Figure G

State and local financing offer no clear advantage over federal financing: Bond Buyer 20 Index and 20-year Treasury constant maturity rate, January 1979–December 2016

Date Bond Buyer 20 Index 20-year Treasury constant maturity rate
Jan-1979 6.47% 8.98
Feb-1979 6.31 9.03
Mar-1979 6.33 9.08
Apr-1979 6.29 9.12
May-1979 6.25 9.21
Jun-1979 6.13 8.91
Jul-1979 6.13 8.92
Aug-1979 6.2 8.97
Sep-1979 6.52 9.21
Oct-1979 7.08 9.99
Nov-1979 7.3 10.37
Dec-1979 7.22 10.18
Jan-1980 7.35 10.65
Feb-1980 8.16 12.21
Mar-1980 9.17 12.49
Apr-1980 8.63 11.42
May-1980 7.59 10.44
Jun-1980 7.63 9.89
Jul-1980 8.13 10.32
Aug-1980 8.67 11.07
Sep-1980 8.94 11.47
Oct-1980 9.11 11.75
Nov-1980 9.56 12.44
Dec-1980 10.11 12.49
Jan-1981 9.66 12.29
Feb-1981 10.1 12.98
Mar-1981 10.16 12.94
Apr-1981 10.62 13.46
May-1981 10.78 13.82
Jun-1981 10.67 13.2
Jul-1981 11.14 13.92
Aug-1981 12.26 14.52
Sep-1981 12.92 15.07
Oct-1981 12.83 15.13
Nov-1981 11.89 13.56
Dec-1981 12.91 13.73
Jan-1982 13.28 14.57
Feb-1982 12.97 14.48
Mar-1982 12.82 13.75
Apr-1982 12.58 13.57
May-1982 11.95 13.46
Jun-1982 12.38 14.18
Jul-1982 12.28 13.76
Aug-1982 11.23 12.91
Sep-1982 10.66 12.16
Oct-1982 9.69 10.97
Nov-1982 10.06 10.57
Dec-1982 9.96 10.62
Jan-1983 9.5 10.78
Feb-1983 9.58 11.03
Mar-1983 9.2 10.8
Apr-1983 9.05 10.63
May-1983 9.11 10.67
Jun-1983 9.52 11.12
Jul-1983 9.53 11.59
Aug-1983 9.72 11.96
Sep-1983 9.58 11.82
Oct-1983 9.66 11.77
Nov-1983 9.75 11.92
Dec-1983 9.89 12.02
Jan-1984 9.63 11.82
Feb-1984 9.64 12
Mar-1984 9.94 12.45
Apr-1984 9.96 12.65
May-1984 10.49 13.43
Jun-1984 10.67 13.54
Jul-1984 10.42 13.36
Aug-1984 9.99 12.71
Sep-1984 10.1 12.42
Oct-1984 10.25 12.04
Nov-1984 10.17 11.66
Dec-1984 9.95 11.64
Jan-1985 9.51 11.58
Feb-1985 9.65 11.7
Mar-1985 9.77 12.06
Apr-1985 9.42 11.69
May-1985 9.01 11.19
Jun-1985 8.69 10.57
Jul-1985 8.81 10.68
Aug-1985 9.08 10.73
Sep-1985 9.27 10.8
Oct-1985 9.08 10.67
Nov-1985 8.54 10.24
Dec-1985 8.43 9.75
Jan-1986 8.08 9.59
Feb-1986 7.44 9.08
Mar-1986 7.08 8.09
Apr-1986 7.2 7.5
May-1986 7.54 7.81
Jun-1986 7.87 7.69
Jul-1986 7.51 7.29
Aug-1986 7.21 7.28
Sep-1986 7.11 7.56
Oct-1986 7.08 7.61
Nov-1986 6.85 7.42
Dec-1986 6.86 7.28
Jan-1987 6.61
Feb-1987 6.61
Mar-1987 6.66
Apr-1987 7.55
