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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
August 26, 1991
DIVISION OF
INTERNATIONAL FINANCE
Prepared by the
FINANCIAL MARKETS
SECTION
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D.C. 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
RATIO SCALE
MARCH 1973=100
140
130
120
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
140
130
120
BELGIAN FRANC
110
110
100
100
90
90
80
80
70
J_L • i
280
260
i
i
i
i
i
i
'
i
i
i
i
i
i
i
I
i
i
i
I
i
i
i
I
i
i
i
JAPANESE YEN
SWISS FRANC
70
280
260
240
240
220
220
200
200
180
180
160
160
140
140
I
120
100
90
I
I
I
I
'
•
I
'
I
'
i
i
I
I
l
•
•
I
I
'
'
I
I
•
'
CANADIAN DOLLAR
U.K. POUND
120
100
90
80
80
70
70
60
60
50
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
200
i
i
I
i
i
i
I
i
i
i
I
I
I
50
200
GERMAN MARK
180
l
180
DUTCH GUILDER
160
160
140
140
120
120
100
120
I
I
I
I
I
I
'
I
'
•
•
I
'
•
'
110
ITALIAN LIRA
100
90 _
FRENCH FRANC
80
70
60
50
_L_L i
I
i
I l
1989
I
I
I
I
I
I
I 1
1991
1989
1991
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
4
PERCENT PER ANNUM
4
CANADIAN DOLLAR
i
i
i
I
i
i
U.K. POUND
i
I
i
i
i
I
i
i
i
i
GERMAN MARK
i
i
1
i
i
i
1
i
i
i
1
i
i
i
1
1
1
JAPANESE YEN
—
vv
I
I
1
I
1
I
I
I
w
I
1
1
1
I
I | X
i
1
SWISS FRANC
1
1
1
I
1
1
1
Vk/W
1
1
1
1
DUTCH GUILDER
—
"XV
i
FRENCH FRANC
12
i
i
i
I
i
i i
1989
i
i
1
i
i
W
i
1
i
i i
1989
I
i
t
i
1
ITV.i
ITALIAN LIRA
I
i
i
i
l
i
i i
1991
i
i
i
I
i
I
I I
1991
12
CHART 3
PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y
U.S. DOLLARS PER FINE O
U.S. I OLLARS PER FINE OUNCE
520
500
12.5 Kg BARS
AFTERNOON FIXING PRICE
480
460
440
420
400
380
360
340
320
1988
1989
1990
1991
CHART 4
CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
PERCENT PER ANNUM
16
16
12
12
FRANCE
U.S. FEDERAL FUNDS
JAPAN
I
0
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
l
l
I
I
I
I
I
I
I
I
Io
16
16
12
12
GERMANY
I
i
i
CANADA
i
I
i
'
•
l
i
i
•
i
i
I
i
'
i
l
i
i
i
I
i
i
i
0
16
UNITED KINGDOM
SWITZERLAND
12
NETHERLANDS
i
i
i
I
i
i
1989
i
I
i
i
i
I
i
i
1991
i
I LJ
i
,
I
,
i
1989
,
I
,
,
,
i
,
,
1991
,
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
PERCENT PER ANNUM
10
12
U.S. CD'S
SWISS INTERBANK RATE
WEIGHTED AVERAGE
FOREIGN RATE
i
i
i
I
i
i
i
I
i
i
i
I
i
i
i
i
i
i
I
i
i
i
I
i
i
i
I
i
i
i
0
16
14
14
12
12
CANADIAN FINANCE CO.
