FRB: E.2 chart data

Commercial and Industrial Loan Rates Spreads over intended federal funds rate, by loan size

(Actual and Four-Quarter Moving Average)

All loans

More than $1 mil

$100 thous-$1 mil

Less than $100 thous

Intended Fed Funds¹

Spread

Moving Average

Spread

Moving Average

Spread

Moving Average

Spread

Moving Average

1986:3

1.53

1.09

1.25

2.95

3.06

4.00

4.25

6.38

1986:4

1.58

1.55

1.23

1.19

2.82

2.98

4.06

4.11

5.88

1987:1

1.70

1.60

1.38

1.20

2.74

2.89

3.84

4.01

6.00

1987:2

1.86

1.67

1.58

1.32

2.71

2.80

3.69

3.90

6.50

1987:3

1.78

1.73

1.48

1.42

2.89

2.79

3.83

3.86

6.63

1987:4

1.70

1.76

1.29

1.43

3.18

2.88

4.13

3.87

6.94

1988:1

1.88

1.81

1.51

1.47

3.23

3.00

4.05

3.93

6.63

1988:2

1.83

1.80

1.50

1.44

3.02

3.08

3.81

3.96

6.75

1988:3

2.16

1.89

1.84

1.54

3.08

3.13

3.79

3.95

7.69

1988:4

1.98

1.96

1.68

1.63

2.98

3.08

3.69

3.84

8.18

1989:1

2.03

2.00

1.75

1.69

3.00

3.02

3.51

3.70

9.02

1989:2

2.23

2.10

1.94

1.80

3.10

3.04

3.64

3.66

9.75

1989:3

1.87

2.03

1.56

1.73

2.89

2.99

3.52

3.59

9.04

1989:4

2.09

2.06

1.75

3.27

3.06

3.90

3.64

8.50

1990:1

1.78

1.99

1.44

1.67

2.96

3.05

3.76

3.70

8.25

1990:2

1.83

1.89

1.48

1.56

2.87

3.00

3.69

3.72

8.25

1990:3

1.81

1.88

1.46

1.53

3.14

3.06

3.88

3.81

8.00

1990:4

2.12

1.89

1.73

1.53

3.42

3.10

4.08

3.85

7.75

1991:1

2.25

2.00

1.79

1.62

3.81

3.31

4.62

4.07

6.25

1991:2

2.12

2.08

1.65

1.66

3.67

3.51

4.63

4.30

5.75

1991:3

2.35

2.21

1.84

1.75

3.92

3.71

4.78

4.53

5.55

1991:4

2.29

2.25

1.80

1.77

3.75

3.79

4.55

4.64

4.85

1992:1

1.93

2.17

1.50

1.70

3.40

3.69

4.37

4.58

4.00

1992:2

2.12

2.17

1.65

1.70

3.59

3.66

4.60

4.57

3.75

1992:3

2.01

2.09

1.56

1.63

3.57

3.58

4.56

4.52

3.25

1992:4

2.20

2.07

1.71

1.60

3.94

3.62

5.06

4.65

3.00

1993:1

2.18

2.13

1.64

3.92

3.75

4.98

4.80

3.00

1993:2

1.95

2.09

1.47

1.59

3.77

3.80

4.71

4.83

3.00

1993:3

1.89

2.05

1.46

1.57

3.70

3.83

4.67

4.86

3.00

1993:4

1.85

1.97

1.42

1.49

3.69

3.77

4.61

4.74

3.00

1994:1

1.58

1.82

1.14

1.37

3.41

3.64

4.44

4.61

3.25

1994:2

1.89

1.80

1.43

1.36

3.66

3.61

4.44

4.54

3.75

1994:3

1.95

1.82

1.49

1.37

3.59

4.42

4.48

4.25

1994:4

1.87

1.82

1.44

1.38

3.59

3.56

4.43

4.75

1995:1

1.69

1.85

1.29

1.42

3.47

3.58

4.17

4.37

6.00

1995:2

1.84

1.45

1.42

3.52

3.54

4.22

4.31

6.00

1995:3

1.71

1.78

1.29

1.37

3.53

4.44

4.32

5.75

1995:4

1.70

1.74

1.26

1.32

3.53

3.51

4.37

4.30

5.75

1996:1

1.56

1.70

1.15

1.29

3.40

3.49

4.39

4.36

5.25

1996:2

1.69

1.66

1.29

1.25

3.50

3.49

4.35

4.39

5.25

1996:3

1.60

1.64

1.20

1.23

3.50

3.48

4.35

4.37

5.25

1996:4

1.66

1.63

1.23

1.22

3.45

3.46

4.36

5.25

1997:1

1.74

1.67

1.32

1.26

3.45

3.47

4.33

4.35

5.25

1997:2

1.76

1.69

1.30

1.26

3.47

4.36

4.35

5.50

1997:3

1.74

1.72

1.38

1.31

3.42

3.45

4.26

4.33

5.50

1997:4

1.75

1.37

1.34

3.44

4.20

4.29

5.50

1998:1

1.73

1.75

1.36

1.35

3.32

3.41

4.23

4.26

5.50

1998:2

1.73

1.74

1.35

1.37

3.31

3.37

4.21

4.23

5.50

1998:3

1.76

1.74

1.42

1.38

3.24

3.33

4.12

4.19

5.50

1998:4

1.91

