Accessible version of figures

Figure 1: Market rate of interest and FRBNY buying rate on bankers’ acceptances

Date	Prime Bankers' Acceptances (90 days) market rate	FRBNY acceptance rate 61-90 days
12/31/1921	4.13	4.25
1/7/1922	4.13	4.25
1/14/1922	3.94	4.25
1/21/1922	3.75	4.25
1/28/1922	4	4.25
2/4/1922	4	4.25
2/11/1922	4	4.13
2/18/1922	4	4.13
2/25/1922	4	4.13
3/4/1922	4	4.13
3/11/1922	4	4
3/18/1922	3.88	4
3/25/1922	3.5	3.75
4/1/1922	3.5	3.5
4/8/1922	3.5	3.5
4/15/1922	3.38	3.5
4/22/1922	3.31	3.5
4/29/1922	3.25	3.5
5/6/1922	3.25	3.5
5/13/1922	3.13	3.5
5/20/1922	3.13	3.5
5/27/1922	3.13	3.5
6/3/1922	3.13	3.19
6/10/1922	3.13	3.19
6/17/1922	3.06	3.19
6/24/1922	3	3.13
7/1/1922	3	3.13
7/8/1922	3	3.13
7/15/1922	3	3.13
7/22/1922	3	3.13
7/29/1922	3	3.13
8/5/1922	3	3.13
8/12/1922	3	3
8/19/1922	3	3
8/26/1922	3	3
9/2/1922	3	3
9/9/1922	3	3
9/16/1922	3.06	3
9/23/1922	3.19	3.13
9/30/1922	3.31	3.38
10/7/1922	3.5	3.38
10/14/1922	3.5	3.5
10/21/1922	3.94	3.75
10/28/1922	3.94	4
11/4/1922	4	4
11/11/1922	4	4
11/18/1922	4	4
11/25/1922	4	4
12/2/1922	4	4
12/9/1922	4	4
12/16/1922	4	4
12/23/1922	4	4
12/30/1922	4	4
1/6/1923	4	4
1/13/1923	4	4
1/20/1923	4	4
1/27/1923	4	4
2/3/1923	3.94	4
2/10/1923	3.94	4
2/17/1923	4	4
2/24/1923	4	4
3/3/1923	4	4
3/10/1923	4	4
3/17/1923	4	4
3/24/1923	4	4
3/31/1923	4	4
4/7/1923	4	4
4/14/1923	4	4
4/21/1923	4.25	4.13
4/28/1923	4.19	4.13
5/5/1923	4.13	4.13
5/12/1923	4.13	4.13
5/19/1923	4.13	4.13
5/26/1923	4.13	4.13
6/2/1923	4.13	4.13
6/9/1923	4.13	4.13
6/16/1923	4.13	4.13
6/23/1923	4.13	4.13
6/30/1923	4.13	4.13
7/7/1923	4.13	4.13
7/14/1923	4.13	4.13
7/21/1923	4.13	4.13
7/28/1923	4.13	4.13
8/4/1923	4.13	4.13
8/11/1923	4.13	4.13
8/18/1923	4.13	4.13
8/25/1923	4.13	4.13
9/1/1923	4.13	4.13
9/8/1923	4.13	4.13
9/15/1923	4.13	4.13
9/22/1923	4.13	4.13
9/29/1923	4.13	4.13
10/6/1923	4.13	4.13
10/13/1923	4.13	4.13
10/20/1923	4.13	4.13
10/27/1923	4.13	4.13
11/3/1923	4.13	4.13
11/10/1923	4.13	4.13
11/17/1923	4.13	4.13
11/24/1923	4.13	4.13
12/1/1923	4.13	4.13
12/8/1923	4.13	4.13
12/15/1923	4.13	4.13
12/22/1923	4.13	4.13
12/29/1923	4.13	4.13
1/5/1924	4.13	4.13
1/12/1924	4.13	4.13
1/19/1924	4.06	4.13
1/26/1924	4.06	4.13
2/2/1924	4	4.13
2/9/1924	4	4.13
2/16/1924	4.13	4.13
2/23/1924	4.13	4.13
3/1/1924	4.13	4.13
3/8/1924	4.13	4.13
3/15/1924	4.13	4.13
3/22/1924	4	4.13
3/29/1924	3.94	4.13
4/5/1924	4	4.13
4/12/1924	4	4.13
4/19/1924	4	4.13
4/26/1924	3.94	4
5/3/1924	3.63	3.75
5/10/1924	3.5	3.75
5/17/1924	3.44	3.63
5/24/1924	3	3.25
5/31/1924	3	3.25
6/7/1924	2.94	3.13
6/14/1924	2.56	3.13
6/21/1924	2.38	2.5
6/28/1924	2.19	2.25
7/5/1924	2	2.25
7/12/1924	2	2.25
7/19/1924	2	2.25
7/26/1924	2	2.25
8/2/1924	2	2.25
8/9/1924	2	2.25
8/16/1924	2	2.25
8/23/1924	2.13	2.25
8/30/1924	2.25	2.25
9/6/1924	2.25	2.25
9/13/1924	2.25	2.25
9/20/1924	2.19	2.25
9/27/1924	2.13	2.25
10/4/1924	2.13	2.25
10/11/1924	2.25	2.25
10/18/1924	2.25	2.25
10/25/1924	2.25	2.25
11/1/1924	2.25	2.25
11/8/1924	2.25	2.25
11/15/1924	2.25	2.25
11/22/1924	2.5	2.5
11/29/1924	2.56	2.5
12/6/1924	2.69	2.75
12/13/1924	2.94	2.75
12/20/1924	2.94	2.75
12/27/1924	3	3
1/3/1925	3	3
1/10/1925	3	3
1/17/1925	3	3
1/24/1925	3	3
1/31/1925	3	3
2/7/1925	3	3
2/14/1925	3.06	3
2/21/1925	3.13	3
2/28/1925	3.19	3.13
3/7/1925	3.25	3.13
3/14/1925	3.25	3.13
3/21/1925	3.25	3.13
3/28/1925	3.25	3.13
4/4/1925	3.19	3.13
4/11/1925	3.19	3.13
4/18/1925	3.06	3.13
4/25/1925	3.13	3.13
5/2/1925	3.13	3.13
5/9/1925	3.13	3.13
5/16/1925	3.13	3.13
5/23/1925	3.19	3.13
