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Home > Part C - Economic Structure and Performance > Chapter Cj - Financial Markets and Institutions > Table Group Cj108-141 - Monetary Policy
 
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David C. Wheelock
Table Cj113-117 - Federal Reserve monetary policy-interest rates: 1914-1999

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  Cj113 Cj114 Cj115 Cj1161 Cj117
  Discount rate Buying rate on 1- to 90-day acceptances Average federal funds trading rate
Lowest during year Highest during year Annual average
Row Year Percent Percent Percent Percent Percent
1 1914 5.00 6.00 5.50 ---- ----
2 1915 4.00 5.00 4.08 ---- ----
3 1916 3.00 4.00 3.67 ---- ----
4 1917 3.00 3.50 3.04 ---- ----
5 1918 3.50 4.00 3.88 ---- ----
6 1919 4.00 4.75 4.13 4.750 2 ----
7 1920 4.75 7.00 6.58 5.750 2 ----
8 1921 4.50 7.00 5.88 4.125 2 ----
9 1922 4.00 4.50 4.21 3.875 2 ----
10 1923 4.00 4.50 4.46 4.000 2 ----
11 1924 3.00 4.50 3.67 2.750 2 ----
12 1925 3.00 3.50 3.46 3.250 2 ----
13 1926 3.50 4.00 3.83 3.500 2 ----
14 1927 3.50 4.00 3.79 3.000 2 ----
15 1928 3.50 5.00 4.54 4.500 ----
16 1929 4.50 6.00 5.17 4.000 ----
17 1930 2.00 4.50 2.96 1.750 ----
18 1931 1.50 3.50 2.17 3.000 2 ----
19 1932 2.50 3.50 2.75 1.000 ----
20 1933 2.00 3.50 2.50 0.500 ----
21 1934 1.50 2.00 1.54 0.500 ----
22 1935 1.50 1.50 1.50 0.500 ----
23 1936 1.50 1.50 1.50 0.500 ----
24 1937 1.00 1.50 1.29 0.500 ----
25 1938 1.00 1.00 1.00 0.500 ----
26 1939 1.00 1.00 1.00 0.500 ----
27 1940 1.00 1.00 1.00 0.500 ----
28 1941 1.00 1.00 1.00 0.500 ----
29 1942 0.50 1.00 0.88 0.500 ----
30 1943 0.50 0.50 0.50 0.500 ----
31 1944 0.50 0.50 0.50 0.500 ----
32 1945 0.50 0.50 0.50 0.500 ----
33 1946 0.50 1.00 0.88 1.000 ----
34 1947 1.00 1.00 1.00 1.125 ----
35 1948 1.00 1.50 1.35 1.500 ----
36 1949 1.50 1.50 1.50 1.500 ----
37 1950 1.50 1.75 1.60 1.750 ----
38 1951 1.75 1.75 1.75 1.875 ----
39 1952 1.75 1.75 1.75 1.875 ----
40 1953 1.75 2.00 2.00 2.125 ----
41 1954 1.50 2.00 1.58 1.500 1.07
42 1955 1.50 2.50 1.92 ---- 1.78
43 1956 2.50 3.00 2.79 ---- 2.73
44 1957 3.00 3.50 3.13 ---- 3.11
45 1958 1.75 3.00 2.13 ---- 1.57
46 1959 2.50 4.00 3.42 ---- 3.30
47 1960 3.00 4.00 3.50 ---- 3.22
48 1961 3.00 3.00 3.00 ---- 1.96
49 1962 3.00 3.00 3.00 ---- 2.71
50 1963 3.00 3.50 3.25 ---- 3.18
51 1964 3.50 4.00 3.58 ---- 3.50
52 1965 4.00 4.50 4.04 ---- 4.07
53 1966 4.50 4.50 4.50 ---- 5.11
54 1967 4.00 4.50 4.21 ---- 4.22
55 1968 4.50 5.50 5.21 ---- 5.66
56 1969 5.50 6.00 5.88 ---- 8.20
57 1970 5.50 6.00 5.94 ---- 7.18
58 1971 4.50 5.50 4.83 ---- 4.66
59 1972 4.50 4.50 4.50 ---- 4.43
60 1973 4.50 7.50 6.54 ---- 8.73
61 1974 7.50 8.00 7.85 ---- 10.50
62 1975 6.00 7.75 6.21 ---- 5.82
63 1976 5.25 6.00 5.46 ---- 5.05
64 1977 5.25 6.00 5.52 ---- 5.54
65 1978 6.00 9.50 7.54 ---- 7.93
66 1979 9.50 12.00 10.38 ---- 11.19
67 1980 10.00 13.00 11.75 ---- 13.36
68 1981 12.00 14.00 13.42 ---- 16.38
69 1982 8.50 12.00 10.88 ---- 12.26
70 1983 8.50 8.50 8.50 ---- 9.09
71 1984 8.00 9.00 8.75 ---- 10.23
72 1985 7.50 8.00 7.67 ---- 8.10
73 1986 5.50 7.50 6.25 ---- 6.81
74 1987 5.50 6.00 5.67 ---- 6.66
75 1988 6.00 6.50 6.21 ---- 7.57
76 1989 6.50 7.00 6.96 ---- 9.22
77 1990 6.50 7.00 6.96 ---- 8.10
78 1991 3.50 6.50 5.33 ---- 5.69
79 1992 3.00 3.50 3.25 ---- 3.52
80 1993 3.00 3.00 3.00 ---- 3.02
81 1994 3.00 4.75 3.67 ---- 4.20
82 1995 4.75 5.25 5.21 ---- 5.84
83 1996 5.00 5.25 5.00 ---- 5.30
84 1997 5.00 5.00 5.00 ---- 5.46
85 1998 4.50 5.00 4.90 ---- 5.35
86 1999 4.50 5.00 4.65 ---- 4.97



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