1.78

1.58

1.43

3.26

3.28

4.16

4.18

5.00

1999:1

1.88

1.82

1.51

1.47

3.31

3.28

4.12

4.15

4.75

1999:2

2.05

1.90

1.67

1.55

3.39

3.30

4.07

4.12

4.75

1999:3

2.12

1.99

1.80

1.64

3.35

3.33

4.05

4.10

5.00

1999:4

2.05

2.03

1.78

1.69

3.30

3.34

4.01

4.06

5.25

2000:1

2.09

2.08

1.81

1.77

3.22

3.32

3.89

4.01

5.75

2000:2

2.05

2.08

1.76

1.79

3.34

3.30

3.94

3.97

6.00

2000:3

2.10

2.07

1.85

1.80

3.32

3.30

3.88

3.93

6.50

2000:4

2.00

2.06

1.73

1.79

3.27

3.29

3.84

3.89

6.50

2001:1

2.00

2.04

1.69

1.76

3.26

3.30

3.95

3.90

5.50

2001:2

2.11

2.05

1.78

1.76

3.23

3.27

3.90

3.89

4.50

2001:3

1.93

2.01

1.62

1.71

3.24

3.25

3.98

3.92

3.75

2001:4

2.17

2.05

1.77

1.72

3.45

3.30

4.22

4.01

2.10

2002:1

2.22

2.11

1.84

1.76

3.40

3.33

4.16

4.07

1.75

2002:2

2.32

2.16

1.82

1.77

3.45

3.39

4.14

4.13

1.75

2002:3

2.17

2.22

1.73

1.79

3.34

3.41

4.06

4.15

1.75

2002:4

2.58

2.32

2.28

1.92

3.46

3.41

4.21

4.14

1.45

2003:1

2.43

2.38

1.99

1.96

3.31

3.39

4.09

4.13

1.25

2003:2

2.36

2.39

1.95

1.99

3.37

4.05

4.10

1.25

2003:3

2.40

2.44

2.07

3.33

3.37

4.04

4.10

1.00

2003:4

2.18

2.34

1.80

1.95

3.29

3.33

4.00

4.05

1.00

2004:1

2.39

2.33

2.00

1.95

3.27

3.32

4.08

4.04

1.00

2004:2

2.32

1.92

1.95

3.28

3.29

3.96

4.02

1.00

2004:3

2.45

2.34

2.10

1.95

3.23

3.27

4.00

4.01

1.25

2004:4

2.67

2.46

2.12

3.27

3.26

3.72

3.94

1.75

2005:1

2.38

2.46

1.95

2.11

3.09

3.22

3.57

3.81

2.50

2005:2

2.38

2.47

2.01

2.13

3.07

3.17

3.60

3.72

2.95

2005:3

2.23

2.42

1.89

2.08

3.12

3.14

3.65

3.64

3.25

2005:4

2.24

2.31

1.82

1.92

3.08

3.09

3.47

3.57

4.00

2006:1

2.19

2.26

1.84

1.89

3.01

3.07

3.52

3.56

4.50

2006:2

1.95

2.15

1.60

1.79

3.08

3.07

3.50

3.54

4.75

2006:3

2.05

2.11

1.65

1.73

2.97

3.04

3.49

3.50

5.25

2006:4

1.97

2.04

1.60

1.67

2.96

3.01

3.42

3.48

5.25

2007:1

1.78

1.94

1.40

1.56

2.96

2.99

3.41

3.46

5.25

2007:2

2.11

1.98

1.78

1.61

2.91

2.95

3.34

3.42

5.25

2007:3

1.93

1.95

1.59

2.85

2.92

3.32

3.37

5.25

2007:4

2.37

2.05

2.13

1.72

2.92

2.91

3.38

3.36

4.50

2008:1

2.22

2.16

1.88

1.84

2.92

2.90

3.48

3.38

3.00

2008:2

2.47

2.25

2.17

1.94

3.10

2.95

3.71

3.47

2.00

2008:3

2.52

2.40

2.28

2.12

3.08

3.01

3.62

3.55

2.00

2008:4

3.13

2.59

2.96

2.32

3.57

3.17

4.01

3.71

1.00

2009:1

3.06

2.80

2.75

2.54

3.62

3.34

4.24

3.90

0.13

2009:2

3.06

2.94

2.75

2.68

3.62

3.47

4.24

4.03

0.13

2009:3

3.27

3.13

3.00

2.86

3.77

3.65

4.33

4.21

0.13

1. The intended federal funds rate shown here is a measure of the stance of Federal Reserve policy during the survey week. Since July 1995 the intended rate has been announced by the Federal Reserve in a press release. Prior to that date, the rates shown here were taken from the operating instructions to the Domestic Desk of the Federal Reserve Bank of New York. Where those instructions provided a range, the midpoint is given. Return to table

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E.2 Chart Data

Commercial and Industrial Loan Rates Spreads over intended federal funds rate, by loan size

(Actual and Four-Quarter Moving Average)