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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

January 27,1992

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

140
130
120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

100
BELGIAN FRANC

90
80

I

I

I

I

I

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I

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I

I

I

I

I

I

i

I

i

i

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I

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I

I

i

i

70
280
260

SWISS FRANC

240
JAPANESE YEN

220
200

180
160
140
I

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I

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I

I

I

I

I

I

I

i

I

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i

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I

i

i

i

CANADIAN DOLLAR

U.K. POUND

120
100
90
80

70
60

I

1 I

1 I

t

I

I

I

1 I

I

I

I

I

I

I

I

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I

I

I

I

I

I

I

I

I

I

I

50
200

—

180

DUTCH GUILDER

160
V

—

140

GERMAN MARK

120
I

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I

I

I

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I

i

i

i

I

i

i

i

I

•

i

i

I

i

i

i

100
60

55
50

ITALIAN LIRA

FRENCH FRANC

45
40
35
30
1 1 1 1 I




I I
1990

I

I

I

I

I

1 1 1
1992

I

I

I

i
1990

I

i

i

i

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i i
1992

25

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

1 I

U.K. POUND

I

I

I

'

I

I

I

I

I

I

I

I

I

I

I

GERMAN MARK

JAPANESE YEN

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA




1

1990

1992

1

1

1

1

1990

I

1

I

l

I

1

I

1

1

I

I

1

I

1

•

1992

I

CHART 3

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

U.S. DOLLARS PER FINE O l

460

440
12.5 Kg BARS

AFTERNOON FIXING PRICE

420

400

380

360

340

320




1990

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

16

16

12

12

FRANCE

U.S. FEDERAL FUNDS

JAPAN

•

0

i

l

'

'

i

I

» i

i

I

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I

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16

16

12

12
CANADA

GERMANY

•

i

i

l

'

'

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•

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l

i

1

•

I

•

•

« l

'

•

'

0
16

UNITED KINGDOM

12
SWITZERLAND

NETHERLANDS




i
1990

1992

i

I

i

i
1990

1

I

1

«

1

I

1

» '
1992

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
12

PERCENT PER ANNUM

12
U.S. CD'S
10

SWISS INTERBANK RATE
WEIGHTED AVERAGE
FOREIGN RATE

i

2
16

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i

I

i

i

CANADIAN FINANCE CO.
PAPER

14
12

10
U.K. INTERBANK STERLING

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

12
10

FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

i

i

i

I




i

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i

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i

I

i

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I

i

i

i

4
12

JAPANESE CD RATE

NETHERLANDS INTERBANK RATE

1990

1992

l

l

l

I

I

l I
1990

I

I

l

l

I

I

I
1992

CHART 6

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

PERCENT PER AN

12

12

3-MONTH

OVERNIGHT

10

10

8

8

6

6

4

4

2
12

i iiIiiiIiii

i

i

i

I

7-DAY

10

i

i

i

l

i

i

i

I

i

i

i

6-MONTH

2
12

10

8

8

6

6

4

4

2

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

i

12

1-MONTH

10

1-YEAR

2
12

10

8

8

6

6

4

4

2

i

i

i




I

i

i
1990

i

I

i

i

i

I

i

i
1992

i

i

i i l

1

i
1990

» I i

1

1

l i '

1

1992

2

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 —

8

—

90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE

4 —

i

i

i

I

i

i

'

I

i

i

i

I

i

i

L

i

I

DIFFERENTIAL

I

I

i

i

I

I

I

L

I

I

I

I

L

DIFFERENTIAL

A i,N A/
YWV Tlv v

M J al,,va*.u

i

i

i




I

i

i
1990

i

I

1

1

1

1

1

1
1992

1

J

I

I

I

I

1990

_|
1992

L

CHART 8

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

PERCENT PER ANN!

