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

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

July 6,1992
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION O F
INTERNATIONAL F I N A N C E
BOARD O F GOVERNORS
FEDERAL RESERVE SYSTEM

Washington, DLC. 20551

Table of Contents

TABLES
1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE
CHARTS
1.
2.
3.
4.

SPOT EXCHANGE RATE INDICES
3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
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
RATIO SCALE
MARCH 1973=100

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

140
130
120

140
130
120
110

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

100

100

90

'

70
280
260
240

— I 90

BELGIAN FRANC

80

•

•

I

1

1

1

1

'

•

'

I

i

i

i

80
1

1

1

I

1

1

1

I

» » i

l

» i

•

260

SWISS FRANC

—

240

JAPANESE YEN

220

220

200

200

180

180

160

160
'

140
100

'

'

I

'

'

'

I

'

> •

i

•

JL_L

i

i

i

I

i

'

'

I

'

'

i

I

i

i

'

140

100

90

UNITED KINGDOM

90

80

80

70

70

CANADIAN DOLLAR

60

60

'

50
200

180 —

I

'

•

•

I

'

•

•

I

i

i

i

I

I

I

I

'

I

•

I

'

'

'

I

I

I

I

DUTCH GUILDER

50
200
180

160

160

140

GERMAN MARK

140

120
100
120

70
280

120

I

I

I

I

I

I

I

I

I

'

I

I

'

'

'

•

•

'

I

•

•

'

I

'

'

•

I

'

I

I

100
60
55

ITALIAN LIRA

FRENCH FRANC

100

50
45

80

40
35

60

I

'

I




I

I

'
1990

'

I

•

•

•

I

I

I
1992

I

i

•

l

i

'
1990

'

I

•

'

•

I

i

i
1992

i

30

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

l

i

i

i

l

i

i

i

1

i

i

i

l

I

I

1

1

1

1

l

I I

l

l

l

I

l

I

I

!

12
8

JAPANESE YEN

GERMAN MARK

l

1

1 l

•

1 '

l

'

I

l

l

'

i

i

i

1

i

i

I

i

i

l

l

l

l

l

1

1

1

1

1

l

l

l

l

l

1 1
1990

1

1

1

l

l

l

l l
1992

i

DUTCH GUILDER

X
1




1

1

1

1

ITALIAN LIRA

FRENCH FRANC

1
1990

V z

1992

1

1

1

1

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 OUNCE

U.S. DOLLARS PER FINE OUNCE

420

—

420

—

400

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380

380

—

360

340 —

340

360

320

320




1989

1990

1991

1992

CHART 4

CALL MONEY RATES
WEEKLY SERIES
)ENT PER ANNUM

PERCENT PER AN I

12
FRANCE
10
U.S. FEDERAL FUNDS
8

JAPAN

6

4

2
12

1

•

1

l

•

1

1

1

I

1

'

l

i

'

•

i

i

i

1 i

i

i

I

i

i

i

I

i

i

10
GERMANY
8

NETHERLANDS

6

4
16

•

'

i

l

•

•

•

l

'

•

i

l

i

i

i

I

I

I

I

I

I

I

I

I

I

I

I

i

i

I

i

i

i

I

14

12

UNITED KINGDOM
CANADA

10

8

6
SWITZERLAND
4




i
1990

1992

i

i

I

i

1990

i
1992

i

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
15

PERCENT PER ANNUM
12

WEIGHTED AVERAGE
FOREIGN RATE
13

11

U.S. CD'S
CANADIAN FINANCE PAPER

'

I

i

i

i

I

'

i

i

I

i

i

'

'

i

I

'

'

'

I

i

i

i

I

i

i

i

5
12

10

14 —

12 —
NETHERLANDS INTERBANK RATE
U.K. INTERBANK STERLING
10

'

'

i

I

'

i

'

I

'

'

i

I

i

•

i

I

I

I

I

I

I

•

'

4
12

10

FRENCH INTERBANK RATE

JAPANESE CD RATE

i

i

i

I

i

'

i

I

i

I

i

SW SS INTERBANK

i

i

i




I

i

i
1990

i

I

i

I

I

I

I

I

I

I

GERMAN INTERBANK RATE

i

i

I

i

i
1992

'

I

I

CHART 6

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

PERCENT PER ANNUM

12

12

10 — A

OVERNIGHT

3-MONTH

7-DAY

6-MONTH

8 —

4 —




l

'

•

i

l

'

i

i

l

i

i

1-YEAR

1-MONTH

1990

i

1992

1990

1992

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

12

12

10 ——

10

OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

8 —

6 —

90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE

4 —

i

i

i

I

I

I

I

I

I

I

I

I

I

I

L

j _ I

DIFFERENTIAL

ft
i

i




i

iV MMA
i

i
1990

I

I

I

l

I

I

I

l

I

I—I—L

DIFFERENTIAL

II
i

I

i

i

Ajhf A k /A r .