May-1987 8.01
Jun-1987 7.79
Jul-1987 7.72
Aug-1987 7.82
Sep-1987 8.26
Oct-1987 8.7
Nov-1987 7.95
Dec-1987 7.96
Jan-1988 7.7
Feb-1988 7.49
Mar-1988 7.74
Apr-1988 7.81
May-1988 7.91
Jun-1988 7.78
Jul-1988 7.76
Aug-1988 7.79
Sep-1988 7.66
Oct-1988 7.47
Nov-1988 7.46
Dec-1988 7.61
Jan-1989 7.35
Feb-1989 7.44
Mar-1989 7.59
Apr-1989 7.49
May-1989 7.25
Jun-1989 7.02
Jul-1989 6.96
Aug-1989 7.06
Sep-1989 7.26
Oct-1989 7.22
Nov-1989 7.14
Dec-1989 6.98
Jan-1990 7.1
Feb-1990 7.22
Mar-1990 7.29
Apr-1990 7.39
May-1990 7.35
Jun-1990 7.24
Jul-1990 7.19
Aug-1990 7.32
Sep-1990 7.43
Oct-1990 7.49
Nov-1990 7.18
Dec-1990 7.09
Jan-1991 7.08
Feb-1991 6.91
Mar-1991 7.1
Apr-1991 7.02
May-1991 6.95
Jun-1991 7.13
Jul-1991 7.05
Aug-1991 6.9
Sep-1991 6.8
Oct-1991 6.68
Nov-1991 6.73
Dec-1991 6.69
Jan-1992 6.54
Feb-1992 6.74
Mar-1992 6.76
Apr-1992 6.67
May-1992 6.57
Jun-1992 6.49
Jul-1992 6.13
Aug-1992 6.16
Sep-1992 6.25
Oct-1992 6.41
Nov-1992 6.36
Dec-1992 6.22
Jan-1993 6.16
Feb-1993 5.87
Mar-1993 5.64
Apr-1993 5.76
May-1993 5.73
Jun-1993 5.63
Jul-1993 5.57
Aug-1993 5.45
Sep-1993 5.29
Oct-1993 5.25 6.07
Nov-1993 5.47 6.38
Dec-1993 5.35 6.4
Jan-1994 5.31 6.39
Feb-1994 5.4 6.57
Mar-1994 5.91 7
Apr-1994 6.23 7.4
May-1994 6.19 7.54
Jun-1994 6.11 7.51
Jul-1994 6.23 7.67
Aug-1994 6.21 7.62
Sep-1994 6.28 7.87
Oct-1994 6.52 8.08
Nov-1994 6.97 8.2
Dec-1994 6.8 7.99
Jan-1995 6.53 7.97
Feb-1995 6.22 7.73
Mar-1995 6.1 7.57
Apr-1995 6.02 7.45
May-1995 5.95 7.01
Jun-1995 5.84 6.59
Jul-1995 5.92 6.74
Aug-1995 6.06 6.92
Sep-1995 5.91 6.65
Oct-1995 5.8 6.45
Nov-1995 5.64 6.33
Dec-1995 5.45 6.12
Jan-1996 5.43 6.11
Feb-1996 5.43 6.3
Mar-1996 5.79 6.74
Apr-1996 5.94 6.98
May-1996 5.98 7.11
Jun-1996 6.02 7.22
Jul-1996 5.92 7.14
Aug-1996 5.76 6.97
Sep-1996 5.87 7.17
Oct-1996 5.72 6.9
Nov-1996 5.59 6.58
Dec-1996 5.64 6.65
Jan-1997 5.72 6.91
Feb-1997 5.63 6.77
Mar-1997 5.76 7.05
Apr-1997 5.88 7.2
May-1997 5.7 7.02
Jun-1997 5.53 6.84
Jul-1997 5.35 6.56
Aug-1997 5.41 6.65
Sep-1997 5.39 6.56
Oct-1997 5.38 6.38
Nov-1997 5.33 6.2
Dec-1997 5.18 6.07
Jan-1998 5.04 5.88
Feb-1998 5.1 5.96
Mar-1998 5.21 6.01
Apr-1998 5.23 6
May-1998 5.2 6.01
Jun-1998 5.12 5.8
Jul-1998 5.15 5.78
Aug-1998 5.1 5.66
Sep-1998 4.99 5.38
Oct-1998 4.93 5.3
