"Table B-69: Bond yields and interest rates, 1929-92"												
(Percent per anum)												
-	-	-	-	-	-	-	-	-	-	-	-	-
Year or	    U.S. Treasury securities				 Corporate		High-grade	New-home	Commercial	  Prime rate	Discount	Federal
month	-	-	-	-	   bonds		municipal	mortgage	"paper, 6"	  charged by	"rate,"	funds
	      Bills		    Constant		 (Moody's)		bonds	yields(3)	months(4)	   banks(5)	Federal	rate(6)
	 (new issues)(1)		 maturities(2)		------------		(Standard 				Reserve	
	3-month	6-month	3-year	10-year	Aaa	Baa	& Poor's)				Bank of	
 											New York(5)	
-	-	-	-	-	-	-	-	-	-	-	-	-
     1929	 	 	 	 	4.73 	5.90 	4.27 		5.85 	   5.50-6.00	5.16 	
     1933	0.515 				4.49 	7.76 	4.71 		1.73 	  1.50-4.00	2.56 	
     1939	0.023 				3.01 	4.96 	2.76 		0.59 	1.50 	1.00 	
     												
     1940	0.014 				2.84 	4.75 	2.50 		0.56 	1.50 	1.00 	
     1941	0.103 				2.84 	4.33 	2.10 		0.53 	1.50 	1.00 	
     1942	0.326 				2.77 	4.28 	2.36 		0.60 	1.50 	1.00 	
     1943	0.373 				2.73 	3.91 	2.06 		0.69 	1.50 	1.00 	
     1944	0.375 				2.72 	3.61 	1.86 		0.73 	1.50 	1.00 	
     1945	0.375 				2.62 	3.29 	1.67 		0.75 	1.50 	1.00 	
     1946	0.375 				2.53 	3.05 	1.64 		0.81 	1.50 	1.00 	
     1947	0.594 				2.61 	3.24 	2.01 		1.03 	  1.50-1.75	1.00 	
     1948	1.040 				2.82 	3.47 	2.40 		1.44 	  1.75-2.00	1.34 	
     1949	1.102 				2.66 	3.42 	2.21 		1.49 	2.00 	1.50 	
 												
     1950	1.218 				2.62 	3.24 	1.98 		1.45 	2.07 	1.59 	
     1951	1.552 				2.86 	3.41 	2.00 		2.16 	2.56 	1.75 	
     1952	1.766 				2.96 	3.52 	2.19 		2.33 	3.00 	1.75 	
     1953	1.931 		2.47 	2.85 	3.20 	3.74 	2.72 	 	2.52 	3.17 	1.99 	
     1954	0.953 		1.63 	2.40 	2.90 	3.51 	2.37 	 	1.58 	3.05 	1.60 	
     1955	1.753 		2.47 	2.82 	3.06 	3.53 	2.53 	 	2.18 	3.16 	1.89 	1.78 
     1956	2.658 		3.19 	3.18 	3.36 	3.88 	2.93 	 	3.31 	3.77 	2.77 	2.73 
     1957	3.267 		3.98 	3.65 	3.89 	4.71 	3.60 	 	3.81 	4.20 	3.12 	3.11 
     1958	1.839 		2.84 	3.32 	3.79 	4.73 	3.56 	 	2.46 	3.83 	2.15 	1.57 
     1959	3.405 	3.832 	4.46 	4.33 	4.38 	5.05 	3.95 	 	3.97 	4.48 	3.36 	3.30 
 												
     1960	2.928 	3.247 	3.98 	4.12 	4.41 	5.19 	3.73 	 	3.85 	4.82 	3.53 	3.22 
     1961	2.378 	2.605 	3.54 	3.88 	4.35 	5.08 	3.46 	 	2.97 	4.50 	3.00 	1.96 
     1962	2.778 	2.908 	3.47 	3.95 	4.33 	5.02 	3.18 	 	3.26 	4.50 	3.00 	2.68 
     1963	3.157 	3.253 	3.67 	4.00 	4.26 	4.86 	3.23 	5.89 	3.55 	4.50 	3.23 	3.18 
     1964	3.549 	3.686 	4.03 	4.19 	4.40 	4.83 	3.22 	5.83 	3.97 	4.50 	3.55 	3.50 
     1965	3.954 	4.055 	4.22 	4.28 	4.49 	4.87 	3.27 	5.81 	4.38 	4.54 	4.04 	4.07 
     1966	4.881 	5.082 	5.23 	4.92 	5.13 	5.67 	3.82 	6.25 	5.55 	5.63 	4.50 	5.11 
     1967	4.321 	4.630 	5.03 	5.07 	5.51 	6.23 	3.98 	6.46 	5.10 	5.61 	4.19 	4.22 
     1968	5.339 	5.470 	5.68 	5.65 	6.18 	6.94 	4.51 	6.97 	5.90 	6.30 	5.16 	5.66 
     1969	6.677 	6.853 	7.02 	6.67 	7.03 	7.81 	5.81 	7.81 	7.83 	7.96 	5.87 	8.20 
 												
