Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : April 6, 1992

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Selected Interest &
Exchange Rates
Weekly Series of Charts

April 6,1992

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DC. 20551




Table of Contents

TABLES
1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE
CHARTS
1. SPOT EXCHANGE RATE INDICES
2. 3-MONTH FORWARD EXCHANGE RATES
3. GOLD PRICE—LONDON
4. CALL MONEY RATES
5. 3-MONTH INTEREST RATES
6. EURO-DOLLAR DEPOSIT RATES
7. SELECTED EURO-DOLLAR AND
U.S. MONEY MARKET RATES
8. INTEREST ARBITRAGE: 3-MONTH FUNDS
9. LONG-TERM GOVERNMENT BOND YIELDS
10. INDUSTRIAL STOCK INDICES



SUBSCRIPTION RATES:
Weekly $30.00 per year or $.70 each in the United
States, its possessions, Canada, and Mexico.
Elsewhere. $35.00 per year or $.80 each. Address
requests to Publications Services Division of
Support Services, and make payment remittance
payable to the order of the Board of Governors
of the Federal Reserve System in a form collectible at Par in U.S. Currency.

CHART 1

SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1973=100

140
130
120
110

RATIO SCALE
MARCH 1973=100

140
130
120
110

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

100

100
BELGIAN FRANC

90

90

80
70
280
260
240
220

80

•

i

i

l

'

i

i

I

'

i

i

i

•

•

i

i

I

i

i

'

I

i

i

'

I

i

i

70
280
260
240
220

SWISS FRANC
JAPANESE YEN

—

200

200

180

180

160

160

140 —

140

I

120
100
90

I

I

I

I

I

I

I

I

'

'

'

1

__

U.K. POUND

i

l

'

•

'

I

'

'

i

I

'

i

i

CANADIAN DOLLAR

120
100
90

80

80

70

70

60

60

50
200

i

i

180

'

l

'

i

'

I

•

J_L

I

'

I

I

I

I

'

I

I

I

'

I

DUTCH GUILDER

180

160

160

140

140

GERMAN MARK

120
100
120
110
100

50
200

120
I

I

I

I

I

I

I

I

I

I

I

I

1 I

I

I

I

I

I

I

'

I

I

I

I

I

I

I

'

'

ITALIAN LIRA

FRENCH FRANC

100
60
55
50

90

45

80

40

70

35

60

30

50

I

I

I




I

I

I
1990

I

I

I

I

I

I

I

'
1992

I

i

i

i

I

i

i
1990

i

l

i

'

i

l

'

i
1992

i

25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

4

4
U.K. POUND

CANADIAN DOLLAR

V
12
8

I

I

I

I

I

1

I

I

I

I

i

I

i

i

I

i

i

i

l

i

i

i

l

i

i

i

1

i

i

1

i

1

1

1

1

1




1

1

1

1 1 1 1 1

12
8

1

1

1

1

1 i

1

1 1
1990

- vwx

i

i

i

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
ITALIAN LIRA

FRENCH FRANC

12

1 I

1 1 1 1 1 1 1 1 1 1 1 1 1 1

"W

N
1

1 l

DUTCH GUILDER

SWISS FRANC

1

1 I

JAPANESE YEN

GERMAN MARK

i

1 1 l

"

1

1

1
i i

1 i

i
1992

i

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1990

1992

12

CHART3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

460 r —

460

440

— 440
12.5 Kg BARS
AFTERNOON FIXING PRICE

420 —

420

400

400

380

— 380

360

— 360

340 —

— 340

320

1989




1990

1991

1992

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
— i 16

PERCENT PER ANNUM

16

12

—

U.S. FEDERAL FUNDS

12

FRANCE

JAPAN

0

•

i

i

I

i

'

i

I

i

i

i

I

i

i

i

i

i

l

i

i

i

I

i

i

i

l

i

i

0

16

16

12

12
CANADA

GERMANY

I

I

I

I

I

'