PAPER
U.K. INTERBANK STERLING
10
i
i
i
I
i
i
i
I
i
i
i
I
i
i
—
i
i
I
i
i
<
10
6
12
10
GERMAN INTERBANK RATE
10
FRENCH INTERBANK RATE
i
2
i
I
i
i
i
I
i
i
i
I
i
i
i
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4
10
10
—
JAPANESE CD RATE
NETHERLANDS INTERBANK RATE
i
i
i
I
i
i
1989
i
I
i
i
i
I
i
i
1991
i
I
I
I
I
1989
I
I
I
i
I
1991
CHART 6
EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
OVERNIGHT
12
3-MONTH
12
10
4
14
10
i
i
i
I
'
i
i
I
i
'
i
l
i
i
i
•
i
i
I
7-DAY
12
i
i
i
I
i
'
i
I
i
i
6-MONTH
i
4
14
12
10
10
I
4
14
I
I
I
I
I
I
I
I
I
I
I
I
1-MONTH
12
I
I
I
I
I
I
I
I
I
I
I
I
I
I
1-YEAR
10
•
'
•
I
'
•
1989
'
l
•
•
•
I
•
•
1991
1989
1991
CHART 7
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 ANNUM
14
14
12
12
OVERNIGHT
3-MONTH
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
10
10
FEDERAL FUNDS
DASHED LINE
J
I
J—i
DASHED LINE
i
i
i
i
i
J
i
I
DIFFERENTIAL
L
J—l—I—I
I
I
I
i
i
i
I
i
i
i
I
<
i
i
I
i
i
DIFFERENTIAL
r
1 I
1
1
1
1
I
I
1989
I
I
I
I
I
I
I
I
1991
J—i—I—i
1989
i
1991
i
CHART 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNL
{CENT PER ANNUM
16
16
CANADIAN FINANCE
CO. PAPER, COVERED
INTERBANK STERLING
12
COVERED LONDON
12
8
8
U.S. COMMERCIAL PAPER
EURO-DOLLAR DEPOSITS
DASHED LINE
DASHED LINE
4
4
I
0
I
I
I
I
I
I
i
I
i
< I
i
i
i
I
i
i
i
I
i
i
'
0
2
2
DIFFERENTIAL
DIFFERENTIAL
+
+
0
0
i
2
I
i
i
i
I
i
i
i
I
i
i
l
i
i
i
i
I
i
i
i
l
i
i
i
2
16
16
INTERBANK DM
12
SWISS INTERBANK (SF) COVERED
COVERED FRANKFURT
_
8
8
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
DASHED LINE
DASHED LINE
4
4
0
i
i
i
I
i
i
i
I
i
i
i
I
i
i
i
I
I
I
I
I
I
I
I
I
I
I
I
1
0
2
2
DIFFERENTIAL
DIFFERENTIAL
+
+
0
0
2
12
i
i
i
I
i
i i
1989
I
i
i
i
I
i
i i
1991
I
I
I
I
I
I < I
1989
I
•
I
I
I
I I
1991
2
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
UNITED STATES
CANADA
12
12
10
10
i
i
i
I
i
i
i
l
i
i
i
i
i
14
_L_L
i
•
UNITED KINGDOM
i
I
i
i
i
I
i
i
i
I
i
i
i
14
FRANCE
12
12
10
10
•
6
10
i
I
i
i
i
l
'
i
i
I
i
i
i
i
I
i
i
i
I
i
i
'
I
i
i
i
I
i
'
'
i
I
•
i
i
i
'
NETHERLANDS
I
'
I
'
6
JAPAN
•
•
I
'
I
I
I
I
I
I
I
I
I
10
'
i
10
SWITZERLAND
2
6
•
•
I
•
•
I
I
I
I
1991
»
'
'
I
2
10
GERMANY
1989
I
•
'
1989
•
I
'
'
'
I
•
•
1991
CHART 10
STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
RATIO SCALE
1986=100
200
200
175 _
NETHERLANDS
UNITED STATES
175
150
150
125
125
100
100
75
75
50
400
i
i
i
I
i
i
i
l
i
i
i
I
i
i
i
i
i
i
I
i
i
i
I
i
i
50
200
— GERMANY
350 — JAPAN
175
300
150
250
125
200
100
150
75
100
I
I
I
I
I
'
I
I
I
I
I
I
I
I
I
200
175 — SWITZERLAND
i
i
i
l
i
i
i
I
i
i
i
50
200
— FRANCE
175
150
150
125
125
100
100
75
75
50
200
J_L
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
UNITED KINGDOM
175 — CANADA
50
200
175
150
150
125
125
100
100
75
75
50
I
I
I
I
I
I I
1989
I
I
I
I
I
I
I
1991
i
i
i
I
i
i
1989
'
I
i
i
i
I
i
i i
1991
50
SERIES
24-Jul-91 31-Jul-91 7-Aug~91
Chart 1.
14-Aug-91 21-Aug-91
Spot Exchange Rates and Indices
Noon buying rates (U.S. cents, weekly averages)
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
2.7687
86.498
16.785
57.003
0.07652
0.72987
50.572
65.698
168.31
2.7755
86.895
16.816
57.174
0.07661
0.72435
50.712
65.508
168.02
2.8110
86.997
17.029
57.913
0.07744
0.73244
51.365
66.387
170.05
2.8079
87.248
17.008
57.855
0.07720
0.73202
51.310
66.094
169.49
2.7417
87.445
16.612
56.402
0.07550
0.72859
50.056
65.057
165.88
109 .10
86 .21
75 .64
160,.35
43. 92
191. 10
145. 18
211 ,36
68. 07
109 .37
86 .61
75 .78
160 .84
43..98
189..66
145.,58
210.,75
67 .96
110 .77
86 .71
76 ,
.74
162,.91
44..45
191 .
