Graph and download economic data for Large Bank Consumer Mortgage Originations: Average Interest Rate at Origination by LTV - 30-YR Fixed Rate Mortgage: 66-79 LTV (RCMFLRIGIRAPCTF30LTV66T79) from Q3 2012 to Q2 2025 about origination, FR Y-14M, 30-year, large, mortgage, fixed, average, loans, consumer, interest rate, banks, depository institutions, interest, rate, and USA.

The Volcker Shock was a period of historically high interest rates precipitated by Federal Reserve Chairperson Paul Volcker's decision to raise the central bank's key interest rate, the Fed funds effective rate, during the first three years of his term. Volcker was appointed chairperson of the Fed in August 1979 by President Jimmy Carter, as replacement for William Miller, who Carter had made his treasury secretary. Volcker was one of the most hawkish (supportive of tighter monetary policy to stem inflation) members of the Federal Reserve's committee, and quickly set about changing the course of monetary policy in the U.S. in order to quell inflation. The Volcker Shock is remembered for bringing an end to over a decade of high inflation in the United States, prompting a deep recession and high unemployment, and for spurring on debt defaults among developing countries in Latin America who had borrowed in U.S. dollars.

Monetary tightening and the recessions of the early '80s

Beginning in October 1979, Volcker's Fed tightened monetary policy by raising interest rates. This decision had the effect of depressing demand and slowing down the U.S. economy, as credit became more expensive for households and businesses. The Fed funds rate, the key overnight rate at which banks lend their excess reserves to each other, rose as high as 17.6 percent in early 1980. The rate was allowed to fall back below 10 percent following this first peak, however, due to worries that inflation was not falling fast enough, a second cycle of monetary tightening was embarked upon starting in August of 1980. The rate would reach its all-time peak in June of 1981, at 19.1 percent. The second recession sparked by these hikes was far deeper than the 1980 recession, with unemployment peaking at 10.8 percent in December 1980, the highest level since The Great Depression. This recession would drive inflation to a low point during Volcker's terms of 2.5 percent in August 1983.

The legacy of the Volcker Shock

By the end of Volcker's terms as Fed Chair, inflation was at a manageable rate of around four percent, while unemployment had fallen under six percent, as the economy grew and business confidence returned. While supporters of Volcker's actions point to these numbers as proof of the efficacy of his actions, critics have claimed that there were less harmful ways that inflation could have been brought under control. The recessions of the early 1980s are cited as accelerating deindustrialization in the U.S., as manufacturing jobs lost in 'rust belt' states such as Michigan, Ohio, and Pennsylvania never returned during the years of recovery. The Volcker Shock was also a driving factor behind the Latin American debt crises of the 1980s, as governments in the region defaulted on debts which they had incurred in U.S. dollars. Debates about the validity of using interest rate hikes to get inflation under control have recently re-emerged due to the inflationary pressures facing the U.S. following the Coronavirus pandemic and the Federal Reserve's subsequent decision to embark on a course of monetary tightening.

Key information about United States Short Term Interest Rate

• United States Short Term Interest Rate: Month End: Treasury Bills: 3 Months was reported at 4.20 % pa in Feb 2025, compared with 4.20 % pa in the previous month.
• US Short Term Interest Rate data is updated monthly, available from Jan 1954 to Feb 2025.
• The data reached an all-time high of 15.52 % pa in Aug 1981 and a record low of -0.01 % pa in Sep 2015.
• Short Term Interest Rate is reported by reported by Federal Reserve Board.

CEIC calculates monthly Short Term Interest Rate from daily Treasury Bills. Federal Reserve Board provides Treasury Bills. Short Term Interest Rate prior to December 1979 is sourced from the Federal Reserve Bank of St. Louis.


Related information about United States Short Term Interest Rate

• In the latest reports, US Treasury Notes Yield: Constant Maturity: Nominal: 10 Years was reported at 4.45 % pa in Feb 2025.
• The cash rate (Policy Rate: Month End: Effective Federal Funds Rate) was set at 4.33 % pa in Feb 2025.

