Board of Governors of the Federal Reserve System

moving to counteract price and credit excesses which it foresaw. Such ...yields on Treasury notes and bonds-particularly those of intermediate

lower market integration levels during the East Asia crisis, dot-com crash

Treasury yields reached new lows for the year around mid-November and ...Treasury bills 3 mo., yield (per cent) Net free reserves2/ (mil. $) Member

remain weak throughout much of the country. Demand for new single-family...remained weak. Con- sequently, the business outlook has lost some of the

remained outstanding under the swap arrangement with the Bank for International...remaining $60 million of marks available under the swap arrangement with

remained basically unchanged on net.3 Banks also reported having eased...or “net percentage”) refers to the fraction of banks that reported having

remain unchanged this week but prospective sales between now and the end...remained in deficit to the extent of approximately $170 million. 6/15/

or, in certain circumstances, if the bank holding company or resulting

lower (Chart 2). Yields on speculative-grade bonds, in contrast, moved...lower. Despite GM’s troubles and increases in bond yields and energy prices

Treasury and related reinvestment earnings of $7,866,079,025; cash and...Treasury, and amounts received of $301,214,690 under the MSNLF; $217,187,356