Explanation The monthly data of interest rate on three-month Treasury bills since 1975 is as follows: Date 3-month Treasury Bill: monthly rate 1975-01-01 6.26 1975-02-01 5.50 1975-03-01 5.49 1975-04-01 5.61 1975-05-01 5.23 1975-06-01 5.34 1975-07-01 6.13 1975-08-01 6.44 1975-09-01 6.42 1975-10-01 5.96 1975-11-01 5.48 1975-12-01 5.44 1976-01-01 4.87 1976-02-01 4.88 1976-03-01 5.00 1976-04-01 4.86 1976-05-01 5.20 1976-06-01 5.41 1976-07-01 5.23 1976-08-01 5.14 1976-09-01 5.08 1976-10-01 4.92 1976-11-01 4.75 1976-12-01 4.35 1977-01-01 4.62 1977-02-01 4.67 1977-03-01 4.60 1977-04-01 4.54 1977-05-01 4.96 1977-06-01 5.02 1977-07-01 5.19 1977-08-01 5.49 1977-09-01 5.81 1977-10-01 6.16 1977-11-01 6.10 1977-12-01 6.07 1978-01-01 6.44 1978-02-01 6.45 1978-03-01 6.29 1978-04-01 6.29 1978-05-01 6.41 1978-06-01 6.73 1978-07-01 7.01 1978-08-01 7.08 1978-09-01 7.85 1978-10-01 7.99 1978-11-01 8.64 1978-12-01 9.08 1979-01-01 9.35 1979-02-01 9.32 1979-03-01 9.48 1979-04-01 9.46 1979-05-01 9.61 1979-06-01 9.06 1979-07-01 9.24 1979-08-01 9.52 1979-09-01 10.26 1979-10-01 11.70 1979-11-01 11.79 1979-12-01 12.04 1980-01-01 12.00 1980-02-01 12.86 1980-03-01 15.20 1980-04-01 13.20 1980-05-01 8.58 1980-06-01 7.07 1980-07-01 8.06 1980-08-01 9.13 1980-09-01 10.27 1980-10-01 11.62 1980-11-01 13.73 1980-12-01 15.49 1981-01-01 15.02 1981-02-01 14.79 1981-03-01 13.36 1981-04-01 13.69 1981-05-01 16.30 1981-06-01 14.73 1981-07-01 14.95 1981-08-01 15.51 1981-09-01 14.70 1981-10-01 13.54 1981-11-01 10.86 1981-12-01 10.85 1982-01-01 12.28 1982-02-01 13.48 1982-03-01 12.68 1982-04-01 12.70 1982-05-01 12.09 1982-06-01 12.47 1982-07-01 11.35 1982-08-01 8.68 1982-09-01 7.92 1982-10-01 7.71 1982-11-01 8.07 1982-12-01 7.94 1983-01-01 7.86 1983-02-01 8.11 1983-03-01 8.35 1983-04-01 8.21 1983-05-01 8.19 1983-06-01 8.79 1983-07-01 9.08 1983-08-01 9.34 1983-09-01 9.00 1983-10-01 8.64 1983-11-01 8.76 1983-12-01 9.00 1984-01-01 8.90 1984-02-01 9.09 1984-03-01 9.52 1984-04-01 9.69 1984-05-01 9.83 1984-06-01 9.87 1984-07-01 10.12 1984-08-01 10.47 1984-09-01 10.37 1984-10-01 9.74 1984-11-01 8.61 1984-12-01 8.06 1985-01-01 7.76 1985-02-01 8.27 1985-03-01 8.52 1985-04-01 7.95 1985-05-01 7.48 1985-06-01 6.95 1985-07-01 7.08 1985-08-01 7.14 1985-09-01 7.10 1985-10-01 7.16 1985-11-01 7.24 1985-12-01 7.10 1986-01-01 7.07 1986-02-01 7.06 1986-03-01 6.56 1986-04-01 6.06 1986-05-01 6.15 1986-06-01 6.21 1986-07-01 5.83 1986-08-01 5.53 1986-09-01 5.21 1986-10-01 5.18 1986-11-01 5.35 1986-12-01 5.53 1987-01-01 5.43 1987-02-01 5.59 1987-03-01 5.59 1987-04-01 5.64 1987-05-01 5.66 1987-06-01 5.67 1987-07-01 5.69 1987-08-01 6.04 1987-09-01 6.40 1987-10-01 6.13 1987-11-01 5.69 1987-12-01 5.77 1988-01-01 5.81 1988-02-01 5.66 1988-03-01 5.70 1988-04-01 