Board of Governors of the Federal Reserve System

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yields on 2- and 10- year Treasuries rose about 45 basis points. Essentially...yields move in either direction, this is one market that investors—and

Treasury financing ................................................ Municipal...Treasury and agency financing...................... .............. 10

yield spreads between corporates and Governments are quite narrow. In

and, as a result, it is estimated stocks were reduced by 250,000 units

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files

concern for the central bank. When expectations-driven LTs are the primary...concern, the optimal inflation target is negative. Thus, even a small

Treasury holdings are already at low levels, I -4 so that increased liquidation...yields and the spread between bond and stock yields at their highest levels

and lumber supplies have been limited. Some improvement in supplies and...Treasury will announce its mid-May refunding by around the end of April

PUBLIC EXHIBITS TO THE APPLICATION TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BY FIFTH THIRD BANCORP AND ITS SUBSIDIARY BANK HOLDING