Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : March 22, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

March 22,1993

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
SPOT EXCHANGE RATE INDICES
3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
CALL MONEY RATES
3-MONTH INTEREST RATES
EURO-DOLLAR DEPOSIT RATES
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 SC/
MARCH 1973=
1

SCALE
1973=100
120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

1
1

100

110

90
80
70
270

1100

BELGIAN FRANC

i

•

'

i

»

1

1

i

1

»

•

1

I

1

•

i

•

i

i

i

» •

1

i

1

'

1 » '

•

S30
240
220

250

200

230

180

210

» I

170

'

'

160

JAPANESE YEN

SWISS FRANC

190

i

I

i

'

i

l

i

» i

•

» '

I

1

I

1

1

>

1

»

I

I

» '

140

100

100

90

<

90

U.K. POUND

j80

80

70

70
CANADIAN DOLLAR

— i60

60
1

1

1

1

l

50
200

1

1

I

1

i

i

1

I

i

» » '

i

I

1

i

1

1

1

1

1

1

1

1

1

50
200

180

190

160

180

140

170

120

GERMAN MARK

DUTCH GUILDER

i

100

i

I

i

i

i

l

i

i

i

I

i

i

i

'

1 •

I

'

'

I

I

I

I

I

I

160
I

I

»

110

100

150
55
50

FRENCH FRANC

90

45

80

40
ITALIAN LIRA

70

60

•

i

i

I

1990




'

i

i

I

'

i
1992

i

l

i

i

I

» » I
1990

I

I

35

I

I

I

I
1992

» I

I

I

1

30

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2

PERCENT PER ANNUM
2
U.K. POUND

CANADIAN DOLLAR

JAPANESE YEN

SWISS FRANC

DUTCH GUILDER
+9

ITALIAN LIRA

FRENCH FRANC

1990




1992

1990

1992

CHART 3

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

U.S. DOLLARS PER FINE OUNCE

420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

—

380 —

360 —

340

320

1990




1991

1992

1993

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
DENT PER ANNUM

PERCENT PER ANI

10

16
14

8

U.S. FEDERAL FUNDS

12

FRANCE

10
6
8

4

6

JAPAN

4
2
10

i

'

i

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

i

9

9

8

8
GERMANY

NETHERLANDS
7

7

6
16

2
10

'

•

•

I

•

'

•

I

•

'

'

I

i

i

'

•

'

i

I

i

1

1

I

1

1

1

14

I

1

'

»

6
14

12

UNITED KINGDOM

12

CANADA

10

10
8
8
6

6

4

SWITZERLAND

i

i

i

I

1990




i

i

i

I

i

i
1992

i

I

i

i
1990

1992

4

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
>ENT PER ANNUM

PERCENT PER AN

12
WEIGHTED AVERAGE
FOREIGN RATE

10

CANADIAN FINANCE PAPER

8

6

U.S. CD'S

4

I

2
16

» » i

I

i

i

i

I

i

> i

i

'

i

I

i

i

i

I

i

1

i

I

1

» i

13

10
U.K. INTERBANK STERLING

NETHERLANDS INTERBANK RATE

7

4
9

1

'

1

I

1

1

1

1

'

'

•

I

'

•

»

i

i

i

1 « i

i

I

i

i

i

1 i

i

i

7
FRENCH INTERBANK RATE
JAPANESE CD RATE
5

3
10

•

'

'

I

» '

« I

i

•

«

1

'

« I

'

1

'

I

'

'

1

I

1

»

I

i

i

1

8

SWISS INTERBANK

6

4

1

1

1

I

1990




» i

1

I

1

1

i

1992

GERMAN INTERBANK RATE

I

1

1

i

i
1990

i

I

i

i

i

I

i

i
1992

i

i

CHART 6

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

)ENT PER ANNUM

10

10

3-MONTH

OVERNIGHT
8

8

6

6

4

4

2
14

'

i

i

l

12

'

i

i

l

i

i

i

I

i

i

i

•

i

i

I

i

'

'

I

'

'

•

I

i

i

i

2
12

6-MONTH

7-DAY

10

10
8
8
6
6
4

4

2
10

'

'

i

l

i

i

'

l

i

«

i

l

»

1

i

•

i

i

l

i

« i

l

i

i

i

I

» i

i

2
10

1-YEAR

1-MONTH
8

8

6

6

4

4

2

I
1990




i

i
1992

i

I

i

i

i

i
1990

i

I

'

•

•

I

'

i
1992

'

I

'

•

•

2

CHART?