5/30/1925	3.25	3.13
6/6/1925	3.25	3.13
6/13/1925	3.25	3.25
6/20/1925	3.25	3.25
6/27/1925	3.25	3.25
7/4/1925	3.25	3.25
7/11/1925	3.25	3.25
7/18/1925	3.25	3.25
7/25/1925	3.25	3.25
8/1/1925	3.25	3.25
8/8/1925	3.25	3.25
8/15/1925	3.25	3.25
8/22/1925	3.25	3.25
8/29/1925	3.25	3.25
9/5/1925	3.5	3.38
9/12/1925	3.5	3.38
9/19/1925	3.5	3.38
9/26/1925	3.5	3.38
10/3/1925	3.5	3.38
10/10/1925	3.5	3.38
10/17/1925	3.5	3.38
10/24/1925	3.5	3.38
10/31/1925	3.5	3.38
11/7/1925	3.5	3.38
11/14/1925	3.5	3.38
11/21/1925	3.5	3.38
11/28/1925	3.5	3.38
12/5/1925	3.5	3.38
12/12/1925	3.5	3.38
12/19/1925	3.5	3.38
12/26/1925	3.5	3.38
1/2/1926	3.5	3.38
1/9/1926	3.5	3.63
1/16/1926	3.75	3.63
1/23/1926	3.69	3.63
1/30/1926	3.69	3.63
2/6/1926	3.63	3.63
2/13/1926	3.63	3.63
2/20/1926	3.63	3.63
2/27/1926	3.63	3.63
3/6/1926	3.63	3.63
3/13/1926	3.63	3.63
3/20/1926	3.63	3.63
3/27/1926	3.63	3.63
4/3/1926	3.63	3.63
4/10/1926	3.56	3.63
4/17/1926	3.5	3.63
4/24/1926	3.31	3.63
5/1/1926	3.13	3.5
5/8/1926	3.13	3.5
5/15/1926	3.13	3.5
5/22/1926	3.25	3.25
5/29/1926	3.31	3.25
6/5/1926	3.25	3.25
6/12/1926	3.25	3.25
6/19/1926	3.25	3.25
6/26/1926	3.31	3.25
7/3/1926	3.38	3.25
7/10/1926	3.38	3.25
7/17/1926	3.38	3.25
7/24/1926	3.38	3.25
7/31/1926	3.38	3.25
8/7/1926	3.38	3.25
8/14/1926	3.44	3.25
8/21/1926	3.63	3.5
8/28/1926	3.75	3.75
9/4/1926	3.88	3.75
9/11/1926	3.88	3.75
9/18/1926	3.88	3.75
9/25/1926	3.88	3.75
10/2/1926	3.88	3.75
10/9/1926	3.88	3.75
10/16/1926	3.88	3.75
10/23/1926	3.88	3.75
10/30/1926	3.88	3.75
11/6/1926	3.88	3.75
11/13/1926	3.81	3.75
11/20/1926	3.75	3.75
11/27/1926	3.75	3.75
12/4/1926	3.75	3.75
12/11/1926	3.88	3.75
12/18/1926	3.88	3.75
12/25/1926	3.88	3.75
1/1/1927	3.75	3.75
1/8/1927	3.75	3.75
1/15/1927	3.63	3.75
1/22/1927	3.69	3.75
1/29/1927	3.69	3.75
2/5/1927	3.69	3.75
2/12/1927	3.63	3.75
2/19/1927	3.75	3.75
2/26/1927	3.75	3.75
3/5/1927	3.69	3.75
3/12/1927	3.63	3.75
3/19/1927	3.63	3.75
3/26/1927	3.63	3.75
4/2/1927	3.63	3.75
4/9/1927	3.63	3.75
4/16/1927	3.63	3.75
4/23/1927	3.63	3.75
4/30/1927	3.63	3.75
5/7/1927	3.63	3.75
5/14/1927	3.63	3.75
5/21/1927	3.63	3.75
5/28/1927	3.63	3.75
6/4/1927	3.63	3.75
6/11/1927	3.63	3.75
6/18/1927	3.63	3.75
6/25/1927	3.63	3.75
7/2/1927	3.69	3.75
7/9/1927	3.63	3.75
7/16/1927	3.63	3.75
7/23/1927	3.55	3.75
7/30/1927	3.38	3.5
8/6/1927	3.13	3.25
8/13/1927	3.13	3.25
8/20/1927	3.13	3.25
8/27/1927	3.13	3.25
9/3/1927	3.13	3.25
9/10/1927	3.13	3.25
9/17/1927	3.13	3.25
9/24/1927	3.13	3.25
10/1/1927	3.19	3.25
10/8/1927	3.25	3.25
10/15/1927	3.25	3.25
10/22/1927	3.25	3.25
10/29/1927	3.25	3.25
11/5/1927	3.25	3.25
11/12/1927	3.25	3.25
11/19/1927	3.25	3.25
11/26/1927	3.25	3.25
12/3/1927	3.25	3.25
12/10/1927	3.25	3.25
12/17/1927	3.25	3.25
12/24/1927	3.25	3.25
12/31/1927	3.25	3.25
1/7/1928	3.25	3.25
1/14/1928	3.38	3.25
1/21/1928	3.38	3.25
1/28/1928	3.38	3.38
2/4/1928	3.5	3.5
2/11/1928	3.5	3.5
2/18/1928	3.5	3.5
2/25/1928	3.5	3.5
3/3/1928	3.5	3.5
3/10/1928	3.5	3.5
3/17/1928	3.5	3.5
3/24/1928	3.5	3.5
3/31/1928	3.5	3.63
4/7/1928	3.69	3.63
4/14/1928	3.75	3.75
4/21/1928	3.88	3.75
4/28/1928	3.88	3.75
5/5/1928	3.88	3.75
5/12/1928	3.88	3.75
5/19/1928	3.88	4
5/26/1928	4.06	4
6/2/1928	4.06	4
6/9/1928	4	4
6/16/1928	4	4
6/23/1928	4	4
6/30/1928	4.13	4
7/7/1928	4.13	4
7/14/1928	4.25	4.25
7/21/1928	4.38	4.5
7/28/1928	4.5	4.5
8/4/1928	4.63	4.5
8/11/1928	4.63	4.5
8/18/1928	4.63	4.5
8/25/1928	4.63	4.5
9/1/1928	4.63	4.5
9/8/1928	4.5	4.5
9/15/1928	4.5	4.5
9/22/1928	4.5	4.5
9/29/1928	4.5	4.5
10/6/1928	4.5	4.5
