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Thursday, 2 December 1976

Mr LYNCH - As I announced in the Press statement of 28 November, issue yields on treasury notes were increased by 0.5 per cent as from the commencement of business on 29 November. This brought the yield on 13-week notes to 8.981 per cent and on 26-week notes to 9.230 per cent. As then foreshadowed, adjustments have taken place also in market yields on bonds. For short term securities the increase has been approximately 0.5 per cent. For example, the yield on November 1978 bonds has increased from about 9.4 per cent on 26 November to about 9.9 per cent on 1 December. Increases of lesser magnitude have taken place in yields on medium and long term bonds. At 10 years the increase has been from 10 per cent to _ about 10.4 per cent. The yields on the longer se- *curities have risen from 10.2 per cent to almost 10.5 per cent. With these changes the adjustments foreshadowed in Sunday night's Press release have in fact been completed. I might say that the adjustments in private interest rates have been measured, are appropriate to the movements in Government security yields and are largely confined to short term securities.

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