Nov-1998 5.03 5.48
Dec-1998 4.98 5.36
Jan-1999 5.01 5.45
Feb-1999 5.03 5.66
Mar-1999 5.1 5.87
Apr-1999 5.07 5.82
May-1999 5.18 6.08
Jun-1999 5.37 6.36
Jul-1999 5.39 6.28
Aug-1999 5.58 6.43
Sep-1999 5.69 6.5
Oct-1999 5.92 6.66
Nov-1999 5.86 6.48
Dec-1999 5.95 6.69
Jan-2000 6.07 6.86
Feb-2000 6 6.54
Mar-2000 5.83 6.38
Apr-2000 5.75 6.18
May-2000 6 6.55
Jun-2000 5.8 6.28
Jul-2000 5.63 6.2
Aug-2000 5.51 6.02
Sep-2000 5.56 6.09
Oct-2000 5.59 6.04
Nov-2000 5.54 5.98
Dec-2000 5.23 5.64
Jan-2001 5.1 5.65
Feb-2001 5.18 5.62
Mar-2001 5.13 5.49
Apr-2001 5.27 5.78
May-2001 5.29 5.92
Jun-2001 5.2 5.82
Jul-2001 5.2 5.75
Aug-2001 5.03 5.58
Sep-2001 5.09 5.53
Oct-2001 5.05 5.34
Nov-2001 5.04 5.33
Dec-2001 5.25 5.76
Jan-2002 5.16 5.69
Feb-2002 5.11 5.61
Mar-2002 5.29 5.93
Apr-2002 5.22 5.85
May-2002 5.19 5.81
Jun-2002 5.09 5.65
Jul-2002 5.02 5.51
Aug-2002 4.95 5.19
Sep-2002 4.73 4.87
Oct-2002 4.88 5
Nov-2002 4.95 5.04
Dec-2002 4.85 5.01
Jan-2003 4.9 5.02
Feb-2003 4.81 4.87
Mar-2003 4.76 4.82
Apr-2003 4.74 4.91
May-2003 4.41 4.52
Jun-2003 4.33 4.34
Jul-2003 4.74 4.92
Aug-2003 5.1 5.39
Sep-2003 4.92 5.21
Oct-2003 4.89 5.21
Nov-2003 4.73 5.17
Dec-2003 4.64 5.11
Jan-2004 4.61 5.01
Feb-2004 4.55 4.94
Mar-2004 4.41 4.72
Apr-2004 4.82 5.16
May-2004 5.07 5.46
Jun-2004 5.05 5.45
Jul-2004 4.87 5.24
Aug-2004 4.7 5.07
Sep-2004 4.56 4.89
Oct-2004 4.49 4.85
Nov-2004 4.52 4.89
Dec-2004 4.48 4.88
Jan-2005 4.41 4.77
Feb-2005 4.35 4.61
Mar-2005 4.57 4.89
Apr-2005 4.46 4.75
May-2005 4.31 4.56
Jun-2005 4.23 4.35
Jul-2005 4.31 4.48
Aug-2005 4.32 4.53
Sep-2005 4.29 4.51
Oct-2005 4.5 4.74
Nov-2005 4.57 4.83
Dec-2005 4.46 4.73
Jan-2006 4.37 4.65
Feb-2006 4.41 4.73
Mar-2006 4.44 4.91
Apr-2006 4.58 5.22
May-2006 4.59 5.35
Jun-2006 4.6 5.29
Jul-2006 4.61 5.25
Aug-2006 4.39 5.08
Sep-2006 4.27 4.93
Oct-2006 4.3 4.94
Nov-2006 4.14 4.78
Dec-2006 4.11 4.78
Jan-2007 4.23 4.95
Feb-2007 4.22 4.93
Mar-2007 4.15 4.81
Apr-2007 4.26 4.95
May-2007 4.31 4.98
Jun-2007 4.6 5.29
Jul-2007 4.56 5.19
Aug-2007 4.67 5
Sep-2007 4.51 4.84
Oct-2007 4.41 4.83
Nov-2007 4.46 4.56
Dec-2007 4.42 4.57
Jan-2008 4.27 4.35
Feb-2008 4.64 4.49
Mar-2008 4.93 4.36
Apr-2008 4.7 4.44
May-2008 4.58 4.6
Jun-2008 4.72 4.74
Jul-2008 4.68 4.62
Aug-2008 4.69 4.53
