Title: Index of Yields of High Grade Municipal Bonds for United States Series ID: M13023USM156NNBR Source: National Bureau of Economic Research Release: NBER Macrohistory Database (Not a Press Release) Seasonal Adjustment: Not Seasonally Adjusted Frequency: Monthly Units: Percent Date Range: 1900-01-01 to 1967-04-01 Last Updated: 2012-08-20 8:18 AM CDT Notes: An Arithmetic Average Of The Yield To Maturity On Each Issue Is Based On The Mean Of Monthly High And Low Prices. Beginning January 3, 1929, The Average Yield Is Computed From Thursday'S Closing Prices, The Monthly Index Consisting Of An Average Of The Four Or Five Weekly Indexes For The Month. Beginning April 30, 1930, Wednesday'S Closing Prices Are Used And The Average For The Month Is Taken As Before. Source: Standard And Poor'S Corporation, Data For 1900-1940: "Long Term Security Price Index Record (Through December 31, 1940)", Pp. 137-138. Data For 1941-1942: "Security Price Index Record: 1941 & 1942", P. 16. Data For 1943-1951: "Security Price Index Record", 1952 Edition, P. 175 (Also See 1957 Edition And 1959 Supplement To 1957 Edition). Data For 1952-1967: Current Statistics, July 1952, And Following Monthly Issues. This NBER data series m13023 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13023 DATE VALUE 1900-01-01 3.12 1900-02-01 3.13 1900-03-01 3.12 1900-04-01 3.11 1900-05-01 3.11 1900-06-01 3.11 1900-07-01 3.13 1900-08-01 3.13 1900-09-01 3.13 1900-10-01 3.13 1900-11-01 3.12 1900-12-01 3.08 1901-01-01 3.09 1901-02-01 3.08 1901-03-01 3.09 1901-04-01 3.09 1901-05-01 3.10 1901-06-01 3.10 1901-07-01 3.15 1901-08-01 3.17 1901-09-01 3.19 1901-10-01 3.19 1901-11-01 3.17 1901-12-01 3.17 1902-01-01 3.17 1902-02-01 3.18 1902-03-01 3.19 1902-04-01 3.15 1902-05-01 3.15 1902-06-01 3.19 1902-07-01 3.21 1902-08-01 3.20 1902-09-01 3.21 1902-10-01 3.21 1902-11-01 3.25 1902-12-01 3.25 1903-01-01 3.26 1903-02-01 3.26 1903-03-01 3.29 1903-04-01 3.30 1903-05-01 3.31 1903-06-01 3.36 1903-07-01 3.40 1903-08-01 3.47 1903-09-01 3.49 1903-10-01 3.49 1903-11-01 3.49 1903-12-01 3.48 1904-01-01 3.48 1904-02-01 3.49 1904-03-01 3.52 1904-04-01 3.51 1904-05-01 3.49 1904-06-01 3.48 1904-07-01 3.42 1904-08-01 3.40 1904-09-01 3.40 1904-10-01 3.39 1904-11-01 3.39 1904-12-01 3.38 1905-01-01 3.38 1905-02-01 3.38 1905-03-01 3.37 1905-04-01 3.37 1905-05-01 3.38 1905-06-01 3.41 1905-07-01 3.41 