Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : November 25, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

November 25, 1991

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
140
FOREIGN CURRENCY
130

__

PRICE OF U.S. DOLLAR

120

RATIO SCALE
MARCH 1973=100
140
130

BELGIAN FRANC

__ 120
110

110

100

100

90

90

80

80
70

'

i

'

280
260

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

70

280
260

JAPANESE YEN

SWISS FRANC

240

240

220

220

200

200

180

180

160

160
140

140

120
100

I

I

90

I

I

I

I

I

I

I

I

I

I

I

i

I

i

I

i

'

'

I

'

i

i

I

i

i

'

120
100

CANADIAN DOLLAR

—

U.K. POUND

i

90

80

80

70

70

60

60

I

50

I

I

I

I

I

I

I

I

I

I

I

I

I

200

I

I

I

I

I

•

•

I

'

•

GERMAN MARK

180

•

I

'

•

y V X

i

DUTCH GUILDER

50
200

180

160

160

140

140

120

120
I

100
120

I

I

1 I

I

I

I

'

I

I

I

I

I

I

I

I

I

l

I

I

I

I

I

I

I

I

100
60

110

55

ITALIAN LIRA

100

50

FRENCH FRANC

90

45

80

40

70

35

60

30

50

•

'

'

l




i

i
1989

< I

i

i

i

I

i

i
1991

I

i

' •
1989

I

'

I

I

I

I

I
1991

I

25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
4 ,

U.K. POUND

CANADIAN DOLLAR

12
8

I

I

I

I

I

1

1

1

I

1

1

1

I

1

1

•

i

i

1

1

I

1

1

I

I

1

1 1

1

1

1

1

1

1

1

1

1 1

1

1

1

1

JAPANESE YEN

GERMAN MARK

i

PERCENT PER ANNUM
4

'

1 i

i

i

l

i

'

i

l

i

i

i

1

1

1

1

1

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA




1989

1991

1989

1991

12
8

CHART 3

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

U.S. [ DLLARS PER FINE OUNCE

520

520

500

500

12.5 Kg BARS

AFTERNOON FIXING PRICE

480

480

460

460

440

440

420

420

400

400

380

380

360

360

340

340

320

1988




1989

1990

1991

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANN

;ENT PER ANNUM

16

16

12

12

FRANCE

U.S. FEDERAL FUNDS

8

8

JAPAN
4

4

0

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

l

i

i

i

0

16

16

12

12

CANADA

GERMANY

8

8

4

4

0

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

0
16

16

SW TZERLAND

UNITED KINGDOM

12

12

8

8

NETHERLANDS
4

4

0

•

i

i




I

i

i
1989

'

l

i

i

i

l

i

i
1991

i
1989

1991

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

12

10
U.S. CD'S

WEIGHTED AVERAGE
FOREIGN RATE

SWISS INTERBANK RATE

U.K. INTERBANK STERLING

CANADIAN FINANCE CO
PAPER

GERMAN INTERBANK RATE

FRENCH INTERBANK RATE

—

JAPANESE CD RATE




NETHERLANDS INTERBANK RATE

1989

1991

1989

1991

CHART 6

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

PERCENT PER ANI

14

14

OVERNIGHT

12

3-MONTH

12

10

10

8

8

6

6

4
14

i

i

'

I

i

i

i

l

i

i

i

I

i

i

i

•

i

i

l

i

i

l

i

i

i

l

i

'

4
14

6-MONTH

7-DAY

12

i

12

10

10

8

8

6

6

i

4
14

i

i

I

1-MONTH

12

i

i

i

I

i

i

i

I

i

i

1-YEAR

•

4
14

12

10

10

8

8

6

6

4

i

'

'