TR: Deposit Interest Rate data was reported at 15.288 % pa in 2017. This records an increase from the previous number of 14.610 % pa for 2016. TR: Deposit Interest Rate data is updated yearly, averaging 40.583 % pa from Dec 1979 (Median) to 2017, with 39 observations. The data reached an all-time high of 87.791 % pa in 1994 and a record low of 7.333 % pa in 1979. TR: Deposit Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Turkey – Table TR.World Bank.WDI: Interest Rates. Deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; ;

Graph and download economic data for Interest Rates: 3-Month or 90-Day Rates and Yields: Certificates of Deposit: Total for Japan (IR3TCD01JPQ156N) from Q3 1979 to Q1 2022 about CD, 3-month, Japan, yield, interest rate, interest, and rate.

Bank Lending Rate in Israel increased to 5.88 percent in February from 5.67 percent in January of 2023. This dataset provides - Israel Bank Prime Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Interest Rates: 3-Month or 90-Day Rates and Yields: Interbank Rates: Total for Norway (IR3TIB01NOA156N) from 1979 to 2024 about Norway, interbank, 3-month, yield, interest rate, interest, and rate.

Uruguay UY: Real Interest Rate data was reported at 9.429 % pa in 2017. This records an increase from the previous number of 8.221 % pa for 2016. Uruguay UY: Real Interest Rate data is updated yearly, averaging 15.392 % pa from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 93.915 % pa in 2002 and a record low of -7.617 % pa in 1979. Uruguay UY: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Uruguay – Table UY.World Bank.WDI: Interest Rates. Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.; ;

Key information about United Kingdom Long Term Interest Rate

• United Kingdom Long Term Interest Rate: Month End: United Kingdom: Government Bond Yield: 10 Years was reported at 4.48 % pa in Oct 2025, compared with 4.76 % pa in the previous month.
• UK Long Term Interest Rate data is updated monthly, available from Jan 1979 to Oct 2025.
• The data reached an all-time high of 15.44 % pa in Sep 1981 and a record low of 0.13 % pa in Jul 2020.
• Long Term Interest Rate is reported by reported by CEIC Data.

CEIC calculates monthly Long Term Interest Rate from daily 10 year Government Bond Yield. The Bank of England provides 10 year Government Bond Yield.


Related information about United Kingdom Long Term Interest Rate

• In the latest reports, UK Short Term Interest Rate: Month End: ICE LIBOR: 3 Months was reported at 0.09 % pa in Apr 2021.
• The cash rate (Policy Rate: Month End: Base Rate) was set at 4.00 % pa in Nov 2025.
• UK Exchange Rate against USD averaged 0.75 (USD/GBP) in Oct 2025.

Trinidad and Tobago: Real interest rate: Bank lending rate minus inflation: The latest value from 2024 is 5.41 percent, a decline from 22.05 percent in 2023. In comparison, the world average is 4.99 percent, based on data from 73 countries. Historically, the average for Trinidad and Tobago from 1979 to 2024 is 6.99 percent. The minimum value, -12.6 percent, was reached in 1979 while the maximum of 54.68 percent was recorded in 2009.

Graph and download economic data for Interest Rates: 3-Month or 90-Day Rates and Yields: Interbank Rates: Total for Italy (IR3TIB01ITA156N) from 1979 to 2024 about interbank, Italy, 3-month, yield, interest rate, interest, and rate.

Interbank Rate in Argentina increased to 68.26 percent in October from 47.17 percent in September of 2025. This dataset provides - Argentina up to 15 Days Interbank Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Official interest, rates short - term deposits unsecured and call money

1957 - 2001, January 1957- December 2003 Changed on January 13 2004. Frequency: Discontinued.

