Why Use This Data Source In Your Models?
The prime loan rate is the interest rate charged by lenders to the most creditworthy corporate customers. The prime rate serves as the starting point for most other interest rates, so is indicative of interest rates in the US.
Bank Prime Loan Rate
Board of Governors of the Federal Reserve
Bank Prime Loan Rate
Percent, Not Seasonally Adjusted
The data shows auto correlation and a non-normal distribution. The data should be differenced. While the Order Norm transformation, provides the best normality, the Square Root variable will also perform well.
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Data shows auto correlation indicating a need for differencing
The ACF indicates 2 order differencing is appropriate.
Following first order differencing, no further differencing is required based on the differenced ACF at lag one of 0.00
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 1.99 p-value = 0.01 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.72 with a p-value =0.00 indicating the data does not follow a normal distribution.
A skewness score of 1.28 indicates the data are substantially skewed.
Hartigan's dip test score of 0.05 with a p-value of 0.00 inidcates the data is multimodal
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Seasonal and Trend Decompostion
Board of Governors of the Federal Reserve System (US), Bank Prime Loan Rate [DPRIME], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DPRIME, December 16, 2019.
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