,78
147 .
,46
213. 57
68. 78
110 .65
86 .96
76 .64
162 .75
44,.31
191 ,
.67
147 .
,30
212..63
68 .
,55
108 .04
87 .15
74 .86
158 . 66
• 43 .34
190,.77
143 .70
209 ,
.30
67 , 09
104 .72
80 .49
69 .71
167 .10
38 .78
194 .13
142 .26
65 .67
205 .48
62 . 00
92 .81
104 .70
80 .83
69 .70
167 .10
38 .69
194 .22
142 .25
65 .59
204 .76
61 .84
92 .92
103 .68
82 .32
69 .00
164 .94
38 .37
196 .40
140 .70
64 .97
204 .51
61 .37
94 .67
-2 .73
-3 .76
-3 . 48
-5 .69
-1 .
, 49
-3..52
-2 . 05
-4.. 97
-2 .95
-3 .93
-3 .69
-5 .91
-1 .65
,
-3 .72
-2..23
-5.,13
-2 .93
-3 . 96
-3 .66
-5 .93
~1 .55
-3 .72
-2 .33
-5,.07
Indices, March 1973 base rates = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Weighted average exchange value indices, Mar. 1973=100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. dollar
Chart 2.
3-Month Forward Exchange Rates
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.
104 .28
81 .15
69 .42
166 .29
38 .70
193 .62
141 .65
65 .51
204 .52
61 .78
93 .84
'remium or Discount
-2 .82
-3 .34
-3 . 09
-5,.32
-1 .33
.
-3..13
-1 .91
-4. 88
-2 .70
-3 .67
-3 .26
-5 .56
-1 .33
-3 .27
-1 .91
,
-4,.96
Gold Price in London, Afternoon Fixi
ixing
U.S. dollars per fine ounce
Chart 4.
104 .06
80 .79
69 .31
165 .78
38 .66
195 .36
141 .29
65 .43
205 .21
61 .92
93 .89
368. 43
363. 66
358. 30
357 .33
362. 88
5. 75
5. 81
8. 75
9. 11
8. 76
7. 37
8. 33
7 .38
11. 03
5. 79
5. 75
8. 65
9. 50
8. 82
7. 38
8. 63
7. 38
10. 98
5. 83
5. 73
8. 55
9. 21
8. 93
7. 43
8. 91
7. 38
10. 79
5. 62
5. 63
8. 68
9 .19
8 .94
7 .45
8 .90
7 .38
11 .03
5. 63
5. 59
8. 63
9. 22
8 .87
7 .38
8. 99
7 .48
10. 98
Call Money Rates
U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
SERIES
Chart 5.
24-Jul-91 31-Jul-91 7-Aug-91
3-Month Interest Rates
U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank sterling
Weighted average foreign interest rate
(G-1Q Countries)
Chart 6.
5. 97
8. 91
9. 26
9. 03
7. 55
9. 07
7. 75
11. 01
9. 28
5. 92
8. 79
9. 50
9. 16
7 .40
9. 16
7 .75
11. 08
9. 34
5. 81
5. 88
5. 88
6 .00
6 .28
6. 65
5. 75
5. 80
5. 85
5. 94
6 .19
6 .53
federal
Differential
5. 57
8. 74
9. 54
9. 25
7 .27
9. 33
7 .80
10. 83
9. 32
5. 73
5. 71
5. 74
5. 78
6 . 05
6 .30
.
5. 63
5..61
5..60
5..61
5..80
6 .05
.
5. 59
5. 61
5, 59
5. 59
5, 71
5..91
5..73
5..83
-0 .10
.
5..63
5 .62
0 .00
.
5,.59
5 .63
-0,.04
5. 81
5. 75
0. 06
5. 75
5.,79
-0 .04
6 .00
5. 97
0. 03
5 94
5 92
0 .02
5 .78
5 .80
-0,. 02
5 .61
5 .63
-0 .02
5 .59
5 .57
0 .02
6 ,00
,
6,,00
0,.00
5 .94
5 .99
-0 .05
5 .78
5 .82
-0 . 05
5 .61
5 .64
-0 .03
5 .59
5 .62
-0 . 03
6 .01
.
6,.03
-0..02
5 .96
6 .03
-0 . 08
5 .85
5 .98
-0 . 13
5 .68
5 .74
-0 .06
5 .64
5 .75
-0 .11
funds
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.