     1970	6.458 	6.562 	7.29 	7.35 	8.04 	9.11 	6.51 	8.45 	7.71 	7.91 	5.95 	7.18 
     1971	4.348 	4.511 	5.65 	6.16 	7.39 	8.56 	5.70 	7.74 	5.11 	5.72 	4.88 	4.66 
     1972	4.071 	4.466 	5.72 	6.21 	7.21 	8.16 	5.27 	7.60 	4.73 	5.25 	4.50 	4.43 
     1973	7.041 	7.178 	6.95 	6.84 	7.44 	8.24 	5.18 	7.96 	8.15 	8.03 	6.44 	8.73 
     1974	7.886 	7.926 	7.82 	7.56 	8.57 	9.50 	6.09 	8.92 	9.84 	10.81 	7.83 	10.50 
     1975	5.838 	6.122 	7.49 	7.99 	8.83 	10.61 	6.89 	9.00 	6.32 	7.86 	6.25 	5.82 
     1976	4.989 	5.266 	6.77 	7.61 	8.43 	9.75 	6.49 	9.00 	5.34 	6.84 	5.50 	5.04 
     1977	5.265 	5.510 	6.69 	7.42 	8.02 	8.97 	5.56 	9.02 	5.61 	6.83 	5.46 	5.54 
     1978	7.221 	7.572 	8.29 	8.41 	8.73 	9.49 	5.90 	9.56 	7.99 	9.06 	7.46 	7.93 
     1979	10.041 	10.017 	9.71 	9.44 	9.63 	10.69 	6.39 	10.78 	10.91 	12.67 	10.28 	11.19 
 												
     1980	11.506 	11.374 	11.55 	11.46 	11.94 	13.67 	8.51 	12.66 	12.29 	15.27 	11.77 	13.36 
     1981	14.029 	13.776 	14.44 	13.91 	14.17 	16.04 	11.23 	14.70 	14.76 	18.87 	13.42 	16.38 
     1982	10.686 	11.084 	12.92 	13.00 	13.79 	16.11 	11.57 	15.14 	11.89 	14.86 	11.02 	12.26 
     1983	8.63 	8.75 	10.45 	11.10 	12.04 	13.55 	9.47 	12.57 	8.89 	10.79 	8.50 	9.09 
     1984	9.58 	9.80 	11.89 	12.44 	12.71 	14.19 	10.15 	12.38 	10.16 	12.04 	8.80 	10.23 
     1985	7.48 	7.66 	9.64 	10.62 	11.37 	12.72 	9.18 	11.55 	8.01 	9.93 	7.69 	8.10 
     1986	5.98 	6.03 	7.06 	7.68 	9.02 	10.39 	7.38 	10.17 	6.39 	8.33 	6.33 	6.81 
     1987	5.82 	6.05 	7.68 	8.39 	9.38 	10.58 	7.73 	9.31 	6.85 	8.21 	5.66 	6.66 
     1988	6.69 	6.92 	8.26 	8.85 	9.71 	10.83 	7.76 	9.19 	7.68 	9.32 	6.20 	7.57 
     1989	8.12 	8.04 	8.55 	8.49 	9.26 	10.18 	7.24 	10.13 	8.80 	10.87 	6.93 	9.21 
 												
     1990	7.51 	7.47 	8.26 	8.55 	9.32 	10.36 	7.25 	10.05 	7.95 	10.01 	6.98 	8.10 
     1991	5.42 	5.49 	6.82 	7.86 	8.77 	9.80 	6.89 	9.32 	5.85 	8.46 	5.45 	5.69 
     1992	3.45 	3.57 	5.30 	7.01 	8.14 	8.98 	6.41 		3.80 	6.25 	3.25 	3.52 
										High-low	High-low	