16

16

12

12

INTERBANK STERLING

CANADIAN FINANCE
CO. PAPER, COVERED

COVERED LONDON

8

8

4

0

EURO-DOLLAR DEPOSITS

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
16

0

I

I

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I

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I

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I

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I

I

I

'

i

i

i

I

i

i

i

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i

i

i

I

i

i

i

12

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

8

4

EURO-DOLLAR DEPOSITS

•

i

i

I

i

i

4

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

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 I
1990

I

I

I

I

I

I

I I
1992

•

I

I

I

I

I I
1990

I

I

I

I

I

I

I I
1992

2

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PE SCENT PER ANNUM
14
UNITED STATES

PERCENT PER ANNl

14
CANADA

12

12

10

10

8

8

6
14

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

l

i

i

i

l

i

i

'

l

i

i

i

6
14

FRANCE

UNITED KINGDOM
12

12

10

10

8

8

6
10

i

i

» l

i

i

i

l

i

i

i

l

i

i

i

i

i

i

I

i

i

i

l

i

i

i

l

i

i

i

6
10

JAPAN

SWITZERLAND
8

8

6

6

4

4

2
12

i

i

i

I

'

'

•

I

'

i

•

I

'

'

i iIiiiIiiiIiii

i

2
12

GERMANY

NETHERLANDS
10

10

8

8

6

6

4

i

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

4

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SC/
1986=

GALE
)

2

200
175

1

NETHERLANDS

, UNITED STATES

1

150

1

125

1

100
75

i

50
400
350

i

I

i

i

i

I

i

i

i

»

_L_L

I

„

_JAPAN

i

'

i

i

i

i

I

i

i

I

i

I

I

I

GERMANY

300
250
200
150

100

'

i

i

i

i

i

i

l

i

i

i

I

i

i

I

i

200

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

UNITED KINGDOM

— CANADA

1

I

__ FRANCE

- SWITZERLAND

i

I

I

I

'
1990

1

I

1

'

'

I

•

' '
1992

I

I

I

I

I «
1990

» '
1992

SERIES
25~Dec~91 l - J a n - 9 2
C h a r t 1.

(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,

3.1649
86.332
19.086
65.226
0.08602
0.78433
57.858
73.452
185.99

124.71
86.05
86.01
183.49
49.38
205.36
166.10
236.30
75.23

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 ,

3.0695
86.845
18.519
63.190
0.08376
0.78807
56.121
70.962
179.33

3.0391
86.670
18.345
62.536
0.08307
0.79685
55.528
70.563
178.78

Gold P r i c e i n

126
86
86
185
49
208
167
237
75

120
86
83
177
48
206
161
228
72

.95
.56
.45
.76
.08
.34
.11
.30
.53

119 .76
86 .38
82 .67
175 .92
47 .68
208 .64
159 . 4 1
227 . 0 1
72 . 3 1

109
74
72
175
40
196
149
68
210
62
83

.66
. 08
.81
.93
.16
.61
.08
.33
.41
.86
.77

108 .29
75 . 6 4
71 .91
173 . 4 4
39 . 7 3
197 .90
147 .29
67 .67
207 .73
61 .80
86 ..44

107 .64
75 . 8 1
71 .49
172 .17
39 .55
201 .30
146 .28
67 .24
207 .43
61 .88
86 ,.89

- 2 . 92
- 6 . 00
- 5 . 40
- 8 . 22
- 1 . 43
- 5 . 46
- 3 . 99
- 6 . 45

- 3 .01
- 5 . .92
- 5 . .44
- 7 . .90
- 1 . .21
- 5 . .56
- 3 . 97
- 6 . 41

- 2 . .96
- 5 . 75
- 5 . ,31
- 7 . 56
- 1 . 12
- 5 . 39
- 3 . 72
- 6 . 38

- 2 ,81
- 5 . .68
- 5 . .28
- 7 ..39
- 1 . 02
- 5 . 29
- 3 . 48
- 6 . 24

358.95

3 5 3 . 28

3 5 0 . 72

3 5 4 . 50

3 5 7 . 19

4.22
4.31
6.99
10.14
9.33
6.29
9.64
6.88
11.25

4 . 19
4 . 33
7 . 20
1 0 . 50
9 . 53
5 . 98
9 . 95
6 . 88
1 0 . 46

4 . 01
4 . 01
7 . 55
9 . 91
9 . 46
5 . 39
9 . 35
6 . 88
1 0 . 35

3 . 81
3 . 89
7 . 13
9 . 78
9 . 40
5 . 48
9 . 18
6 . 88
10. 59

Mar.

