Table B-73.--Bond yields and interest rates, 1929-99

[Percent per annum]

This table contains the following series:

Starting series: U.S. Treasury securities: 3-month bills (new issues) \1\

1929    ........
1933    0.515
1939    .023

1940    .014
1941    .103
1942    .326
1943    .373
1944    .375

1945    .375
1946    .375
1947    .594
1948    1.040
1949    1.102

1950    1.218
1951    1.552
1952    1.766
1953    1.931
1954    .953

1955    1.753
1956    2.658
1957    3.267
1958    1.839
1959    3.405

1960    2.928
1961    2.378
1962    2.778
1963    3.157
1964    3.549

1965    3.954
1966    4.881
1967    4.321
1968    5.339
1969    6.677

1970    6.458
1971    4.348
1972    4.071
1973    7.041
1974    7.886

1975    5.838
1976    4.989
1977    5.265
1978    7.221
1979    10.041

1980    11.506
1981    14.029
1982    10.686
1983    8.63
1984    9.58

1985    7.48
1986    5.98
1987    5.82
1988    6.69
1989    8.12

1990    7.51
1991    5.42
1992    3.45
1993    3.02
1994    4.29

1995    5.51
1996    5.02
1997    5.07
1998    4.81
1999    4.66

Starting series: U.S. Treasury securities: 6-month bills (new issues) \1\

1929    ........
1933    ........
1939    ........

1940    ........
1941    ........
1942    ........
1943    ........
1944    ........

1945    ........
1946    ........
1947    ........
1948    ........
1949    ........

1950    ........
1951    ........
1952    ........
1953    ........
1954    ........

1955    ........
1956    ........
1957    ........
1958    ........
1959    3.832

1960    3.247
1961    2.605
1962    2.908
1963    3.253
1964    3.686

1965    4.055
1966    5.082
1967    4.630
1968    5.470
1969    6.853

1970    6.562
1971    4.511
1972    4.466
1973    7.178
1974    7.926

1975    6.122
1976    5.266
1977    5.510
1978    7.572
1979    10.017

1980    11.374
1981    13.776
1982    11.084
1983    8.75
1984    9.80

1985    7.66
1986    6.03
1987    6.05
1988    6.92
1989    8.04

1990    7.47
1991    5.49
1992    3.57
1993    3.14
1994    4.66

1995    5.59
1996    5.09
1997    5.18
1998    4.85
1999    4.76

Starting series: U.S. Treasury securities: Constant maturities: 3-year \2\

1929    ......
1933    ......
1939    ......

1940    ......
1941    ......
1942    ......
1943    ......
1944    ......

1945    ......
1946    ......
1947    ......
1948    ......
1949    ......

1950    ......
1951    ......
1952    ......
1953    2.47
1954    1.63

1955    2.47
1956    3.19
1957    3.98
1958    2.84
1959    4.46

1960    3.98
1961    3.54
1962    3.47
1963    3.67
1964    4.03

1965    4.22
1966    5.23
1967    5.03
1968    5.68
1969    7.02

1970    7.29
1971    5.65
1972    5.72
1973    6.95
1974    7.82

1975    7.49
1976    6.77
1977    6.69
1978    8.29
1979    9.71

1980    11.55
1981    14.44
1982    12.92
1983    10.45
1984    11.89

1985    9.64
1986    7.06
1987    7.68
1988    8.26
1989    8.55

1990    8.26
1991    6.82
1992    5.30
1993    4.44
1994    6.27

1995    6.25
1996    5.99
1997    6.10
1998    5.14
1999    5.49

Starting series: U.S. Treasury securities: Constant maturities: 10-year \2\

1929    ......
1933    ......
1939    ......

1940    ......
1941    ......
1942    ......
1943    ......
1944    ......

1945    ......
1946    ......
1947    ......
1948    ......
1949    ......