5.91 1988-05-01 6.26 1988-06-01 6.46 1988-07-01 6.73 1988-08-01 7.06 1988-09-01 7.24 1988-10-01 7.35 1988-11-01 7.76 1988-12-01 8.07 1989-01-01 8.27 1989-02-01 8.53 1989-03-01 8.82 1989-04-01 8.65 1989-05-01 8.43 1989-06-01 8.15 1989-07-01 7.88 1989-08-01 7.90 1989-09-01 7.75 1989-10-01 7.64 1989-11-01 7.69 1989-12-01 7.63 1990-01-01 7.64 1990-02-01 7.74 1990-03-01 7.90 1990-04-01 7.77 1990-05-01 7.74 1990-06-01 7.73 1990-07-01 7.62 1990-08-01 7.45 1990-09-01 7.36 1990-10-01 7.17 1990-11-01 7.06 1990-12-01 6.74 1991-01-01 6.22 1991-02-01 5.94 1991-03-01 5.91 1991-04-01 5.65 1991-05-01 5.46 1991-06-01 5.57 1991-07-01 5.58 1991-08-01 5.33 1991-09-01 5.22 1991-10-01 4.99 1991-11-01 4.56 1991-12-01 4.07 1992-01-01 3.80 1992-02-01 3.84 1992-03-01 4.04 1992-04-01 3.75 1992-05-01 3.63 1992-06-01 3.66 1992-07-01 3.21 1992-08-01 3.13 1992-09-01 2.91 1992-10-01 2.86 1992-11-01 3.13 1992-12-01 3.22 1993-01-01 3.00 1993-02-01 2.93 1993-03-01 2.95 1993-04-01 2.87 1993-05-01 2.96 1993-06-01 3.07 1993-07-01 3.04 1993-08-01 3.02 1993-09-01 2.95 1993-10-01 3.02 1993-11-01 3.10 1993-12-01 3.06 1994-01-01 2.98 1994-02-01 3.25 1994-03-01 3.50 1994-04-01 3.68 1994-05-01 4.14 1994-06-01 4.14 1994-07-01 4.33 1994-08-01 4.48 1994-09-01 4.62 1994-10-01 4.95 1994-11-01 5.29 1994-12-01 5.60 1995-01-01 5.71 1995-02-01 5.77 1995-03-01 5.73 1995-04-01 5.65 1995-05-01 5.67 1995-06-01 5.47 1995-07-01 5.42 1995-08-01 5.40 1995-09-01 5.28 1995-10-01 5.28 1995-11-01 5.36 1995-12-01 5.14 1996-01-01 5.00 1996-02-01 4.83 1996-03-01 4.96 1996-04-01 4.95 1996-05-01 5.02 1996-06-01 5.09 1996-07-01 5.15 1996-08-01 5.05 1996-09-01 5.09 1996-10-01 4.99 1996-11-01 5.03 1996-12-01 4.91 1997-01-01 5.03 1997-02-01 5.01 1997-03-01 5.14 1997-04-01 5.16 1997-05-01 5.05 1997-06-01 4.93 1997-07-01 5.05 1997-08-01 5.14 1997-09-01 4.95 1997-10-01 4.97 1997-11-01 5.14 1997-12-01 5.16 1998-01-01 5.04 1998-02-01 5.09 1998-03-01 5.03 1998-04-01 4.95 1998-05-01 5.00 1998-06-01 4.98 1998-07-01 4.96 1998-08-01 4.90 1998-09-01 4.61 1998-10-01 3.96 1998-11-01 4.41 1998-12-01 4.39 1999-01-01 4.34 1999-02-01 4.44 1999-03-01 4.44 1999-04-01 4.29 1999-05-01 4.50 1999-06-01 4.57 1999-07-01 4.55 1999-08-01 4.72 1999-09-01 4.68 1999-10-01 4.86 1999-11-01 5.07 1999-12-01 5.20 2000-01-01 5.32 2000-02-01 5.55 2000-03-01 5.69 2000-04-01 5.66 2000-05-01 5.79 2000-06-01 5.69 2000-07-01 5.96 2000-08-01 6.09 2000-09-01 6.00 2000-10-01 6.11 2000-11-01 6.17 2000-12-01 5.77 2001-01-01 5.15 2001-02-01 4.88 2001-03-01 4.42 2001-04-01 3.87 2001-05-01 3.62 2001-06-01 3.49 2001-07-01 3.51 2001-08-01 3.36 2001-09-01 2.64 2001-10-01 2.16 2001-11-01 1.87 2001-12-01 1.69 2002-01-01 1.65 2002-02-01 1.72 2002-03-01 1.79 2002-04-01 1.71 2002-05-01 1.73 2002-06-01 1.70 