.11
.00
.96
.45
.94
.22
.89
.76
.77

:1973=100
110
73
73
176
40
194
149
68
210
63
83

.15
.06
.17
.96
.25
.26
.77
.51
.96
.04
.65

Premium o r D i s c o u n t
-2.93
-5.77
-5.37
-8.18
-1.52
-5.43
-4.03
-6.39

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

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

Chart 4.

3.1835
87.308
19.191
65.534
0.08671
0.80296
58.170
73.638
186.64

125 . 4 4
87 . 0 2
86 .48
184 .35
49 .77
210 . 2 4
167 .00
236 .90
75 .49

109.74
73.70
72.89
176.30
40.09
192.91
149.26
68.31
211.27
63.07
84.47

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

U.S.

3.2003
86.285
19.297
65.925
0.08699
0.79525
58.483
73.905
187.33

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 3.

15-Jan-92 22-Jan-92

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

Chart 2.

8-Jan-92

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.
4.
7.
10.
9.
5.
9.
6.
10.

19
31
85
20
44
30
63
88
25

SERIES
Chart 5.

25-Dec - 9 1 1 - J a n - 92

3-Month I n t e r e s t

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

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
Differential

deposits

Interest

Arbitrage,

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

covered

covered

Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differential

4 .03
7 .33
9 .80
9 .45
5 .29
9 .45
7 .70
10 .59
8 .91

4 .07
7 .16
9 .75
9 .44
5 .18
9 .36
7 .50
10 .56
8 .82

4 .31
5 .09
4 .70
4 .39
4 .33
4 .41

4 .33
6 .05
4 .67
4 .25
4 .22
4 .28

4 .31
4 .20
4 .11
4 .05
4 .05
4 .19

4 .01
4 .00
4 .04
4 .01
4 .01
4 .25

3 .89
4 .06
4 .08
4 .09
4 .11
4 .41

4 .31
4 .22
0 . 09

4 .33
4 .19
0 .14

4 .31
4 .19
0 .12

4 .01
4 .01
0 .00

3 .89
3 .81
0 .08

4 .39
4 .25
0 .14

4 .25
4 .32
- 0 . 07

4 .05
4 .02
0 . 03

4 .01
4 .03
- 0 .01

4 .09
4 .07
0 .02

4 .39
4 .36
0..04

4 .25
4 .30
- 0 .05

4 .05
4 .12
- 0 .07

4 .01
4 .03
- 0 .02

4 .09
4 .16
- 0 , .07

4,.46
4..52
- 0 . .05

4 .48
4 .53
- 0 .05

4 .09
4 .31
- 0 .22

4,.03
4,.31
- 0 , .28

4,.08
4.,30
- o . .22

4,.39
4.,10
0. 29

4 .25
4 .04
0 .21

4 .05
3 .94
0 .11

4 .01
4,.02
- 0 . .01

4,.09
4,.03
0,,06

4,.39
4, 04
0. 35

4 .25
3 .93
0 .32

4 .05
3 . 86
0 .19

4,.01
3,.91
0, 10

4,,09
3,.96
0,,13

8
8
8
5
6
8
9
6

7
8
8
5
6
8
9
6

,.97
.47
.02
.45
.32
.50
.55
,.80

8 . 02
8 . 41
7 . 94
5 . 47
6 . 20
8 . 39
9 . 56
6 . 93

8 . 14
8 . 36
7 . 88
5 . 44
6 . 19
8 . 34
9 . 46
7 . 09

117 ..16
132.,15
96,,28
128 ,.05
104,,31
131 ,.50
146, 32
169, 25

1 2 1 . 77
1 3 8 . 51
1 0 0 . 68
1 2 2 . 83
1 0 8 . 92
136 . 99
1 5 0 . 56
1 7 0 . 44

