| Federal Reserve Rate Hikes Led to a Flatter Yield Curve during 2004 | |||||||||
| Yield (Note: The yield refers to Treasury constant maturities.) | |||||||||
| Time Period | 3-Month U.S. Treasury | 6-Month U.S. Treasury | 1-Year U.S. Treasury | 2-Year U.S. Treasury | 3-Year U.S. Treasury | 5-Year U.S. Treasury | 7-Year U.S. Treasury | 10-Year U.S. Treasury | 20-Year U.S. Treasury |
| Year-end 2004 | 2.22 | 2.59 | 2.75 | 3.08 | 3.25 | 3.63 | 3.94 | 4.24 | 4.85 |
| Year-end 2003 | 0.95 | 1.02 | 1.26 | 1.84 | 2.37 | 3.25 | 3.77 | 4.27 | 5.10 |
| Mid-year 2004 | 1.33 | 1.68 | 2.09 | 2.70 | 3.16 | 3.81 | 4.24 | 4.62 | 5.33 |
| Source: U.S. Treasury. | |||||||||