I

'

i •
1989

l

i

i

i

l

i

i i
1991

i

'

i

l

i

i i
1989

l

i

i

i

I

i

'
1991

4

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
14

PERCENT PER ANNUM

14

12

12
OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

10

10

90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE

i

i

i

I

i

i

I

I

l

I

I

I

I

I

L

i

i

DIFFERENTIAL

i




i

I

i

i
i
1989

I

i

I

I

I

I

I

I

I

I

I

I

I

I

L_J

I

I

I—L

DIFFERENTIAL

M

i

I

i

i

i

I

1

" l l WV -yt

1
1991

1

I

I

I

I

I

1989

I
1991

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
16

16

INTERBANK STERLING

12 —

CANADIAN FINANCE
CO. PAPER, COVERED

COVERED LONDON

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

0 I

I

I

I

I

DASHED LINE

I

I

I

I

I

I

I

I

I

•

2
DIFFERENTIAL
v

'

I

2

12

I

I

I

I

I

I

I

•

I

I

• •

I

•

I

|

'

DIFFERENTIAL

Y-W'

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i

Ii

I'

II

I

I

I

I

I

I

I

I

I

I

16

16

INTERBANK DM

12 —

SWISS INTERBANK (SF) COVERED

—

COVERED FRANKFURT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

I

"

I

I

I

DASHED LINE

I

I

I

I

I

I

I

I

I

'

'

DIFFERENTIAL

I

I

I

I




I

I
1989

12

» I

'

I

'

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'

'

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I

DIFFERENTIAL

•

'

•

|

I

I
1991

I

I

I

I

I

I

'
1989

I

I

I
1991

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUI

3ENT PER ANNUM

14

14

CANADA

UNITED STATES
12

12

10

10

8

8

I

6
14

I

I

I

1 I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

6
14

FRANCE

UNITED KINGDOM
12

12

10

10

8

8

6
10

I

I

I

I

I

I

I

I

I

I

I

I

I

I

•

I

i

l

i

i

i

I

i

i

i

l

i

i

i

6
10

JAPAN

SWITZERLAND
8

8

6

6

4

4

I

2
10

1 I

I

I

I

I

I

I

I

I

I

I

I

I

'

I

'

I

I

I

I

I

I

2
10

GERMANY

NETHERLANDS
8

8

6

6

4

4

2

•

i

i




I

i

i
1989

i

I

i

i

i

1 i

i
1991

i

i

i

i

l

i

'
1989

i

l

'

i

i

l

i

i
1991

2

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200
— NETHERLANDS

UNITED STATES

JAPAN

GERMANY

SWITZERLAND

FRANCE

CANADA

UNITED KINGDOM




1989

1991

1989

1991

SERIES
C h a r t 1.

23-0ct-91 30-0ct-91 6-Nov-91

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,

^ 8632
**
17-290
^8-953
5%,
52.306
67.436
171.48

2.8656
88.960
17.294
59.009
0.07894
0.76144
52.364
67.383
171.84

2.9453
89.141
17.744
60.644
0.08094
0.76984
53.813
68.867
176.27

2.9652
88.681
17.872
61.077
0.08117
0.76955
54.180
69.032
177.27

116
88
79
170
46
201
154
221
71

.06
.85
.96
.60
.46
.57
.49
.55
.29

116 . 8 4
88 .39
80 . 5 4
171 . 8 2
46 . 5 9
201 .49
155 . 5 4
222 .09
71 .70

106
79
70
169
39
197
144
66
206
62
88

.22
.73
.33
.70
.24
.78
.31
.27
.22
.19
.97

106
79
70
170
39
196
144
66
206
62
88

.60
.01
.65
.49
.23
.97
.86
.42
.04
.36
.60

-2
-4
-4
-5
-1
-4
-3
-5

.54
.16
.37
.89
.02
.36
.15
.17

-2
-4
-4
-6
-1
-4
-3
-5

.62
.33
.35
.15
.08
.38
.02
.19

3.0027
88.412
18.109
61.884
0.08199
0.77049
54.907
69.766
178.53

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 y e n
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.