10/13/1928	4.5	4.5
10/20/1928	4.5	4.5
10/27/1928	4.5	4.5
11/3/1928	4.5	4.5
11/10/1928	4.5	4.5
11/17/1928	4.5	4.5
11/24/1928	4.5	4.5
12/1/1928	4.5	4.5
12/8/1928	4.5	4.5
12/15/1928	4.5	4.5
12/22/1928	4.5	4.5
12/29/1928	4.5	4.5
1/5/1929	4.75	4.75
1/12/1929	4.75	4.75
1/19/1929	5	4.75
1/26/1929	5	5
2/2/1929	5	5
2/9/1929	5.13	5
2/16/1929	5.25	5.13
2/23/1929	5.25	5.13
3/2/1929	5.25	5.13
3/9/1929	5.25	5.13
3/16/1929	5.25	5.13
3/23/1929	5.38	5.38
3/30/1929	5.56	5.5
4/6/1929	5.5	5.5
4/13/1929	5.5	5.5
4/20/1929	5.5	5.5
4/27/1929	5.38	5.5
5/4/1929	5.38	5.5
5/11/1929	5.5	5.5
5/18/1929	5.5	5.5
5/25/1929	5.5	5.5
6/1/1929	5.5	5.5
6/8/1929	5.5	5.5
6/15/1929	5.5	5.5
6/22/1929	5.5	5.5
6/29/1929	5.5	5.5
7/6/1929	5.31	5.5
7/13/1929	5.13	5.25
7/20/1929	5.13	5.25
7/27/1929	5.13	5.25
8/3/1929	5.13	5.25
8/10/1929	5.13	5.13
8/17/1929	5.13	5.13
8/24/1929	5.13	5.13
8/31/1929	5.13	5.13
9/7/1929	5.13	5.13
9/14/1929	5.13	5.13
9/21/1929	5.13	5.13
9/28/1929	5.13	5.13

Source: Federal Reserve, Banking and Monetary Statistics, 1943.

Return to text.

Figure 2: Holdings of Treasury Securities and the Discount Rate

Date	Discount rate	Treaury holdings
12/31/1921	4.5	121.944
1/7/1922	4.5	118.11
1/14/1922	4.5	106.19
1/21/1922	4.5	113.975
1/28/1922	4.5	137.039
2/4/1922	4.5	192.411
2/11/1922	4.5	243.642
2/18/1922	4.5	286.132
2/25/1922	4.5	258.042
3/4/1922	4.5	317.572
3/11/1922	4.5	349.875
3/18/1922	4.5	506.367
3/25/1922	4.5	352.664
4/1/1922	4.5	351.86
4/8/1922	4.5	375.26
4/15/1922	4.5	425.461
4/22/1922	4.5	446.136
4/29/1922	4.5	482.633
5/6/1922	4.5	526.219
5/13/1922	4.5	536.005
5/20/1922	4.5	514.975
5/27/1922	4.5	517.711
6/3/1922	4.5	526.419
6/10/1922	4.5	540.876
6/17/1922	4.5	554.183
6/24/1922	4	481.534
7/1/1922	4	482.607
7/8/1922	4	476.508
7/15/1922	4	482.773
7/22/1922	4	467.849
7/29/1922	4	468.799
8/5/1922	4	426.849
8/12/1922	4	422.711
8/19/1922	4	421.117
8/26/1922	4	418.76
9/2/1922	4	424.97
9/9/1922	4	451.692
9/16/1922	4	441.88
9/23/1922	4	386.984
9/30/1922	4	400.946
10/7/1922	4	435.341
10/14/1922	4	428.564
10/21/1922	4	403.401
10/28/1922	4	357.636
11/4/1922	4	322.311
11/11/1922	4	312.089
11/18/1922	4	294.214
11/25/1922	4	266.619
12/2/1922	4	280.961
12/9/1922	4	290.302
12/16/1922	4	288.738
12/23/1922	4	417.24
12/30/1922	4	445.883
1/6/1923	4	456.554
1/13/1923	4	508.176
1/20/1923	4	412.43
1/27/1923	4	352.819
2/3/1923	4	353.735
2/10/1923	4	353.124
2/17/1923	4	353.523
2/24/1923	4.5	354.034
3/3/1923	4.5	363.074
3/10/1923	4.5	344.887
3/17/1923	4.5	344.713
3/24/1923	4.5	291.911
3/31/1923	4.5	249.409
4/7/1923	4.5	239.149
4/14/1923	4.5	238.154
4/21/1923	4.5	238.007
4/28/1923	4.5	193.81
5/5/1923	4.5	184.772
5/12/1923	4.5	185.814
5/19/1923	4.5	188.889
5/26/1923	4.5	206.959
6/2/1923	4.5	189.288
6/9/1923	4.5	182.751
6/16/1923	4.5	158.1
6/23/1923	4.5	121.529
6/30/1923	4.5	134.976
7/7/1923	4.5	94.701
7/14/1923	4.5	101.238
7/21/1923	4.5	97.955
7/28/1923	4.5	96.284
8/4/1923	4.5	93.793
8/11/1923	4.5	90.206
8/18/1923	4.5	89.841
8/25/1923	4.5	84.759
9/1/1923	4.5	93.53
9/8/1923	4.5	98.772
9/15/1923	4.5	99.857
9/22/1923	4.5	92.589
9/29/1923	4.5	91.885
10/6/1923	4.5	95.142
10/13/1923	4.5	91.883
10/20/1923	4.5	94.041
10/27/1923	4.5	88.143
11/3/1923	4.5	91.837
11/10/1923	4.5	90.292
11/17/1923	4.5	90.32
11/24/1923	4.5	73.353
12/1/1923	4.5	84.46
12/8/1923	4.5	91.295
12/15/1923	4.5	96.294
12/22/1923	4.5	81.249
12/29/1923	4.5	104.158
1/5/1924	4.5	126.643
1/12/1924	4.5	100.358
1/19/1924	4.5	116.612
1/26/1924	4.5	120.926
