Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : February 22, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

February 22,1994

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

RATIO SCALE
MARCH 1973=100

120
110
100

145
135

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

125
115

90

105

80

95

BELGIAN FRANC

70

60

85

i

'

'

I

i

i

i

I

i

i

i

I

i

i

'

i

i

i

l

i

' I

I

i

i

'

I

I

I

I

75

280

290

260

270

240

250

220

230

200

210
190

i

i

l

i

'

180

JAPANESE YEN

SWISS FRANC

160

i

l

i

i

i

l

'

'

'

•

i

i

l

i

1

i

l

i

i

i

l

i

i

i

140
100
90

80
70

U.K. POUND

55

CANADIAN DOLLAR

•

45

I

'

•

•

l

i

i

'

JUL

i

I

i

i

i

I

i

60

:

i

i

I

i

i

50

200

250

180

230

160

210
190

140

100

170

DUTCH GUILDER

120

i

i

i

l

i i

GERMAN MARK

i

l

i

i

> l

i

l

l

l

l

l

l

l

l

l

l

150

l

l

.

i

l

!

130
65

105

55

95
85

45

75

55

i

i




i

l

i

i
1992

35

ITALIAN LIRA

FRENCH FRANC

65

i

I

i

i

i

I

i

i
1994

i

I

I

I

I

I

I
1992

I

I

I

I

I

I

I

I
1994

'

25

CHART 2

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

PERCENT PER ANNUM

2

2

b

U.K. POUND

GERMAN MARK

1

1 I

1 1 1 I

I

'

'

1 1 I

i

1 I

i

i

I

i

'

'i

I

i

i

i

I

i

i

JAPANESE YEN

CANADIAN DOLLAR

y v
s

i

i

i

l

i

» l

'

» » i

l

'

'

i

'

'

i

0

I

i

i

i

I

i

i

i

1 i

i

i

i

i

I

i

i

i

I

i

i

DUTCH GUILDER

SWISS FRANC

+

'

i

i

I

i

i

ITALIAN LIRA

FRENCH FRANC

2
4

6

10

8
14

10
12

i

i




i

I

i

i
1992

i

l

i

i

i

l

i

i
1994

i

•

•

•

I

•

» '
1992

i

'

•

'

I

i

i
1994

i

18

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 OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

400

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380

380

360

360

340

340

320




i
1991

i

I

I

I
1992

I

I,

, I

I
1993

h

., I,i — rL
'

1
1994

1

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANN

PEF ;ENT PER ANNUM

1

SWITZERLAND

U.S. FEDERAL FUNDS

6

4

JAPAN

i

2
10

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

I

i

i

i

I

i

i

i

l

i

i

i

i

i

I

i

i

i

i

l

t

i

i

9

8

GERMANY
NETHERLANDS

7

6

5

i

i

i

I

i

» i

I

i

i

» I

i

i

»

i

i

'

l

i

'

i

I

i

16

14

FRANCE

CANADA

12

10

8

6
UNITED KINGDOM
4

i

i

i




I

i

i
1992

« I

i

i

i

l

i

i
1994

i

i

» i

l

i

i
1992

i

l

i

i

1994

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANI

;ENT PER ANNUM

12
WEIGHTED AVERAGE
FOREIGN RATE

10

CANADIAN FINANCE PAPER

8
6
U.S. CD'S
4

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

»

1

1

I

»

1

I

I

I

I

I

I

I

I

I

I

16

U.K. INTERBANK STERLING

13

10

NETHERLANDS INTERBANK RATE

7

4
9

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

'

'

I

i

'

» I

1

JAPANESE CD RATE

7
5

FRENCH INTERBANK RATE
3

1

'

'

i

I

i

» '

I

i

i

i

I

i

i

i

I

I

I

I

I

I

I

I

I

I

i

10

8
6

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2

'

i

i




I

'

•
1992

i

I

i

'

i

I

'

i
1994

'

i i

I

I

I

I
1992

I

I

1994

CHART 6

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

10

OVERNIGHT

3-MONTH

7-DAY

6-MONTH

1-YEAR

1-MONTH

8 —

6 —

4 —

1

1

1




1

1

1

1992

1

I

1

1

» 1 i

'

i

1994

i

i

i

l- i

i
1992

i

l

i

i

i

I

i

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

10

10

8

—

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4 —
90-DAY CD'S

FEDERAL FUN

DASHED LINE

DASHED LINE

J

I

L

i

I

I

I

I

I

'




