Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. CONFIDENTIAL (FR) CLASS III - FOMC December 13, 1991 SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System TABLE OF CONTENTS Page THE DOMESTIC NONFINANCIAL ECONOMY Consumer spending. Retail inventories Prices . . . . . . Clarification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 2 3 1 2 3 5 Tables Retail sales . . . . . . . . . . . Changes in manufacturing and trade inventories Inventories relative to sales. . . Recent changes in consumer prices. Recent changes in producer prices. Charts Consumer sentiment . . . . . . . . . . . . . . Ratio of inventories to sales. . . . . . . . . THE FINANCIAL ECONOMY Tables Monetary aggregates . . . . . . . . . . . . . Commercial bank credit and short- and intermediate-term business credit. . . . . . Selected financial market quotations . . . . . . . . . . . 7 9 SUPPLEMENTAL NOTES THE DOMESTIC NONFINANCIAL ECONOMY Consumer Spending Nominal retail sales are estimated to have risen 0.3 percent in November. 1 In the retail control category, which excludes spending at automotive dealers and at building material and supply stores, sales also increased 0.3 percent. However, growth rates for previous months were revised down sharply: Retail control now is estimated to have declined 0.7 percent in September 0.3 percent), and 0.4 percent in October Growth in total retail (rather than (rather than 0.2 percent). sales was revised down from 0.6 percent to 0.3 percent in September and was little changed in October. downward The revisions to spending in September and October occurred mainly in nondurable goods. The revised figures imply that real personal consumption expenditures in the third quarter were about $2 billion rate, (annual 1987 dollars) below the level shown in the preliminary estimate of GDP. Moreover, consumer spending in the fourth quarter now appears to be running lower than the already-weak performance projected in the December Greenbook. Among the components dealers rose 0.6 of spending, retail sales at automotive percent last month and were revised upward in both September and October. Sales at building material and supply stores fell a steep 2.2 percent and were revised down in September and 1. The November advance estimates may be more uncertain than The weekend usual owing to the late date of Thanksgiving this year. after Thanksgiving is the traditional start of the Christmas shopping season, and this November contained fewer Christmas The Census Bureau attempts to adjust the shopping days than usual. seasonal factors to account for the timing of Thanksgiving, but those adjustments are likely to be less reliable when, as this year, Thanksgiving falls on the last possible day of the month. October. Within the retail control category, sales at general merchandise, apparel, and furniture outlets (the GAF grouping)-where expenditures tend to be more discretionary--were revised down to show even steeper drops in both September and October; they advanced 0.6 percent in November, but retraced only a small part of the prior decline. The early responses (315 of the roughly 500 households who typically report) to the University of Michigan indicate little change in consumer attitudes in December from the low level reached in November. Assessments of personal finances, expected business conditions, and buying conditions for large household appliances all remained quite unfavorable. Households also reported that their willingness to use credit or savings stayed at the low levels that have prevailed since October. Expected inflation for both a year ahead and 5 to 10 years ahead dropped about 1/2 percentage point in the preliminary reading--to 4.0 and 4.9 percent, respectively. Retail Inventories Retail inventories rose sharply again in October. In current- cost terms, stocks in the retail trade sector increased at an annual rate of $33.6 billion, following a $35.9 billion accumulation in September. 