2/2/1924	4.5	120.772
2/9/1924	4.5	124.658
2/16/1924	4.5	127.255
2/23/1924	4.5	141.729
3/1/1924	4.5	155.801
3/8/1924	4.5	182.066
3/15/1924	4.5	212.369
3/22/1924	4.5	296.677
3/29/1924	4.5	257.156
4/5/1924	4.5	264.855
4/12/1924	4.5	268.903
4/19/1924	4.5	266.667
4/26/1924	4.5	274.295
5/3/1924	4	301.66
5/10/1924	4	310.882
5/17/1924	4	323.164
5/24/1924	4	324.641
5/31/1924	4	333.282
6/7/1924	4	397.89
6/14/1924	3.5	422.905
6/21/1924	3.5	425.902
6/28/1924	3.5	429.794
7/5/1924	3.5	435.488
7/12/1924	3.5	450.5
7/19/1924	3.5	466.574
7/26/1924	3.5	477.211
8/2/1924	3.5	505.281
8/9/1924	3	535.517
8/16/1924	3	540.325
8/23/1924	3	541.11
8/30/1924	3	541.626
9/6/1924	3	542.145
9/13/1924	3	568.188
9/20/1924	3	618.729
9/27/1924	3	574.596
10/4/1924	3	576.057
10/11/1924	3	581.221
10/18/1924	3	598.522
10/25/1924	3	582.827
11/1/1924	3	584.2
11/8/1924	3	584.876
11/15/1924	3	588.364
11/22/1924	3	587.077
11/29/1924	3	582.215
12/6/1924	3	574.943
12/13/1924	3	551.896
12/20/1924	3	564.162
12/27/1924	3	537.879
1/3/1925	3	540.16
1/10/1925	3	496.029
1/17/1925	3	486.922
1/24/1925	3	423.464
1/31/1925	3	394.064
2/7/1925	3	388.828
2/14/1925	3	390.096
2/21/1925	3	378.205
2/28/1925	3.5	364.694
3/7/1925	3.5	382.735
3/14/1925	3.5	388.332
3/21/1925	3.5	428.25
3/28/1925	3.5	343.751
4/4/1925	3.5	357.834
4/11/1925	3.5	372.24
4/18/1925	3.5	357.832
4/25/1925	3.5	353.081
5/2/1925	3.5	349.039
5/9/1925	3.5	375.714
5/16/1925	3.5	379.977
5/23/1925	3.5	382.382
5/30/1925	3.5	349.214
6/6/1925	3.5	354.105
6/13/1925	3.5	359.848
6/20/1925	3.5	306.399
6/27/1925	3.5	324.609
7/4/1925	3.5	353.575
7/11/1925	3.5	338.961
7/18/1925	3.5	344.477
7/25/1925	3.5	335.304
8/1/1925	3.5	330.16
8/8/1925	3.5	333.494
8/15/1925	3.5	328.58
8/22/1925	3.5	323.26
8/29/1925	3.5	332.303
9/5/1925	3.5	326.212
9/12/1925	3.5	327.114
9/19/1925	3.5	409.249
9/26/1925	3.5	323.132
10/3/1925	3.5	342.906
10/10/1925	3.5	324.124
10/17/1925	3.5	336.233
10/24/1925	3.5	323.805
10/31/1925	3.5	324.757
11/7/1925	3.5	330.225
11/14/1925	3.5	334.008
11/21/1925	3.5	333.259
11/28/1925	3.5	332.299
12/5/1925	3.5	339.429
12/12/1925	3.5	351.873
12/19/1925	3.5	398.471
12/26/1925	3.5	359.507
1/2/1926	3.5	377.032
1/9/1926	4	369.419
1/16/1926	4	368.795
1/23/1926	4	369.966
1/30/1926	4	365.063
2/6/1926	4	349.763
2/13/1926	4	333.154
2/20/1926	4	334.446
2/27/1926	4	330.585
3/6/1926	4	325.758
3/13/1926	4	359.666
3/20/1926	4	352.577
3/27/1926	4	308.201
4/3/1926	4	329.837
4/10/1926	4	342.029
4/17/1926	4	377.016
4/24/1926	3.5	388.583
5/1/1926	3.5	388.813
5/8/1926	3.5	395.326
5/15/1926	3.5	396.262
5/22/1926	3.5	398.625
5/29/1926	3.5	395.065
6/5/1926	3.5	404.152
6/12/1926	3.5	418.308
6/19/1926	3.5	482.235
6/26/1926	3.5	383.098
7/3/1926	3.5	385.279
7/10/1926	3.5	375.317
7/17/1926	3.5	391.081
7/24/1926	3.5	383.097
7/31/1926	3.5	369.239
8/7/1926	3.5	370.22
8/14/1926	4	365.692
8/21/1926	4	360.018
8/28/1926	4	321.217
9/4/1926	4	318.964
9/11/1926	4	312.284
9/18/1926	4	488.021
9/25/1926	4	305.168
10/2/1926	4	302.041
10/9/1926	4	306.335
10/16/1926	4	308.168
10/23/1926	4	306.964
10/30/1926	4	300.174
11/6/1926	4	302.346
11/13/1926	4	300.367
11/20/1926	4	308.13
11/27/1926	4	299.904
12/4/1926	4	305.908
12/11/1926	4	323.583
12/18/1926	4	478.239
12/25/1926	4	314.406
1/1/1927	4	317.204
1/8/1927	4	313.873
1/15/1927	4	311.051
1/22/1927	4	312.742
1/29/1927	4	302.765
2/5/1927	4	303.879
2/12/1927	4	304.678
2/19/1927	4	311.823
2/26/1927	4	305.208
3/5/1927	4	310.974
3/12/1927	4	306.929
