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Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. Confidential (FR) Class III FOMC June 23, 2000 CURRENT ECONOMIC AND FINANCIAL CONDITIONS Supplemental Notes Prepared for the Federal Open Market Committee by the staff of the Board of Governors of the Federal Reserve System Contents 1 The Financial Economy .................................... Tables Selected Financial Market Quotations ................... . .1 Selected Financial Market Quotations (One-day quotes in percent except as noted) 1999 Change to June 22 from selected dates (percentage points) 2000 Instrument June 29 Dec. 31 FOMC* May 16 June 22 1999 June 29 1999 Dec. 31 FOMC* May 16 4.75 5.50 6.00 650 1.75 1.00 .50 4.70 4.92 4.89 5.17 5.49 5.63 5.94 6.24 6.05 5,67 5.90 5.82 .97 .98 .93 .50 .41 .19 -.27 .34 -.23 Commercial paper 1-month 3-month 5.18 5.12 5.13 5.75 6.47 6.59 6.54 6,58 1.36 1.46 1.41 .83 .07 -.01 Large negotiable CDs I 1-month 3-month 6-month 5.21 5.32 5.43 5.72 5.90 6.08 6.55 6.74 6.97 6.62 6.71 6.87 1.41 1.39 1.44 .90 .81 .79 .07 -.03 -. 10 Eurodollar deposits 2 1-month 3-month 5.13 5.25 5.69 5.88 6.53 6.72 6.59 6.72 1.46 1.47 .90 .84 .06 .00 Bank prime rate 7.75 8.50 9.00 9.50 1.75 1.00 .50 Intermediate- and long-term U.S. Treasury (constant maturity) 2-year 10-year 30-year 5.68 5.93 6.07 6.24 6.45 6.48 6.88 6.47 6.17 6.50 6.12 5.98 .82 .19 -.09 .26 -.33 -.50 -.38 -.35 -. 19 U.S. Treasury 10-year indexed note 4.01 4.33 4.21 4.07 .06 -.26 -. 14 Municipal revenue (Bond Buyer) 3 5.62 6.23 6.23 5 99 .37 24 -.24 Corporate bonds, Moody's seasoned Baa 8.05 8.18 8.99 8,49 .44 .31 -.50 10.53 10.94 11.94 11.92 1.39 .98 -.02 7.63 5.93 8.06 6.56 8.52 6.96 8.22 7.21 .59 1.28 -16 .65 -.30 .25 Short-term FOMC intended federal funds rate Treasury bills 1 3-month 6-month 1-year High-yield corporate 4 Home mortgages (FHLMC survey rate) 5 30-year fixed 1-year adjustable 1999 Record high Level Date Dec. 31 FOMC* May 16 June 22 11.723 1,527 5,049 606 14,752 1-14-00 3-24-00 3-10-00 3-9-00 3-24-00 11,497 1,469 4,069 505 13,813 10,808 1,452 3,608 498 13,438 10,376 1,452 3,937 515 13,605 Stock exchange index Dow-Jones Industrial S&P 500 Composite Nasdaq (OTC) Russell 2000 Wilshire 5000 1. 2. 3. 4. 5. * Change to June 22 from selected dates (percent) 2000 Secondary market. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Most recent Thursday quote. Merrill Lynch 175 high-yield bond index composite. For week ending Friday previous to date shown. Data are as of the close on May 15, 2000 Record high -11.49 -4.93 -22.02 -15.03 -7.77 Dec. 31 -9.75 -1.16 -3.26 2.03 -1.50 FOMC* May 16 -3.99 -.01 9.12 3.46 1.25
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