Board of Governors of the Federal Reserve System

or spoilage. But keeping a commodity in stock has its own additional value...or, equivalently, F/S=(1+R+C-Y). As the storage costs (C) and the convenience

yield on 3-month Treasury bills remained at or slightly above the discount...yields to remain relatively stable in the period ahead, and the continued

lower rate of economic activity. High agricultural income is stimulating...lower in- comes, the budget may not show the surplus which had been hoped

lower (higher) amount for only 15 percent of the months since 2008, excluding

or a lesser restriction on the volatility of the funds rate within the

remain more stable in borrowers’ host countries which had more actively...stable host country financial systems might make the source (lending)

yields to spur demand and also to encourage some portfolio rebalancing...Treasury securities and buying longer-maturity Treasury securities. This

treasury, human resources, and other operational and managerial services...treasury management services through the Commercial Banking business.

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Liquidity

www.credit‐agricole.com 1 CRÉDIT AGRICOLE S.A. U.S. RESOLUTION PLAN PUBLIC SECTION Date: July 1, 2025 This document may contain forward‐looking