3/19/1927	4	475.34
3/26/1927	4	342.247
4/2/1927	4	353.105
4/9/1927	4	341.935
4/16/1927	4	355.344
4/23/1927	4	332.829
4/30/1927	4	318.325
5/7/1927	4	316.279
5/14/1927	4	253.896
5/21/1927	4	269.051
5/28/1927	4	321.92
6/4/1927	4	362.497
6/11/1927	4	438.063
6/18/1927	4	545.224
6/25/1927	4	369.341
7/2/1927	4	376.401
7/9/1927	4	374.468
7/16/1927	4	377.803
7/23/1927	4	385.769
7/30/1927	4	385.016
8/6/1927	3.5	407.28
8/13/1927	3.5	420.277
8/20/1927	3.5	441.528
8/27/1927	3.5	444.821
9/3/1927	3.5	472.814
9/10/1927	3.5	499.469
9/17/1927	3.5	499.576
9/24/1927	3.5	483.543
10/1/1927	3.5	494.352
10/8/1927	3.5	504.873
10/15/1927	3.5	510.129
10/22/1927	3.5	500.393
10/29/1927	3.5	510.63
11/5/1927	3.5	526.376
11/12/1927	3.5	500.21
11/19/1927	3.5	704.794
11/26/1927	3.5	621.232
12/3/1927	3.5	547.835
12/10/1927	3.5	604.201
12/17/1927	3.5	597.895
12/24/1927	3.5	587.952
12/31/1927	3.5	603.126
1/7/1928	3.5	627.403
1/14/1928	3.5	545.263
1/21/1928	3.5	499.368
1/28/1928	3.5	440.897
2/4/1928	4	433.661
2/11/1928	4	401.339
2/18/1928	4	408.433
2/25/1928	4	401.512
3/3/1928	4	407.602
3/10/1928	4	402.712
3/17/1928	4	400.887
3/24/1928	4	385.261
3/31/1928	4	385.832
4/7/1928	4	378.016
4/14/1928	4	378.016
4/21/1928	4	340.686
4/28/1928	4	304.755
5/5/1928	4	292.302
5/12/1928	4	277.392
5/19/1928	4.5	262.32
5/26/1928	4.5	230.481
6/2/1928	4.5	219.426
6/9/1928	4.5	210.032
6/16/1928	4.5	223.296
6/23/1928	4.5	222.868
6/30/1928	4.5	211.937
7/7/1928	4.5	219.565
7/14/1928	5	217.765
7/21/1928	5	209.342
7/28/1928	5	207.641
8/4/1928	5	211.663
8/11/1928	5	207.868
8/18/1928	5	206.413
8/25/1928	5	206.91
9/1/1928	5	208.964
9/8/1928	5	206.385
9/15/1928	5	221.344
9/22/1928	5	234.727
9/29/1928	5	229.032
10/6/1928	5	230.604
10/13/1928	5	226.712
10/20/1928	5	231.365
10/27/1928	5	231.047
11/3/1928	5	227.099
11/10/1928	5	222.682
11/17/1928	5	222.339
11/24/1928	5	226.055
12/1/1928	5	229.282
12/8/1928	5	226.782
12/15/1928	5	235.507
12/22/1928	5	290.542
12/29/1928	5	232.328
1/5/1929	5	243.953
1/12/1929	5	239.242
1/19/1929	5	238.343
1/26/1929	5	192.034
2/2/1929	5	201.771
2/9/1929	5	200.089
2/16/1929	5	177.17
2/23/1929	5	172.589
3/2/1929	5	166.4
3/9/1929	5	162.964
3/16/1929	5	155.297
3/23/1929	5	185.351
3/30/1929	5	170.31
4/6/1929	5	169.058
4/13/1929	5	156.089
4/20/1929	5	161.429
4/27/1929	5	149.782
5/4/1929	5	150.73
5/11/1929	5	149.488
5/18/1929	5	155.826
5/25/1929	5	153.287
6/1/1929	5	144.572
6/8/1929	5	147.328
6/15/1929	5	169.873
6/22/1929	5	139.458
6/29/1929	5	149.527
7/6/1929	5	141.382
7/13/1929	5	136.144
7/20/1929	5	153.115
7/27/1929	5	145.7
8/3/1929	5	147.283
8/10/1929	6	157.6
8/17/1929	6	154.303
8/24/1929	6	148.607
8/31/1929	6	145.321
9/7/1929	6	148.98
9/14/1929	6	159.017
9/21/1929	6	177.599
9/28/1929	6	152.059

Source: Federal Reserve, Banking and Monetary Statistics, 1943.

Return to text.

Figure 3: Federal Reserve Policy Rates and Private Money Market Rates

Date	Prime CP	Stock time loans - 90 days	FRBNY discount rate	FRBNY acceptance rate 61-90 days
12/31/1921	5.13	5.13	4.5	4.25
1/7/1922	5.13	5	4.5	4.25
1/14/1922	5	4.5	4.5	4.25
1/21/1922	5	4.63	4.5	4.25
1/28/1922	5	4.88	4.5	4.25
2/4/1922	4.88	4.88	4.5	4.25
2/11/1922	4.88	4.88	4.5	4.13
2/18/1922	4.88	4.88	4.5	4.13
2/25/1922	4.88	4.88	4.5	4.13
3/4/1922	4.88	4.88	4.5	4.13
3/11/1922	4.88	4.88	4.5	4
3/18/1922	4.75	4.75	4.5	4
3/25/1922	4.75	4.63	4.5	3.75
4/1/1922	4.75	4.5	4.5	3.5
4/8/1922	4.75	4.5	4.5	3.5
4/15/1922	4.63	4.5	4.5	3.5
4/22/1922	4.5	4.38	4.5	3.5