     1987:	 											
       Jan	5.45 	5.47 	6.41 	7.08 	8.36 	9.72 	6.63 	9.51 	5.76 	 7.50-7.50	 5.50-5.50	6.43 
       Feb	5.59 	5.60 	6.56 	7.25 	8.38 	9.65 	6.66 	9.23 	5.99 	 7.50-7.50	 5.50-5.50	6.10 
       Mar	5.56 	5.56 	6.58 	7.25 	8.36 	9.61 	6.71 	9.14 	6.10 	 7.50-7.50	 5.50-5.50	6.13 
       Apr	5.76 	5.93 	7.32 	8.02 	8.85 	10.04 	7.62 	9.21 	6.50 	 7.75-7.50	 5.50-5.50	6.37 
       May	5.75 	6.11 	8.02 	8.61 	9.33 	10.51 	8.10 	9.37 	7.04 	 8.25-7.75	 5.50-5.50	6.85 
       June	5.69 	5.99 	7.82 	8.40 	9.32 	10.52 	7.89 	9.45 	7.00 	 8.25-8.25	 5.50-5.50	6.73 
       July	5.78 	5.86 	7.74 	8.45 	9.42 	10.61 	7.83 	9.41 	6.72 	 8.25-8.25	 5.50-5.50	6.58 
       Aug	6.00 	6.14 	8.03 	8.76 	9.67 	10.80 	7.90 	9.38 	6.81 	 8.25-8.25	 5.50-5.50	6.73 
       Sept	6.32 	6.57 	8.67 	9.42 	10.18 	11.31 	8.36 	9.37 	7.55 	 8.75-8.25	 6.00-5.50	7.22 
       Oct	6.40 	6.86 	8.75 	9.52 	10.52 	11.62 	8.84 	9.25 	7.96 	 9.25-8.75	 6.00-6.00	7.29 
       Nov	5.81 	6.23 	7.99 	8.86 	10.01 	11.23 	8.09 	9.30 	7.17 	 9.00-8.75	 6.00-6.00	6.69 
       Dec	5.80 	6.36 	8.13 	8.99 	10.11 	11.29 	8.07 	9.15 	7.49 	 8.75-8.75	 6.00-6.00	6.77 

     1988:												
       Jan	5.90 	6.31 	7.87 	8.67 	9.88 	11.07 	7.81 	9.10 	6.92 	 8.75-8.75	 6.00-6.00	6.83 
       Feb	5.69 	5.96 	7.38 	8.21 	9.40 	10.62 	7.55 	9.12 	6.58 	 8.75-8.50	 6.00-6.00	6.58 
       Mar	5.69 	5.91 	7.50 	8.37 	9.39 	10.57 	7.80 	9.15 	6.64 	 8.50-8.50	 6.00-6.00	6.58 
       Apr	5.92 	6.21 	7.83 	8.72 	9.67 	10.90 	7.91 	9.13 	6.92 	 8.50-8.50	 6.00-6.00	6.87 
       May	6.27 	6.53 	8.24 	9.09 	9.90 	11.04 	8.01 	8.95 	7.31 	 9.00-8.50	 6.00-6.00	7.09 
       June	6.50 	6.76 	8.22 	8.92 	9.86 	11.00 	7.86 	9.26 	7.53 	 9.00-9.00	 6.00-6.00	7.51 
       July	6.73 	6.97 	8.44 	9.06 	9.96 	11.11 	7.87 	9.17 	7.90 	 9.50-9.00	 6.00-6.00	7.75 
       Aug	7.02 	7.36 	8.77 	9.26 	10.11 	11.21 	7.86 	9.06 	8.36 	 10.00-9.50	 6.50-6.00	8.01 
       Sept	7.23 	7.43 	8.57 	8.98 	9.82 	10.90 	7.71 	9.26 	8.23 	 10.00-10.00	 6.50-6.50	8.19 
       Oct	7.34 	7.50 	8.43 	8.80 	9.51 	10.41 	7.54 	9.10 	8.24 	 10.00-10.00	 6.50-6.50	8.30 
       Nov	7.68 	7.76 	8.72 	8.96 	9.45 	10.48 	7.58 	9.43 	8.55 	 10.50-10.00	 6.50-6.50	8.35 
       Dec	8.09 	8.24 	9.11 	9.11 	9.57 	10.65 	7.66 	9.39 	8.97 	 10.50-10.50	 6.50-6.50	8.76 