13-Nov-91 20-Nov-91

3 - M o n t h F o r w a r d Exchange Rates

Canadian d O l i w
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

112 83
88 .39
77.. 9 1
165 .84
45 .24
200,.47
150 .16
216 .95
69,,36
Mar.
105
80
69
167
38
200
142
65
205
61
90

.02
.80
.68
.53
.86
.46
.64
.58
.48
.51
.97

112
88
77
166
45
199
150
216
69

.92
.67
.93
.00
.31
.37
.32
.78
.50

118
88
81
174
47
201
157
224
72

.32
.12
.60
.09
.06
.74
.63
.45
.21

1973=100
105.08
81.05
69.68
167.67
38.91
199.17
142.76
65.68
205.26
61.63
90.94

107 .23
78 .16
71 . 1 3
171 .74
39 .35
195 . 7 1
145 .84
66 .79
206 .80
62 .36
87 .82

Vemium o r D i s c o u n t
-2
-3
-3
-5
-0
-3
-2
-4

.71
.79
.95
.76
.85
.92
.96
.88

-2.54
-3.78
-4.08
-5.65
-0.87
-4.04
-3.05
-5.02

-2
-4
-4
-6
-1
-4
-2
-5

.57
.55
.43
.43
.19
.45
.97
.34

-ixing
U.S.

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

Chart 4.

361 . 2 5

359.65

356 . 5 2

354 . 7 2

359 .54

5 .24
5 .20
8 .35
8 .86
9 .06
6 .71
8 .79
7 .78
10 . 5 1

5.10
5.18
8.25
8.78
8.71
6.78
9.02
7.38
10.39

5 .05
4 .86
8 .70
8 .99
8 .73
6 .55
9 .05
7 .18
10 . 4 4

4 .74
4 .79
8 .66
9 .51
8 .99
6 .42
9 .01
6 .88
10 . 3 3

4 .88
4 .78
7 .43
9 .68
8 .95
6 .28
9 .02
6 .90
10 .39

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 E u r o - d o l l a r deposits
Canada
France
Germany

Japan

Netherlands
Switzerland
U n i t e d Kingdom




SERIES
Chart 5.

2 3 - 0 c t - 91 30 - O c t - 9 1 6 - N o v - 9 1

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 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^IQ C o u n t r i e s )
Chart 6.

Euro-Dollar

5 . 34
8 . 26
9 . 09
9 . 29
6 . 37
9 . 27
r 8 . 13
1 0 . 41
9 . 00

4
7
9
9
6
9
7
10
8

.94
.73
.44
.30
.23
.29
.78
.39
.96

5.30
8.12
9.06
9.33
6.28
9.30
8.23
10.48
8.98

5 .05
7 .91
9 .18
9 .35
6 .22
9 .33
8 .13
10 .39
8 .96

4 .96
7 .76
9 .23
9 .31
6 .23
9 .30
7 .85
10 .36
8 .95

5.18
5.25
5.21
5.35
5.31
5.49

4 .86
5 .00
4 .98
5 .09
5 .06
5 .21

4 .79
4 .80
4 .83
4 .95
4 .95
5 .11

4 .78
4 .78
4 .78
4 .95
4 .95
5 .08

Deposit Rates
5.
5.
5.
5.
5.
5.

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

13-Nov - 9 1 20-Nov - 9 1

20
21
23
34
34
51

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 E u r o - d o l l a r deposits
U.S. f e d e r a l f u n d s
Differential

5 . 20
5 . 24
- 0 . 04

5.18
5.10
0.08

4 .86
5 .05
- 0 .19

4 .79
4 .74
0 .05

4 .78
4 .88
- 0 .10

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

5 . 34
- 5 . 34
- o . 00

5.35
5.30
0.05

5 .09
5 .05
0 .04

4 .95
4 .96
- 0 .00

4 .95
4 .94
0 .01

5 . 34
5 . 40
- 0 . 06

5.35
5.32
0.03

5 .09
5 .08
0 .00

4 .95
5 .04
- 0 .09

4 .95
4 .91
0 .04

5 . 34
5 . 50
- 0 . 16

5.33
5.53
-0.20

5 .08
5 .32
- 0 .24

4 .97
5 .09
- 0 .12

4 .99
5 .11
- 0 .12

5 . 34
5 . 25
0 . 09

5.35
5.15
0.20

5 .09
4 .88
0 .21

4 .95
4 .86
0 .09

4 .95
4 .77
0 .18

5 . 34
5 . 11
0 . 23

5.35
5.12
0.23

5 .09
4 .91
0 .18

4 .95
4 .77
0 .18

4 .95
4 .75
0 .20

Chart 8.

