserve System.
257
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Midyear Report 1951
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TABLE B-30.—Bond yields and interest rales, 1929-52
[Percent per annum]
Period
1929
19301931193219331934
19351936 --193719381939
1940 ?_ .19411942.1943 _1944
19451946194719481949
1950 _ _ _ -1951
1951: First halfSecond half
1952: First half
1951: First quarterSecond quarter . -Third quarterFourth quarter. .
1952: First quarterSecond quarter..
U. S. Governmentsecurity yields
3-monthTreasury
bills i
(4)
(4)1.402.879.515.256
.137
.143
.447
.053
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.552
1.4661.638
1.659
1.4001.5321.6281.649
1.6401.678
9-12monthissues 2
(•)
(5)(5)(5)(5)(5)
(5)(5)(5)(5)(5)
(5)(5)(5)
.75
.79
.81
.82
.881.141.14
1.261.73
1.731.72
1.69
1.621.841.721.73
1.711.67
Taxablebonds 3
(6)
(6)(6)(6)(6)(6)
(8)(6)(6)(6)(6)
(6)(6)2.462.472.48
2.372.192.252.442.31
2.322.57
2.522.62
2.66
2.422.612.592.68
2.722.61
CorporateAaa
bonds(Moody's)
4.73
4.554.585.014.494.00
3.603.243.263.193.01
2.842.772.832.732.72
2.622.532.612.822.66
2.622.86
2.802.92
2.94
2.702.902.892.95
2.962.93
Average ofrates
charged bybanks on
short-termloans— se-
lected cities
(7)
(7)
8(7)(7)
(7)(7)(7)(7)
2.1
2.12.02.22.62.4
2.22.12.12.52.7
2.73.1
3.043.16
3.48
3.023.073.063.27
3.453.51
Primecom-
mercialpaper
4-6months
5.85
3.592.642.731.731.02
.76
.75
.94
.81
.59
.56
.54
.66
.69
.73
.75
.811.031. 441.48
1.452.17
2.082.26
2.35
1.962.202.252.26
2.382.32
Bankersaccep-tances,90 days
5.03
2.481.571.28.63.25
.13
.16
.43
.44
.44
.44
.44
.44
.44
.44
.44
.61
.871.111.12
1.151.60
1.571.64
1.75
1.511.631.631.65
1.751.75
FederalReserveBank
discountrate
5.16
3.042.112.822.561.54
1.501.501.331.001.00
1.001.00
81.008 1.008 1.00
81.0081.00
1.001.341.50
1.591.75
1.751.75
1.75
1.751.751.751.75
1.751.75
1 Rate on new issues within period. Issues were tax-exempt prior to March 1,1941, and fully taxable there -after. Series includes issues with maturities of more than 3 months in period, 1934-37.
2 Includes certificates of indebtedness and selected note and bond issues.315 years and over prior to April 1952; 12 years and over beginning in April 1952.* Treasury bills were first issued in December 1929 and were issued irregularly in 1930.' Not available before August 1942.6 Bonds in this classification were first issued in March 1941.7 Not available on same basis as for 1939 on.8 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances se-
cured by Government securities maturing or callable in 1 year or less.
NOTE.—Yields and rates computed for New York City, except for average of rates charged on short-termloans.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System.
170
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Midyear Report 1952
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TABLE B-30.—Bond yields and interest rales, 1929-52
[Percent per annum]
Period
1929
19301931193219331934
19351936 --193719381939
1940 ?_ .19411942.1943 _1944
19451946194719481949
1950 _ _ _ -1951
1951: First halfSecond half
1952: First half
1951: First quarterSecond quarter . -Third quarterFourth quarter. .
1952: First quarterSecond quarter..