2002-07-01 1.68 2002-08-01 1.62 2002-09-01 1.63 2002-10-01 1.58 2002-11-01 1.23 2002-12-01 1.19 2003-01-01 1.17 2003-02-01 1.17 2003-03-01 1.13 2003-04-01 1.13 2003-05-01 1.07 2003-06-01 0.92 2003-07-01 0.90 2003-08-01 0.95 2003-09-01 0.94 2003-10-01 0.92 2003-11-01 0.93 2003-12-01 0.90 2004-01-01 0.88 2004-02-01 0.93 2004-03-01 0.94 2004-04-01 0.94 2004-05-01 1.02 2004-06-01 1.27 2004-07-01 1.33 2004-08-01 1.48 2004-09-01 1.65 2004-10-01 1.76 2004-11-01 2.07 2004-12-01 2.19 2005-01-01 2.33 2005-02-01 2.54 2005-03-01 2.74 2005-04-01 2.78 2005-05-01 2.84 2005-06-01 2.97 2005-07-01 3.22 2005-08-01 3.44 2005-09-01 3.42 2005-10-01 3.71 2005-11-01 3.88 2005-12-01 3.89 2006-01-01 4.24 2006-02-01 4.43 2006-03-01 4.51 2006-04-01 4.60 2006-05-01 4.72 2006-06-01 4.79 2006-07-01 4.95 2006-08-01 4.96 2006-09-01 4.81 2006-10-01 4.92 2006-11-01 4.94 2006-12-01 4.85 2007-01-01 4.98 2007-02-01 5.03 2007-03-01 4.94 2007-04-01 4.87 2007-05-01 4.73 2007-06-01 4.61 2007-07-01 4.82 2007-08-01 4.20 2007-09-01 3.89 2007-10-01 3.90 2007-11-01 3.27 2007-12-01 3.00 2008-01-01 2.75 2008-02-01 2.12 2008-03-01 1.26 2008-04-01 1.29 2008-05-01 1.73 2008-06-01 1.86 2008-07-01 1.63 2008-08-01 1.72 2008-09-01 1.13 2008-10-01 0.67 2008-11-01 0.19 2008-12-01 0.03 2009-01-01 0.13 2009-02-01 0.30 2009-03-01 0.21 2009-04-01 0.16 2009-05-01 0.18 2009-06-01 0.18 2009-07-01 0.18 2009-08-01 0.17 2009-09-01 0.12 2009-10-01 0.07 2009-11-01 0.05 2009-12-01 0.05 2010-01-01 0.06 2010-02-01 0.11 2010-03-01 0.15 2010-04-01 0.16 2010-05-01 0.16 2010-06-01 0.12 2010-07-01 0.16 2010-08-01 0.16 2010-09-01 0.15 2010-10-01 0.13 2010-11-01 0.14 2010-12-01 0.14 2011-01-01 0.15 2011-02-01 0.13 2011-03-01 0.10 2011-04-01 0.06 2011-05-01 0.04 2011-06-01 0.04 2011-07-01 0.04 2011-08-01 0.02 2011-09-01 0.01 2011-10-01 0.02 2011-11-01 0.01 2011-12-01 0.01 2012-01-01 0.03 2012-02-01 0.09 2012-03-01 0.08 2012-04-01 0.08 2012-05-01 0.09 2012-06-01 0.09 2012-07-01 0.10 2012-08-01 0.10 2012-09-01 0.11 2012-10-01 0.10 2012-11-01 0.09 2012-12-01 0.07 2013-01-01 0.07 2013-02-01 0.10 2013-03-01 0.09 2013-04-01 0.06 2013-05-01 0.04 2013-06-01 0.05 2013-07-01 0.04 2013-08-01 0.04 2013-09-01 0.02 2013-10-01 0.05 2013-11-01 0.07 2013-12-01 0.07 2014-01-01 0.04 2014-02-01 0.05 2014-03-01 0.05 2014-04-01 0.03 2014-05-01 0.03 2014-06-01 0.04 2014-07-01 0.03 2014-08-01 0.03 2014-09-01 0.02 2014-10-01 0.02 2014-11-01 0.02 2014-12-01 0.03 2015-01-01 0.03 2015-02-01 0.02 2015-03-01 0.03 2015-04-01 0.02 2015-05-01 0.02 2015-06-01 0.02 2015-07-01 0.03 2015-08-01 0.07 2015-09-01 0.02 2015-10-01 0.02 2015-11-01 0.12 2015-12-01 0.23 2016-01-01 0.26 2016-02-01 0.31 2016-03-01 0.29 2016-04-01 0.23 2016-05-01 0.27 2016-06-01 0.27 2016-07-01 0.30 2016-08-01 0.30 2016-09-01 0.29 