1905-08-01 3.41 1905-09-01 3.40 1905-10-01 3.41 1905-11-01 3.43 1905-12-01 3.44 1906-01-01 3.44 1906-02-01 3.45 1906-03-01 3.48 1906-04-01 3.47 1906-05-01 3.51 1906-06-01 3.54 1906-07-01 3.57 1906-08-01 3.64 1906-09-01 3.70 1906-10-01 3.69 1906-11-01 3.67 1906-12-01 3.67 1907-01-01 3.68 1907-02-01 3.70 1907-03-01 3.73 1907-04-01 3.72 1907-05-01 3.76 1907-06-01 3.80 1907-07-01 3.80 1907-08-01 3.86 1907-09-01 3.93 1907-10-01 4.00 1907-11-01 4.11 1907-12-01 4.17 1908-01-01 4.17 1908-02-01 4.00 1908-03-01 3.97 1908-04-01 3.98 1908-05-01 3.95 1908-06-01 3.90 1908-07-01 3.93 1908-08-01 3.91 1908-09-01 3.89 1908-10-01 3.86 1908-11-01 3.82 1908-12-01 3.79 1909-01-01 3.75 1909-02-01 3.73 1909-03-01 3.72 1909-04-01 3.74 1909-05-01 3.75 1909-06-01 3.77 1909-07-01 3.78 1909-08-01 3.80 1909-09-01 3.79 1909-10-01 3.82 1909-11-01 3.83 1909-12-01 3.85 1910-01-01 3.87 1910-02-01 3.88 1910-03-01 3.91 1910-04-01 3.93 1910-05-01 3.97 1910-06-01 3.99 1910-07-01 4.04 1910-08-01 4.03 1910-09-01 4.02 1910-10-01 4.00 1910-11-01 3.97 1910-12-01 4.01 1911-01-01 3.99 1911-02-01 3.99 1911-03-01 3.98 1911-04-01 3.97 1911-05-01 3.96 1911-06-01 3.96 1911-07-01 3.97 1911-08-01 3.97 1911-09-01 4.00 1911-10-01 4.00 1911-11-01 4.01 1911-12-01 4.00 1912-01-01 4.00 1912-02-01 3.99 1912-03-01 4.00 1912-04-01 4.01 1912-05-01 4.01 1912-06-01 4.02 1912-07-01 4.01 1912-08-01 4.01 1912-09-01 4.03 1912-10-01 4.04 1912-11-01 4.08 1912-12-01 4.09 1913-01-01 4.09 1913-02-01 4.08 1913-03-01 4.12 1913-04-01 4.16 1913-05-01 4.20 1913-06-01 4.25 1913-07-01 4.35 1913-08-01 4.32 1913-09-01 4.36 1913-10-01 4.30 1913-11-01 4.21 1913-12-01 4.23 1914-01-01 4.17 1914-02-01 4.17 1914-03-01 4.11 1914-04-01 4.10 1914-05-01 4.10 1914-06-01 4.09 1914-07-01 4.10 1914-08-01 . 1914-09-01 . 1914-10-01 . 1914-11-01 . 1914-12-01 . 1915-01-01 4.15 1915-02-01 4.14 1915-03-01 4.13 1915-04-01 4.14 1915-05-01 4.22 1915-06-01 4.21 1915-07-01 4.23 1915-08-01 4.23 1915-09-01 4.19 1915-10-01 4.18 1915-11-01 4.08 1915-12-01 4.02 1916-01-01 3.99 1916-02-01 3.96 1916-03-01 3.95 1916-04-01 3.96 1916-05-01 3.97 1916-06-01 3.97 1916-07-01 3.97 1916-08-01 3.96 1916-09-01 3.95 1916-10-01 3.90 1916-11-01 3.85 1916-12-01 3.84 1917-01-01 3.82 1917-02-01 3.90 1917-03-01 3.94 1917-04-01 4.08 1917-05-01 4.15 1917-06-01 4.26 1917-07-01 4.29 1917-08-01 4.32 1917-09-01 4.38 1917-10-01 4.35 1917-11-01 4.44 1917-12-01 4.51 