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

A I

OVERNIGHT

1-MONTH
EURODOLLAR DEPOSITS

EURO DOLLAR DEPOSITS

90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE

i

i

i

i

I

»

I

I

I

I

I—I—I—I—L

DIFFERENTIAL

i

i
1990




i

I

1

1

1

1

1

i

I

I

I

I

I

I

I

I

I—I—I—L

DIFFERENTIAL

V yv V

win/vv

i

r vv V
1
1992

1

1

1

1

1

i

i
1990

i

I

i

I—I—I—L
1992

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8 —

6

INTERBANK STERLING
COVERED LONDON

—

CANADIAN FINANCE
PAPER, COVERED

4 —
EURO DOLLAR DEPOSITS'
DASHED LINE

'

•

'

I

'

•

'

I

'

'

U.S. COMMERCIAL PAPER
DASHED LINE

•

'

I

I

I

l

I

I

I

i

i

i

I

i

'

i

I

'

'
—

DIFFERENTIAL

DIFFERENTIAL

VJV

AAV^

2
10

-.1

1 1 1 1 1 1 1

I

I

i

1 i

1

1

1

Vvy- r*
1 1 1 I I

SWISS INTERBANK (SF) COVERED

INTERBANK DM
COVERED FRANKFURT

EURO-DOLLAR DEPOSITS
DASHED LINE

'

1

1

I

'

1

1

I

1

1

'

EURO-DOLLAR DEPOSITS
DASHED LINE

I

I

'

'

I

I

DIFFERENTIAL

2

'

1

'

I

1990




1

1

1

1 1 1 11 1 1 1 1 1

I

I

I

I

I

I

'

I

I

» I

I

I

« »

'

I

I

I

DIFFERENTIAL

*

1

'

'

1992

'

'

1

1

I

I
1990

I

I

I

I

I

1992

'

I

2
10

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
14

PERCENT PER ANNUM
10
UNITED
KINGDOM

CANADA

FRANCE

SWITZERLAND

JAPAN

NETHERLANDS

I

I I
1990

I




I

GERMANY

I

I
1992

1990

1992

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO S<
1986

SCALE
1986= 00
200
UNITED STATES

UNITED KINGDOM

180

160
140

120

100

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

I

i

i

i

i

i

l

i

i

i

I

i

i

i

'

I

i

i

i

I

190
JAPAN

SWITZERLAND
170
150
130

110

90
130

<

'

i

l

'

i

»

l

i

i

i

I

i

i

i

i

'

FRANCE

GERMANY
120
110

100
90

80
140

'

•

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

I

i

NETHERLANDS

CANADA
130

120
110

i

i

i

I

1990




i

i

i

I

i

i
1992

i

l

i

i

i

I

I
1990

I

I

i

1992

JL_L

SERIES
C h a r t 1.

17-Feb-93 24-Feb-93 3-Mar-93

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

(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,

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

2.9479
79.526
17.953
60.770
0.06474
0.83231
53.994
65.712
143.17

2.9846
7 9 . 417
1 8 . 141
6 1 . 499
0.06352
0.84942
5 4 . 630
66 . 772
144 .98

2.9558
8 0 . 026
1 7 . 932
6 0 . 870
0.06343
0.84838
5 4 . 128
6 5 . 647
143 . 6 9

2.9258
80.311
17.759
60.242
0.06305
0.85240
53.597
65.080
144.25

2.9182
80.169
17.687
60.112
0.06227
0.85040
53.486
65.572
143.95

116.16
79.26
80.90
170.95
37.16
217.93
155.01
211.41
57.91

117 . 6 1
79 . 1 5
81 .75
173 . 0 0
36 .46
222 . 4 1
156 . 8 3
214 . 8 1
58 . 6 4

116 .47
79 .76
80 . 8 1
171 . 2 3
36 . 4 1
222 . 13
155 . 3 9
211 . 2 0
58 . 12

115.29
80.04
80.03
169.47
36.19
223.19
153.87
209.37
58.34

114.99
79.90
79.70
169.10
35.74
222.66
153.55
210.95
58.22

111 . 3 8
74 . 2 2
74 . 5 3
179 . 1 3
31 .56
230 . 9 8
151 . 8 0
53 .06
204 .86
51 . 9 5
93 . 7 8

110.52
74.74
73.97
177.53
31.46
232.96
150.67
54.07
203.64
52.35
94.13

110.57
74.83
73.88
177.70
31.14
233.12
150.81
53.11
205.85
52.40
94.48

.59
.64
. 04
.10
. 01
.70
.27
.85

-2.26
-8.09
-4.82
-7.84
0.07
-4.51
-2.06
-2.77

-2.14
-8.02
-4.63
-7.82
0.05
-4.30
-1.87
-2.65

= 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
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
Chart 2.