1 1 1 1 1 1 1
1992

i fyi ,

_L_I

I

I

i

i
1990

i

I

l__l

I

I

n / \ *

I

I
1992

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

12

12

COVERED LONDON

CANADIAN FINANCE
CO. PAPER, COVERED

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

INTERBANK STERLING

8 —

4 —
DASHED LINE

DASHED LINE

•

i

i

l

i

'

i

I

'

i

i

I

i

I

'

I

'

I

I

I

I

I

I

I

I

'

1

1

1

I

I

I

I

DIFFERENTIAL

DIFFERENTIAL

2
12

I

•

I

'

I

'

I

I

•

I

I

I

I

I

I

1

1

1

1

INTERBANK DM

COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

1/,

4 —
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

i

i

i

I

i

•

•

1 •

•

'

I

'

i

'

i

'

•wv

I

'




1 I

I
1990

I

1 I

I

I

I

I

I

I

I

l

i

;

i

I

i

I

I

i

i

DIFFERENTIAL

DIFFERENTIAL

I

I

I

I

I

I

I

I

I
1992

I

V~W-,aA^V /A,

i

i

i

l

;

i
1990

i

1992

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
=tCENT PER ANNUM

PERCENT PER ANN!

10

13

UNITED STATES

UNITED
KINGDOM

9

12

8

11

7

10

6

9

12

12

CANADA

FRANCE

11

11

10

10

9

9

8

8

7

7

8

8

SWITZERLAND

JAPAN

7

7

6

6

5

5

4
10

1

1

1

l

1

1

1

1

I

1

•

i

•

•

I

NETHERLANDS

I

I

I

I

I

•

I

'

'

'

I

'

'

'

4
10

GERMANY

9

9

8

8

7

7

6

•

•

l

'




•
1990

•

l

•

•

» 1 i

i
1992

i

1

1

1

l

1

1

1990

1

I

1

1

1

I

1

'

1

1992

6

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200

UNITED KINGDOM

UNITED STATES

GERMANY
JAPAN

FRANCE

SWITZERLAND

135

135

NETHERLANDS

CANADA
120

120

105

105

90

90

75

i

i




i

I

'

•
1990

•

l

•

•

•

I

•

'
1992

'

'

I

I

I

I
1990

I

I

'

'

•

I

•

•

'

75

1992

«

SERIES
Chart

1.

Spot

3-Jun-92

rates

(U.S.

cents,

3.0176
83.093
18.472
62.073
0.08235
0.78110
55.105
68.252
182.01

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

118.91
82.82
83.24
174.62
47.27
204.52
158.19
219.57
73.62

Weighted average exchange v a l u e

indices,

Belgian franc
Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss f r a n c
U.K. pound
U.Sc d o l l a r

U.S.
Chart

3.

3-Month Forward Exchange R a t e s ,

Gold Price

dollars
4.

per

Call

fine

Mar.

120
83
84
176
47
205
160
221
74

Premium o r
-2.08
-6.05
-5.76
-8.22
-0.64
-5.59
-5.34
-5.92

in

London,

ounce

3.0863
83.757
18.854
63.514
0.08389
0.78871
56.370
70.420
185.33

3.1072
83.555
18.985
63.949
0.08449
0.78791
56.757
70.767
186.54

3.1804
83.625
19.457
65.455
0.08652
0.79719
58.067
72.618
190.07

.24
.44
.04
.65
.65
.60
.03
.21
.10

121 . 6 1
83 .48
84 .96
178 . 6 7
48 . 1 6
206 . 5 1
161 .83
226 . 5 5
74 .96

122
83
85
179
48
206
162
227
75

.44
.28
.55
.89
.50
.30
.94
.67
.45

125
83
87
184
49
208
166
233
76

108
72
73
173
39
197
147
68
205
63
85

108
71
73
174
39
196
147
68
205
63
85

.78
.93
.28
.28
.76
.10
.82
.46
.46
.99
.56

109 . 7 1
7 0 .82
74 . 0 5
175 .96
4 0 . 12
1 9 5 . 32
1 4 9 . 02
6 9 . 04
2 0 7 . 70
6 4 . 24
83. 91