2016-10-01 0.33 2016-11-01 0.45 2016-12-01 0.51 2017-01-01 0.51 2017-02-01 0.52 2017-03-01 0.74 2017-04-01 0.80 2017-05-01 0.89 2017-06-01 0.98 2017-07-01 1.07 2017-08-01 1.01 2017-09-01 1.03 2017-10-01 1.07 2017-11-01 1.23 2017-12-01 1.32 2018-01-01 1.41 2018-02-01 1.57 2018-03-01 1.70 2018-04-01 1.76 2018-05-01 1.86 2018-06-01 1.90 2018-07-01 1.96 2018-08-01 2.03 2018-09-01 2.13 2018-10-01 2.25 2018-11-01 2.33 2018-12-01 2.37 2019-01-01 2.37 The graphical representation of the monthly data of interest rate on three-month Treasury bills since 1975 is as follows: The monthly data of interest rate on corporate bond yield since 1975 is as follows: Date Corporate bond yield: monthly 1975-01-01 8.83 1975-02-01 8.62 1975-03-01 8.67 1975-04-01 8.95 1975-05-01 8.90 1975-06-01 8.77 1975-07-01 8.84 1975-08-01 8.95 1975-09-01 8.95 1975-10-01 8.86 1975-11-01 8.78 1975-12-01 8.79 1976-01-01 8.60 1976-02-01 8.55 1976-03-01 8.52 1976-04-01 8.40 1976-05-01 8.58 1976-06-01 8.62 1976-07-01 8.56 1976-08-01 8.45 1976-09-01 8.38 1976-10-01 8.32 1976-11-01 8.25 1976-12-01 7.98 1977-01-01 7.96 1977-02-01 8.04 1977-03-01 8.10 1977-04-01 8.04 1977-05-01 8.05 1977-06-01 7.95 1977-07-01 7.94 1977-08-01 7.98 1977-09-01 7.92 1977-10-01 8.04 1977-11-01 8.08 1977-12-01 8.19 1978-01-01 8.41 1978-02-01 8.47 1978-03-01 8.47 1978-04-01 8.56 1978-05-01 8.69 1978-06-01 8.76 1978-07-01 8.88 1978-08-01 8.69 1978-09-01 8.69 1978-10-01 8.89 1978-11-01 9.03 1978-12-01 9.16 1979-01-01 9.25 1979-02-01 9.26 1979-03-01 9.37 1979-04-01 9.38 1979-05-01 9.50 1979-06-01 9.29 1979-07-01 9.20 1979-08-01 9.23 1979-09-01 9.44 1979-10-01 10.13 1979-11-01 10.76 1979-12-01 10.74 1980-01-01 11.09 1980-02-01 12.38 1980-03-01 12.96 1980-04-01 12.04 1980-05-01 10.99 1980-06-01 10.58 1980-07-01 11.07 1980-08-01 11.64 1980-09-01 12.02 1980-10-01 12.31 1980-11-01 12.97 1980-12-01 13.21 1981-01-01 12.81 1981-02-01 13.35 1981-03-01 13.33 1981-04-01 13.88 1981-05-01 14.32 1981-06-01 13.75 1981-07-01 14.38 1981-08-01 14.89 1981-09-01 15.49 1981-10-01 15.40 1981-11-01 14.22 1981-12-01 14.23 1982-01-01 15.18 1982-02-01 15.27 1982-03-01 14.58 1982-04-01 14.46 1982-05-01 14.26 1982-06-01 14.81 1982-07-01 14.61 1982-08-01 13.71 1982-09-01 12.94 1982-10-01 12.12 1982-11-01 11.68 1982-12-01 11.83 1983-01-01 11.79 1983-02-01 12.01 1983-03-01 11.73 1983-04-01 11.51 1983-05-01 11.46 1983-06-01 11.74 1983-07-01 12.15 1983-08-01 12.51 1983-09-01 12.37 1983-10-01 12.25 1983-11-01 12.41 1983-12-01 12.57 1984-01-01 12.20 1984-02-01 12.08 1984-03-01 12.57 1984-04-01 12.81 1984-05-01 13.28 1984-06-01 13.55 1984-07-01 13.44 1984-08-01 12.87 1984-09-01 12.66 1984-10-01 12.63 1984-11-01 12.29 1984-12-01 12.13 1985-01-01 12.08 1985-02-01 12.13 1985-03-01 12.56 