4/29/1922	4.38	4.25	4.5	3.5
5/6/1922	4.38	4.25	4.5	3.5
5/13/1922	4.38	4.25	4.5	3.5
5/20/1922	4.38	4.13	4.5	3.5
5/27/1922	4.38	4.25	4.5	3.5
6/3/1922	4.38	4.13	4.5	3.19
6/10/1922	4.38	4.25	4.5	3.19
6/17/1922	4.38	4.13	4.5	3.19
6/24/1922	4.38	3.88	4	3.13
7/1/1922	4.13	4	4	3.13
7/8/1922	4.13	4	4	3.13
7/15/1922	4.13	4.13	4	3.13
7/22/1922	4.13	3.88	4	3.13
7/29/1922	4.13	3.88	4	3.13
8/5/1922	4.13	3.88	4	3.13
8/12/1922	4.13	4.13	4	3
8/19/1922	4.13	4.13	4	3
8/26/1922	4.13	4.13	4	3
9/2/1922	4.13	4.25	4	3
9/9/1922	4.13	4.38	4	3
9/16/1922	4.13	4.38	4	3
9/23/1922	4.13	4.5	4	3.13
9/30/1922	4.13	4.5	4	3.38
10/7/1922	4.13	4.75	4	3.38
10/14/1922	4.38	4.75	4	3.5
10/21/1922	4.63	4.88	4	3.75
10/28/1922	4.63	4.88	4	4
11/4/1922	4.75	4.88	4	4
11/11/1922	4.75	5	4	4
11/18/1922	4.88	5	4	4
11/25/1922	4.88	5	4	4
12/2/1922	4.88	5	4	4
12/9/1922	4.88	4.88	4	4
12/16/1922	4.88	4.88	4	4
12/23/1922	4.88	4.88	4	4
12/30/1922	4.88	4.88	4	4
1/6/1923	4.88	4.75	4	4
1/13/1923	4.5	4.63	4	4
1/20/1923	4.5	4.63	4	4
1/27/1923	4.63	4.63	4	4
2/3/1923	4.63	4.63	4	4
2/10/1923	4.63	4.88	4	4
2/17/1923	4.63	4.88	4	4
2/24/1923	4.75	4.88	4.5	4
3/3/1923	5	5.13	4.5	4
3/10/1923	5.13	5.13	4.5	4
3/17/1923	5.13	5.38	4.5	4
3/24/1923	5.13	5.38	4.5	4
3/31/1923	5.13	5.5	4.5	4
4/7/1923	5.38	5.63	4.5	4
4/14/1923	5.38	5.38	4.5	4
4/21/1923	5.38	5.38	4.5	4.13
4/28/1923	5.38	5.38	4.5	4.13
5/5/1923	5.13	5.25	4.5	4.13
5/12/1923	5	5.25	4.5	4.13
5/19/1923	5	5.13	4.5	4.13
5/26/1923	5	5.13	4.5	4.13
6/2/1923	5	5	4.5	4.13
6/9/1923	5	4.88	4.5	4.13
6/16/1923	5	4.88	4.5	4.13
6/23/1923	5	4.88	4.5	4.13
6/30/1923	5	5	4.5	4.13
7/7/1923	5	5.13	4.5	4.13
7/14/1923	5	5.13	4.5	4.13
7/21/1923	5.13	5.13	4.5	4.13
7/28/1923	5.13	5.13	4.5	4.13
8/4/1923	5.13	5.13	4.5	4.13
8/11/1923	5.13	5.25	4.5	4.13
8/18/1923	5.25	5.25	4.5	4.13
8/25/1923	5.25	5.25	4.5	4.13
9/1/1923	5.25	5.38	4.5	4.13
9/8/1923	5.38	5.5	4.5	4.13
9/15/1923	5.38	5.5	4.5	4.13
9/22/1923	5.38	5.5	4.5	4.13
9/29/1923	5.38	5.5	4.5	4.13
10/6/1923	5.38	5.5	4.5	4.13
10/13/1923	5.38	5.5	4.5	4.13
10/20/1923	5.38	5.25	4.5	4.13
10/27/1923	5.38	5.13	4.5	4.13
11/3/1923	5.25	5	4.5	4.13
11/10/1923	5.13	5.13	4.5	4.13
11/17/1923	5.13	5.13	4.5	4.13
11/24/1923	5.13	5.13	4.5	4.13
12/1/1923	5.13	5.13	4.5	4.13
12/8/1923	5.13	5.13	4.5	4.13
12/15/1923	5.13	5.13	4.5	4.13
12/22/1923	4.88	5	4.5	4.13
12/29/1923	4.88	5	4.5	4.13
1/5/1924	4.88	5	4.5	4.13
1/12/1924	4.88	4.88	4.5	4.13
1/19/1924	4.88	4.75	4.5	4.13
1/26/1924	4.88	4.63	4.5	4.13
2/2/1924	4.88	4.63	4.5	4.13
2/9/1924	4.88	4.63	4.5	4.13
2/16/1924	4.88	4.88	4.5	4.13
2/23/1924	4.88	4.88	4.5	4.13
3/1/1924	4.88	4.88	4.5	4.13
3/8/1924	4.88	4.88	4.5	4.13
3/15/1924	4.88	4.75	4.5	4.13
3/22/1924	4.88	4.38	4.5	4.13
3/29/1924	4.63	4.38	4.5	4.13
4/5/1924	4.63	4.5	4.5	4.13
4/12/1924	4.63	4.38	4.5	4.13
4/19/1924	4.63	4.63	4.5	4.13
4/26/1924	4.63	4.5	4.5	4
5/3/1924	4.63	4.38	4	3.75
5/10/1924	4.5	4.13	4	3.75
5/17/1924	4.5	3.88	4	3.63
5/24/1924	4.38	3.88	4	3.25
5/31/1924	4.38	3.88	4	3.25
6/7/1924	4.38	3.88	4	3.13
6/14/1924	4.13	3.25	3.5	3.13
6/21/1924	4.13	3.13	3.5	2.5
6/28/1924	4	2.88	3.5	2.25
7/5/1924	3.63	2.88	3.5	2.25
7/12/1924	3.63	2.88	3.5	2.25
7/19/1924	3.5	2.88	3.5	2.25
7/26/1924	3.38	2.63	3.5	2.25
8/2/1924	3.38	2.63	3.5	2.25
8/9/1924	3.38	2.63	3	2.25
8/16/1924	3.25	2.5	3	2.25
8/23/1924	3.13	2.5	3	2.25
8/30/1924	3.13	2.88	3	2.25
9/6/1924	3.25	3.13	3	2.25
9/13/1924	3.25	3.13	3	2.25
9/20/1924	3.13	2.5	3	2.25
9/27/1924	3.13	2.5	3	2.25
10/4/1924	3.13	2.75	3	2.25
