Board of Governors of the Federal Reserve System

and, • Six measures of interest rates: the rate on 3-month Treasury bills...yield for 5-year Treasury notes; the yield for 10-year Treasury notes;

concern from a policy perspective because their effects fade away. September...Treasury securities and principal payments from agency securities. As

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policy objectives, rather than the urging of foreign central banks, have...yield the Bundesbank a net return equal to the German interest rate. Authorized

and, ultimately to better anticipate future developments in inflation.

concerns were re duced they would be discontinued as concerns with which...Treasury financing and System credit policies, there were distributed

and, of course, with the banking industry and members of the public--to

concerns about incentives for increased risk-taking by households, banks...concerns about reverse causality and omitted variables. We find evidence

policies. a. It is not now the policy of the Committee to support any ...yields in the Government securities market, and intervention in the Government

Treasury pursuant to paragraph (2) of the Committee's directive to the...yields in the Government securities market, and inter vention in the Government