U.S.

3 - M o n t h Forward Exchange R a t e s ,

Gold P r i c e i n

Call

111 .88
73 . 18
75 . 0 4
180 .17
31 . 4 3
229 .89
152 . 4 1
53 .58
207 . 3 1
52 .16
93 . 1 4

-2
-8
-5
-8
-0
-4
-2
-2

.82
.46
.10
.09
.05
.82
.34
.88

-2
-8
-5
-8
-0
-4
-2
-2

London, A f t e r n o o n F i x i n g
329.97

329 .99

328 . 8 8

327.67

327.93

3.06
3.20
6.08
11.35
8.54
3.09
8.28
6.38
5.60

2 .91
2 .91
5 .85
11 .18
8 .60
3 .09
8 .24
5 .38
5 .60

3 .24
3 .08
5 .55
11 . 2 4
8 .67
3 .13
8 .27
5 .40
6 .03

3.02
2.94
5.38
11.00
8.50
3.11
8.17
5.33
5.95

2.96
2.99
4.75
10.91
8.44
3.11
7.90
5.35
6.18

Money R a t e s

U.S. f e d e r a l f u n d s
Overnight E u r o - d o l l a r
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




1973=100

Premium o r D i s c o u n t
-2.77
-8.56
-5.06
-7.93
-0.02
-4.80
-2.41
-2.89

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

Chart 4.

Mar.
111.12
73.76
74.67
178.88
32.28
226.22
151.47
55.30
205.17
51.78
93.85

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.

1Q-Mai—93 1 7 - M a r - 9 3

deposits

SERIES
Chart 5.

17-Feb-93 24-Feb-93 3-Mar-93

3-Month I n t e r e s t

Rates

U.S. 90-day 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 r a t e
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.

Euro-Dollar

deposits

3-month E u r o - d o l l a r d e p o s i t
U.S. 90-day CD's, s e c o n d a r y market
Differential
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

20
01
01
13
26
63

3 . 11
6 . 08
1 1 . 53
8 . 22
3 . 27
7 . 80
5 . 28
6 . 01
7 . 23

3 .12
5 .73
11 .06
7 .90
3 .26
7 .49
5 .10
5 .90
7 .00

08
04
06
09
19
46

2 .94
2 .99
3 .06
3 .10
3 .20
3 .43

3,.12
5,,58
10. 95
7,,73
3,,24
7,.36
4 .96
5,.85
6..89

2.
2.
3.
3.
3.
3.

91
95
00
06
19
49

3.
3.
3.
3.
3.
3.

2
3
3
3
3
3

.99
.03
.06
.13
.23
.48

3 . 20
3 . 06
0 . 14

2 . 91
2 . 91
0 . 01

3 . 08
3 . 24
- 0 . 17

2 .94
3 . 02
- 0 .09

2. 99
2.,96
0,.02

3 . 13
3 . 12
0 . 01

3 . 06
3 . 09
- 0 . 03

3 . 09
3 . 11
- 0 . 02

3 .10
3 .12
- 0 .02

3. 13
3..12
0..00

3 . 13
3 . 17
- 0 . 05

3 . 06
3 . 19
- 0 . 12

3 . 09
3 . 12
- 0 . 04

3 .10
3 .09
0 .01

3 .13
3 .16
- 0 , .04

3 . 20
3 . 43
- 0 . 23

3 . 15
3 . 40
- 0 . 25

3 . 15
3 . 45
- 0 . 30

3 .16
3 .44
- 0 .28

3 .19
3 .41
- 0 .23

3 . 13
3 . 11
0. 01

3 . 06
3 . 06
0 . 01

3 . 09
3 . 07
0 . 02

3 .10
2 .99
0 .11

3 .13
3. 01
0..11

3 . 13
2 . 98
0 . 14

3 . 06
2 . 98
0 . 09

3 . 09
2 . 97
0 . 12

3 .10
3 .02
0 .08

3. 13
3..07
0..05

7 . 34
7 . 53
6 . 68
4 . 05
4 . 89
6 . 58
7 . 72
5 . 97

7 .36
7 .31
6 .53
4 .11
4 .71
6 .51
7 .56
5 .89

7 ..59
7 ..33
6..54
4,.16
4,.63
6 ..47
7 ..72
6 ,.06

Long Term 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
7.
7.
6.
4.
5.
6.
7.
6.

