ECONOMIC

TABLE B-63.—Bond yields and interest rates, 1929-76—Continued[Percent per annum]Year or monthU.S. Government securities3-monthTreasurybills i3-5yearissues 2TaxablebondssCorporatebonds(Moody's)AaaBaaHighgrademunicipalbonds(Standard&Poor's)Averagerate onshorttermbankloansto businessselectedcitiesPrimecommercialpaper,4-6monthsDiscountrate,FederalReserveBankof NewYork*FederalfundsratesNewhomemortgageyields(FHLBB)1974: Jan .FebMarApr ...MayJune7.7557.0607.9868.2298.4308.1456.946.777.337.998.248.146.566.546.817.047.077.037.837.858.018.258.378.478.488.538.628.879.059.275.205.195.365.675.966.089.9111.158.667.838.429.7910 6210.96iy-iy 21}4-8 28-88 -89.658.979.3510.5111 3111.938 528.628.648 678 748.85JulyAug _ .SeptOctNovDec7.7528.7448.3637.2447.5857.1798.398.648.387.987.657.227.187.337.307.226.936.788.729.009.249.278.908.899.489.7710.1810.4810.6010.636.546.586.656.466.476.9312.4011.6411.7211.6511.239.368.818.988 -88 -88 -88 -88 -88 -7%12.9212.0111 3410.069.458.538.969 099 199 179.279 371975: JanFebMarAprMayJune6.4935.5835 5445.6945.3155.1937.296.857.007.767.497.266.686.616.737.036.996.868.838.628.678.958.908.7710.8110.6510.4810.5810.6910.626.666.306.616.836.816.769.948.167.306.336.066.155.825.797 l /-&/i6^-634634-6146y~66 -67.136.245 545.495.225.559 339 129 068 968 908.96JulyAugSeptOctNov . .Dec6.1646.4636 3836.0815.4685 5047.728.128.227.807.517.506.897.067.297.297.217.178.848.958.958.868.788.7910.5510.5910 6110. 6210.5610.566.947.027.237.227.217.068.228.296.446.706 866.485.915.976 -66 -66 -66 -66 -66 -66.106.146.245.825.225.208.898.898 949 019 019 011976-JanFebMarAprMayJune.JulyAugSept.OctNovDec4.9614.8525.0474.8785.1855.4435.2785.1535.0754.9304.8104.3547.187.187.256.997.357.407.247.046.846.506.355.966.946.926.876.736.996.926.856.796.706.656.626.398.608.558.528.408.588.628.568.458.388.328.257.9810.4110.2410.129.949.869.899.829.649.409.299.239.126.806.916.866.626.876.856.646.286.206.066.055.697.547.447.807.285.275.235.375.235.545.945.675.475.455.225.054.706 -53^by-bybV-b\4by-bVoim%ly-ly 2by~bY4.874.774.844 825.295.485.315.295.255.034.954.658 998 938 938 928.978.898 979.029.089 079.059.101 Rate on new issues within period. First issued in December 1929.2 Selected note and bond issues.s First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years asfollows: April 1953 to date, 10 years; April 1952-March 1953,12 years; November 1941-March 1952, 15 years.4 Average effective rate for the year; opening and closing rate for the month.5 Based on seven-day averages of daily effective rates for weeks ending Wednesday. Since July 19,1975, the daily effectiverate 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 whichmost transactions occurred.6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rateand assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable withprior rates.7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured byGovernment securities maturing in 1 year or jess.« Series revised. Not strictly comparable with earlier data.Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan BankBoard (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.261