U. S. Governmentsecurity yields
3-monthTreasury
bills i
(4)
(4)1.402.879.515.256
.137
.143
.447
.053
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.552
1.4661.638
1.659
1.4001.5321.6281.649
1.6401.678
9-12monthissues 2
(•)
(5)(5)(5)(5)(5)
(5)(5)(5)(5)(5)
(5)(5)(5)
.75
.79
.81
.82
.881.141.14
1.261.73
1.731.72
1.69
1.621.841.721.73
1.711.67
Taxablebonds 3
(6)
(6)(6)(6)(6)(6)
(8)(6)(6)(6)(6)
(6)(6)2.462.472.48
2.372.192.252.442.31
2.322.57
2.522.62
2.66
2.422.612.592.68
2.722.61
CorporateAaa
bonds(Moody's)
4.73
4.554.585.014.494.00
3.603.243.263.193.01
2.842.772.832.732.72
2.622.532.612.822.66
2.622.86
2.802.92
2.94
2.702.902.892.95
2.962.93
Average ofrates
charged bybanks on
short-termloans— se-
lected cities
(7)
(7)
8(7)(7)
(7)(7)(7)(7)
2.1
2.12.02.22.62.4
2.22.12.12.52.7
2.73.1
3.043.16
3.48
3.023.073.063.27
3.453.51
Primecom-
mercialpaper
4-6months
5.85
3.592.642.731.731.02
.76
.75
.94
.81
.59
.56
.54
.66
.69
.73
.75
.811.031. 441.48
1.452.17
2.082.26
2.35
1.962.202.252.26
2.382.32
Bankersaccep-tances,90 days
5.03
2.481.571.28.63.25
.13
.16
.43
.44
.44
.44
.44
.44
.44
.44
.44
.61
.871.111.12
1.151.60
1.571.64
1.75
1.511.631.631.65
1.751.75
FederalReserveBank
discountrate
5.16
3.042.112.822.561.54
1.501.501.331.001.00
1.001.00
81.008 1.008 1.00
81.0081.00
1.001.341.50
1.591.75
1.751.75
1.75
1.751.751.751.75
1.751.75
1 Rate on new issues within period. Issues were tax-exempt prior to March 1,1941, and fully taxable there -after. Series includes issues with maturities of more than 3 months in period, 1934-37.
2 Includes certificates of indebtedness and selected note and bond issues.315 years and over prior to April 1952; 12 years and over beginning in April 1952.* Treasury bills were first issued in December 1929 and were issued irregularly in 1930.' Not available before August 1942.6 Bonds in this classification were first issued in March 1941.7 Not available on same basis as for 1939 on.8 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances se-
cured by Government securities maturing or callable in 1 year or less.
NOTE.—Yields and rates computed for New York City, except for average of rates charged on short-termloans.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System.
170
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Midyear Report 1952
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TABLE B-32.—Bond yields and interest rates, 1929-52
[Percent per annum]
Period
1929
19301931 -193219331934
1935, _ _1936193719381939
1940194119421943 .1944
19451946194719481949 _ . _ _
1950 .- -19511952 _
1950: First halfSecond half
1951: First halfSecond half
1952: First halfSecond half
1950: First quarterSecond quarter. _Third quarterFourth quarter. _
1951: First quarterSecond quarter _ _Third quarterFourth quarter ._
1952: First quarterSecond quarter _ _Third quarterFourth quarter. _
U. S. Governmentsecurity yields
3-monthTreasury
bills i
(
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TABLE G-42.—Bond yields and interest rates, 1929-53[Percent per annum]
Period
Number of issues.-- _
Average:1929
1930 .1931193219331934
19351936 -193719381939
19401941194219431944
19451946194719481949 ...
1950 ...19511952 .1953
1952* JanuaryFebruaryMarchAprilMay .June __JulyAugustSeptember. __October. _ _NovemberDecember
1953: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember...December
U. S. Government securities
3-monthTreas-ury
bills i
(•)
(6)1.402.879.515.256
.137
.143
.447
.053
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.5521.7661.931
1.6881.5741.6581.6231.7101.7001.8241.8761.7861.7831.8622.126
2.0422.0182.0822.1772.2002.2312.1012.0881.8761.4021.4271.630
9-12monthissues 2
(7)
(0
88(0(7)(7)(7)(7)
(7)(7)(7).75.79
.81
.82
.881.141.14
1.261.731.812.07
1.751.701.691.601.661.741.891.941.951.841.892.03
1.971.972.042.272.412.462.362.332.171.721.531.61
Long-termtaxable bonds'
Oldseries 4
3-7
(8)
(3)(3)
(3)(3)
8(3)
82.462.472.48
2.372.192.252.442.31
2.322.572.682.93
2.742.712.702.642.572.612.612.702.712.742.712.75
2.802. 832.892.973.093.092.993.002.972.832.852.79
Newseries 6
1
(«)
i88(8)(•)(5)
(«)(•)