1 2 0 . 77
1 3 8 . 10
102. 54
121 . 27
1 0 9 . 79
1 3 5 . 31
1 5 2 . 13
169. 22

Long Term Government B e l l w e t h e r Bond Y i e l d s
1 0 - y e a r m a t u r i t y , 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 10.

4 .02
7 .38
9 .99
9 .50
5 .31
9 .62
7 .91
10 . 7 1
8 .99

3 - M o n t h Funds

covered

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

Chart 9.

4 .32
7 .50
10 . 2 5
9 .57
5 .76
9 .70
8 .00
10 . 9 2
9 .24

Money M a r k e t R a t e s

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 market
Differential
Chart 8.

4 .25
7 .50
10 .09
9 .60
6 .01
9 .70
8 .16
10 . 9 2
9 .28

E u r o - D o l l a r Deposit Rates

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

15-Jan -92 22-Jan -92

Rates

U.S. 9 0 - d a y CD's, s e c o n d a r y market
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
(G-10 C o u n t r i e s )
Chart 6.

8 - J a n - 92

Stock I n d i c e s

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

8 , 34
8 ,.76
8..14
5..70
6 ,.43
8 ,,66
9. 66
6 . 96

.24
.69
. 08
.56
.38
.64
.73
.79

(Wednesday f i g u r e s )
112. 90
125. 99
93, 81
126 . 68
102. 74
124. 86
140. 66
161. 47

117 ,.05
131,.29
95 .84
129 .66
103 .77
129 .04
146 ,.76
168 .67

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) a r e T o r o n t o C o m p o s i t e ,
Tokyo SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l



CAC G e n e r a l , FAZ A k t i e n ,
T i m e s O r d i n a r y , NYSE C o m p o s i t e

FEDERAL RESERVE statistical release
yv
H. 101512 )

January 27, 1992

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JANUARY 24, 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:

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:
"UNITED STATES

DOLLAR

Jan. 20

H
0
L
I
D
A
Y

1 CURRENCY UNITS PER DOLLAR)
1
Jan. 21
Jan. 22
Jan. 23

Jan. 24

0.7504
11.150
32.560
1.1538
5.4641
6.1380
1.2887
4.3130
5.4000
1.5843
183.25
7.7635
25.880
1.6825
1192.00
123.20
2.6820
1.7845
0.5422
6.2150
136.70
1.6300
2.7750
768.20
100.10
42.678
5.7590
1.4037
25.135
25.340
1.8070

0.7513
11.175
32.660
1.1549
5.4641
6.1555
1.2857
4.3215
5.4090
1.5870
183.30
7.7580
25.860
1.6760
1194.00
123.22
2.6760
1.7868
0.5405
6.2320
136.80
1.6330
2.7880
768.80
100.33
42.678
5.7740
1.4060
25.130
25.340
1.8065

0.7449
11.226
32.860
1.1583
5.4641
6.1860
1.2786
4.3390
5.4415
1.5955
184.45
7.7590
25.880
1.6705
1199.75
123.90
2.6775
1.7973
0.5403
6.2630
137.75
1.6340
2.7880
769.00
100.93
42.668
5.8000
1.4170
25.135
25.320
1.7951

0.7398
11.175
32.650
1.1675
5.4668
6.1510
1.2850
4.3280
5.4130
1.5860
183.30
7.7605
25.980
1.6800
1194.50
123.42
2.6650
1.7855
0.5405
6.2480
137.00
163.8500
2.7700
769.10
100.40
42.678
5.7715
1.4095
25.080
25.360
1.8055

86.02

86.13

86.60

86.24

"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 12021 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 1202) 452-3244.