10/11/1924	3.13	2.75	3	2.25
10/18/1924	3.13	2.75	3	2.25
10/25/1924	3.13	2.75	3	2.25
11/1/1924	3.13	2.88	3	2.25
11/8/1924	3.13	3.13	3	2.25
11/15/1924	3.38	3.38	3	2.25
11/22/1924	3.38	3.25	3	2.5
11/29/1924	3.5	3.25	3	2.5
12/6/1924	3.5	3.38	3	2.75
12/13/1924	3.5	3.38	3	2.75
12/20/1924	3.63	3.63	3	2.75
12/27/1924	3.63	3.63	3	3
1/3/1925	3.63	3.75	3	3
1/10/1925	3.63	3.63	3	3
1/17/1925	3.5	3.63	3	3
1/24/1925	3.5	3.75	3	3
1/31/1925	3.5	3.75	3	3
2/7/1925	3.5	3.75	3	3
2/14/1925	3.63	3.75	3	3
2/21/1925	3.63	3.75	3	3
2/28/1925	3.75	4	3.5	3.13
3/7/1925	3.88	4.13	3.5	3.13
3/14/1925	4	4.13	3.5	3.13
3/21/1925	4	4.13	3.5	3.13
3/28/1925	4	4.13	3.5	3.13
4/4/1925	4	4.13	3.5	3.13
4/11/1925	4	4	3.5	3.13
4/18/1925	4	3.88	3.5	3.13
4/25/1925	4	3.88	3.5	3.13
5/2/1925	4	3.88	3.5	3.13
5/9/1925	3.88	3.88	3.5	3.13
5/16/1925	3.88	3.88	3.5	3.13
5/23/1925	3.88	3.88	3.5	3.13
5/30/1925	3.88	3.88	3.5	3.13
6/6/1925	3.88	3.88	3.5	3.13
6/13/1925	3.88	3.88	3.5	3.25
6/20/1925	3.88	3.88	3.5	3.25
6/27/1925	3.88	3.88	3.5	3.25
7/4/1925	3.88	3.94	3.5	3.25
7/11/1925	3.88	3.88	3.5	3.25
7/18/1925	3.88	4	3.5	3.25
7/25/1925	3.88	4.13	3.5	3.25
8/1/1925	3.88	4.13	3.5	3.25
8/8/1925	4	4.13	3.5	3.25
8/15/1925	4	4.38	3.5	3.25
8/22/1925	4.13	4.31	3.5	3.25
8/29/1925	4.25	4.38	3.5	3.25
9/5/1925	4.25	4.38	3.5	3.38
9/12/1925	4.25	4.63	3.5	3.38
9/19/1925	4.25	4.63	3.5	3.38
9/26/1925	4.25	4.5	3.5	3.38
10/3/1925	4.25	4.63	3.5	3.38
10/10/1925	4.25	4.63	3.5	3.38
10/17/1925	4.38	4.75	3.5	3.38
10/24/1925	4.38	4.88	3.5	3.38
10/31/1925	4.38	4.88	3.5	3.38
11/7/1925	4.38	4.94	3.5	3.38
11/14/1925	4.38	4.94	3.5	3.38
11/21/1925	4.38	4.94	3.5	3.38
11/28/1925	4.38	4.94	3.5	3.38
12/5/1925	4.38	4.94	3.5	3.38
12/12/1925	4.38	4.94	3.5	3.38
12/19/1925	4.38	4.94	3.5	3.38
12/26/1925	4.38	4.94	3.5	3.38
1/2/1926	4.38	5	3.5	3.38
1/9/1926	4.38	4.81	4	3.63
1/16/1926	4.38	4.81	4	3.63
1/23/1926	4.38	4.81	4	3.63
1/30/1926	4.38	4.56	4	3.63
2/6/1926	4.38	4.63	4	3.63
2/13/1926	4.25	4.69	4	3.63
2/20/1926	4.25	4.69	4	3.63
2/27/1926	4.25	4.75	4	3.63
3/6/1926	4.38	4.88	4	3.63
3/13/1926	4.38	4.88	4	3.63
3/20/1926	4.38	4.63	4	3.63
3/27/1926	4.38	4.63	4	3.63
4/3/1926	4.38	4.63	4	3.63
4/10/1926	4.38	4.5	4	3.63
4/17/1926	4.38	4.31	4	3.63
4/24/1926	4.38	4.19	3.5	3.63
5/1/1926	4.13	4	3.5	3.5
5/8/1926	4.13	4	3.5	3.5
5/15/1926	4	4	3.5	3.5
5/22/1926	4	4	3.5	3.25
5/29/1926	3.88	4	3.5	3.25
6/5/1926	4	4.13	3.5	3.25
6/12/1926	4	4.13	3.5	3.25
6/19/1926	4	4.13	3.5	3.25
6/26/1926	4	4.25	3.5	3.25
7/3/1926	4	4.25	3.5	3.25
7/10/1926	4	4.38	3.5	3.25
7/17/1926	4	4.5	3.5	3.25
7/24/1926	4	4.5	3.5	3.25
7/31/1926	4.13	4.5	3.5	3.25
8/7/1926	4.13	4.56	3.5	3.25
8/14/1926	4.25	4.69	4	3.25
8/21/1926	4.38	4.81	4	3.5
8/28/1926	4.38	4.94	4	3.75
9/4/1926	4.5	4.88	4	3.75
9/11/1926	4.5	4.88	4	3.75
9/18/1926	4.63	4.94	4	3.75
9/25/1926	4.63	4.94	4	3.75
10/2/1926	4.63	5	4	3.75
10/9/1926	4.63	5	4	3.75
10/16/1926	4.63	5	4	3.75
10/23/1926	4.63	5	4	3.75
10/30/1926	4.63	4.94	4	3.75
11/6/1926	4.5	4.75	4	3.75
11/13/1926	4.5	4.75	4	3.75
11/20/1926	4.5	4.75	4	3.75
11/27/1926	4.5	4.63	4	3.75
12/4/1926	4.5	4.69	4	3.75
12/11/1926	4.5	4.75	4	3.75
12/18/1926	4.5	4.69	4	3.75
12/25/1926	4.5	4.75	4	3.75
1/1/1927	4.5	4.69	4	3.75
1/8/1927	4.38	4.56	4	3.75
1/15/1927	4.25	4.5	4	3.75
1/22/1927	4.25	4.5	4	3.75
1/29/1927	4.13	4.5	4	3.75
2/5/1927	4.13	4.44	4	3.75
2/12/1927	4.13	4.44	4	3.75
2/19/1927	4	4.38	4	3.75
2/26/1927	4	4.38	4	3.75
3/5/1927	4	4.44	4	3.75
3/12/1927	4.13	4.44	4	3.75
3/19/1927	4.13	4.44	4	3.75