     1989:												
       Jan	8.29 	8.38 	9.20 	9.09 	9.62 	10.65 	7.41 	9.52 	9.02 	 10.50-10.50	 6.50-6.50	9.12 
       Feb	8.48 	8.49 	9.32 	9.17 	9.64 	10.61 	7.47 	9.82 	9.35 	 11.50-10.50	 7.00-6.50	9.36 
       Mar	8.83 	8.87 	9.61 	9.36 	9.80 	10.67 	7.61 	9.99 	9.97 	 11.50-11.50	 7.00-7.00	9.85 
       Apr	8.70 	8.73 	9.40 	9.18 	9.79 	10.61 	7.49 	10.17 	9.78 	 11.50-11.50	 7.00-7.00	9.84 
       May	8.40 	8.39 	8.98 	8.86 	9.57 	10.46 	7.25 	10.18 	9.29 	 11.50-11.50	 7.00-7.00	9.81 
       June	8.22 	8.00 	8.37 	8.28 	9.10 	10.03 	6.97 	10.42 	8.80 	 11.50-11.00	 7.00-7.00	9.53 
       July	7.92 	7.63 	7.83 	8.02 	8.93 	9.87 	6.97 	10.48 	8.35 	 11.00-10.50	 7.00-7.00	9.24 
       Aug	7.91 	7.72 	8.13 	8.11 	8.96 	9.88 	7.08 	10.22 	8.32 	 10.50-10.50	 7.00-7.00	8.99 
       Sept	7.72 	7.74 	8.26 	8.19 	9.01 	9.91 	7.27 	10.24 	8.50 	 10.50-10.50	 7.00-7.00	9.02 
       Oct	7.63 	7.61 	8.02 	8.01 	8.92 	9.81 	7.22 	10.11 	8.24 	 10.50-10.50	 7.00-7.00	8.84 
       Nov	7.65 	7.46 	7.80 	7.87 	8.89 	9.81 	7.13 	10.09 	8.00 	 10.50-10.50	 7.00-7.00	8.55 
       Dec	7.64 	7.45 	7.77 	7.84 	8.86 	9.82 	7.01 	10.07 	7.93 	 10.50-10.50	 7.00-7.00	8.45 
												
     1990:												
       Jan	7.64 	7.52 	8.13 	8.21 	8.99 	9.94 	7.13 	9.91 	7.96 	 10.50-10.00	 7.00-7.00	8.23 
       Feb	7.76 	7.72 	8.39 	8.47 	9.22 	10.14 	7.21 	9.88 	8.04 	 10.00-10.00	 7.00-7.00	8.24 
       Mar	7.87 	7.83 	8.63 	8.59 	9.37 	10.21 	7.29 	10.03 	8.23 	 10.00-10.00	 7.00-7.00	8.28 
       Apr	7.78 	7.82 	8.78 	8.79 	9.46 	10.30 	7.36 	10.17 	8.29 	 10.00-10.00	 7.00-7.00	8.26 
       May	7.78 	7.82 	8.69 	8.76 	9.47 	10.41 	7.34 	10.28 	8.23 	 10.00-10.00	 7.00-7.00	8.18 
       June	7.74 	7.64 	8.40 	8.48 	9.26 	10.22 	7.22 	10.13 	8.06 	 10.00-10.00	 7.00-7.00	8.29 
       July	7.66 	7.57 	8.26 	8.47 	9.24 	10.20 	7.15 	10.08 	7.90 	 10.00-10.00	 7.00-7.00	8.15 
       Aug	7.44 	7.36 	8.22 	8.75 	9.41 	10.41 	7.31 	10.11 	7.77 	 10.00-10.00	 7.00-7.00	8.13 
       Sept	7.38 	7.33 	8.27 	8.89 	9.56 	10.64 	7.40 	9.90 	7.83 	 10.00-10.00	 7.00-7.00	8.20 
       Oct	7.19 	7.20 	8.07 	8.72 	9.53 	10.74 	7.40 	9.98 	7.81 	 10.00-10.00	 7.00-7.00	8.11 
       Nov	7.07 	7.04 	7.74 	8.39 	9.30 	10.62 	7.10 	9.90 	7.74 	 10.00-10.00	 7.00-7.00	7.81 
       Dec	6.81 	6.76 	7.47 	8.08 	9.05 	10.43 	7.04 	9.76 	7.49 	 10.00-10.00	 7.00-6.50	7.31 
												
