Board of Governors of the Federal Reserve System

lower risk profiles and historically superior performance of certain types

stable in recent weeks. Markets generally had been influenced by growing...lower limit of the target range. The Federal funds rate was about 5 per

remain. Please note that this document may contain occasional gaps in ...Treasury security yield curves................................... 12 Ratio

yield published by the Treasury Department. This yield has increased about...Treasury yields, long- term Treasury yields have risen, apparently in

or at least reduce) the biasing effects of unobserved local 3 variation...stable: they remain essentially unchanged regardless of local characteristics

lower than prior years. Table 2. Merger and acquisition (M&A) proposals

moving up again at a slow pace. The production decline in August and September...remaining large, a further decline in home mortgage yields is unlikely

stable, it was only a surface calm. Widespread concern over the New York...Treasury were to remain an obstacle to the System's repayment of its swap

remained low in early February and the over-all jobless rate may remain...Treasury issues. At banks, loan demands are expected to be on the strong

remain strong. Price pressures have moderated; one large manufacturer ...lower volumes. Sales to the auto industry, however, are still depressed