1918-01-01 4.52 1918-02-01 4.48 1918-03-01 4.54 1918-04-01 4.59 1918-05-01 4.58 1918-06-01 4.52 1918-07-01 4.47 1918-08-01 4.51 1918-09-01 4.53 1918-10-01 4.53 1918-11-01 4.37 1918-12-01 4.36 1919-01-01 4.43 1919-02-01 4.46 1919-03-01 4.53 1919-04-01 4.52 1919-05-01 4.47 1919-06-01 4.44 1919-07-01 4.44 1919-08-01 4.45 1919-09-01 4.44 1919-10-01 4.45 1919-11-01 4.45 1919-12-01 4.47 1920-01-01 4.53 1920-02-01 4.62 1920-03-01 4.62 1920-04-01 4.83 1920-05-01 5.03 1920-06-01 5.23 1920-07-01 5.25 1920-08-01 5.28 1920-09-01 5.22 1920-10-01 5.06 1920-11-01 5.02 1920-12-01 5.10 1921-01-01 5.05 1921-02-01 5.12 1921-03-01 5.11 1921-04-01 5.12 1921-05-01 5.12 1921-06-01 5.27 1921-07-01 5.34 1921-08-01 5.25 1921-09-01 5.14 1921-10-01 5.07 1921-11-01 4.93 1921-12-01 4.52 1922-01-01 4.43 1922-02-01 4.43 1922-03-01 4.37 1922-04-01 4.20 1922-05-01 4.17 1922-06-01 4.18 1922-07-01 4.21 1922-08-01 4.18 1922-09-01 4.11 1922-10-01 4.14 1922-11-01 4.20 1922-12-01 4.15 1923-01-01 4.13 1923-02-01 4.12 1923-03-01 4.15 1923-04-01 4.18 1923-05-01 4.20 1923-06-01 4.21 1923-07-01 4.31 1923-08-01 4.33 1923-09-01 4.36 1923-10-01 4.34 1923-11-01 4.32 1923-12-01 4.35 1924-01-01 4.31 1924-02-01 4.31 1924-03-01 4.31 1924-04-01 4.30 1924-05-01 4.23 1924-06-01 4.19 1924-07-01 4.16 1924-08-01 4.15 1924-09-01 4.08 1924-10-01 4.10 1924-11-01 4.09 1924-12-01 4.12 1925-01-01 4.10 1925-02-01 4.08 1925-03-01 4.07 1925-04-01 4.05 1925-05-01 4.02 1925-06-01 4.01 1925-07-01 4.06 1925-08-01 4.03 1925-09-01 4.12 1925-10-01 4.15 1925-11-01 4.22 1925-12-01 4.13 1926-01-01 4.10 1926-02-01 4.09 1926-03-01 4.09 1926-04-01 4.07 1926-05-01 4.06 1926-06-01 4.06 1926-07-01 4.06 1926-08-01 4.04 1926-09-01 4.08 1926-10-01 4.09 1926-11-01 4.09 1926-12-01 4.07 1927-01-01 4.04 1927-02-01 4.04 1927-03-01 4.00 1927-04-01 3.96 1927-05-01 3.94 1927-06-01 4.00 1927-07-01 4.02 1927-08-01 4.00 1927-09-01 3.96 1927-10-01 3.93 1927-11-01 3.93 1927-12-01 3.90 1928-01-01 3.89 1928-02-01 3.89 1928-03-01 3.89 1928-04-01 3.93 1928-05-01 4.02 1928-06-01 4.09 1928-07-01 4.13 1928-08-01 4.16 1928-09-01 4.17 1928-10-01 4.17 1928-11-01 4.15 1928-12-01 4.15 1929-01-01 4.16 1929-02-01 4.25 1929-03-01 4.32 1929-04-01 4.29 1929-05-01 4.23 1929-06-01 4.26 1929-07-01 4.28 1929-08-01 4.31 1929-09-01 4.32 1929-10-01 4.29 1929-11-01 4.25 1929-12-01 4.22 1930-01-01 4.22 1930-02-01 4.24 1930-03-01 4.12 1930-04-01 4.11 