1985-04-01 12.23 1985-05-01 11.72 1985-06-01 10.94 1985-07-01 10.97 1985-08-01 11.05 1985-09-01 11.07 1985-10-01 11.02 1985-11-01 10.55 1985-12-01 10.16 1986-01-01 10.05 1986-02-01 9.67 1986-03-01 9.00 1986-04-01 8.79 1986-05-01 9.09 1986-06-01 9.13 1986-07-01 8.88 1986-08-01 8.72 1986-09-01 8.89 1986-10-01 8.86 1986-11-01 8.68 1986-12-01 8.49 1987-01-01 8.36 1987-02-01 8.38 1987-03-01 8.36 1987-04-01 8.85 1987-05-01 9.33 1987-06-01 9.32 1987-07-01 9.42 1987-08-01 9.67 1987-09-01 10.18 1987-10-01 10.52 1987-11-01 10.01 1987-12-01 10.11 1988-01-01 9.88 1988-02-01 9.40 1988-03-01 9.39 1988-04-01 9.67 1988-05-01 9.90 1988-06-01 9.86 1988-07-01 9.96 1988-08-01 10.11 1988-09-01 9.82 1988-10-01 9.51 1988-11-01 9.45 1988-12-01 9.57 1989-01-01 9.62 1989-02-01 9.64 1989-03-01 9.80 1989-04-01 9.79 1989-05-01 9.57 1989-06-01 9.10 1989-07-01 8.93 1989-08-01 8.96 1989-09-01 9.01 1989-10-01 8.92 1989-11-01 8.89 1989-12-01 8.86 1990-01-01 8.99 1990-02-01 9.22 1990-03-01 9.37 1990-04-01 9.46 1990-05-01 9.47 1990-06-01 9.26 1990-07-01 9.24 1990-08-01 9.41 1990-09-01 9.56 1990-10-01 9.53 1990-11-01 9.30 1990-12-01 9.05 1991-01-01 9.04 1991-02-01 8.83 1991-03-01 8.93 1991-04-01 8.86 1991-05-01 8.86 1991-06-01 9.01 1991-07-01 9.00 1991-08-01 8.75 1991-09-01 8.61 1991-10-01 8.55 1991-11-01 8.48 1991-12-01 8.31 1992-01-01 8.20 1992-02-01 8.29 1992-03-01 8.35 1992-04-01 8.33 1992-05-01 8.28 1992-06-01 8.22 1992-07-01 8.07 1992-08-01 7.95 1992-09-01 7.92 1992-10-01 7.99 1992-11-01 8.10 1992-12-01 7.98 1993-01-01 7.91 1993-02-01 7.71 1993-03-01 7.58 1993-04-01 7.46 1993-05-01 7.43 1993-06-01 7.33 1993-07-01 7.17 1993-08-01 6.85 1993-09-01 6.66 1993-10-01 6.67 1993-11-01 6.93 1993-12-01 6.93 1994-01-01 6.92 1994-02-01 7.08 1994-03-01 7.48 1994-04-01 7.88 1994-05-01 7.99 1994-06-01 7.97 1994-07-01 8.11 1994-08-01 8.07 1994-09-01 8.34 1994-10-01 8.57 1994-11-01 8.68 1994-12-01 8.46 1995-01-01 8.46 1995-02-01 8.26 1995-03-01 8.12 1995-04-01 8.03 1995-05-01 7.65 1995-06-01 7.30 1995-07-01 7.41 1995-08-01 7.57 1995-09-01 7.32 1995-10-01 7.12 1995-11-01 7.02 1995-12-01 6.82 1996-01-01 6.81 1996-02-01 6.99 1996-03-01 7.35 1996-04-01 7.50 1996-05-01 7.62 1996-06-01 7.71 1996-07-01 7.65 1996-08-01 7.46 1996-09-01 7.66 1996-10-01 7.39 1996-11-01 7.10 1996-12-01 7.20 1997-01-01 7.42 1997-02-01 7.31 1997-03-01 7.55 1997-04-01 7.73 1997-05-01 7.58 1997-06-01 7.41 1997-07-01 7.14 1997-08-01 7.22 1997-09-01 7.15 1997-10-01 7.00 1997-11-01 6.87 1997-12-01 6.76 1998-01-01 6.61 1998-02-01 6.67 1998-03-01 6.72 1998-04-01 6.69 1998-05-01 6.69 1998-06-01 6.53 1998-07-01 6.55 1998-08-01 6.52 1998-09-01 6.40 1998-10-01 6.37 1998-11-01 6.41 1998-12-01 6.22 1999-01-01 6.24 1999-02-01 6.40 1999-03-01 6.62 1999-04-01 6.64 1999-05-01 6.93 