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APPENDIX 1 Charts used by Mr. Fisher in his presentation Page 1 3-Month Deposit Rates January 1, 1998 - May 18,1998 Current Euro-deposit Rate and Rates Implied by Traded Forward Rate Agreements LIBOR Fixing 3-mo. forward 9-mo. forward United States Germany Japan Percent Percent United April 27, April 3, March 31, 6.2 Nonfarm Wall Street Payroll Journal Article States 5.4 May 13 EU Summit 4.2Germany 4.0 3.6 3.4 3 1.2 Jan April 9, Stimulus Japan May 7, Package and Intervention Feb Mar Apr Yamaguchi's Comments May Page 2 9/15 9/29 10/13 10/27 11/10 11/24 12/8 12/22 1/5 1/19 2/2 2/16 3/2 3/16 3/30 Japan "Premium" - Yen Funding Basis Points 30 4/13 4/27 5/11 New Basis Points 60 Japanese Fiscal Year-End Year and FOMC 10 40 1-month Yen TIBOR - LIBOR* 20 20 0 0 * Source: Bloomberg, L.P. 20 9/15 9/1 9/29 10/13 10/27 11/10 11/24 12/8 12/22 1/5 1/19 2/2 3/2 2/16 3/16 3/30 4/13 4/27 20 5/11 1998 1997 Call Money Rates vs. BoJ Assets Trillions 00 Percent 90 80 70 60 50 40 9/1 9/15 9/29 10/13 10/27 11/10 11/24 12/8 12/22 1/5 Basis Points 200 50 1/19 2/2 2/16 3/2 3/16 3/30 4/13 4/27 5/11 1998 1997 Basis Points Selected Japanese Corporate Credit Spreads Yield spread of Moody's Index d Source: Bloomberg, L.P 200 150 00 100 50 50 0 0 9/1 1997 9/15 9/29 10/13 10/27 11/10 11/24 12/8 12/22 1/5 1/19 1998 2/2 2/16 3/2 3/16 3/30 4/13 4/27 5/11 Page 3 Dollar Exchange Rates $/DM $/Yen January 1, 1998 - May 18, 1998 2 140 March 31, FOMC 1.95 135 1.9 130 1.85 1.8 125 1.75 120 1.7 1.65 115 Jan Percent Feb Mar Apr May Constant Maturity U.S. Treasury Yields Percent January 1, 1998 - May 18, 1998 6.2 6.2 6 6 5.8 5.8 5.6 5.6 5.4 5.4 5.2 5.2 5 Jan 5 Feb Mar Apr May Page 4 Federal Budget Receipts April - June 1998 ($Billions) Forecast as of March FOMC Current Forecast Board 516 542 FRBNY 548 543 Forecasts of Daily Treasury Balances at Fed $billions $billions April 9 - May 20, 1998 70 70 60 60 50 50 40 40 30 30 20 10 0 4/9 5/1 4/23 4/27 4/29 4/13 4/15 4/17 4/21 5/7 5/5 5/13 5/15 5/11 Total Treasury Balance Actual - 3/31 NY forecast 3 5 -1 -6 -8 TT&LDeposits Actual - 3/31 NY forecast 1 4 -1 -3 -5 -10 -14 -15 -14 -11 4 -9 3 9 11 -9 -5 -6 -6 12 13 7 9 -8 -15 4 4 -8 -8 -6 -8 -9 -7 6 7 8 9 11 8 DAILY FEDERAL FUNDS TRADING RANGE, EFFECTIVE AVERAGE & ONE STANDARD DEVIATION March 26 to Present Percent Percent 8 15. 7 6 5 4 3 Mar Apr May APPENDIX 2 Charts used by Governor Meyer Core CPI Inflation (Annual rate) Published 3 month changes 6 month changes 12 month changes Percent 1993 1994 1995 1996 1997 1998 Methodologically consistent 3 month changes 6 month changes 12 month changes Percent 1993 1994 1994 1995 1995 1996 1996 1997 1997 1998 1998 Employment Cost Index (Annual rate) ECI Compensation 3 month changes 6 month changes 12 month changes percent 1993 1994 1995 1996 1997 1998 ECI Wages and Salaries 3 month changes 6 month changes 12 month changes percent 1993 1994 1995 1996 1997 1998
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