2 Slightly more than half of the October retail inventory buildup was in stocks held by auto dealers ($18.3 billion). Among the non-auto retail establishments, the largest accumulation in October was reported by general merchandisers ($6.9 billion). Stocks held by furniture and appliance outlets, building materials suppliers, and food stores 2. The September accumulation was revised down from the $42.9 billion annual rate indicated in the preliminary report. The bulk of the downward revision was in stocks of apparel, food, and miscellaneous nondurable goods. -3rose only moderately, and inventories at apparel stores showed a small drop. With declines in sales, the inventory-sales ratios for most Excluding types of retail establishments rose markedly in October. auto dealers, the ratio rose to 1.51 months, close to the recent peak posted in January of this year. Prices The consumer price index rose 0.4 percent in November--about in line with the Greenbook forecast--after an increase of only 0.1 percent in the previous month. Food and energy prices jumped in November, and the index for items other than food apd energy moved up 0.3 percent, after an unusually small increase of only 0.1 percent in October. The November rise in food prices was 0.6 percent. A surge in the index for fruits and vegetables accounted for most of this increase; lettuce prices, which were affected by the whitefly infestation in California and Arizona, were up 45 percent. Fairly sharp increases also were reported in the indexes for dairy products and for cereals and bakery products, but prices of other grocery foods either rose only slightly in November or declined. The index for food away from home, which accounts for nearly 40 percent of total food in the CPI, was up only 0.1 percent for the third month in a row; its twelve-month rate of change dropped below 3 percent for the first time since mid-1965. Energy prices rose 0.8 percent in November. Gasoline prices turned up last month, and the price of fuel oil increased sharply for the third month in a row. Upward pressures on energy prices through the autumn have been largely the reflection of a rise in -4crude oil prices that began around midyear and extended through midOctober. Since October, however, oil prices have dropped back, fully reversing their earlier increase; the pressures at retail thus seem likely to abate. The November pickup in prices of items other than food and energy was concentrated in the commodities category, which rose 0.4 percent after declining 0.1 percent in October. Apparel prices were up 1.0 percent last month, after two months of decline. Tobacco prices also rose sharply last month, and a further big increase may be in store in December, given the large price hike recently announced by manufacturers. By contrast, prices of household durables were unchanged for the third month in a row; car prices were up a moderate 0.2 percent, and the prices of furniture and major household appliances fell. The CPI for services less energy increased 0.3 percent in November, the same as in the previous month. The cost of airfares turned up sharply in November, but auto finance charges continued to decline and the heavily weighted rental indexes were up only about 1/4 percentage point, on balance. Producer prices of finished goods rose 0.2 percent in November, held down by the food and energy components. Prices of other finished goods were up 0.3 percent, about the average monthly pace over the preceding year. The PPI for finished foods edged down 0.1 percent in November. As expected, prices climbed for fresh vegetables, but large offsetting declines occurred for fresh fruits, meats, and poultry. Energy prices were unchanged, on average, in the November PPI, after three months of increases. Refinery prices of gasoline and fuel oil -5rose further, reflecting previous increases in crude oil costs, but residential electricity declined. Excluding food and energy items, the PPI for finished consumer goods rose 0.4 percent in November. Manufacturers' prices of cars and light trucks were up 1.3 percent and 0.6 percent, respectively. These indexes were 4-1/2 percent and 6 percent, respectively, above the levels of a year earlier. The PPI for capital equipment rose 0.2 percent in November--about the average monthly rate over the past year--despite the increases for cars and light trucks. Prices of heavy trucks dropped back, and increases for other capital equipment items remained small. At earlier stages