1950    ......
1951    ......
1952    ......
1953    2.85
1954    2.40

1955    2.82
1956    3.18
1957    3.65
1958    3.32
1959    4.33

1960    4.12
1961    3.88
1962    3.95
1963    4.00
1964    4.19

1965    4.28
1966    4.92
1967    5.07
1968    5.65
1969    6.67

1970    7.35
1971    6.16
1972    6.21
1973    6.84
1974    7.56

1975    7.99
1976    7.61
1977    7.42
1978    8.41
1979    9.44

1980    11.46
1981    13.91
1982    13.00
1983    11.10
1984    12.44

1985    10.62
1986    7.68
1987    8.39
1988    8.85
1989    8.49

1990    8.55
1991    7.86
1992    7.01
1993    5.87
1994    7.09

1995    6.57
1996    6.44
1997    6.35
1998    5.26
1999    5.65

Starting series: U.S. Treasury securities: Constant maturities: 30-year \2\

1929    ......
1933    ......
1939    ......

1940    ......
1941    ......
1942    ......
1943    ......
1944    ......

1945    ......
1946    ......
1947    ......
1948    ......
1949    ......

1950    ......
1951    ......
1952    ......
1953    ......
1954    ......

1955    ......
1956    ......
1957    ......
1958    ......
1959    ......

1960    ......
1961    ......
1962    ......
1963    ......
1964    ......

1965    ......
1966    ......
1967    ......
1968    ......
1969    ......

1970    ......
1971    ......
1972    ......
1973    ......
1974    ......

1975    ......
1976    ......
1977    7.75
1978    8.49
1979    9.28

1980    11.27
1981    13.45
1982    12.76
1983    11.18
1984    12.41

1985    10.79
1986    7.78
1987    8.59
1988    8.96
1989    8.45

1990    8.61
1991    8.14
1992    7.67
1993    6.59
1994    7.37

1995    6.88
1996    6.71
1997    6.61
1998    5.58
1999    5.87

Starting series: Aaa Corporate bonds (Moody's)

1929    4.73
1933    4.49
1939    3.01

1940    2.84
1941    2.77
1942    2.83
1943    2.73
1944    2.72

1945    2.62
1946    2.53
1947    2.61
1948    2.82
1949    2.66

1950    2.62
1951    2.86
1952    2.96
1953    3.20
1954    2.90

1955    3.06
1956    3.36
1957    3.89
1958    3.79
1959    4.38

1960    4.41
1961    4.35
1962    4.33
1963    4.26
1964    4.40

1965    4.49
1966    5.13
1967    5.51
1968    6.18
1969    7.03

1970    8.04
1971    7.39
1972    7.21
1973    7.44
1974    8.57

1975    8.83
1976    8.43
1977    8.02
1978    8.73
1979    9.63

1980    11.94
1981    14.17
1982    13.79
1983    12.04
1984    12.71

1985    11.37
1986    9.02
1987    9.38
1988    9.71
1989    9.26

1990    9.32
1991    8.77
1992    8.14
1993    7.22
1994    7.96

1995    7.59
1996    7.37
1997    7.26
1998    6.53
1999    7.04

Starting series: Baa Corporate bonds (Moody's)

1929    5.90
1933    7.76
1939    4.96

1940    4.75
1941    4.33
1942    4.28
1943    3.91
1944    3.61

1945    3.29
1946    3.05
1947    3.24
1948    3.47
1949    3.42

1950    3.24
1951    3.41
1952    3.52
1953    3.74
1954    3.51

1955    3.53
1956    3.88
1957    4.71
1958    4.73
1959    5.05

1960    5.19
1961    5.08
1962    5.02
1963    4.86
1964    4.83

1965    4.87
1966    5.67
1967    6.23
1968    6.94
1969    7.81

1970    9.11
1971    8.56
1972    8.16
1973    8.24
1974    9.50

1975    10.61
1976    9.75
1977    8.97
1978    9.49
1979    10.69

1980    13.67
1981    16.04
1982    16.11
1983    13.55
1984    14.19

1985    12.72
1986    10.39
1987    10.58
1988    10.83
1989    10.18

1990    10.36
1991    9.80
1992    8.98
1993    7.93
1994    8.62

1995    8.20
1996    8.05
1997    7.86
1998    7.22
1999    7.87

Starting series: High-grade municipal bonds (S&P)