I

I

'

I

I

I

I

I

•

i

i

l

i

i

'

l

i

'

i

I

i

i

i

0
16

16 r —

UNITED KINGDOM

12
SWITZERLAND

NETHERLANDS




i
1990

1992

i

i

l

I

'
1990

'

l

i

i

i

I

'

i
1992

i

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
12

PERCENT PER ANNUM
WEIGHTED AVERAGE
FOREIGN RATE

10

8
SWISS INTERBANK RATE

6

U.S. CD'S

4
2

2

16
CANADIAN FINANCE CO.
PAPER

14
12

10
U.K. INTERBANK STERLING

8
6
2

6

10

8
GERMAN INTERBANK RATE

FRENCH INTERBANK RATE

6
4
12

4

10
JAPANESE CD RATE

8
NETHERLANDS INTERBANK RATE

6
4




1990

1992

1990

1992

4

CHART6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

12

12

OVERNIGHT

10

2
12

•

'

'

I

i

•

I

'

'

'

I

'

'

I

I

I

I

I

I

10

•

i

7-DAY

10

2 I

'

3-MONTH

i

i

I

i

i

i

6-MONTH

I

I

I

'

'

I

'

•

'

'

•

l

'

•

'

10

I

'

»

'

I

'

•

•

12

1-MONTH

10

»

1

'

1




1

» 1
1990

I

1-YEAR

'

1

'

I

1

1

1992

i

i

i

I

i

i
1990

i

2
12

2
12

10

I

i

i

i

I

i

i
1992

i

#

•

' S -

'

•

•

•

•

•

#

CHART7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER A N N U M

14

14

OVERNIGHT

EURO DOLLAR DEPOSITS

3-MONTH
EURO-DOLLAR DEPOSITS

10

FEDERAL FUNDS

DASHED LINE

90-DAY CD'S
DASHED LINE

2
2

2
DIFFERENTIAL

1

+
0

1




DIFFERENTIAL

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
RCENT PER ANNUM

PERCENT PER ANNl

16

16

12

12

INTERBANK STERLING

CANADIAN FINANCE
CO. PAPER, COVERED

COVERED LONDON

8

8

EURO-DOLLAR DEPOSITS

4

0

U.S. COMMERCIAL PAPER

DASHED LINE

i

I

i

I

i

i

4

DASHED LINE

i

I

i

i

i

I

i

i

I

i

i

i

i

i

i

i

I

i

'

i

I

i

i

i

2

2
DIFFERENTIAL

DIFFERENTIAL

+

+

0

2

0

•yW*W

I

I

I

I

I

I ' l l

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

16

12
INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

8

EURO-DOLLAR DEPOSITS

4

EURO-DOLLAR DEPOSITS

DASHED LINE

i

i

i

I

i

i

4

DASHED LINE

i

I

i

i

i

I

i

i

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

2

0
2

DIFFERENTIAL

DIFFERENTIAL

+

+

0

2

2
16

12

0

0

0

I

I

I




I

I
1990

I

I

I

I

I

I

I

I
1992

I

I

I

I

I

I

I
1990

I

I

I

I

I

I

I

I
1992

I

2

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNl

SCENT PER ANNUM

14
CANADA

UNITED STATES
12

10

8

6
14

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

•

'

'

l

'

'

i

l

i

i

i

l

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

FRANCE

UNITED KINGDOM
12

10

8

6
10

I

I

I

I

I

I

I

I

I

I

I

I

i

i

i

SWITZERLAND

JAPAN

i i i I i i i I i i i I i i i

i

NETHERLANDS

GERMANY

8

6

4

2
12

i i I i i i I i i i I i i i

10

8

6

4

i

i

i




I

i

•
1990

i

I

i

i

i

I

i

i
1992

i

i

i

i

l

i

i
1990

i

I

i

i

i

I

i

i
1992

i

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200
175

200

, UNITED STATES

. NETHERLANDS

175

150

150

125

125

100

100

75

75

•

i

i

I

i

i

'

I

i

i

i

l

'

'

JAPAN

i

i

i

i

I

'

i

— GERMANY

SWITZERLAND

FRANCE

CANADA

UNITED KINGDOM




'

1990

1992

1990

1992

SERIES
4-Mar-92
Chart 1.