1999-06-01 7.23 1999-07-01 7.19 1999-08-01 7.40 1999-09-01 7.39 1999-10-01 7.55 1999-11-01 7.36 1999-12-01 7.55 2000-01-01 7.78 2000-02-01 7.68 2000-03-01 7.68 2000-04-01 7.64 2000-05-01 7.99 2000-06-01 7.67 2000-07-01 7.65 2000-08-01 7.55 2000-09-01 7.62 2000-10-01 7.55 2000-11-01 7.45 2000-12-01 7.21 2001-01-01 7.15 2001-02-01 7.10 2001-03-01 6.98 2001-04-01 7.20 2001-05-01 7.29 2001-06-01 7.18 2001-07-01 7.13 2001-08-01 7.02 2001-09-01 7.17 2001-10-01 7.03 2001-11-01 6.97 2001-12-01 6.77 2002-01-01 6.55 2002-02-01 6.51 2002-03-01 6.81 2002-04-01 6.76 2002-05-01 6.75 2002-06-01 6.63 2002-07-01 6.53 2002-08-01 6.37 2002-09-01 6.15 2002-10-01 6.32 2002-11-01 6.31 2002-12-01 6.21 2003-01-01 6.17 2003-02-01 5.95 2003-03-01 5.89 2003-04-01 5.74 2003-05-01 5.22 2003-06-01 4.97 2003-07-01 5.49 2003-08-01 5.88 2003-09-01 5.72 2003-10-01 5.70 2003-11-01 5.65 2003-12-01 5.62 2004-01-01 5.54 2004-02-01 5.50 2004-03-01 5.33 2004-04-01 5.73 2004-05-01 6.04 2004-06-01 6.01 2004-07-01 5.82 2004-08-01 5.65 2004-09-01 5.46 2004-10-01 5.47 2004-11-01 5.52 2004-12-01 5.47 2005-01-01 5.36 2005-02-01 5.20 2005-03-01 5.40 2005-04-01 5.33 2005-05-01 5.15 2005-06-01 4.96 2005-07-01 5.06 2005-08-01 5.09 2005-09-01 5.13 2005-10-01 5.35 2005-11-01 5.42 2005-12-01 5.37 2006-01-01 5.29 2006-02-01 5.35 2006-03-01 5.53 2006-04-01 5.84 2006-05-01 5.95 2006-06-01 5.89 2006-07-01 5.85 2006-08-01 5.68 2006-09-01 5.51 2006-10-01 5.51 2006-11-01 5.33 2006-12-01 5.32 2007-01-01 5.40 2007-02-01 5.39 2007-03-01 5.30 2007-04-01 5.47 2007-05-01 5.47 2007-06-01 5.79 2007-07-01 5.73 2007-08-01 5.79 2007-09-01 5.74 2007-10-01 5.66 2007-11-01 5.44 2007-12-01 5.49 2008-01-01 5.33 2008-02-01 5.53 2008-03-01 5.51 2008-04-01 5.55 2008-05-01 5.57 2008-06-01 5.68 2008-07-01 5.67 2008-08-01 5.64 2008-09-01 5.65 2008-10-01 6.28 2008-11-01 6.12 2008-12-01 5.05 2009-01-01 5.05 2009-02-01 5.27 2009-03-01 5.50 2009-04-01 5.39 2009-05-01 5.54 2009-06-01 5.61 2009-07-01 5.41 2009-08-01 5.26 2009-09-01 5.13 2009-10-01 5.15 2009-11-01 5.19 2009-12-01 5.26 2010-01-01 5.26 2010-02-01 5.35 2010-03-01 5.27 2010-04-01 5.29 2010-05-01 4.96 2010-06-01 4.88 2010-07-01 4.72 2010-08-01 4.49 2010-09-01 4.53 2010-10-01 4.68 2010-11-01 4.87 2010-12-01 5.02 2011-01-01 5.04 2011-02-01 5.22 2011-03-01 5.13 2011-04-01 5.16 2011-05-01 4.96 2011-06-01 4.99 2011-07-01 4.93 2011-08-01 4.37 2011-09-01 4.09 2011-10-01 3.98 2011-11-01 3.87 2011-12-01 3.93 2012-01-01 3.85 2012-02-01 3.85 2012-03-01 3.99 2012-04-01 3.96 2012-05-01 3.80 2012-06-01 3.64 2012-07-01 3.40 2012-08-01 3.48 2012-09-01 3.49 2012-10-01 3.47 2012-11-01 3.50 2012-12-01 3.65 2013-01-01 3.80 2013-02-01 3.90 2013-03-01 3.93 2013-04-01 3.73 2013-05-01 3.89 2013-06-01 4.27 2013-07-01 4.34 2013-08-01 