.32
.35
.68
.13
.67
.73
.70
.62
.88

1973=100

107.55
72.94
72.56
171.94
39.45
198.26
146.08
67.83
201.75
63.56
87.59

Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
U.K. pound
Chart

3.0514
83.716
18.649
62.796
0.08301
0.78522
55.743
68.759
183.21

100

Belgian franc
Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
U.K. pound

2.

l-Jul-92

weekly averages)

Belgian franc
Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
I L K . pound

Chart

17-Jun~92 24-Jun-92

Exchange R a t e s and I n d i c e s

Noon b u y i n g

Indices,

10-Jun-92

108 . 0 3
72 .97
72 .76
172 . 8 9
39 . 4 9
197 . 8 7
146 ,. 7 8
68 . 0 3
201 .83
6 3 .. 5 3
86 . 8 1

.45
.41
.03
.66
.62
.16
.34
.26
.23
.80
.97

Discount
- 2 .00
- 6 . 16
- 5 . 81
- 8 . 87
- 0 . 66
- 5 . 62
- 5 . 39
- 5 . 88

- 1 .83
- 6 .19
- 5 .79
- 9 .37
- 0 .63
- 5 , 67
- 5 . 37
- 5 . 90

- 1 . .78
- 6 ..22
- 5 . 82
- 9 . 59
- 0 . 52
- 5 . 70
- 5 . 37
- 5 . 95

3 3 8 . 27

3 4 0 . 98

3 4 2 . 68

3.
3.
5.
9.
9.
4.
9.
8.
9.

3.
3.
5.
9.
9.
4.
9.
8.
9.

-1.
-6.
-5.
-9.
-0.
-5.
-5.
-6.

66
24
90
49
61
77
41
09

Afternoon Fixing
338.03

3 4 3 . 17

Money R a t e s

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




deposits

3.85
3.85
6.08
9.84
9.64
4.68
9.55
8.88
9.78

69
74
88
91
60
69
38
88
20

73
70
88
88
56
70
20
88
90

3.
3.
5.
9.
9.
4.
9.
8.
10.

72
76
88
89
59
68
23
08
05

3.
5.
9.
9.
4.
9.
7.
10.

ND
91
41
89
68
69
41
88
30

SERIES
3 - J u n - 92
Chart

5.

3-Month I n t e r e s t

6.

Euro-Dollar

Deposit

Selected Euro-dollar

Overnight Euro-dollar
U.S. f e d e r a l funds
Differential

& U.S.

8.

Interest

deposits

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
Chart

9.

10.

