Board of Governors of the Federal Reserve System

Treasury Yield and Target Fed Funds Rate June 15, 2004 - March 18, 2005...Treasury Yield June 15, 2004 – March 18, 2005 Percent Percent Target Fed

remain. Please note that some material may have been redacted from this...moving up briskly at present, although new survey data imply a slower

remain. Please note that this document may contain occasional gaps in ...remaining in the 5-3/4 to 6 per cent range that has prevailed since last

lower-income residents. Our results highlight the role of foreign real

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Treasury and sponsored-agency financing........................... Municipal...moving aggressively to avoid an inventory buildup. On the price front,

Treasury’s existing authority to lend to the GSEs, the Board of Governors...lower equity and home values weighed on consumer sentiment and spending

Treasury securities1 2,461 +* +1 Federal agency debt securities1 27 –4...remaining principal balance of the securities. 3 Securities loans under

or home- related items. Districts commenting on vehicle sales described...remained stable, partly because of growing foreign travel resulting from

remaining relatively stable. While there were some signs of a slowing ...lower margin of free reserves and he suggested that there be a discussion