1929    4.27
1933    4.71
1939    2.76

1940    2.50
1941    2.10
1942    2.36
1943    2.06
1944    1.86

1945    1.67
1946    1.64
1947    2.01
1948    2.40
1949    2.21

1950    1.98
1951    2.00
1952    2.19
1953    2.72
1954    2.37

1955    2.53
1956    2.93
1957    3.60
1958    3.56
1959    3.95

1960    3.73
1961    3.46
1962    3.18
1963    3.23
1964    3.22

1965    3.27
1966    3.82
1967    3.98
1968    4.51
1969    5.81

1970    6.51
1971    5.70
1972    5.27
1973    5.18
1974    6.09

1975    6.89
1976    6.49
1977    5.56
1978    5.90
1979    6.39

1980    8.51
1981    11.23
1982    11.57
1983    9.47
1984    10.15

1985    9.18
1986    7.38
1987    7.73
1988    7.76
1989    7.24

1990    7.25
1991    6.89
1992    6.41
1993    5.63
1994    6.19

1995    5.95
1996    5.75
1997    5.55
1998    5.12
1999    5.43

Starting series: New home mortgage yields \3\

1929    .........
1933    .........
1939    .........

1940    .........
1941    .........
1942    .........
1943    .........
1944    .........

1945    .........
1946    .........
1947    .........
1948    .........
1949    .........

1950    .........
1951    .........
1952    .........
1953    .........
1954    .........

1955    .........
1956    .........
1957    .........
1958    .........
1959    .........

1960    .........
1961    .........
1962    .........
1963    5.89
1964    5.83

1965    5.81
1966    6.25
1967    6.46
1968    6.97
1969    7.81

1970    8.45
1971    7.74
1972    7.60
1973    7.96
1974    8.92

1975    9.00
1976    9.00
1977    9.02
1978    9.56
1979    10.78

1980    12.66
1981    14.70
1982    15.14
1983    12.57
1984    12.38

1985    11.55
1986    10.17
1987    9.31
1988    9.19
1989    10.13

1990    10.05
1991    9.32
1992    8.24
1993    7.20
1994    7.49

1995    7.87
1996    7.80
1997    7.71
1998    7.07
1999    7.04

Starting series: Commercial paper, 6 months \4\

1929    5.85
1933    1.73
1939    .59

1940    .56
1941    .53
1942    .66
1943    .69
1944    .73

1945    .75
1946    .81
1947    1.03
1948    1.44
1949    1.49

1950    1.45
1951    2.16
1952    2.33
1953    2.52
1954    1.58

1955    2.18
1956    3.31
1957    3.81
1958    2.46
1959    3.97

1960    3.85
1961    2.97
1962    3.26
1963    3.55
1964    3.97

1965    4.38
1966    5.55
1967    5.10
1968    5.90
1969    7.83

1970    7.71
1971    5.11
1972    4.73
1973    8.15
1974    9.84

1975    6.32
1976    5.34
1977    5.61
1978    7.99
1979    10.91

1980    12.29
1981    14.76
1982    11.89
1983    8.89
1984    10.16

1985    8.01
1986    6.39
1987    6.85
1988    7.68
1989    8.80

1990    7.95
1991    5.85
1992    3.80
1993    3.30
1994    4.93

1995    5.93
1996    5.42
1997    5.62
1998    .........
1999    .........