Sep-2008 4.86 4.32
Oct-2008 5.5 4.45
Nov-2008 5.23 4.27
Dec-2008 5.49 3.18
Jan-2009 5.03 3.46
Feb-2009 4.9 3.83
Mar-2009 4.99 3.78
Apr-2009 4.78 3.84
May-2009 4.55 4.22
Jun-2009 4.81 4.51
Jul-2009 4.72 4.38
Aug-2009 4.6 4.33
Sep-2009 4.24 4.14
Oct-2009 4.2 4.16
Nov-2009 4.37 4.24
Dec-2009 4.21 4.4
Jan-2010 4.33 4.5
Feb-2010 4.36 4.48
Mar-2010 4.37 4.49
Apr-2010 4.41 4.53
May-2010 4.29 4.11
Jun-2010 4.36 3.95
Jul-2010 4.32 3.8
Aug-2010 4.03 3.52
Sep-2010 3.87 3.47
Oct-2010 3.87 3.52
Nov-2010 4.4 3.82
Dec-2010 4.92 4.17
Jan-2011 5.28 4.28
Feb-2011 5.15 4.42
Mar-2011 4.92 4.27
Apr-2011 4.99 4.28
May-2011 4.6 4.01
Jun-2011 4.51 3.91
Jul-2011 4.52 3.95
Aug-2011 4.02 3.24
Sep-2011 4.01 2.83
Oct-2011 4.13 2.87
Nov-2011 4.05 2.72
Dec-2011 3.95 2.67
Jan-2012 3.68 2.7
Feb-2012 3.66 2.75
Mar-2012 3.91 2.94
Apr-2012 3.95 2.82
May-2012 3.77 2.53
Jun-2012 3.94 2.31
Jul-2012 3.78 2.22
Aug-2012 3.74 2.4
Sep-2012 3.73 2.49
Oct-2012 3.65 2.51
Nov-2012 3.46 2.39
Dec-2012 3.48 2.47
Jan-2013 3.6 2.68
Feb-2013 3.72 2.78
Mar-2013 3.96 2.78
Apr-2013 3.92 2.55
May-2013 3.72 2.73
Jun-2013 4.27 3.07
Jul-2013 4.56 3.31
Aug-2013 4.82 3.49
Sep-2013 4.79 3.53
Oct-2013 4.56 3.38
Nov-2013 4.6 3.5
Dec-2013 4.73 3.63
Jan-2014 4.59 3.52
Feb-2014 4.44 3.38
Mar-2014 4.46 3.35
Apr-2014 4.35 3.27
May-2014 4.29 3.12
Jun-2014 4.35 3.15
Jul-2014 4.33 3.07
Aug-2014 4.23 2.94
Sep-2014 4.13 3.01
Oct-2014 3.96 2.77
Nov-2014 3.96 2.76
Dec-2014 3.67 2.55
Jan-2015 3.36 2.2
Feb-2015 3.58 2.34
Mar-2015 3.59 2.41
Apr-2015 3.51 2.33
May-2015 3.76 2.69
Jun-2015 3.82 2.85
Jul-2015 3.79 2.77
Aug-2015 3.74 2.55
Sep-2015 3.78 2.62
Oct-2015 3.67 2.5
Nov-2015 3.68 2.69
Dec-2015 3.57 2.61
Jan-2016 3.41 2.49
Feb-2016 3.3 2.2
Mar-2016 3.38 2.28
Apr-2016 3.3 2.21
May-2016 3.29 2.22
Jun-2016 3.01 2.02
Jul-2016 2.83 1.82
Aug-2016 2.85 1.89
Sep-2016 2.93 2.02
Oct-2016 3.27 2.17
Nov-2016 3.59 2.54
Dec-2016 3.86 2.84
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Source: Author’s analysis of the Bond Buyer 20 Index and Board of Governors of the Federal Reserve System (US), “20-Year Treasury Constant Maturity Rate,” retrieved from FRED, Federal Reserve Bank of St. Louis

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