Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : February 7, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

February 7,1994

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DtC. 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

120
110
100

RATIO SCALE
MARCH 1973=100

145
135
125
115

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

90

105

80

95

BELGIAN FRANC

70

85
1

1

•

>

1

1

•

I

1

1

1

1

i

1

1

i

i

L_

i

i

I

1

1

l

i

l

i

1

i

1

l

'

'

'

I

'

i

i

l

i

i

i

l

i

i

i

•

i

i

i

i

i

'

U.K. POUND

'

i

JAPANESE YEN

SWISS FRANC
1

i

CANADIAN DOLLAR

•

» I

•

'

'

i

'

'

'

'

'

'

i

•

'

» I

i

50

180

250
230

160

210

140

190

100

170

DUTCH GUILDER

120
'

i

i

l

i

'

GERMAN MARK

'

I

'

•

•

I

'

'

i

i

i

l

i

i

i

l

i

150

i

i

l

i

i

i

105

130
65

95

55

85

45

75
35

55

ITALIAN LIRA

FRENCH FRANC

65 —

I

I

'




I

I

I
1992

'

I

'

I

I

I

'

I
1994

I

'

l

l
1992

i

•

i

l

i

i
1994

i

25

CHART2

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

PERCENT PER ANNUM

2

2

GERMAN MARK

i

i

i

I

U.K. POUND

i

i

i

I

i

i

i

I
1

i

i

i

CANADIAN DOLLAR

1

1

1

I

1

'

I

1

I

1

» •

I

I

1

I

» i

I

I

I

I

I

I

I

I

I

I

i

i

'

i

» i

i

» i

'

» > i

I

I

I

I

DUTCH GUILDER

•
0

I

JAPANESE YEN

SW SS FRANC

+

I

'

» I

•

I

I

1 I

I

ITALIAN LIRA

FRENCH FRANC

2
4
6

10

8
14

10
12

1

1

1

l




1

'
1992

1

I

1

1

i

I

» i

•

1994

I

• '
1992

I

I

•

I

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

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

320

J

I

1991




I

I

L

1992

J

I

L

1993

_l

1994

L

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER AN

PE SENT PER ANNUM

10

8
SWITZERLAND

8

J
U.S. FEDERAL FUNDS

6

6

4
4

JAPAN
2

2
10

» •

» I

i

'

1

l

'

»

1

l

1

« »

I

I

I

I

I

» I

I

I

'

'

I

I

I

I

0
10

9

9

8

8

GERMANY
NETHERLANDS

7

7

6

6
•

5
16

•

I

•

» '

14

i

» •

•

I

» » »

i

i

i

I

i

i

i

I

i

i

i

I

i

i

I

5
14

12

FRANCE

CANADA

12

10

10

8

8

6

6

4
UNITED KINGDOM

4

'

» i




1 '

i
1992

i

I

i

'

'

I

i

i
1994

i

•

i

'

I

'

i
1992

i

I

i

'

'

I

» i
1994

i

2

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

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

i

I

I

I

I

I

I

I

i

i

i

I

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

I

I

JAPANESE CD RATE

7

5
FRENCH INTERBANK RATE

3

i

1
10

i

i

I

i

i

i

I

i

i

i

i

i

i

I

i

i

i

I

8

6

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2

'

i




i

I

'

i
1992

» I

» i

i

I

i

i
1994

i

i

i

i

I

i

i
1992

i

I

1994

CHART 6

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

PERCENT PER ANNUM

10




10

OVERNIGHT

3-MONTH

7-DAY

6-MONTH

1-MONTH

1-YEAR

i
1992

1994

i

•

l

•

•
1992

'

i

•

•

i

I

i

i
1994

'

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

—

6

—

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4 —
FEDERAL FUN

90-DAY CD'S

DASHED LINE

DASHED LINE

J—i—i—I—i

i

i

I

i

i

i

I

i

i

i

J—l

l

I

l

l

l

DIFFERENTIAL

I

i

i

i

I

»

i

i

l

i

*

i

i

i

DIFFERENTIAL

*4*

J—I—i




I

I

I
1992

i

I

i

I

i

I

i

i
1994

i

J

i

i

I

i

»
1992

i

l

»