.88
.20
.99
.64
.67
.47
.13
.86
.72

3 .84
5 .99
10 . 0 0
9 .67
4 .63
9 .43
9 .10
9 .93
8 .72

3 .84
5 .92
10 . 0 0
9 .65
4 .53
9 .44
8 .98
9 .95
8 .68

3 .82
5 .81
10 . 0 0
9 .69
4 .51
9 .46
8 .93
10 . 0 3
8 .69

3 .85
3 .86
3 .88
3 .94
4 .09
4 .56

3
3
3
3
4
4

.74
.83
.84
.89
.03
.53

3 .70
3 .79
3 .80
3 .86
4 .00
4 .45

3 .76
3 .78
3 .79
3 .85
3 .98
4 .38

3 .91
3 .79
3 .79
3 .81
3 .94
4 .24

Rates

3 .85
3 .85
0 .00

3 .74
3 .69
0.. 0 4

3 .70
3 .73
- 0 .03

3 .76
3 .72
0 .04

3 .91
ND
ND

3 .94
3 .91
0 .03

3 .89
3 . ,88
0,.00

3 .86
3 .84
0 .02

3 .85
3 .84
0 .01

3 .81
3 .82
-0 .01

3 .94
3 .88
0 .06

3 , .89
3, 83
0, 05

3 .86
3 .88
- 0 .02

3 .85
3 .85
0 .00

3 .81
3 .78
0 .03

3 .96
4 .19
- 0 .23

3 . 94
4 . 17
- 0 , 23

3 .92
4 .14
- 0 .22

3 .90
4 .12
- 0 .22

3 .88
4 .13
- 0 .24

3 .94
3 .76
0 .18

3 . 89
3 , 68
0, 20

3 .86
3 .74
0 .12

3 .85
3 .68
0 .17

3 .81
3 .64
0 .17

3 .94
3 .63
0 .30

3 . 89
3. 62
0. 27

3 .86
3 .60
0 .26

3 .85
3 .48
0 .37

3 .81
3 .40
0 .42

8 . 36
8 . 72
7 . 95
5 . 60
6 . 86
8 . 32
9 . 15
7 . 33

8
8
7
5
6
8
9
7

.21
.77
.96
.59
.90
.29
.14
.27

8
8
8
5
6
8
9
7

.17
.81
.02
.50
.93
.30
.19
.22

8
8
8
5
6
8
9
7

.16
.79
.03
.41
.99
.32
.16
.14

112
144
105
96
114
151
156
162

.24
.62
.73
.53
.77
.73
.88
.79

111
142
105
93
112
150
153
163

.29
.85
.10
.26
.12
.70
.61
.06

112
137
104
95
111
152
148
164

.90
.37
.17
.20
.03
.82
.75
.91

L o n g T e r m G o v e r n m e n t 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

3
6
9
9
4
9
9
9
8

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

3 .91
6 .30
9 .88
9 .66
4 .70
9 .45
9 .09
9 .95
8 .70

Money M a r k e t

3-month E u r o - d o l l a r deposit
U.S. 90-day CD's, secondary market
Differential
Chart

1 - J u l - 92

Rates

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

24-Jun -92

Rates

U.S. 90-day CD's, secondary 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
CG-10 C o u n t r i e s )
Chart

10 - J u n - 9 2 1 7 - J u n - 9 2

Stock

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

Indices

8
8
7
5
6
8
8
7

.45
.55
.95
.62
.87
.31
.96
.35

113
150
107
103
116
152
162
168

.55
.46
.62
.32
.40
.89
.20
.09

(Wednesday f i g u r e s )
112.
147.
106.
101.
116.
152.
159.
164.

26
62
54
87
73
81
61
93

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 ,
T o k y o 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
H. 10(512)

July 6, 1992

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 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:
MONETARY
UNIT

Jun. 29

•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

0.7471
10.688
31.230
1.1935
5.4758
5.8300
1.3500
4.1310
5.0975
1.5170
184.65
7.7310
28.800
1.7565
1147.50
125.25
2.5062
1.7104
0.5438
5.9420
126.85
1.6183
2.7720
794.90
96.05
N. A.
5.4800
1.3680
24.680
25.330
1.9070

0.7477
10.730
31.370
1.1972
5.4758
5.8555
1.3440
4.1500
5.1260
1.5240
185.40
7.7305
28.700
1.7500
1153.00
125.87
2.5047
1.7183
0.5442
5.9690
127.15
1.6178
2.7720
794.90
96.30
N. A.
5.5045
1.3747
24.650
25.300
1.9035

0.7469
10.680
31.220
1.2011
5.4758
5.8370
1.3500
4.1360
5.1060
1.5175
184.70
7.7303
28.650
1.7570
1148.75
124.92
2.5040
1.7109
0.5440
5.9460
126.65
1.6180
2.7625
793.20
95.95
44.170
5.4840
1.3665
N. A.
N. A.
1.9110

0.7421
10.668
31.160
1.2025
5.4758
5.8230
1.3530
4.1260
5.0955
1.5140
184.60
7.7325
28.550
1.7615
1148.50
124.60
2.5025
1.7069
0.5440
5.9335
126.34
1.6180
2.7580
791.20
95.73
N. A.
5.4710
1.3580
24.620
25.300
1.9180

MEMO:
^UNITED STATES

DOLLAR

83.45

83.81

83.48

83.31

COUNTRY

(CURRENCY UNITS PER 1
DOLLAR)
Jun. 30
Jul. 1
Jul. 2

Jul. 3
0.7444
10.685
31.240
1.2025
5.4758
5.8295
1.3497
4.1350
5.1045
1.5170
185.00
7.7315
28.500
1.7590
1151.00
124.80
2.4990
1.7104
0.5448
5.9445
126.70
1.6170
2.7600
789.40
95.90
N. A.
5.4820
1.3575
24.520
25.270
1.9085

*

83.48

•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) 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.