I

I

I

I
1992

I

I—I

I

I

I

I

I—I—I—L

I

I

L_l

DIFFERENTIAL

DIFFERENTIAL

I

I

I—I—L_l—I—L
1994

I

I

I

'

I
1992

I

I

I

I
1994

L

CHART 8

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

PERCENT PER ANNUM

8

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

—

6

*"• a«.
EURO-DOLLAR DEffOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

I

I

I

I

DASHED LINE

I

I

1 I

I

I

I

I

I

J__L

DIFFERENTIAL

DIFFERENTIAL

kJif*.
1 I

i

»

i

i

i

i

I

i

• '

I

i

'

INTERBANK DM

6 —

4

I

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

—

EURO-DOLLAR DEPOSITS*

EURO-DOLLAR

DASHED LINE

i

i

i

I

DASHED LINE

i

i

i

I

i

i

i

I

i

i

DIFFERENTIAL

1

'

'

'




I

'

'
1992

'

DIFFERENTIAL

I

•

'

•

I

'

'
1994

'

•

•

'

'

•

•
1992

•

'

•

•

'

I

I

I
1994

I

I1

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES

PEI

PERCENT PER ANNUI

DENT PER ANNUM

9

UNITED KINGDOM

UNITED STATES
8

7

6
5

I

4

I

1 I

1

'

I

1

I

1

1 I

I

I

I

11

I

I

I

'

I

I

I

» I

I

I

I

I

» i

i

1

1

i

•

•

I

•

i

•

FRANCE

CANADA
10

9

8

7

6
8

I

I

1 1 I

I

I

1 I

I

I

1 I

I

I

1

1

•

JAPAN

SWITZERLAND
7

6
5

4

3

t

i

« I

i

•

i

I

« i

i

I

i

i

i

I

I

I

I

I

I

I

I

•

1

I

I

i

I

1

»

» 1 1 I

10
GERMANY

NETHERLANDS
9

8
7

6

•

i

i




I

'

'
1992

'

I

'

'

i

I

i

i
1994

i

1

1

1

I

1992

1

1

1

I
1994

I

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO S(
1986

RATIC SCALE
1986= 00

220
200

— UNITED KINGDOM

UNITED STATES

180
160
140

120

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

250
225

ARAN

SWITZERLAND

200
175
15.0

125

i

100
160

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

I

J

L

CANADA

GERMANY
140

120

100

80
210
195

i

i

i

l

i

i

i

l

i

i

i

I

i

» i

•

•

— NETHERLANDS

FRANCE

180
165
150
135

I

I

I




I

i

i

i

1992

I

I

I

I

I

I

.

I

I

1994

I

I

I

I

I

1992

1994

19-Jan-94 26-Jan-94 2-Feb-94
Chart 1.

9-Feb-94

16-Feb-94

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 .7439
75.929
16.841
57.185
0.05875
0.89938
51.061
67.987
149.36

2.7562
76.245
16.860
57.242
0.05879
0.89917
51.074
68.261
149.45

2.7913
75.519
16.952
57.583
0.05901
0.91937
51.387
68.500
149.83

2.7639
74.730
16.808
57.016
0.05902
0.92206
50.883
68.180
147.76

2.7889
74.146
16.893
57.462
0.05937
0.94741
51.239
68.188
146.97

108..12
75..68
75 .
.89
160..87
.72
33 ,
235 .49
146 .59
218 .72
60 .41

108. 61
75. 99
75. 98
161. 03
33 .75
235 .43
146 .62
219 .60
60.,45

.99
109 .
75..27
76,.39
161,.99
.87
33 ,
.72
240 ,
.52
147 ,
220 .37
60 .60

108..91
.48
74 ,
75,.74
160,.39
.88
33 ,
241,.43
146 .07
219 .34
59 .76

.90
109 ,
.90
73 ,
76 .12
161 .64
34 .08
248 .06
147 .10
219 .37
59 .44

106 .80
71 .04
71 .38
171 .13
29 .75
257 .69
146 .28
52 .95
217 .88
55 .46
95 .87

106 .33
70 .68
71 .15
170 .28
29 .94
260 .19
145 .63
52 .94
218 .11
54 .96
96 .57