1994

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

EURO-DOLLAR DEPOSITS

I

I

I

I

I

I

I

I

I

I

i

I

i

i

l

i

i

i

l

» 1 » I

1 1 I

I

I

I

1 I

I

INTERBANK DM

I

I

I




I

i

i

i

vAv/^Wvv

1 1

—

DASHED LINE

I

I

I

I

I

I

I

I

i

I

i

DIFFERENTIAL

I

I

EURO-DOLLAR DEPC

DASHED LINE

I

i

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS*

I

i

• i i I i i i I M i l l

COVERED FRANKFURT

I

i

DIFFERENTIAL

1
I

5

DASHED LINE

I

DIFFERENTIAL

I

—

U.S. COMMERCIAL PAPER

DASHED LINE

I

7

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

I

—

I

I
1992

I

i

I

i

i

i

I

» i

•

I

i

i

i

I

I

I

I

I

I

I

DIFFERENTIAL

I

I

» I

I

I

I
1994

I

I

I

I

I

I

I
1992

I

I

1994

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANN I

PE RCENT PER ANNUM

9
UNITED KINGDOM

UNITED STATES
8
7

6
5
4
11

i

i

i

I

i

i

i

I

i

i

i

l

i

i

i
FRANCE

CANADA
10
9
8
7

6

•

i

i

I

i

i

» I

i

i

i

I

i

i

i

8
JAPAN

SWITZERLAND
7

6
5
4
3
10

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

NETHERLANDS

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

'

GERMANY

9
8
7

6
5

I

I

I




I

I

I
1992

I

I

> I

I

I

I

I
1994

I

i

i

i

I

i

1992

1994

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220
UNITED STATES

210

— UNITED KINGDOM

190
170
150
130

i

i

i

I

i

i

'

l

•

•

'

I

'

i

SWITZERLAND

'

•

I

'

•

'

I

'

'

i

I

i

i

'

110
160

JAPAN
140

120

100

I
GERMANY

•

'

I

'

'

'

I

I

'

'

I

I

I

CANADA

80
180
165
150
135
120
105

l
195

» '

•

I

•

'

•

—FRANCE

i

i

i

I

'

i

'

I

i

'

i

I

i

i

NETHERLANDS

i

90
160

180

145

165

130

150
115

135

100

120
105

•




I

•

•
1992

» I

•

•

•

i

•

•
1994

•

•

•

'

I

'

'
1992

'

i

'

•

'

I

i

i
1994

85

5-Jan-94
Chart 1.

12-Jan-94 19-Jan-94 26-Jan-94 2-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 .7640
75 .698
16 .917
57 .501
0.05862
0.88962
51 .388
67 .284
14 8.02

2. 7660
75 .691
16 .928
57 .584
0.05896
0.88992
51 .443
67 .869
149.20

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

108 .91
75 .45
76 .23
161,.76
33 ,
.65
232 ,
.93
147 ,
.52
216 ,
.46
.87
59 ,

108 .99
75,.44
76,.28
161,.99
33..84
233,.01
147 ,
.68
218,.34
60,.35

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

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

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

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

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

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,.50
-2 .94
,
-2 .54
-4 .
, 89
1,.26
-1,.98
-0..75
-1..97

-0 .58
-3 .06
-2 .60
-5 .02
1 .06
-1 .97
-0 .75
-2 .11

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

392 .
.94

386 .28

391.,08

384 .
.32

381..22

3.
,00
2.
,98
3 .88
6. 50
6. 10
2 .31
5 .76
4 .63
5. 44

2 .98
,
2 .91
,
3 .95
,
6..44
5..98
2.
.30
5.
.53
4,
.03
5.
.18

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

,17
3.
3.,03
3 .68
6. 38
6. 31
2 .20
5 .51
4 .08
5. 38

.52
-3 .13
,
-2 .70
,
-5 .
, 12
1,.09
-2 .04
,
-0,.87
-2 .17
.
- 0 ,

-0 .45
-2 .99
,
-2 .59
,
-5 .04
,
1,.03
-1,.99
-0 .84
,
-2 .09
.

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

106 .40
71 .65
71 .71
172 .29
29 .90
250 .03
147 .33
51 .56
217 .06
55 .55
96 .56

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.

106 .59
71 .84
71 .84
172 .47
29 .80
250 .59
147 .53
50 .87
215 .66
55 .20
96 .84

Call Money Rates

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




5-Jan-94
Chart 5.

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.

3 .24
4 .02
6 .26
5 .79
2 .06
5 .24
3 .95
5 .30
4 .98

3 .16
3 .94
6 .15
5 .73
2 .12
5 .08
3 .85
5 .33
4 .98
,

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

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

2 .98
,
3 .09
3 .13
3 .24
3 .38
3 .69
,

2 .91
,
2 .99
,
3 .04
.
3 .16
.
3 .34
.
3 .66
.