     1991:												
       Jan	6.30 	6.34 	7.38 	8.09 	9.04 	10.45 	7.05 	9.65 	7.02 	 10.00-9.50	 6.50-6.50	6.91 
       Feb	5.95 	5.93 	7.08 	7.85 	8.83 	10.07 	6.90 	9.57 	6.41 	 9.50-9.00	 6.50-6.00	6.25 
       Mar	5.91 	5.91 	7.35 	8.11 	8.93 	10.09 	7.07 	9.43 	6.36 	 9.00-9.00	 6.00-6.00	6.12 
       Apr	5.67 	5.73 	7.23 	8.04 	8.86 	9.94 	7.05 	9.60 	6.07 	 9.00-9.00	 6.00-5.50	5.91 
       May	5.51 	5.65 	7.12 	8.07 	8.86 	9.86 	6.95 	9.52 	5.94 	 9.00-8.50	 5.50-5.50	5.78 
       June	5.60 	5.76 	7.39 	8.28 	9.01 	9.96 	7.09 	9.46 	6.16 	 8.50-8.50	 5.50-5.50	5.90 
       July	5.58 	5.71 	7.38 	8.27 	9.00 	9.89 	7.03 	9.43 	6.14 	 8.50-8.50	 5.50-5.50	5.82 
       Aug	5.39 	5.47 	6.80 	7.90 	8.75 	9.65 	6.89 	9.48 	5.76 	 8.50-8.00	 5.50-5.50	5.66 
       Sept	5.25 	5.29 	6.50 	7.65 	8.61 	9.51 	6.80 	9.30 	5.59 	 8.50-8.00	 5.50-5.50	5.45 
       Oct	5.03 	5.08 	6.23 	7.53 	8.55 	9.49 	6.59 	9.04 	5.33 	 8.00-8.00	 5.00-5.00	5.21 
       Nov	4.60 	4.66 	5.90 	7.42 	8.48 	9.45 	6.64 	8.64 	4.93 	 8.00-7.50	 5.00-4.50	4.81 
       Dec	4.12 	4.16 	5.39 	7.09 	8.31 	9.26 	6.63 	8.53 	4.49 	 7.50-6.50	 4.50-3.50	4.43 

     1992:												
       Jan	3.84 	3.88 	5.40 	7.03 	8.20 	9.13 	6.41 	8.49 	4.06 	 6.50-6.50	 3.50-3.50	4.03 
       Feb	3.84 	3.94 	5.72 	7.34 	8.29 	9.23 	6.67 	8.65 	4.13 	 6.50-6.50	 3.50-3.50	4.06 
       Mar	4.05 	4.19 	6.18 	7.54 	8.35 	9.25 	6.69 	8.51 	4.38 	 6.50-6.50	 3.50-3.50	3.98 
       Apr	3.81 	3.93 	5.93 	7.48 	8.33 	9.21 	6.64 	8.58 	4.13 	 6.50-6.50	 3.50-3.50	3.73 
       May	3.66 	3.78 	5.81 	7.39 	8.28 	9.13 	6.57 	8.59 	3.97 	 6.50-6.50	 3.50-3.50	3.82 
       June	3.70 	3.81 	5.60 	7.26 	8.22 	9.05 	6.50 	8.43 	3.99 	 6.50-6.50	 3.50-3.50	3.76 
       July	3.28 	3.36 	4.91 	6.84 	8.07 	8.84 	6.12 	8.00 	3.53 	 6.50-6.00	 3.50-3.00	3.25 
       Aug	3.14 	3.23 	4.72 	6.59 	7.95 	8.65 	6.08 	8.00 	3.44 	 6.00-6.00	 3.00-3.00	3.30 
       Sept	2.97 	3.01 	4.42 	6.42 	7.92 	8.62 	6.24 	7.93 	3.26 	 6.00-6.00	 3.00-3.00	3.22 
       Oct	2.84 	2.98 	4.64 	6.59 	7.99 	8.84 	6.38 	7.90 	3.33 	 6.00-6.00	 3.00-3.00	3.10 
       Nov	3.14 	3.35 	5.14 	6.87 	8.10 	8.96 	6.35 	8.07 	3.67 	 6.00-6.00	 3.00-3.00	3.09 
       Dec	3.25 	3.39 	5.21 	6.77 	7.98 	8.81 	6.24 		3.70 	 6.00-6.00	 3.00-3.00	2.92 

1/ Rate on new issues within period; bank-discount basis												

2/ Yields on the more actively traded issues adjusted to constant
    maturities by the Treasury Department.

"3/ Effective rate (in the primary market) on conventional mortgages,"
   reflecting fees and charges as well as contract rate and
"   assuming, on average, repayment at end of 10 years.  Rates beginning"
   January 1973 not strictly comparable with prior rates.

"4/   Bank discount basis; prior to November 1979, data"
     are for 4-6 months paper.

"5/   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.

"6/   Since July 19, 1975, the daily effective rate is an"
     average of the rates on a given day weighted by the
     volume of transactions at those rates. Prior to
"     that date, the daily effective rate was the rate"
     considered most representative of the day's
"     transactions, usually the one at which most"
     transactions occurred.

"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
     in 1 year or less.

"Sources:  Department of the Treasury, Board of Governors"
"          of the Federal reserve System, Federal Housing"
"          Finance Board, Moody's Investor's Service, and"
          Standard & Poor's Corporation.