1930-05-01 4.11 1930-06-01 4.10 1930-07-01 4.05 1930-08-01 3.97 1930-09-01 3.97 1930-10-01 3.94 1930-11-01 4.00 1930-12-01 4.05 1931-01-01 3.92 1931-02-01 3.95 1931-03-01 3.89 1931-04-01 3.80 1931-05-01 3.75 1931-06-01 3.76 1931-07-01 3.85 1931-08-01 3.83 1931-09-01 3.91 1931-10-01 4.35 1931-11-01 4.42 1931-12-01 4.64 1932-01-01 4.92 1932-02-01 5.03 1932-03-01 4.79 1932-04-01 4.73 1932-05-01 4.77 1932-06-01 4.81 1932-07-01 4.78 1932-08-01 4.50 1932-09-01 4.39 1932-10-01 4.37 1932-11-01 4.38 1932-12-01 4.37 1933-01-01 4.23 1933-02-01 4.28 1933-03-01 4.88 1933-04-01 5.05 1933-05-01 5.27 1933-06-01 4.71 1933-07-01 4.60 1933-08-01 4.54 1933-09-01 4.59 1933-10-01 4.60 1933-11-01 4.89 1933-12-01 4.89 1934-01-01 4.67 1934-02-01 4.48 1934-03-01 4.23 1934-04-01 4.12 1934-05-01 4.00 1934-06-01 3.88 1934-07-01 3.85 1934-08-01 3.88 1934-09-01 3.94 1934-10-01 3.84 1934-11-01 3.78 1934-12-01 3.69 1935-01-01 3.57 1935-02-01 3.41 1935-03-01 3.41 1935-04-01 3.40 1935-05-01 3.43 1935-06-01 3.42 1935-07-01 3.32 1935-08-01 3.35 1935-09-01 3.44 1935-10-01 3.45 1935-11-01 3.34 1935-12-01 3.31 1936-01-01 3.27 1936-02-01 3.22 1936-03-01 3.18 1936-04-01 3.17 1936-05-01 3.16 1936-06-01 3.16 1936-07-01 3.13 1936-08-01 3.06 1936-09-01 2.97 1936-10-01 2.94 1936-11-01 2.85 1936-12-01 2.76 1937-01-01 2.79 1937-02-01 2.96 1937-03-01 3.19 1937-04-01 3.24 1937-05-01 3.14 1937-06-01 3.11 1937-07-01 3.07 1937-08-01 3.01 1937-09-01 3.18 1937-10-01 3.24 1937-11-01 3.17 1937-12-01 3.15 1938-01-01 3.03 1938-02-01 2.99 1938-03-01 2.99 1938-04-01 3.03 1938-05-01 2.91 1938-06-01 2.91 1938-07-01 2.87 1938-08-01 2.82 1938-09-01 3.02 1938-10-01 2.82 1938-11-01 2.74 1938-12-01 2.75 1939-01-01 2.70 1939-02-01 2.70 1939-03-01 2.67 1939-04-01 2.75 1939-05-01 2.66 1939-06-01 2.63 1939-07-01 2.65 1939-08-01 2.75 1939-09-01 3.29 1939-10-01 3.08 1939-11-01 2.69 1939-12-01 2.56 1940-01-01 2.54 1940-02-01 2.60 1940-03-01 2.58 1940-04-01 2.56 1940-05-01 2.81 1940-06-01 2.85 1940-07-01 2.54 1940-08-01 2.49 1940-09-01 2.44 1940-10-01 2.32 1940-11-01 2.18 1940-12-01 2.07 1941-01-01 2.16 1941-02-01 2.27 1941-03-01 2.28 1941-04-01 2.20 1941-05-01 2.14 1941-06-01 2.08 1941-07-01 2.03 1941-08-01 2.00 1941-09-01 1.99 1941-10-01 1.91 1941-11-01 1.90 1941-12-01 2.25 1942-01-01 2.33 1942-02-01 2.55 1942-03-01 2.58 1942-04-01 2.44 1942-05-01 2.45 1942-06-01 2.38 1942-07-01 2.32 1942-08-01 2.28 