4.54 2013-09-01 4.64 2013-10-01 4.53 2013-11-01 4.63 2013-12-01 4.62 2014-01-01 4.49 2014-02-01 4.45 2014-03-01 4.38 2014-04-01 4.24 2014-05-01 4.16 2014-06-01 4.25 2014-07-01 4.16 2014-08-01 4.08 2014-09-01 4.11 2014-10-01 3.92 2014-11-01 3.92 2014-12-01 3.79 2015-01-01 3.46 2015-02-01 3.61 2015-03-01 3.64 2015-04-01 3.52 2015-05-01 3.98 2015-06-01 4.19 2015-07-01 4.15 2015-08-01 4.04 2015-09-01 4.07 2015-10-01 3.95 2015-11-01 4.06 2015-12-01 3.97 2016-01-01 4.00 2016-02-01 3.96 2016-03-01 3.82 2016-04-01 3.62 2016-05-01 3.65 2016-06-01 3.50 2016-07-01 3.28 2016-08-01 3.32 2016-09-01 3.41 2016-10-01 3.51 2016-11-01 3.86 2016-12-01 4.06 2017-01-01 3.92 2017-02-01 3.95 2017-03-01 4.01 2017-04-01 3.87 2017-05-01 3.85 2017-06-01 3.68 2017-07-01 3.70 2017-08-01 3.63 2017-09-01 3.63 2017-10-01 3.60 2017-11-01 3.57 2017-12-01 3.51 2018-01-01 3.55 2018-02-01 3.82 2018-03-01 3.87 2018-04-01 3.85 2018-05-01 4.00 2018-06-01 3.96 2018-07-01 3.87 2018-08-01 3.88 2018-09-01 3.98 2018-10-01 4.14 2018-11-01 4.22 2018-12-01 4.02 2019-01-01 3.93 The graphical representation of the monthly data of interest rate on three-month Treasury bills since 1975 is as follows: The monthly data of interest rate for 30-year conventional mortgage since 1975 is as follows: Date 30-year conventional mortgage rate 1975-01-01 9.43 1975-02-01 9.11 1975-03-01 8.90 1975-04-01 8.82 1975-05-01 8.91 1975-06-01 8.89 1975-07-01 8.89 1975-08-01 8.94 1975-09-01 9.13 1975-10-01 9.22 1975-11-01 9.15 1975-12-01 9.10 1976-01-01 9.02 1976-02-01 8.81 1976-03-01 8.76 1976-04-01 8.73 1976-05-01 8.77 1976-06-01 8.85 1976-07-01 8.93 1976-08-01 9.00 1976-09-01 8.98 1976-10-01 8.93 1976-11-01 8.81 1976-12-01 8.79 1977-01-01 8.72 1977-02-01 8.67 1977-03-01 8.69 1977-04-01 8.75 1977-05-01 8.82 1977-06-01 8.86 1977-07-01 8.94 1977-08-01 8.94 1977-09-01 8.90 1977-10-01 8.92 1977-11-01 8.92 1977-12-01 8.96 1978-01-01 9.02 1978-02-01 9.16 1978-03-01 9.20 1978-04-01 9.36 1978-05-01 9.58 1978-06-01 9.71 1978-07-01 9.74 1978-08-01 9.79 1978-09-01 9.76 1978-10-01 9.86 1978-11-01 10.11 1978-12-01 10.35 1979-01-01 10.39 1979-02-01 10.41 1979-03-01 10.43 1979-04-01 10.50 1979-05-01 10.69 1979-06-01 11.04 1979-07-01 11.09 1979-08-01 11.09 1979-09-01 11.30 1979-10-01 11.64 1979-11-01 12.83 1979-12-01 12.90 1980-01-01 12.88 1980-02-01 13.04 1980-03-01 15.28 1980-04-01 16.33 1980-05-01 14.26 1980-06-01 12.71 1980-07-01 12.19 1980-08-01 12.56 1980-09-01 13.20 1980-10-01 13.79 1980-11-01 14.21 1980-12-01 14.79 1981-01-01 14.90 1981-02-01 15.13 1981-03-01 15.40 1981-04-01 15.58 1981-05-01 16.40 1981-06-01 16.70 1981-07-01 16.83 1981-08-01 17.29 1981-09-01 18.16 1981-10-01 18.45 1981-11-01 17.83 1981-12-01 16.92 1982-01-01 17.40 1982-02-01 17.60 1982-03-01 