Federal Reserve Statistical Release, H.15, Selected Interest Rates (Weekly); title with eagle logo links to Statistical Release home page
Release Date: June 14, 2004
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FEDERAL RESERVE STATISTICAL RELEASE




        H.15 (519)                                                                          For immediate release
                                                                                                    June 14, 2004
         SELECTED INTEREST RATES
        Yields in percent per annum
                                                                                        *   
                                                    2004    2004    2004    2004    2004     Week Ending    2004
                                                     Jun     Jun     Jun     Jun     Jun     Jun     Jun     May
        Instruments                                    7       8       9      10      11      11       4

        Federal funds (effective) 1 2 3             0.99    0.97    0.99    1.00    1.00    0.99    1.01    1.00
        Commercial paper 3 4 5
            Nonfinancial
                1-month                             1.06    1.05    1.05    1.10            1.07    1.01    1.00
                2-month                             1.14    1.13    1.19    1.16            1.16    1.10    1.04
                3-month                             1.27    1.25    1.29    n.a.            1.27    1.22    1.07
            Financial
                1-month                             1.08    1.07    1.08    1.08    1.07    1.08    1.04    1.02
                2-month                             1.19    1.17    1.20    1.21    1.22    1.20    1.15    1.08
                3-month                             1.28    1.29    1.34    1.36    1.36    1.33    1.26    1.16
        CDs (secondary market) 3 6
            1-month                                 1.12    1.15    1.15    1.18    1.21    1.16    1.10    1.05
            3-month                                 1.36    1.37    1.39    1.43    1.48    1.41    1.32    1.20
            6-month                                 1.67    1.67    1.69    1.74    1.81    1.72    1.61    1.46
        Eurodollar deposits (London) 3 7
            1-month                                 1.10    1.13    1.11    1.16            1.13    1.07    1.03
            3-month                                 1.34    1.34    1.35    1.42            1.36    1.29    1.18
            6-month                                 1.64    1.63    1.66    1.72            1.66    1.56    1.44
        Bank prime loan 2 3 8                       4.00    4.00    4.00    4.00    4.00    4.00    4.00    4.00
        Discount window primary credit 2 9          2.00    2.00    2.00    2.00    2.00    2.00    2.00    2.00
        U.S. government securities
            Treasury bills (secondary market) 3 4
                4-week                              0.93    1.02    1.01    1.00            0.99    0.94    0.89
                3-month                             1.23    1.25    1.25    1.27            1.25    1.16    1.02
                6-month                             1.51    1.53    1.58    1.61            1.56    1.43    1.31
            Treasury constant maturities
                Nominal 10
                    1-month                         0.97    1.03    1.03    1.02            1.01    0.97    0.91
                    3-month                         1.24    1.27    1.27    1.30            1.27    1.18    1.04
                    6-month                         1.54    1.56    1.61    1.65            1.59    1.46    1.33
                    1-year                          1.96    2.02    2.14    2.14            2.07    1.92    1.78
                    2-year                          2.67    2.73    2.79    2.81            2.75    2.65    2.53
                    3-year                          3.22    3.24    3.31    3.32            3.27    3.19    3.10
                    5-year                          3.95    3.96    4.01    4.00            3.98    3.91    3.85
                    7-year                          4.39    4.40    4.44    4.43            4.42    4.35    4.31
                    10-year                         4.78    4.78    4.82    4.81            4.80    4.74    4.72
                    20-year 11                      5.51    5.50    5.54    5.52            5.52    5.47    5.46
                Inflation-indexed 12
                    5-year                          1.37    1.43    1.47    1.45            1.43    1.30    1.34
                    7-year                          1.78    1.83    1.87    1.87            1.84    1.71    1.77
                    10-year                         2.11    2.15    2.20    2.18            2.16    2.04    2.09
            Inflation-indexed 
                long-term average 13                2.42    2.46    2.50    2.49            2.47    2.38    2.45
        Interest rate swaps 14
            1-year                                  2.26    2.27    2.33    2.39            2.31    2.20    2.03
            2-year                                  3.10    3.10    3.15    3.22            3.14    3.04    2.90
            3-year                                  3.69    3.68    3.71    3.77            3.71    3.62    3.53
            4-year                                  4.12    4.10    4.12    4.17            4.13    4.05    3.98
            5-year                                  4.44    4.43    4.44    4.48            4.45    4.37    4.33
            7-year                                  4.89    4.87    4.88    4.91            4.89    4.82    4.79
            10-year                                 5.29    5.28    5.28    5.30            5.29    5.22    5.21
            30-year                                 5.86    5.87    5.86    5.87            5.86    5.81    5.80
        Corporate bonds
            Moody's seasoned
                Aaa 15                              6.07    6.06    6.10    6.08            6.08    6.04    6.04
                Baa                                 6.83    6.82    6.85    6.84            6.84    6.80    6.75
        State & local bonds 16                                              5.10            5.10    5.03    5.07
        Conventional mortgages 17                                                   6.30    6.30    6.28    6.27
        ---------
        See overleaf for footnotes
        * Markets closed                                                                                    
        n.a.-- not available                                                                                
                                                                                                            