1942-09-01 2.25 1942-10-01 2.22 1942-11-01 2.20 1942-12-01 2.26 1943-01-01 2.27 1943-02-01 2.22 1943-03-01 2.21 1943-04-01 2.20 1943-05-01 2.13 1943-06-01 2.07 1943-07-01 1.97 1943-08-01 1.91 1943-09-01 1.92 1943-10-01 1.88 1943-11-01 1.90 1943-12-01 2.00 1944-01-01 1.92 1944-02-01 1.85 1944-03-01 1.84 1944-04-01 1.85 1944-05-01 1.86 1944-06-01 1.87 1944-07-01 1.84 1944-08-01 1.82 1944-09-01 1.83 1944-10-01 1.87 1944-11-01 1.88 1944-12-01 1.87 1945-01-01 1.81 1945-02-01 1.71 1945-03-01 1.61 1945-04-01 1.57 1945-05-01 1.58 1945-06-01 1.58 1945-07-01 1.57 1945-08-01 1.70 1945-09-01 1.79 1945-10-01 1.76 1945-11-01 1.70 1945-12-01 1.64 1946-01-01 1.57 1946-02-01 1.49 1946-03-01 1.49 1946-04-01 1.45 1946-05-01 1.54 1946-06-01 1.55 1946-07-01 1.60 1946-08-01 1.65 1946-09-01 1.75 1946-10-01 1.84 1946-11-01 1.80 1946-12-01 1.97 1947-01-01 1.92 1947-02-01 1.99 1947-03-01 2.02 1947-04-01 1.98 1947-05-01 1.95 1947-06-01 1.92 1947-07-01 1.91 1947-08-01 1.93 1947-09-01 1.92 1947-10-01 2.02 1947-11-01 2.18 1947-12-01 2.35 1948-01-01 2.45 1948-02-01 2.55 1948-03-01 2.52 1948-04-01 2.38 1948-05-01 2.31 1948-06-01 2.26 1948-07-01 2.33 1948-08-01 2.45 1948-09-01 2.46 1948-10-01 2.45 1948-11-01 2.42 1948-12-01 2.26 1949-01-01 2.15 1949-02-01 2.23 1949-03-01 2.21 1949-04-01 2.20 1949-05-01 2.20 1949-06-01 2.28 1949-07-01 2.26 1949-08-01 2.20 1949-09-01 2.22 1949-10-01 2.21 1949-11-01 2.17 1949-12-01 2.13 1950-01-01 2.08 1950-02-01 2.06 1950-03-01 2.07 1950-04-01 2.08 1950-05-01 2.07 1950-06-01 2.09 1950-07-01 2.09 1950-08-01 1.90 1950-09-01 1.88 1950-10-01 1.82 1950-11-01 1.79 1950-12-01 1.77 1951-01-01 1.62 1951-02-01 1.61 1951-03-01 1.87 1951-04-01 2.05 1951-05-01 2.09 1951-06-01 2.22 1951-07-01 2.18 1951-08-01 2.04 1951-09-01 2.05 1951-10-01 2.08 1951-11-01 2.07 1951-12-01 2.10 1952-01-01 2.10 1952-02-01 2.04 1952-03-01 2.07 1952-04-01 2.01 1952-05-01 2.05 1952-06-01 2.10 1952-07-01 2.12 1952-08-01 2.22 1952-09-01 2.33 1952-10-01 2.42 1952-11-01 2.40 1952-12-01 2.40 1953-01-01 2.47 1953-02-01 2.54 1953-03-01 2.61 1953-04-01 2.63 1953-05-01 2.73 1953-06-01 2.99 1953-07-01 2.99 1953-08-01 2.89 1953-09-01 2.88 1953-10-01 2.72 1953-11-01 2.62 1953-12-01 2.59 1954-01-01 2.50 1954-02-01 2.39 1954-03-01 2.38 1954-04-01 2.47 1954-05-01 2.49 1954-06-01 2.48 1954-07-01 2.31 1954-08-01 2.23 1954-09-01 2.29 1954-10-01 2.32 1954-11-01 2.29 1954-12-01 2.33 