Board of Governors of the Federal Reserve System

2 Department of Economics, Serra Street at Galvez, Stanford University...Kurz2 and Maurizio Motolese3 A very preliminary draft: February 2, 2010

2% to 2 \4 per cent at 11 Reserve Banks and from 3 to 2\4 per cent at ...2 to 2¥:! per cent at all Reserve Banks. Increased system holdings of

2 - We have established a number of channels of communication to facilitate...2 suggest some areas where further research would be helpful, and discuss

2 open market operations for the System account for the same period and...2) a memorandum sent to the executive committee by Mr. Sproul under date

2 Open Market Committee. In the ensuing discussion, Mr. Rouse stated, ...$2.6 billion of 1-1/2 per cent bonds maturing December 15 and the $5.4

2,738 .................... 37. Southwest ................................2 ....................................................................

2% to 2 \4 per cent at 11 Reserve Banks and from 3 to 2\4 per cent at ...2 per cent level to 2 1/2 per cent-a rise that conformed to the prevailing

2% to 2 \4 per cent at 11 Reserve Banks and from 3 to 2\4 per cent at ...2 to 2¥:! per cent at all Reserve Banks. Increased system holdings of

2 88 10 Q2... 30 40 30 8 59 32 4 54 41 33 61 6 1 84 15 Q3... 19 44 36 ...2 63 35 2 37 60 29 65 6 0 90 10 Q2... 23 40 38 11 71 19 3 60 36 17 78

2-1/2 per cent rate on the longest term Government securities now outstanding...2-1/2 per cent rate (par) on the longest term Treasury bonds no. outstanding