5. 63
8 .76
9. 55
9 .30
7 .39
9. 29
7 .75
10. 91
9. 37
r
Selected Euro-dollar & U.S. Mone^ Market Rates
Overnight Euro-dollar deposits
U.S.
5. 80
8. 76
9. 49
9. 24
7 .39
9. 21
7 .75
10. 93
9. 34
Euro-Dollar Deposit Rates
Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.
14-Aug-91 21-Aug-91
Interest Arbitrage, 3-Month Funds
Euro-dollar deposit
Interbank sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential
Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential
6 .00
5 .87
0 .13
5 .94
5 .83
0 .11
5 .78
5 .68
0 .10
5 .61
5 .52
0 .09
5 .59
5 .50
0 . 09
Euro-dollar deposit
Swiss interbank, covered
Differential
6 .00
5 .80
0 .20
5 .94
5 .81
0 .13
5 .78
5 .66
0 . 12
5 .61
5 .48
0 .13
5 .59
5 .42
0 .17
.92
.23
.68
.59
.02
.90
.20
.20
9 .83
.
9.. 17
8 .60
6 .53
,
6 . 03
8 .85
10 . 04
8 . 04
9 .79
9 .12
8 .57
6 .48
6 .09
8 .87
10 .03
7 .93
9 .72
9 .15
8 .53
6 .45
6 .12
8 .88
10 .00
7 .82
.96
117 ,
.94
127 .
101..26
140 .58
108 .86
133 .80
155 .47
156 .10
117 . 59
128 .84
100,.88
137 .82
108 .54
133 . 11
156 .32
157 .13
.03
118 .
130 .86
.83
101 .
135 .32
107 .89
133 .94
157 .75
157 .05
.04
117 ,
126 .50
96 .98
130 .12
107 .35
130 .92
157 .78
157 .24
Chart 9.
Long Term Government Bellwether Bond Yields
10-year maturity, where available
9.97
9.16
8.64
6,67
6,00
8.86
10.20
8.28
Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.
9
9
8
6
6
8
10
8
Stock Indices (Wednesday figures)
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States
117.26
128,70
101.42
137,26
108.38
133.62
155,14
152,68
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite
l o t GOVr
FEDERAL RESERVE statistical release
'•
rec^
August 26, 1991
H.10(512)
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
AUGUST 23, 1991
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:
COUNTRY
MONETARY
UNIT
^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
MEMO:
e*UNITED STATES
DOLLAR
Aug. 19
(CURRENCY UNITS PER DOLLAR)
Aug. 22
Aug. 20
Aug. 21
Aug. 23
0.7790
12.775
37.320
1.1443
5.3785
6.9980
1.1337
4.4160
6.1510
1.8165
198.95
7.7700
26.000
1.4748
1352.50
138.30
2.7890
2.0457
0.5705
7.0710
155.15
1.7410
2.9125
734.20
112.58
N. A.
6.5800
1.5510
26.713
25.740
1.6300
0.7815
12.690
37.080
1.1421
5.3936
6.9495
1.1385
4.3875
6.1170
1.8040
197.55
7.7700
26.000
1.4840
1343.75
137.45
2.7900
2.0317
0.5750
7.0260
154.35
1.7400
2.9175
737.30
112.23
N. A.
6.5400
1.5485
26.740
25.820
1.6377
0.7840
12.344
36.060
1.1438
5.3888
6.7600
1.1717
4.2625
5.9540
1.7530
193.85
7.7670
25.940
1.5265
1310.25
136.80
2.7860
1.9747
0.5753
6.8330
150.35
1.7255
2.8600
736.50
109.38
N. A.
6.3580
1.5230
26.706
25.790
1.6765
0.7871
12.165
35.540
1.1435
5.3862
6.6650
1.1876
4.2010
5.8730
1.7280
190.75
7.7655
25.950
1.5495
1291.00
136.43
2.7820
1.9467
0.5755
6.7430
148.25
1.7235
2.8360
734.10
107.93
41.918
6.2670
1.5050
26.700
25.730
1.6970
0.7855
12.335
36.050
1.1440
5.3862
6.7670
1.1709
4.2635
5.9515
1.7525
193.50
7.7655
25.940
1.5258
1308.75
137.10
2.7820
1.9743
0.5742
6.8470
150.20
1.7235
2.8755
733.70
109.20
41.898
6.3625
1.5320
26.703
N. A.
1.6715
96.34
95.80
93.81
92.77
93.87
•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. WEIGHTS 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 COWIERCE'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.
@FedFRASER