Starting series: Prime rate charged by banks \5\

1929    5.50-6.00
1933    1.50-4.00
1939    1.50

1940    1.50
1941    1.50
1942    1.50
1943    1.50
1944    1.50

1945    1.50
1946    1.50
1947    1.50-1.75
1948    1.75-2.00
1949    2.00

1950    2.07
1951    2.56
1952    3.00
1953    3.17
1954    3.05

1955    3.16
1956    3.77
1957    4.20
1958    3.83
1959    4.48

1960    4.82
1961    4.50
1962    4.50
1963    4.50
1964    4.50

1965    4.54
1966    5.63
1967    5.61
1968    6.30
1969    7.96

1970    7.91
1971    5.72
1972    5.25
1973    8.03
1974    10.81

1975    7.86
1976    6.84
1977    6.83
1978    9.06
1979    12.67

1980    15.27
1981    18.87
1982    14.86
1983    10.79
1984    12.04

1985    9.93
1986    8.33
1987    8.21
1988    9.32
1989    10.87

1990    10.01
1991    8.46
1992    6.25
1993    6.00
1994    7.15

1995    8.83
1996    8.27
1997    8.44
1998    8.35
1999    8.00

Starting series: Discount rate (NY F.R. Bank) \5\

1929    5.16
1933    2.56
1939    1.00

1940    1.00
1941    1.00
1942    \7\1.00
1943    \7\1.00
1944    \7\1.00

1945    \7\1.00
1946    \7\1.00
1947    1.00
1948    1.34
1949    1.50

1950    1.59
1951    1.75
1952    1.75
1953    1.99
1954    1.60

1955    1.89
1956    2.77
1957    3.12
1958    2.15
1959    3.36

1960    3.53
1961    3.00
1962    3.00
1963    3.23
1964    3.55

1965    4.04
1966    4.50
1967    4.19
1968    5.16
1969    5.87

1970    5.95
1971    4.88
1972    4.50
1973    6.44
1974    7.83

1975    6.25
1976    5.50
1977    5.46
1978    7.46
1979    10.28

1980    11.77
1981    13.42
1982    11.02
1983    8.50
1984    8.80

1985    7.69
1986    6.33
1987    5.66
1988    6.20
1989    6.93

1990    6.98
1991    5.45
1992    3.25
1993    3.00
1994    3.60

1995    5.21
1996    5.02
1997    5.00
1998    4.92
1999    4.62

Starting series: Federal funds rate \6\

1929    .......
1933    .......
1939    .......

1940    .......
1941    .......
1942    .......
1943    .......
1944    .......

1945    .......
1946    .......
1947    .......
1948    .......
1949    .......

1950    .......
1951    .......
1952    .......
1953    .......
1954    .......

1955    1.78
1956    2.73
1957    3.11
1958    1.57
1959    3.30

1960    3.22
1961    1.96
1962    2.68
1963    3.18
1964    3.50

1965    4.07
1966    5.11
1967    4.22
1968    5.66
1969    8.20

1970    7.18
1971    4.66
1972    4.43
1973    8.73
1974    10.50

1975    5.82
1976    5.04
1977    5.54
1978    7.93
1979    11.19

1980    13.36
1981    16.38
1982    12.26
1983    9.09
1984    10.23

1985    8.10
1986    6.81
1987    6.66
1988    7.57
1989    9.21

1990    8.10
1991    5.69
1992    3.52
1993    3.02
1994    4.21

1995    5.83
1996    5.30
1997    5.46
1998    5.35
1999    4.97

\1\ GDP less exports of goods and services plus imports of goods and services.

\2\ Rate on new issues within period; bank-discount basis.
\3\ Yields on the more actively traded issues adjusted to constant maturities by the Department of the Treasury.
\4\ Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assuming, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.
\5\ Bank-discount basis; prior to November 1979, data are for 4-6 months paper. Series no longer published by Federal Reserve (FR). See FR release H.15 Selected Interest Rates dated May 12, 1997.
\6\ For monthly data, high and low for the period. Prime rate for 1929-33 and 1947-48 are ranges of the rate in effect during the period.

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.

See next page for continuation of table.