FEDERAL RESERVE STATISTICAL RELEASE




        H.15 (519)                                                                          For immediate release
                                                                                                    July 28, 1997  
         SELECTED INTEREST RATES
        Yields in percent per annum
                                                                                            
                                                    1997    1997    1997    1997    1997     Week Ending    1997
                                                     Jul     Jul     Jul     Jul     Jul     Jul     Jul     Jun
        Instruments                                   21      22      23      24      25      25      18

        Federal funds (effective) 1 2 3             5.50    5.44    5.48    5.57    5.51    5.43    5.44    5.56
        Commercial paper 3 4 5                  
            1-month                                 5.55    5.55    5.53    5.54    5.55    5.54    5.55    5.60
            3-month                                 5.56    5.56    5.54    5.55    5.55    5.55    5.56    5.65
            6-month                                 5.59    5.59    5.56    5.56    5.56    5.57    5.60    5.69
        Finance paper placed directly 3 4 6     
            1-month                                 5.49    5.49    5.48    5.46    5.48    5.48    5.49    5.53
            3-month                                 5.50    5.50    5.48    5.48    5.48    5.49    5.50    5.57
            6-month                                 5.50    5.49    5.48    5.47    5.47    5.48    5.51    5.57
        Bankers acceptances (top rated) 3 4 7   
            3-month                                 5.53    5.50    5.50    5.51    5.50    5.51    5.53    5.59
            6-month                                 5.55    5.53    5.52    5.51    5.51    5.52    5.55    5.63
        CDs (secondary market) 3 8              
            1-month                                 5.54    5.53    5.52    5.53    5.53    5.53    5.54    5.57
            3-month                                 5.61    5.61    5.57    5.57    5.57    5.59    5.59    5.66
            6-month                                 5.71    5.71    5.66    5.66    5.66    5.68    5.71    5.78
        Eurodollar deposits (London) 3 9        
            1-month                                 5.53    5.53    5.50    5.50    5.50    5.51    5.56    5.56
            3-month                                 5.63    5.63    5.56    5.56    5.56    5.59    5.63    5.66
            6-month                                 5.69    5.69    5.69    5.69    5.69    5.69    5.69    5.78
        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                         5.11                                    5.11    5.05    4.92
                    6-month                         5.17                                    5.17    5.09    5.14
                    1-year                                                                  5.26            5.35
                Secondary market 3 4            
                    3-month                         5.13    5.04    5.06    5.09    5.10    5.08    5.05    4.93
                    6-month                         5.18    5.15    5.13    5.14    5.15    5.15    5.12    5.13
                    1-year                          5.31    5.23    5.23    5.23    5.24    5.25    5.24    5.38
            Treasury constant maturities 13     
                3-month                             5.27    5.18    5.20    5.23    5.24    5.22    5.21    5.07
                6-month                             5.39    5.36    5.34    5.35    5.36    5.36    5.33    5.34
                1-year                              5.61    5.52    5.52    5.52    5.53    5.54    5.56    5.69
                2-year                              5.94    5.90    5.85    5.87    5.87    5.89    5.90    6.09
                3-year                              6.05    5.94    5.95    5.95    5.97    5.97    6.02    6.24
                5-year                              6.18    6.07    6.06    6.06    6.08    6.09    6.14    6.38
                7-year                              6.25    6.13    6.13    6.13    6.16    6.16    6.22    6.46
               10-year                              6.27    6.15    6.14    6.16    6.18    6.18    6.23    6.49
               20-year                              6.61    6.50    6.48    6.49    6.51    6.52    6.57    6.84
               30-year                              6.55    6.43    6.42    6.43    6.45    6.46    6.52    6.77
            Composite                           
                Over 10 years (long-term) 14        6.59    6.47    6.46    6.47    6.49    6.50    6.55    6.82
        Corporate bonds                         
            Moody's seasoned                    
                Aaa                                 7.18    7.08    7.04    7.05    7.08    7.09    7.15    7.41
                Baa                                 7.79    7.69    7.66    7.67    7.69    7.70    7.76    8.02
            A-utility 15                                                            7.52    7.52    7.59    7.85
        State & local bonds 16                                              5.28            5.28    5.32    5.53
        Conventional mortgages 17                                                   7.43    7.43    7.47    7.69
        ---------
        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.  Quoted on a discount basis.
         5.  An average of offering rates on commercial paper placed by several leading dealers
             for firms whose bond rating is AA or the equivalent.
         6.  An average of offering rates on paper directly placed by finance companies.
         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 approximately 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.bog.frb.fed.us/).  Current data are also available on the Department of Commerce
               Bulletin Board.  For information, call 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.