Board of Governors of the Federal Reserve System

2 billion deficit of fiscal 1973. Calculated on the basis of the full ...2 per cent level throughout most or all of the year ahead. In the absence

2.0 per cent in the second quarter, after rising at rates of 2.5 per cent...2 to 4 per cent. On August 20 the Treasury auctioned a $2.1 billion strip

1.2 1.1 1.0 .8 1.6 2.4 2.3 .4 3.9 3.1 1.6 -1.2 3.2 1.7 -1.0 1.1 .4 .9 ...3.2 4.2 2.4 5.1 .5 .6 .6 .4 -2.6 .5 2.2 2.8 -. 6 .3 -.2 1.7 .2 1.0 .9

2 Mr. Patterson, First Vice President, Federal Reserve Bank of Atlanta...$2 or $3 million, and the Management concluded that in view of the situation

5.2 -1.4 M2 1.6 3.8 0.6 1.9 M3 2.9 6.8 2.8 4.0 Domestic nonfinancial debt...2.2 -8.1 -7.4 -5.2 Monetary base 3.3 4.6 0.4 3.7 Memo: (Millions of dollars

2 - (2) On average in major foreign industrial countries, long-term interest...M2. 2 Through October, M2 has expanded at a 4 percent rate this year,

4.2 8.2 11.8 -. 8 5.9 3.3 2.5 .9 -5.4 -2.1 3.9 14.6 23.0 -4.7 7.4 2.1 ...2.42 51.72 8.2 2 42.12 5.8 1.8 n.a. n.a. 3.7 3.82 1.2 18.4 20.5 70.1 2.6

2.5 -5.0 1.3 -7.6 -10.2 -2.9 -5.5 -1.1 -15.4 36.9 -12.7 -17.5 2.5 -11.8...2.0 2.4 3.0 -0.2 4.7 0.2 0.3 0.2 -6.9 3.7 1.0 1. Quarterly growth rates

.2 Though a stringent quality assurance process was employed, some imperfections...2 Implied One-Year Forward Rates Percent -i 7.2 .............. 12/20/1999

2, monetary aggregates have shown further weakness, with RPD's for September-October...2 per cent. "2. To provide reserves at a rate considered likely to be