17.16 1982-04-01 16.89 1982-05-01 16.68 1982-06-01 16.70 1982-07-01 16.82 1982-08-01 16.27 1982-09-01 15.43 1982-10-01 14.61 1982-11-01 13.83 1982-12-01 13.62 1983-01-01 13.25 1983-02-01 13.04 1983-03-01 12.80 1983-04-01 12.78 1983-05-01 12.63 1983-06-01 12.87 1983-07-01 13.42 1983-08-01 13.81 1983-09-01 13.73 1983-10-01 13.54 1983-11-01 13.44 1983-12-01 13.42 1984-01-01 13.37 1984-02-01 13.23 1984-03-01 13.39 1984-04-01 13.65 1984-05-01 13.94 1984-06-01 14.42 1984-07-01 14.67 1984-08-01 14.47 1984-09-01 14.35 1984-10-01 14.13 1984-11-01 13.64 1984-12-01 13.18 1985-01-01 13.08 1985-02-01 12.92 1985-03-01 13.17 1985-04-01 13.20 1985-05-01 12.91 1985-06-01 12.22 1985-07-01 12.03 1985-08-01 12.19 1985-09-01 12.19 1985-10-01 12.14 1985-11-01 11.78 1985-12-01 11.26 1986-01-01 10.88 1986-02-01 10.71 1986-03-01 10.08 1986-04-01 9.94 1986-05-01 10.14 1986-06-01 10.68 1986-07-01 10.51 1986-08-01 10.20 1986-09-01 10.01 1986-10-01 9.97 1986-11-01 9.70 1986-12-01 9.31 1987-01-01 9.20 1987-02-01 9.08 1987-03-01 9.04 1987-04-01 9.83 1987-05-01 10.60 1987-06-01 10.54 1987-07-01 10.28 1987-08-01 10.33 1987-09-01 10.89 1987-10-01 11.26 1987-11-01 10.65 1987-12-01 10.65 1988-01-01 10.43 1988-02-01 9.89 1988-03-01 9.93 1988-04-01 10.20 1988-05-01 10.46 1988-06-01 10.46 1988-07-01 10.43 1988-08-01 10.60 1988-09-01 10.48 1988-10-01 10.30 1988-11-01 10.27 1988-12-01 10.61 1989-01-01 10.73 1989-02-01 10.65 1989-03-01 11.03 1989-04-01 11.05 1989-05-01 10.77 1989-06-01 10.20 1989-07-01 9.88 1989-08-01 9.99 1989-09-01 10.13 1989-10-01 9.95 1989-11-01 9.77 1989-12-01 9.74 1990-01-01 9.90 1990-02-01 10.20 1990-03-01 10.27 1990-04-01 10.37 1990-05-01 10.48 1990-06-01 10.16 1990-07-01 10.04 1990-08-01 10.10 1990-09-01 10.18 1990-10-01 10.18 1990-11-01 10.01 1990-12-01 9.67 1991-01-01 9.64 1991-02-01 9.37 1991-03-01 9.50 1991-04-01 9.49 1991-05-01 9.47 1991-06-01 9.62 1991-07-01 9.58 1991-08-01 9.24 1991-09-01 9.01 1991-10-01 8.86 1991-11-01 8.71 1991-12-01 8.50 1992-01-01 8.43 1992-02-01 8.76 1992-03-01 8.94 1992-04-01 8.85 1992-05-01 8.67 1992-06-01 8.51 1992-07-01 8.13 1992-08-01 7.98 1992-09-01 7.92 1992-10-01 8.09 1992-11-01 8.31 1992-12-01 8.22 1993-01-01 8.02 1993-02-01 7.68 1993-03-01 7.50 1993-04-01 7.47 1993-05-01 7.47 1993-06-01 7.42 1993-07-01 7.21 1993-08-01 7.11 1993-09-01 6.92 1993-10-01 6.83 1993-11-01 7.16 1993-12-01 7.17 1994-01-01 7.06 1994-02-01 7.15 1994-03-01 7.68 1994-04-01 8.32 1994-05-01 8.60 1994-06-01 8.40 1994-07-01 8.61 1994-08-01 8.51 1994-09-01 8.64 1994-10-01 8.93 1994-11-01 9.17 1994-12-01 9.20 1995-01-01 9.15 1995-02-01 8.83 1995-03-01 8.46 1995-04-01 8.32 1995-05-01 7.96 1995-06-01 7.57 1995-07-01 7.61 1995-08-01 7.86 1995-09-01 7.64 1995-10-01 7.48 1995-11-01 7.38 1995-12-01 7...