3/26/1927	4.13	4.44	4	3.75
4/2/1927	4.13	4.5	4	3.75
4/9/1927	4.13	4.5	4	3.75
4/16/1927	4.13	4.5	4	3.75
4/23/1927	4.13	4.5	4	3.75
4/30/1927	4.13	4.38	4	3.75
5/7/1927	4.13	4.38	4	3.75
5/14/1927	4.13	4.38	4	3.75
5/21/1927	4.13	4.38	4	3.75
5/28/1927	4.13	4.44	4	3.75
6/4/1927	4.25	4.5	4	3.75
6/11/1927	4.25	4.5	4	3.75
6/18/1927	4.25	4.5	4	3.75
6/25/1927	4.25	4.5	4	3.75
7/2/1927	4.25	4.63	4	3.75
7/9/1927	4.25	4.5	4	3.75
7/16/1927	4.25	4.5	4	3.75
7/23/1927	4.25	4.44	4	3.75
7/30/1927	4.25	4.38	4	3.5
8/6/1927	4.13	4.38	3.5	3.25
8/13/1927	4	4.25	3.5	3.25
8/20/1927	4	4.25	3.5	3.25
8/27/1927	4	4	3.5	3.25
9/3/1927	4	4	3.5	3.25
9/10/1927	4	4.13	3.5	3.25
9/17/1927	4	4.13	3.5	3.25
9/24/1927	4	4.25	3.5	3.25
10/1/1927	4	4.25	3.5	3.25
10/8/1927	4	4.25	3.5	3.25
10/15/1927	4	4.38	3.5	3.25
10/22/1927	4	4.38	3.5	3.25
10/29/1927	4	4.25	3.5	3.25
11/5/1927	4	4.25	3.5	3.25
11/12/1927	4	4.19	3.5	3.25
11/19/1927	4	4.19	3.5	3.25
11/26/1927	4	4.13	3.5	3.25
12/3/1927	4	4.13	3.5	3.25
12/10/1927	4	4.25	3.5	3.25
12/17/1927	4	4.19	3.5	3.25
12/24/1927	4	4.19	3.5	3.25
12/31/1927	4	4.25	3.5	3.25
1/7/1928	4	4.25	3.5	3.25
1/14/1928	3.88	4.31	3.5	3.25
1/21/1928	4	4.44	3.5	3.25
1/28/1928	4	4.44	3.5	3.38
2/4/1928	4	4.44	4	3.5
2/11/1928	4	4.56	4	3.5
2/18/1928	4	4.56	4	3.5
2/25/1928	4	4.56	4	3.5
3/3/1928	4	4.56	4	3.5
3/10/1928	4.13	4.56	4	3.5
3/17/1928	4.13	4.63	4	3.5
3/24/1928	4.13	4.63	4	3.5
3/31/1928	4.13	4.69	4	3.63
4/7/1928	4.25	4.81	4	3.63
4/14/1928	4.25	4.94	4	3.75
4/21/1928	4.38	5	4	3.75
4/28/1928	4.5	5	4	3.75
5/5/1928	4.5	5	4	3.75
5/12/1928	4.5	5	4	3.75
5/19/1928	4.5	5.13	4.5	4
5/26/1928	4.63	5.5	4.5	4
6/2/1928	4.63	5.5	4.5	4
6/9/1928	4.63	5.69	4.5	4
6/16/1928	4.75	5.75	4.5	4
6/23/1928	4.88	5.75	4.5	4
6/30/1928	4.88	5.94	4.5	4
7/7/1928	4.88	5.88	4.5	4
7/14/1928	5.13	5.88	5	4.25
7/21/1928	5.13	6	5	4.5
7/28/1928	5.25	6	5	4.5
8/4/1928	5.25	6	5	4.5
8/11/1928	5.38	6.25	5	4.5
8/18/1928	5.38	6.38	5	4.5
8/25/1928	5.38	6.5	5	4.5
9/1/1928	5.5	6.5	5	4.5
9/8/1928	5.63	6.5	5	4.5
9/15/1928	5.63	7	5	4.5
9/22/1928	5.5	7.38	5	4.5
9/29/1928	5.5	7.38	5	4.5
10/6/1928	5.5	7.25	5	4.5
10/13/1928	5.5	7.13	5	4.5
10/20/1928	5.5	7	5	4.5
10/27/1928	5.5	6.94	5	4.5
11/3/1928	5.5	6.94	5	4.5
11/10/1928	5.5	7	5	4.5
11/17/1928	5.38	6.88	5	4.5
11/24/1928	5.38	6.94	5	4.5
12/1/1928	5.38	7	5	4.5
12/8/1928	5.38	7.13	5	4.5
12/15/1928	5.38	7.75	5	4.5
12/22/1928	5.38	7.75	5	4.5
12/29/1928	5.38	7.75	5	4.5
1/5/1929	5.38	7.63	5	4.75
1/12/1929	5.38	7.75	5	4.75
1/19/1929	5.38	7.75	5	4.75
1/26/1929	5.5	7.75	5	5
2/2/1929	5.5	7.63	5	5
2/9/1929	5.5	7.63	5	5
2/16/1929	5.5	7.75	5	5.13
2/23/1929	5.63	7.75	5	5.13
3/2/1929	5.63	7.75	5	5.13
3/9/1929	5.75	7.75	5	5.13
3/16/1929	5.75	7.88	5	5.13
3/23/1929	5.88	8	5	5.38
3/30/1929	5.88	8	5	5.5
4/6/1929	5.88	9	5	5.5
4/13/1929	6	9	5	5.5
4/20/1929	6	8.75	5	5.5
4/27/1929	6	8.38	5	5.5
5/4/1929	6	8.5	5	5.5
5/11/1929	6	8.75	5	5.5
5/18/1929	6	8.88	5	5.5
5/25/1929	6	9	5	5.5
6/1/1929	6	8.88	5	5.5
6/8/1929	6	8.38	5	5.5
6/15/1929	6	8.5	5	5.5
6/22/1929	6	8	5	5.5
6/29/1929	6	7.88	5	5.5
7/6/1929	6	7.5	5	5.5
7/13/1929	6	7.5	5	5.25
7/20/1929	6	7.75	5	5.25
7/27/1929	6	8.13	5	5.25
8/3/1929	6	8.75	5	5.25
8/10/1929	6	8.88	6	5.13
8/17/1929	6.13	8.88	6	5.13
8/24/1929	6.13	8.88	6	5.13
8/31/1929	6.13	8.88	6	5.13
9/7/1929	6.13	8.88	6	5.13
9/14/1929	6.25	8.88	6	5.13
9/21/1929	6.25	9	6	5.13
9/28/1929	6.25	9.13	6	5.13

Source: Federal Reserve, Banking and Monetary Statistics, 1943.

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