                                                  FOOTNOTES

         1.  The daily effective federal funds rate is a weighted average of rates on brokered trades.
         2.  Weekly figures are averages of 7 calendar days ending on Wednesday of the current week;
             monthly figures include each calendar day in the month.
         3.  Annualized using a 360-day year or bank interest.
         4.  On a discount basis.
         5.  Interest rates interpolated from data on certain commercial paper trades settled by The Depository
             Trust Company.  The trades represent sales of commercial paper by dealers or direct issuers to
             investors (that is, the offer side).  The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and
             90-day dates reported on the Board's Commercial Paper Web page (www.federalreserve.gov/releases/cp).
         6.  An average of dealer offering rates on nationally traded certificates of deposit.
         7.  Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
         8.  Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial
             banks.  Prime is one of several base rates used by banks to price short-term business loans.
         9.  The rate charged for discounts made and advances extended under the Federal Reserve's primary credit
             discount window program, which became effective January 9, 2003. This rate replaces that for
             adjustment credit, which was discontinued after January 8, 2003.  For further information, see
             www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm.
             The rate reported is that for the Federal Reserve Bank of New York.  Historical series for the rate on
             adjustment credit is available at www.federalreserve.gov/releases/h15/data.htm.
        10.  Yields on actively traded non-inflation-index issues adjusted to constant maturities.  Source: U.S.
             Treasury.
        11.  A factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year rate can
             be found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/ltcompositeindex.html.
        12.  Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities.  Source: U.S.
             Treasury.  Additional information on both nominal and inflation-indexed yields may be found at
             www.treas.gov/offices/domestic-finance/debt-management/interest-rate/index.html.
        13.  Based on the unweighted average bid yields for all Inflation Protected Securities with remaining terms
             to maturity of more than 10 years.
        14.  International Swaps and Derivatives Association (ISDA) mid-market par swap rates.  Rates are for a Fixed
             Rate Payer in return for receiving three month LIBOR, and are based on rates collected at 11:00 a.m. by
             Garban Intercapital plc and published on Reuters Page ISDAFIX1.  Source: Reuters Limited.
        15.  Moody's Aaa rates through December 6, 2001 are averages of Aaa utility and Aaa industrial bond rates.
             As of December 7, 2001, these rates are averages of Aaa industrial bonds only.
        16.  Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
        17.  Contract interest rates on commitments for fixed-rate first mortgages.  Source:  FHLMC.


       Note:  Weekly and monthly figures on this release, as well as annual figures available on the Board's historical 
              H.15 web site (see below), are averages of business days unless otherwise noted.

               Current and historical H.15 data are available on the Federal Reserve Board's web site
               (www.federalreserve.gov/).  For information about individual copies or subscriptions, contact
               Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886).
               For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
               202-482-1986.


                           DESCRIPTION OF THE TREASURY NOMINAL AND INFLATION-INDEXED
                                            CONSTANT MATURITY SERIES

        Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury from
        the daily yield curve for non-inflation-indexed Treasury securities. This curve, which relates the
        yield on a security to its time to maturity, is based on the closing market bid yields on actively traded
        Treasury securities in the over-the-counter market. These market yields are calculated from composites
        of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are
        read from the yield curve at fixed maturities, currently 1, 3 and 6 months and 1, 2, 3, 5, 7, 10 and 20
        years. This method provides a yield for a 10-year maturity, for example, even if no outstanding security
        has exactly 10 years remaining to maturity.  Similarly, yields on inflation-indexed securities at
        "constant maturity" are interpolated from the daily yield curve for Treasury inflation protected securities
        in the over-the-counter market.  The inflation-indexed constant maturity yields are read from this yield
        curve at fixed maturities, currently 5, 7, and 10 years. 

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