106..83
69,.74
71,.19
170,.93
29,.99
266 .83
146 .01
52 .06
217 .12
54 .36
96 .01

-0.52
-3.13
-2.70
-5.12
1.09
-2 .04
-0.87
-2.17

-0.45
-2.99
-2.59
-5.04
1.03
-1.99
-0.84
-2.09

-0.35
-2.85
-2.45
-5.00
1.25
-1.83
-0.72
-1.84

-0 .26
-2 .72
-2 .36
-4 .85
1 .33
-1 .74
-0 .66
-1 .58

391.08

384.32

381.22

383.79

383.22

3.13
2.96
3.85
6.43
5.92
2.28
5.24
4.08
5.25

2.97
2.93
3.75
6.41
5.92
2.21
5.48
4.00
5.25

3.17
3.03
3.68
6.38
6.31
2.20
5.51
4.08
5.38

3.20
3 .14
3.55
6.36
5.99
2.18
5.55
4.20
4.93

3.25
3.28
3.43
6.31
6.21
2.21
5.55
4.30
4.73

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.

-0 .54
-3 .06
-2 .63
-4 .96
1 .08
-1 .98
-0 .81
-2 .14

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

105,.98
72 .
.19
71..37
171..02
29 .81
.87
252 ,
146,.16
52 .38
218 .30
55 .64
96 .53

3-Month Forward Exchange Rates, Premium or Discount

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

105..64
71..98
71..39
171,.10
29,.83
253 .34
146 ,
.35
51 .80
217 .72
55 .69
96 .70

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




19-Jan-94 26-Jan-94 2-Feb-94
Chart 5.

3. 11
3 .83
6. 24
5. 78
2 .14
5 .13
3 .88
5 .33
5 .01

3 .14
3 .79
6 .17
5 .78
2 .19
,
5 .16
,
3 .96
.
5 .34
,
5 .00
.

,
3 .36
3 .87
6 .22
5 .73
2 .20
5 .19
4 .00
5 .27
5 .01
,

3 .45
3 .89
6 .22
5 .79
2 .19
5.
, 19
4 .11
,
5.
, 12
5 .00
.

2 .96
.
2 .98
,
3 .00
.
.
3 .13
3 .30
.
3 . 61

2 .93
2 .94
3 .00
3 .13
3 .26
3 .59

3 .03
.
3.
, 01
, 01
3.
, 14
3.
.
3 .29
.
3 .63

3 . 14
,
3 .15
3 .19
,
3 .36
,
3 .54
,
3 .89
,

3 .28
3 .26
3 .28
,
3 .44
,
3 .63
.
3 .96

Selected Euro-dollar & U.S. Money Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

3 .13
,
3 .90
,
6,.18
5 .75
2 .15
,
5,.09
3 .91
,
5 .35
,
5 .01
,

Euro-Dollar Deposit Rates

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

16-Feb-94

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-10 Countries)
Chart 6.

9-Feb-94

2 .96
.
.
3 .13
-0 . 17
3 .13
,
3 .13
,
0 .00
,

2 .93
2 .97
-0 .04
3 .13
,
3 .11
0 . 01

3 .03
.
.
3 .17
-0 . 14

3 .14
,
3 .20
.
-0,,06

3 .28
,
3 .25
.
0 .03

3.
, 14
3.
, 14
-0 .00
,

3 .36
3 .36
0 .00

3 .44
3 .45
-0 .01

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank sterling (London), covered
Differential