S p o t Exchange R a t e s a n d I n d i c e s

Noon b u y i n g r a t e s ( U . S .

cents,

weekly averages)

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
Indices,

2.9466
84.330
17.834
60.602
0.08079
0.76794
53.846
66.742
174.53

116.11
84.05
80.36
170.48
46.37
201.07
154.58
214.72
70.59

Weighted average exchange v a l u e i n d i c e s ,
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swedish krona
Swiss f r a n c
U . K . pound
U.S. d o l l a r
3 - M o n t h F o r w a r d Exchange R a t e s ,

U.S.

Gold P r i c e i n

2.9244
83.552
17.725
60.192
0.08016
0.74928
53.459
66.489
171.95

2.9154
83.761
17.688
60.006
0.07975
0.74833
53.284
66.030
171.68

2.9431
84.020
17.868
60.583
0.08034
0.74902
53.796
66.418
173.15

114
83
79
168
45
197
152
212
69

.85
.59
.53
.58
.92
.81
.91
.32
.53

115
83
79
169
46
196
153
213
69

.24
.28
.87
.33
.01
.19
.47
.90
.55

114
83
79
168
45
195
152
212
69

.88
.48
.71
.80
.78
.94
.97
.43
.44

115
83
80
170
46
196
154
213
70

106 .96
75 .47
7 1 .34
170 .98
39 . 4 1
194 . 8 5
145 . 4 2
67 .07
201 . 7 3
61 .44
90 . 5 4

106
75
71
170
39
194
145
66
200
61
90

.82
.82
.32
.74
.28
.98
.20
.94
.69
.46
.76

107 .23
75 .60
71 .66
171 .50
39 .34
193 .92
145 .78
67 .19
200 .70
61 .64
90..09

-3
-5
-5
-7
-0
-5
-4
-6

. 00
.82
.44
.69
.57
.35
.33
.32

- 2 .91
- 5 . 79
- 5 . 42
- 7 . 64
- 0 . 62
- 5 . 31
- 4 . 54
- 6 . ,37

338 .99

341, 98

.97
.74
.52
.42
.11
.12
.44
.68
.03

:1973=100
106 .68
75 .85
71 .06
170 .27
39 .37
196 .85
144 .99
66 ,.90
200 .39
61 .48
90 .64

Premium o r D i s c o u n t
-3.05
-5.86
-5.43
-7.62
-0.88
-5.41
-3.63
-5.98

- 3 .20
- 5 . .75
- 5 , .38
- 7 . .54
- 0 . .58
- 5 .32
- 3 . ,93
- 5 . .98

-3
-5
-5
-7
-0
-5
-4
-6

.20
.76
.35
.62
.53
.28
.14
.16

London, A f t e r n o o n F i x i n g

d o l l a r s p e r f i n e ounce

Chart 4.

Mar.
106.89
75.55
71.17
170.70
39.40
198.46
145.27
67.02
200.82
61.89
89.61

Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
Chart 3.

2.9146
83.872
17.648
59.927
0.08000
0.75547
53.265
65.997
171.92

M a r c h 1973 b a s e r a t e s = 100

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound

Chart 2.

l l - M a r - 9 2 18-Mai—92 25-Mai—92 l - A p r - 9 2

351.76

349,.09

4.08
4.11
7 .05
9.93
9.57
5.55
9.33
6.88
10.55

3. 95
3. 90
7 . 05
9. 90
9 . 58
5. 51
9 . 43
7 . 38
10. 45

343 .43

C a l l Money R a t e s

U.S. f e d e r a l f u n d s
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




4
3
6
9
9
5
9
7
10

.04
.98
,.73
.89
.56
.57
.42
.88
.48

3
3
6
9
9
5
9
7
10

.94
.94
.88
.93
.61
.59
.35
.88
.20

4. 09
4. 14
6 . 90
9. 86
9. 6 1
5. 39
9. 44
7 . 88
9. 98

SERIES
ii—92
Chart 5.

