FEDERAL RESERVE STATISTICAL RELEASE




        H.15 (519)                                                                          For immediate release
                                                                                                  August 24, 1998
         SELECTED INTEREST RATES
        Yields in percent per annum
                                                                                            
                                                    1998    1998    1998    1998    1998     Week Ending    1998
                                                     Aug     Aug     Aug     Aug     Aug     Aug     Aug     Jul
        Instruments                                   17      18      19      20      21      21      14

        Federal funds (effective) 1 2 3             5.80    5.54    5.48    5.51    5.46    5.59    5.50    5.54
        Commercial paper 3 4 5 6
            Nonfinancial                
                1-month                             5.50    5.50    5.50    5.49    5.49    5.50    5.50    5.51
                2-month                             5.52    5.51    5.50    5.50    5.49    5.50    5.49    5.50
                3-month                             5.48    5.48    5.47    5.47    5.46    5.47    5.48    5.48
            Financial
                1-month                             5.52    5.51    5.52    5.51    5.50    5.51    5.51    5.52
                2-month                             5.50    5.50    5.52    5.51    5.51    5.51    5.51    5.51
                3-month                             5.50    5.50    5.50    5.50    5.50    5.50    5.50    5.50
        Bankers acceptances (top rated) 3 4 7   
            3-month                                 5.49    5.49    5.49    5.50    5.50    5.49    5.49    5.50
            6-month                                 5.46    5.46    5.46    5.50    5.50    5.48    5.47    5.46
        CDs (secondary market) 3 8              
            1-month                                 5.57    5.56    5.56    5.56    5.55    5.56    5.56    5.57
            3-month                                 5.59    5.58    5.58    5.58    5.57    5.58    5.58    5.59
            6-month                                 5.62    5.62    5.62    5.61    5.60    5.61    5.61    5.65
        Eurodollar deposits (London) 3 9        
            1-month                                 5.50    5.50    5.50    5.50    5.50    5.50    5.52    5.51
            3-month                                 5.56    5.56    5.56    5.56    5.56    5.56    5.56    5.57
            6-month                                 5.56    5.56    5.56    5.56    5.56    5.56    5.59    5.63
        Bank prime loan 2 3 10                      8.50    8.50    8.50    8.50    8.50    8.50    8.50    8.50
        Discount window borrowing 2 11              5.00    5.00    5.00    5.00    5.00    5.00    5.00    5.00
        U.S. government securities              
            Treasury bills                      
                Auction average 3 4 12          
                    3-month                         4.91                                    4.91    4.94    4.96
                    6-month                         4.95                                    4.95    4.94    5.03
                    1-year                                  5.00                            5.00            5.10
                Secondary market 3 4            
                    3-month                         4.93    4.93    4.94    4.91    4.88    4.92    4.89    4.96
                    6-month                         4.98    5.00    4.99    4.97    4.93    4.97    4.94    5.03
                    1-year                          4.98    5.00    4.98    4.97    4.93    4.97    4.97    5.08
            Treasury constant maturities 13     
                3-month                             5.07    5.06    5.07    5.04    5.01    5.05    5.04    5.09
                6-month                             5.19    5.20    5.19    5.17    5.12    5.17    5.14    5.23
                1-year                              5.24    5.26    5.25    5.24    5.19    5.24    5.23    5.36
                2-year                              5.34    5.36    5.34    5.32    5.25    5.32    5.34    5.46
                3-year                              5.27    5.30    5.33    5.30    5.23    5.29    5.31    5.47
                5-year                              5.33    5.35    5.35    5.32    5.24    5.32    5.36    5.46
                7-year                              5.41    5.42    5.42    5.39    5.33    5.39    5.43    5.52
               10-year                              5.40    5.41    5.42    5.38    5.32    5.39    5.40    5.46
               20-year                              5.69    5.70    5.71    5.66    5.62    5.68    5.70    5.78
               30-year                              5.56    5.56    5.56    5.52    5.46    5.53    5.60    5.68
            Composite                           
                Over 10 years (long-term) 14        5.67    5.68    5.68    5.64    5.59    5.65    5.68    5.76
        Corporate bonds                         
            Moody's seasoned                    
                Aaa                                 6.53    6.53    6.54    6.50    6.50    6.52    6.52    6.55
                Baa                                 7.14    7.14    7.16    7.12    7.12    7.14    7.14    7.15
            A-utility 15                                                            7.02    7.02    7.05    6.93
        State & local bonds 16                                              5.09            5.09    5.11    5.14
        Conventional mortgages 17                                                   6.92    6.92    6.91    6.95
        ---------
        See overleaf for footnotes
                        

















                                                  FOOTNOTES

         1.  The daily effective federal funds rate is a weighted average of rates on trades through N.Y.
             brokers.
         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).  See Board's Commercial Paper Web pages
             (http://www.federalreserve.gov/releases/cp) for more information.
         6.  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.
         7.  Representative closing yields for acceptances of the highest rated money center banks.
         8.  An average of dealer offering rates on nationally traded certificates of deposit.
         9.  Bid rates for Eurodollar deposits at 11 a.m. London time.
        10.  One of several base rates used by banks to price short-term business loans.
        11.  Rate for the Federal Reserve Bank of New York.
        12.  Auction date for daily data; weekly and monthly averages computed on an issue-date basis.
        13.  Yields on actively traded issues adjusted to constant maturities.  Source:  U.S. Treasury.
        14.  Unweighted average of rates on all outstanding bonds neither due nor callable in less than 10 years.
        15.  Estimate of the yield on a recently offered, A-rated utility bond with a maturity of 30 years
             and call protection of 5 years; Friday quotations.
        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 are averages of business days unless otherwise noted.

	       Current and historical H.15 data are available on the Federal Reserve Board's web site
	       (http://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 CONSTANT MATURITY SERIES

        Yields on Treasury securities at "constant maturity" are interpolated by the U.S. Treasury from the
        daily yield curve. 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 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 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.  In estimating the 20-year constant maturity, the Treasury incorporates the prevailing
        market yield on an outstanding Treasury bond with approximately 20 years remaining to maturity.