3 .13
,
3 .19
,
-0..06

,
3 .13
3 .13
.
-0 .00
,

3 .14
.
3 .23
.
-0..09

3 .36
,
3 .41
,
-0 .04
,

,
3 .44
3 .52
,
-0..08

U.S. commercial paper
Canadian finance paper, covered
Differential

3 .18
.
3 .36
.
-0..17

3 .16
.
,
3 .30
-0,.15

.
3 .16
3 .33
.
-0..17

3 .39
3 .52
-0 .13

3 .53
.
3 .62
.
-0,.09

Euro-dollar deposit
Interbank PM (Frankfurt), covered
Differential

3 .13
,
3 .09
,
0 .04
,

3 .13
,
,
3 .04
0 .08
,

.
3 .14
3 .16
.
-0 .02
,

3 .36
3 .24
0 .12

3 .44
,
3 .40
0,.04

Euro-dollar deposit
Swiss interbank, covered
Differential

3 .13
,
3 .10
,
0 .03
,

.
3 .13
,
3 .00
,
0 .12

3 .14
.
3 .12
.
0..02

3 .36
,
3 .28
.
0,.09

3..44
,
3 .44
-0 .00

6..42
5..67
5 .71
.
3 .45
,
4 .07
,
5 .67
,
6 .15
,
5 .75
,

6,.40
5,.71
5,.71
3 .58
,
4 .08
,
5 .66
,
6 .24
,
5 .73

6,.57
5,.86
5 .82
,
3 .61
4 .13
5 .77
6 .46
5,.93

Chart 9.

Long Term Government Bellwether Bond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdoiti
United States
Chart 10.

6 .42
5 .63
5 .61
3 .39
,
4 .05
,
5 .60
6 .28
5 .75

,
6 .63
5 .91
5 .82
3 .51
4 .18
5,. 83
6,.58
5 .89
,

Stock Indices (Wednesday figures)
;)

Canada
152 ,
.38
148,.64
152 ,
.41
148 ,
.73
France
179 ,
.21
180,.91
184 .
.65
182 ,
.53
Germany
122 ,
.58
121..15
125 ,
.11
120,.94
Japan
116 ,
117 .
.54
.23
123 ,
.08
120,.84
Netherlands
157,.51
156..54
159 ,
.25
158 ,
.71
Switzerland
242 ,
238 .63
.52
247 ,
.81
241,.01
United Kingdom
204 ,
205 .91
.91
210 ,
.53
204 ,
.37
United States
193 ,
192 ,
.30
.80
196 ,
.80
193 .
.27
Indices (in order, rebased to 1986 = 100)
w
OJ
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite




147 ,
.43
179 ,
.55
122 ,
.60
117 ,
.89
157,.62
239 ,
.24
204 ,
.28
193 .
.01
to SBF250

FEDERAL RESERVE statistical release

•$8SS?rFebruary 22,

H.10(512)

1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

FEBRUARY 18, 1994

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
MEXICO
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
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

MEMO:
<*UNITED STATES

DOLLAR

Feb. 14

(CURRENCY UNITS PER DOLLAR)
Feb. 17
Feb. 16
Feb. 15

Feb. 18

0.7115
12.250
35.890
1.3536
8.7292
6.8020
1.1125
5.6310
5.9225
1.7431
251.90
7.7455
31.440
1.4062
1683.00
104.08
2.7538
3.1050
1.9546
0.5725
7.53
175.6500
1.5820
3.45
814.20
141.800
49.0500
8.0625
1.471
26.408
25.348
1.4708

0.7085
12.145
35.590
1.3546
8.7299
6.7690
1.1204
5.6015
5.8870
1.7275
249.65
7.7355
31.440
1.4115
1677.00
103.95
2.7815
3.1050
1.9385
0.5720
7.47
174.2000
1.5925
3.45
815.60
141.200
49.0700
8.0370
1.454
26.359
25.320
1.4750

0.7115
12.124
35.520
1.3508
8.7242
6.7515
1.1223
5.5900
5.8730
1.7242
249.60
7.7380
31.440
1.4160
1680.75
103.80
2.7905
3.1050
1.9343
0.5740
7.45
174.3700
1.5932
3.45
814.00
141.100
49.1100
8.0480
1.455
26.393
25.300
1.4755

0.7150
12.160
35.640
1.3406
8.7283
6.7475
1.1210
5.5660
5.8760
1.7309
250.70
7.7355
31.440
1.4130
1678.50
104.20
2.7810
3.1050
1.9417
0.5750
7.47
174.8700
1.5910
3.46
814.20
141.100
49.0000
7.9960
1.457
26.398
25.315
1.4770

0.7135
12.083
35.400
1.3387
8.7238
6.7215
1.1260
5.5480
5.8420
1.7185
249.04
7.7325
31.370
1.4230
1668.50
104.15
2.7820
3.1055
1.9284
0.5735
7.44
174.4800
1.5892
3.46
813.70
140.320
49.1000
7.9230
1.451
26.410
25.335
1.4791

95.91

95.41

95.29

95.37

94.92

"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 COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 482-1986.
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.