3-Month I n t e r e s t

Rates

U.S. 9 0 - d a y C D ' s , s e c o n d a r y m a r k e t
Canadian f i n a n c e paper
French i n t e r b a n k r a t e
German i n t e r b a n k r a t e
J a p a n e s e CD r a t e
Netherlands interbank rate
Swiss i n t e r b a n k r a t e
U.K. i n t e r b a n k s t e r l i n g
Weighted average f o r e i g n i n t e r e s t r a t e
CG-10 C o u n t r i e s )
Chart 6.

Euro-Dollar

S e l e c t e d E u r o - d o l l a r & U . S . Monet

Overnight E u r o - d o l l a r
U.S. f e d e r a l f u n d s

deposits

Differential

3-month E u r o - d o l l a r d e p o s i t
U.S. 9 0 - d a y C D ' s , s e c o n d a r y m a r k e t
Differential
Chart 8.

Interest

Arbitrage,

Euro-dollar deposit
Interbank s t e r l i n g (London),
Differential
U.S. c o m m e r c i a l p a p e r
Canadian f i n a n c e p a p e r ,
Differential

covered

covered

Euro-dollar deposit
Swiss i n t e r b a n k , c o v e r e d
Differential
10-year m a t u r i t y ,

10.

Stock

4 .27
7 .57
10 .03
9 .63
4 .89
9 .53
8 .38
10 .73
8 .95

4.21
7.47
10.02
9.65
4.88
9.55
8.58
10.83
8.97

4.11
4.13
4.15
4.15
4.29
4.68

3 .90
4 .09
4 .21
4 .25
4 .39
4 .81

3.98
4.06
4.25
4.31
4.51
5.08

3 .94
4 .23
4 .24
4 .29
4 .49
5 .05

4.14
4.16
4.14
4.23
4.41
4.94

Market Rates
4.11
4.08
0.03

3 .90
3 .95
- 0 .05

3.98
4.04
-0.07

3 .94
3 .94
- 0 .00

4.14
4.09
0.05

4.15
4.16
-0.01

4 .25
4, 24
0., 0 1

4.31
4.30
0.01

4. 29
4, 27
0. 02

4.23
4.21
0.01

4.15
4.16
-0.01

4 . 25
4 . 22
0. 03

4.31
4.31
0.00

4. 29
4. 23
0. 06

4.23
4.29
-0.06

4.23
4.37
-0.14

4 . 29
4 . 48
- 0 . 19

4.35
4.54
-0.19

4 . 31
4 . 52
- 0 . 21

4.26
4.50
-0.24

4.15
3.96
0.19

4 . 25
4 . 04
0 . 22

4.31
4.12
0.20

4 . 29
4 . 06
0 . 23

4.23
4.10
0.13

4.15
3.80
0.35

4 . 25
3 . 94
0 . 31

4.31
3.97
0.34

4 . 29
3 . 95
0 . 34

4.23
3.93
0.29

8.
8.
7.
5.
6.
8.
9.
7.