70
83
98
34
11
88
89
34

7 . 48
7 . 69
6 . 84
4 . 15
4 . 99
6 . 75
7 . 80
6 . 07

113.
136.
97.
97.
111.
164.
168.
175.

89
90
45
79
74
47
79
51

1 1 5 . 49
1 4 1 . 95
97 . 00
9 6 . 43
1 1 3 . 80
1 6 0 . 06
1 6 8 . 58
1 7 8 . 27

Canada
France
Germany
Japan
Switzerland
Netherlands
U n i t e d Kingdom
United States
C h a r t 10.

3.
3.
3.
3.
3.
3.

3 . 09
6 . 26
1 1 . 58
8 . 26
3 . 25
7 . 97
5 . 35
6 . 11
7 . 29

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

Chart 9.

12
24
74
27
26
00
43
10
31

S e l e c t e d E u r o - d o l l a r & U . S . Money M a r k e t R a t e s

Overnight Euro-dollar
U.S. f e d e r a l f u n d s
Di f f e r e n t i a l

Chart 8.

3.
6.
11.
8.
3.
8.
5.
6.
7.

D e p o s i t Rates

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

10-Mar-93 17-Mar-93

Stock

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

Indices

(Wednesday f i g u r e s )

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




115.
146.
100.
96.
115.
164.
175.
181.

54
35
09
23
91
15
68
88

118
146
101
101
119
166
178
184

.37
.89
.13
.47
.44
.58
.40
.78

118,.00
145 .23
99,.84
103 .27
119 .22
166 ,.21
174 .49
181 .82

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

QtCOv/

FEDERAL RESERVE statistical release
H.10(512)

March 22, 1993

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MARCH 19, 1993

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

Mar. 15

•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

0.7031
11.690
34.230
1.2465
5.7624
6.3890
1.1665
6.0425
5.6480
1.6620
224.90
7.7363
31.800
1.4625
1605.00
118.45
2.6020
1.8678
0.5266
7.0630
154.25
1.6458
3.1975
796.80
118.75
46.910
7.8430
1.5220
26.075
25.480
1.4340

0.7051
11.698
34.220
1.2505
5.7624
6.3900
1.1665
6.0360
5.6550
1.6635
225.40
7.7363
31.900
1.4600
1607.00
116.90
2.5970
1.8695
0.5275
7.0775
153.80
1.6460
3.1950
795.30
118.72
46.960
7.8000
1.5230
26.100
25.470
1.4445

0.7096
11.708
34.290
1.2518
5.7624
6.3985
1.1652
6.0200
5.6595
1.6650
226.10
7.7350
31.800
1.4585
1607.00
117.25
2.5955
1.8709
0.5335
7.0860
153.46
1.6452
3.1990
795.40
119.12
N.A.
7.8190
1.5335
26.115
25.435
1.4510

0.7137
11.630
34.050
1.2472
5.7624
6.3675
1.1705
5.9865
5.6390
1.6540
224.60
7.7332
31.800
1.4664
1597.50
116.88
2.6000
1.8585
0.5347
7.0270
152.93
1.6455
3.1925
796.00
118.40
47.230
7.7840
1.5215
26.108
25.435
1.4755

0.7157
11.490
33.650
1.2455
5.7442
6.2930
1.1855
5.9040
5.5705
1.6340
222.10
7.7310
31.750
1.4845
1580.25
115.95
2.5940
1.8363
0.5336
6.9480
151.25
1.6420
3.1750
795.80
117.05
47.230
7.7060
1.5095
26.115
25.390
1.4892

MEMO:
^UNITED STATES

DOLLAR

94.57

94.38

94.45

93.83

92.91

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Mar. 16
Mar. 17
Mar. 18

Mar. 19

*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.