Board of Governors of the Federal Reserve System

Meeting of the Federal Open Market Committee December 18-19, 1989 A meeting of the Federal Open Market Committee was held in the offices of the Board

remain. Please note that some material may have been redacted from this...remained sluggish in January, according to available weekly data, and

yield and term spread, especially for horizons of less than six months

Treasury (Treasury), or their designees, to report to Congress on the ...stable insurance markets for the benefit and pro- tection of policyholders

remain. Please note that some material may have been redacted from this...or increase their borrowings in order to honor these out- standing commitments

remained above 11 per cent upper limit of Committee's range of tolerance...lower rate. In latest statement week rate has averaged 11.46 per cent.

lower level of free reserves of banks, and that consequently credit might...or, in the case of maturing securities, by direct ex change with the Treasury

remain relatively stable for some time. Unit labor costs are expected ...Treasury note and bond yields have continued to edge higher in recent

remained stable on the average in August, although prices of some nonferrous...Treasury bond yields was modest partly because substantial Federal Reserve

Treasury securities1 2,463 +1 +1 Federal agency debt securities1 22 –5...remaining principal balance of the securities. 3 Securities loans under