Nominal Interest Rates on Special Issues

**Special-issue interest rates on new investments** (percent)
Month	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009
January	6.625	5.375	5.250	4.000	4.250	4.250	4.500	4.750	4.000	2.125
February	6.750	5.375	5.250	4.125	4.125	4.125	4.625	4.875	3.500	2.750
March	6.500	5.250	5.125	3.875	4.000	4.375	4.625	4.625	3.375	2.875
April	6.250	5.250	5.625	4.000	3.875	4.500	5.000	4.750	3.375	2.500
May	6.375	5.500	5.250	4.000	4.500	4.250	5.125	4.625	3.750	2.875
June	6.500	5.625	5.250	3.500	4.625	4.125	5.125	5.000	4.000	3.250
July	6.250	5.625	5.000	3.625	4.625	4.000	5.250	5.000	3.875	3.250
August	6.125	5.250	4.750	4.500	4.500	4.375	5.000	4.750	3.875	3.250
September	6.000	5.125	4.375	4.500	4.125	4.125	4.750	4.500	3.750	3.125
October	6.000	4.875	3.875	4.000	4.125	4.375	4.750	4.500	3.625	3.000
November	5.875	4.500	4.125	4.375	4.125	4.625	4.625	4.500	3.750	3.125
December	5.625	5.000	4.500	4.375	4.375	4.625	4.500	4.000	2.750	2.875
Average	6.240	5.229	4.865	4.073	4.271	4.313	4.823	4.656	3.635	2.917

Month	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
January	3.500	2.875	1.500
February	3.125	2.875	1.500
March	3.125	3.000
April	3.375	3.000
May	3.250	2.875
June	2.875	2.500
July	2.625	2.625
August	2.500	2.250
September	2.125	1.875
October	2.125	1.625
November	2.125	1.750
December	2.375	1.750
Average	2.760	2.417	NA	NA	NA	NA	NA	NA	NA	NA

Note: The current formula for determining special-issue interest rates became effective with the October 1960 rate. Under this formula, the highest interest rate is 15.250 percent (Oct 1981) and the lowest rate is 1.500 percent (Jan 2012, Feb 2012). See table for 1937-1999 interest rates.


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