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iC
FEDFRLL
RESERYE
B')}ri.D
X-3927
State~3nt'fcr
tha Press
For Immeiiate Release
Noven_ber 15 to Decen;ber 12.
Sines the be«:innim:: of the cro-p-rro7in:- season the acceptance
marY.et has bec:m ch&-racterize:l by an
provide funds fc:r fL::ancL'l7 the
ties.
incres~se-1
:listributi~'''
sur:l;y of oills .:lra1Nn to
of a ..:.1:ricul tural com:rodi-
During ,.._,"' period endi:n Decemb<Or 12 the supply continued large,
as seascnal dra":inr:r,;;; to finance the 11"2l.r}·et in" and exportation of cotton
were particularly heavy,
Bills were also dra'''n in ccnsiderable volume
against gr,:tir., suP:ar, sill<, coffee, 1\'0cl ,o~n1 to provide dollar exchange.
The de:ran.l for bills h::.s not i:::cre2..sed in recent periods to the same extent as t:1e supply a.r.d
been l&rger
t~'lan
.;;~:;,
a result ::lealers' 2f{PTef!a.te T·ortfclios hctve
in any preceding mc,nth durino: the year.
There was,
honrever, a slir--ht reduction on Deceml:-er 12 from tl;_e volume held on November
14.
The demand. :luring the lattor psrt of Nover:Jber c:_-;_me princi-
pally from b ~nl< s in tte interior "':1er2 fund:; result in:o. from crop returns h::,i accu.Tul2ted,
~~nl
centered in bill.:; ":ith short mc<turities, but
'~':re
in December requests fer lcn::er JT:..:<,turi t ie:.o
the large suy;ly of bi.lls
\'.'h:c~1
.:~·
s have been larger and
their portfclic3 z}lO"'e::l a substanti2.l increa.se.
4
1/8 to
4 1/4
.As a result of
has come u;::n the marlet in the recent
::;eriod.s offer 1.n;:rs to the Feder.::l reserve b;_
and. unchanged at
noted.
bid an:i
4
to
Rates continued firm
4 1/8
offered for 30 to
I
90-day bills, '"hile bills of 120 days ranr:ed from Lf 1/4 to 4 3/8 bid
and 4 1/8 to 4 1/4 offered.
These are practically t~;_e same levels
t:.1at have been maintained throughout the year.
12/27/23
@FedFRASER