Uruguay: Real interest rate: Bank lending rate minus inflation: The latest value from 2024 is 5.4 percent, a decline from 8.2 percent in 2023. In comparison, the world average is 4.99 percent, based on data from 73 countries. Historically, the average for Uruguay from 1976 to 2024 is 17.78 percent. The minimum value, -8.74 percent, was reached in 1979 while the maximum of 93.92 percent was recorded in 2002.

MA: Deposit Interest Rate data was reported at 3.123 % pa in 2017. This records a decrease from the previous number of 3.462 % pa for 2016. MA: Deposit Interest Rate data is updated yearly, averaging 4.500 % pa from Dec 1979 (Median) to 2017, with 31 observations. The data reached an all-time high of 8.500 % pa in 1991 and a record low of 3.123 % pa in 2017. MA: Deposit Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Morocco – Table MA.World Bank.WDI: Interest Rates. Deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; ;

Egypt: Real interest rate: Bank lending rate minus inflation: The latest value from 2024 is -7.03 percent, a decline from -5.64 percent in 2023. In comparison, the world average is 4.99 percent, based on data from 73 countries. Historically, the average for Egypt from 1976 to 2024 is 2.45 percent. The minimum value, -9.31 percent, was reached in 1979 while the maximum of 17.58 percent was recorded in 1981.

Kuwait: Real interest rate: Bank lending rate minus inflation: The latest value from 2024 is 5.95 percent, a decline from 14.13 percent in 2023. In comparison, the world average is 4.99 percent, based on data from 73 countries. Historically, the average for Kuwait from 1979 to 2024 is 4.3 percent. The minimum value, -24.83 percent, was reached in 1979 while the maximum of 46.2 percent was recorded in 1986.

Syria SY: Lending Interest Rate data was reported at 9.878 % pa in 2010. This records a decrease from the previous number of 10.163 % pa for 2009. Syria SY: Lending Interest Rate data is updated yearly, averaging 9.000 % pa from Dec 1979 (Median) to 2010, with 32 observations. The data reached an all-time high of 10.167 % pa in 2008 and a record low of 7.500 % pa in 2004. Syria SY: Lending Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Syrian Arab Republic – Table SY.World Bank.WDI: Interest Rates. Lending rate is the bank rate that usually meets the short- and medium-term financing needs of the private sector. This rate is normally differentiated according to creditworthiness of borrowers and objectives of financing. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; ;

Qatar: Interest rates on bank credit to the private sector: The latest value from 2024 is 6.18 percent, a decline from 6.45 percent in 2023. In comparison, the world average is 11.26 percent, based on data from 75 countries. Historically, the average for Qatar from 1979 to 2024 is 7.24 percent. The minimum value, 3.85 percent, was reached in 2021 while the maximum of 10.19 percent was recorded in 1995.

ABSTRACT This research analyzes the Brazilian structural economic crisis throughout the 1970s and 1980s and the political responses of the Authoritarian National Developmentalism (1964-1985). Firstly, the study highlights the nature of the international oil crises of 1973 and 1979, showing an unexpected rise in interest rates by the US Central Bank and the tightening of external credit after 1979. Rising interest rates meant the end of liquidity in the international credit finance market and the beginning of a drastically recessive policy in Brazil. These factors contributed to the erosion of the growth model based on external debt, a model reflected in two main paradigms: the “economic miracle” (1968-1973) marked by high GDP growth rates; and the II National Development Plan (II PND) (1974-1979), focused on deepening the import substitution industrialization (ISI). The collapse of authoritarianism led to hyperinflation, external indebtedness, and the state’s fiscal crisis, exposing the hegemony of rentier, nonproductive financial capitalism. The second part of the article investigates the negative externalities of the structural economic crisis at the social level, such as concentration, centralization, and closing of the decision-making process, hindering workers’ participation; the intensification of union mobilizations for wage recomposition; the spread of unemployment/underemployment in metropolitan regions; the wage squeeze; the increase in unhealthy labor relations and, therefore, the thinning of the social fabric.