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 p a p e r ,
Differential

3 - M o n t h Funds
covered

covered

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

covered

Euro-dollar deposit
Swiss i n t e r b a n k , c o v e r e d
Differential
Chart 9.

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
9.
8.
8.
5.
6.
8.
9.
7.

06
76
26
89
39
72
82
61

8.96
8.82
8.34
5.95
6.71
8.78
9.75
7.59

8 .71
8 .81
8 .36
5 .98
6 .79
8 .79
9 .74
7 .50

8 .55
8 .76
8 .25
5 .97
6 .73
8 .72
9 .64
7 .41

8 .48
8 .77
8 .22
5 .94
6 .60
8 .71
9 .65
7 .35

115.
134.
98.
141.
107.
134.
152.
157.

28
55
05
94
13
08
54
18

116.56
135.99
98.31
141.99
106.59
133.13
153.51
159.14

117 .67
135 .60
97 .48
141 . 0 2
105 . 6 1
132 .16
151 .26
158 .27

119 .87
137 .08
99 .57
138 . 9 5
108 .05
134 .45
151 .78
161 .27

116 .69
133 . 5 1
98 .60
133 .30
105 .45
130 .48
147 .27
153 .96

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

S t o c k I n d i c e s (Wednesday f i g u r e s )

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

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 , CAC G e n e r a l , FAZ A k t i e n ,
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 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
November 25, 1991

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

NOVEMBER 22, 1991

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

Nov

18

(CURRENCY UNITS PER 1
DOLLAR)
Nov. 19
Nov. 20
Nov. 21

Nov. 22

0 .7866
11 .310
33 .150
1 .1280
5 .3976
6 .2480
1 .2703
4 .3400
5 .4945
1 .6060
182 .55
7 .7545
25 .790
1 .6635
1214 .50
129 .30
2 .7340
1 .8101
0 ,5654
6,.3080
141,.25
1..6645
2,.7850
757,,00
101. 48
42. 378
5.8765
1.4260
25. 945
25.460
1 . 7910

0.7883
11.275
33.020
1.1287
5.3976
6.2200
1.2737
4.3580
5.4705
1.6030
182.25
7.7550
25.800
1.6665
1210.00
129.95
2.7365
1.8066
0.5667
6.2880
140.15
1.6665
2.7850
757.40
101.33
42.398
5.8445
1.4190
25.955
N. A.
1.7955

0.7890
11.285
33.000
1.1359
5.3976
6.2270
1.2726
4.3325
5.4730
1.6025
182.35
7.7545
25.790
1.6650
1210.50
129.77
2.7385
1.8061
0.5660
6.2995
139.85
1.6645
2.7800
757.30
101.58
42.398
5.8580
1.4220
25.965
25.480
1.7960

0.7911
11.236
32.870
1.1358
5.3955
6.2050
1.2720
4.3070
5.4550
1.5970
181.65
7.7535
25.780
1.6720
1207.00
129.62
2.7390
1.7999
0.5673
6.2750
139.65
1.6640
2.7750
758.50
101.43
N. A.
5.8370
1.4188
25.934
25.480
1.7975

0.7915
11.162
32.680
1.1378
5.4020
6.1675
1.2832
4.2850
5.4210
1.5860
180.65
7.7505
25.800
1.6820
1199.50
129.53
2.7380
1.7874
0.5690
6.2470
140.85
1.6620
2.7770
759.30
101.58
42.418
5.8065
1.4107
25.920
25.480
1.7975

87. 41

87.26

87.31

87.10

86.74

•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-AVE RAGE 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 COMhERCE'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.