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

Euro-Dollar Deposit Rates

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

12-Jan-94 19-Jan-94 26-Jan-94 2-Feb-94

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

Overnight Euro-dollar deposits
U.S. federal funds
Differential

2.
.98
3 .00
.
-0..02

2..91
2.
.98
- 0 ..07

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

2,.93
2..97
- 0 ..04

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

.24
3.
.24
3.
0..00

3..16
.16
3.
0..00

3..13
.13
3.
0..00

.13
3.
3..11
0..01

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

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

3.
.24
.31
3.
-0..07

.16
3.
,19
3.
- 0 . ,03

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

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

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

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

.29
3.
3..52
-0..23

3. 20
3.,36
- 0 . 16

3. 18
3. 36
- 0 . 17

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

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

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

3 .24
3 .21
0 .03

3 .16
3 .09
0 .07

3 .13
3 .09
0 .04

3 .13
3 .04
0 .08

3 .14
3 .16
-0 .02

Euro-dollar deposit
Swiss interbank, covered
Differential

3 .24
3 .19
0 .04

3 .16
3 .09
0 .07

3 .13
3 .10
0 .03

3 .13
3 .00
0 .12

3 .14
3 .12
0 .02

6,.54
5,.66
5..60
3..16
4.
.03
5..61
6,.24
5..70

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

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

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

Chart 9.

Interest Arbitrage, 3-Month Funds

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

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

6,.64
5..64
5,.57
3..20
4..04
5..56
6..16
5..87

Stock Indices (Wednesday figures)

Canada
14 6..66
148 .
.45
152 .38
148 .64
France
176..83
179 .
.95
179 .21
180 .91
Germany
127..90
126..25
122 .58
121 .15
Japan
110..61
114 .
.29
116 .54
117 .23
Netherlands
154..64
153 .
.93
157 .51
156 .54
Switzerland
233..98
234 .
.74
238 .63
242 .52
United Kingdom
197..54
199..72
205 .91
204 .91
United States
190..63
192 ,.88
193 .30
192 .80
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



152,.41
184 ,
.65
125,.11
123..08
159 .
.25
247,.81
210..53
196..80
to SBF250

•viSSev-

FEDERAL RESERVE statistical release
February 7, 1994

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

FEBRUARY 4, 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
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
XIRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM
MEMO:
**UNITED STATES

MONETARY
UNIT
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

DOLLAR

Jan. 31

(CURRENCY UNITS PER DOLLAR)
Feb. 3
Feb. 2
Feb. 1

Feb. 4

0.7085
12.230
35.820
1.3270
8.7217
6.7505
1.1165
5.5480
5.9070
1.7399
250.16
7.7237
31.440
1.4400
1695.50
108.72
2.7710
3.1060
1.9495
0.5673
7.47
174.9100
1.5935
3.43
811.30
140.380
49.4300
7.9020
1.463
26.420
25.450
1.5005

0.7165
12.165
35.690
1.3308
8.7211
6.7100
1.1230
5.5080
5.8780
1.7315
248.94
7.7231
31.440
1.4452
1688.75
108.05
2.7700
3.1050
1.9402
0.5725
7.44
174.0700
1.5850
3.42
812.00
140.050
49.1500
7.8775
1.450
26.435
25.405
1.5030

0.7150
12.172
35.830
1.3277
8.7228
6.7325
1.1200
5.5485
5.8875
1.7335
249.40
7.7250
31.440
1.4342
1689.75
108.03
2.7705
3.1050
1.9426
0.5723
7.45
174.6300
1.5870
3.42
811.10
140.780
49.0700
7.9255
1.453
26.435
25.395
1.4953

0.7150
12.215
35.890
1.3278
8.7252
6.7481
1.1185
5.5510
5.8970
1.7370
250.18
7.7243
31.440
1.4352
1690.50
108.18
2.7690
3.1050
1.9467
0.5715
7.47
174.6200
1.5870
3.42
810.90
141.100
49.1800
7.8920
1.451
N. A.
25.410
1.4930

0.7145
12.290
36.120
1.3343
8.7228
6.8005
1.1130
5.5920
5.9370
1.7515
252.08
7.7260
31.440
1.4250
1694.25
108.98
2.7685
3.1050
1.9628
0.5110
7.52
175.9900
1.5900
3.42
810.80
141.580
49.1700
7.9105
1.457
N.A.
25.445
1.4790

95.94

95.57

95.71

95.82

96.47

*VALUE IS U.S. DOLLARS
KKINDEX 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.

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