64
50
89
54
29
25
55
47

8.97
8.58
7.93
5.54
6.35
8.29
9.75
7.65

8 . 78
8 . 71
8 . 00
5 . 47
6 . 41
8 . 38
9 . 81
7 . 58

8.78
8.70
8.02
5.45
6.56
8.41
9.92
7.53

116 .76
147 . 0 9
106 . 0 0
111 . 8 0
111 . 7 4
140 .67
152 .58
164 . 3 4

1 1 5 . 03
1 4 4 . 46
1 0 5 . 44
106 . 45
I l l . 41
1 4 2 . 05
1 4 9 . 41
1 6 6 . 10

8.44
8.41
7.84
5.53
6.18
8.20
9.33
7.37
Indices

(Wednesday f i g u r e s )

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States
I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) <
Tokyo SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s



4.30
7.80
9.99
9.59
4.94
9.53
8.20
10.64
8.96

id Yields

where a v a i l a b l e

Canada
France
Germany
Japan
Switzerland
Netherlands
U n i t e d Kingdom
United States
Chart

4 .24
7 .74
9 .96
9 .54
4 .96
9 .48
7 .95
10 . 3 5
8 .90

3 - M o n t h Funds

covered

Euro-dollar deposit
I n t e r b a n k DM ( F r a n k f u r t ) ,
Differential

Chart 9.

4.16
7.47
9.91
9.51
5.13
9.47
7.50
10.29
8.88

Deposit Rates

Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.

11- Mar - 9 2 18-Mai—92 2 5 - M a r - 9 2 l - A p r - 9 2

119 . 5 5
146 . 1 4
107 . 0 1
116 .24
112 . 3 3
143 . 6 2
154 .28
166 . 6 3

Toronto Composite,

115
143
104
109
111
143
149
165

CAC G e n e r a l ,

.05
.19
.54
.55
.03
.25
.73
.70

113.
144.
104.
102.
110.
142.
145.
164.

1FAZ A k t i e n ,

70
92
61
81
49
35
77
24

FEDERAL RESERVE statistical release
H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

APRIL 3, 1992

The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified
for customs purposes the following noon buying rates in New York City for cable transfers payable in foreign currencies:
(CURRENCY UNITS PER DOLLAR )
Apr. 2
Mar. 31
Apr. 1

MONETARY
UNIT

Mar. 30

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7670
11.603
33.950
1.1907
5.4812
6.4020
1.2388
4.5010
5.5915
1.6493
191.55
7.7395
28.700
1.6132
1244.50
133.06
2.5820
1.8576
0.5483
6.4745
142.35
1.6620
2.8850
779.00
104.28
N. A.
5.9850
1.5042
N. A.
25.620
1.7330

0.7700
11.580
33.890
1.1902
5.4812
6.3885
1.2413
4.4920
5.5815
1.6465
191.25
7.7390
29.100
1.6160
1241.75
132.92
2.5815
1.8544
0.5463
6.4640
142.20
1.6560
2.8820
779.70
104.17
N. A.
5.9760
1.5020
25.508
25.620
1.7363

0.7666
11.625
34.000
1.1915
5.4812
6.4045
1.2363
4.5110
5.5985
1.6510
191.95
7.7410
29.000
1.6120
1245.75
134.50
2.5850
1.8588
0.5450
6.4825
142.65
1.6610
2.8750
779.60
104.58
N. A.
5.9930
1.5090
25.450
25.620
1.7265

0.7663
11.582
33.860
1.1930
5.4812
6.3880
1.2420
4.4970
5.5720
1.6455
191.65
7.7405
28.950
1.6172
1241.50
133.83
2.5820
1.8523
0.5446
6.4670
142.00
1.6585
2.8825
779.60
104.48
43.113
5.9760
1.5027
25.500
25.680
1.7295

0.7665
11.424
33.380
1.1893
5.4812
6.3030
1.2572
4.5650
5.5030
1.6240
189.40
7.7390
29.000
1.6335
1227.00
133.25
2.5770
1.8288
0.5470
6.3850
139.60
1.6510
2.8770
779.60
103.33
N. A.
5.9000
1.4890
N. A.
25.660
1.7430

MEMO:
^UNITED STATES

DOLLAR

89.99

89.85

90.24

89.95

89.05

COUNTRY

Apr. 3

*VALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 100. HEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES.
SERIES REVISED AS OF AUGUST 1978. FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE
WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST
1978 FEDERAL RESERVE BULLETIN.
THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.