A line chart. The interest rate on the three-month London Interbank Offer Rate (LIBOR) was 5.13 percent in June 1999, 5.55 percent in September 1999, 6.18 percent in December 1999, 6.19 percent in March 2000, 6.78 percent in June 2000, 6.66 percent in September 2000, 6.55 percent in December 2000, 4.96 percent in March 2001, 3.83 percent in June 2001, 3.01 percent in September 2001, 1.92 percent in December 2001, 1.90 percent in March 2002, 1.90 percent in June 2002, and 1.80 percent in September 2002.
The interest rate on the five-year Treasury note was 5.81 percent in June 1999, 5.80 percent in September 1999, 6.19 percent in December 1999, 6.50 percent in March 2000, 6.30 percent in June 2000, 6.06 percent in September 2000, 5.17 percent in December 2000, 4.64 percent in March 2001, 4.81 percent in June 2001, 4.12 percent in September 2001, 3.97 percent in December 2001, 4.30 percent in March 2002, 4.19 percent in June 2002, and 2.94 percent in September 2002.
The interest spread between the five-year Treasury note yield at constant maturity and the three-month LIBOR was .67 percent in June 1999, .25 in September 1999, .01 in December 1999, .31 in March 2000, minus .48 in June 2000, minus .60 in September 2000, minus .38 in December 2000, minus .32 in March 2001, .98 in June 2001, 1.11 in September 2001, 1.75 in December 2001, 2.40 in March 2002, 2.29 in June 2002, and 1.14 in September 2002. Short-term rates are unchanged in recent periods, but long-term rates have dropped considerably.