1955-01-01 2.39 1955-02-01 2.42 1955-03-01 2.45 1955-04-01 2.43 1955-05-01 2.41 1955-06-01 2.48 1955-07-01 2.62 1955-08-01 2.67 1955-09-01 2.63 1955-10-01 2.56 1955-11-01 2.55 1955-12-01 2.71 1956-01-01 2.64 1956-02-01 2.58 1956-03-01 2.69 1956-04-01 2.88 1956-05-01 2.86 1956-06-01 2.75 1956-07-01 2.78 1956-08-01 2.94 1956-09-01 3.07 1956-10-01 3.14 1956-11-01 3.38 1956-12-01 3.44 1957-01-01 3.40 1957-02-01 3.26 1957-03-01 3.32 1957-04-01 3.33 1957-05-01 3.52 1957-06-01 3.75 1957-07-01 3.75 1957-08-01 3.91 1957-09-01 3.90 1957-10-01 3.79 1957-11-01 3.76 1957-12-01 3.47 1958-01-01 3.32 1958-02-01 3.37 1958-03-01 3.45 1958-04-01 3.31 1958-05-01 3.25 1958-06-01 3.26 1958-07-01 3.45 1958-08-01 3.74 1958-09-01 3.96 1958-10-01 3.94 1958-11-01 3.84 1958-12-01 3.84 1959-01-01 3.87 1959-02-01 3.85 1959-03-01 3.76 1959-04-01 3.84 1959-05-01 3.97 1959-06-01 4.04 1959-07-01 4.04 1959-08-01 3.96 1959-09-01 4.13 1959-10-01 3.99 1959-11-01 3.94 1959-12-01 4.05 1960-01-01 4.13 1960-02-01 3.97 1960-03-01 3.87 1960-04-01 3.84 1960-05-01 3.84 1960-06-01 3.78 1960-07-01 3.72 1960-08-01 3.53 1960-09-01 3.53 1960-10-01 3.59 1960-11-01 3.46 1960-12-01 3.45 1961-01-01 3.44 1961-02-01 3.33 1961-03-01 3.38 1961-04-01 3.44 1961-05-01 3.38 1961-06-01 3.53 1961-07-01 3.53 1961-08-01 3.55 1961-09-01 3.54 1961-10-01 3.46 1961-11-01 3.44 1961-12-01 3.49 1962-01-01 3.32 1962-02-01 3.28 1962-03-01 3.19 1962-04-01 3.08 1962-05-01 3.09 1962-06-01 3.24 1962-07-01 3.30 1962-08-01 3.31 1962-09-01 3.18 1962-10-01 3.03 1962-11-01 3.03 1962-12-01 3.12 1963-01-01 3.12 1963-02-01 3.18 1963-03-01 3.11 1963-04-01 3.11 1963-05-01 3.15 1963-06-01 3.27 1963-07-01 3.29 1963-08-01 3.22 1963-09-01 3.27 1963-10-01 3.32 1963-11-01 3.41 1963-12-01 3.34 1964-01-01 3.23 1964-02-01 3.17 1964-03-01 3.32 1964-04-01 3.29 1964-05-01 3.21 1964-06-01 3.20 1964-07-01 3.18 1964-08-01 3.20 1964-09-01 3.25 1964-10-01 3.26 1964-11-01 3.18 1964-12-01 3.15 1965-01-01 3.06 1965-02-01 3.10 1965-03-01 3.18 1965-04-01 3.17 1965-05-01 3.19 1965-06-01 3.26 1965-07-01 3.26 1965-08-01 3.25 1965-09-01 3.36 1965-10-01 3.42 1965-11-01 3.47 1965-12-01 3.56 1966-01-01 3.52 1966-02-01 3.63 1966-03-01 3.72 1966-04-01 3.59 1966-05-01 3.68 1966-06-01 3.77 1966-07-01 3.94 1966-08-01 4.17 1966-09-01 4.11 1966-10-01 3.97 1966-11-01 3.93 1966-12-01 3.83 1967-01-01 3.58 1967-02-01 3.56 1967-03-01 3.60 1967-04-01 3.66