of processing, prices of intermediate materials (nonfood, nonenergy) edged up 0.1 percent in November and have been about unchanged over the past six months. The PPI for crude nonfood materials less energy fell 1.8 percent further, mainly reflecting declines for metal scrap. Clarification No attempt was made to adjust the national income account data shown on page I-15 of the Greenbook in the column dated 10/30/91 to reflect the December benchmark revision; the data are shown as presented in the October Greenbook. for "Nominal GDP" and "real GDP" "real GNP" in 1982 prices. The data in the October columns actually are "Nominal GNP" and Similarly, the series shown for the GDP fixed-weight price index in the October column actually is the 1982- based GNP fixed-weight price index. -6RETAIL SALES (Seasonally adjusted percentage change) 1991 Total sales Previous estimate Q1 Q2 -. 9 1.3 1991 Q3 Sep. Oct. Retail controll Previous estimate -. 3 .8 .4 .5 -. 7 -. 3 -. 4 -. 2 Total excl. automotive group Previous estimate -. 3 .9 .4 .6 -. 6 -. 2 -. 4 -. 0 .9 1.0 -1.0 -. 6 -1.1 -. 6 GAF2 Previous estimate .5 2.2 Durable goods stores Previous estimate -1.9 2.5 Bldg. material and supply Automotive dealers Furniture and appliances Other durable goods -. 8 -3.2 -1.4 1.8 Nondurable goods stores Previous estimate -. 3 Apparel Food *General merchandise 3 Gasoline stations Other nondurables 4 -. 2 Memo: Motor vehicle sales 5 Autos Light trucks .6 .0 .0 -. 4 -2.2 .6 .1 1.5 -1.4 .0 .7 .5 .6 .3 1.6 -8.9 1.3 4.4 1.0 1.3 -3.4 .6 .0 -. 3 1.6 -. 2 .9 12.0 8.3 3.6 12.3 8.4 3.9 12.7 8.6 4.1 -. 7 -. 3 -2.1 Nov. -. 2 -. 3 -. 2 -1.5 1.9 .4 .3 -. 3 -. 6 -2.4 -. 8 -. 3 -. 3 .3 1.1 .6 -1.0 12.9 12.1 8.5 4.4 8.3 3.8 12.3 8.3 3.9 1. Total retail sales less building material and supply stores and automotive dealers, except auto and home supply stores. 2. General merchandise, apparel, furniture, and appliance stores. 3. General merchandise excludes mail order nonstores; mail order sales are also excluded in the GAF grouping. 4. Includes sales at eating and drinking places, drug and proprietary stores. 5. Millions of units at an annual rate; BEA seasonals. -7Consumer Sentiment Index 131 S- - Michigan Survey - Conference Board Survey 124 S117 1J I.\ ' 11 SDec. 96 - V \1 -I I -- 61 | \ V I Nov. SI 1984 1985 I I 1986 1987 I 1988 I 1989 I 1990 68 I 1991 54 7 1992 -8CHANGES IN MANUFACTURING AND TRADE INVENTORIES (Billions of dollars at annual rates; based on seasonally adjusted data) 1991 1991 Q1 Q2 -29.3 -14.4 -11.3 4.7 -22.7 -14.9 -7.8 -50.0 -42.2 -24.1 -18.8 -7.2 -7.9 .7 Q3 Aug. Sep. Oct. Current-cost basis: Total Total excluding retail auto Manufacturing Wholesale Retail Automotive Excluding auto 10.8 1.8 -4.5 -3.3 18.6 9.0 9.6 -1.8 -9.5 -7.4 -3.6 9.2 7.7 1.5 37.7 22.1 17.4 -15.5 35.9 15.6 20.2 36.1 17.8 .5 2.0 33.6 18.3 15.3 INVENTORIES RELATIVE TO SALES 1 (Months supply; based on seasonally adjusted data) 1991 Q1 1991 Q2 Q3 1.51 1.49 1.60 1.32 1.55 1.84 1.47 1.50 1.47 1.57 1.31 1.57 1.91 1.48 Aug. Sep. Oct. Range in preceding 12 months: 2 Low High Current-cost basis: Total Total excluding retail auto Manufacturing Wholesale Retail Automotive .Excluding auto 1.49 1.47 1.56 1.31 1,54 1.82 1.46 1.58 1.55 1.69 1.38 1.65 2.18 1.52 1.56 1.53 1.66 1.37 1.58 1.96 1.48 1.49 1.47 1.56 1.32 1.56 1.90 1.47 1.50 1.47 1.56 1.31 1.57 1.87 1.49 1. Ratio of end of period inventories to average monthly sales for the period. 2. Highs and lows are specific to each series and are not necessarily coincidental. Range is for the 12-month period preceding the latest month for which data are available. 1.50 1.47 1.55 1.32 1.59 1.89 1.51 Ratio of Inventories to (Current-cost data) Sales Manufacturing 1979 1981 Ratio 1983 1985 1987 1989 1991 Wholesale 1979 Ratio 1981 1983 1985 1987 1989 1991 Retail 1979 Ratio 1981 1983 1985 1987 1989 1991 -10- RECENT CHANGES IN CONSUMER PRICES (Percentage change; based on seasonally adjusted data) 1 Relative importance Dec. 1990 1991 1989 1990 Q1 1991 Q2 Q3 ----- Annual rate-----2 All items Food Energy All items less food and energy Commodities Services Oct. Nov. -Monthly rate- 100.0 16.2 8.2 4.6 5.6 5.1 6.1 5.3 18.1 2.4 2.4 -30.7 3.0 5.1 -1.2 3.3 -3.2 1.6 .1 -. 1 .2 .4 .6 .8 75.6 24.5 51.1 4.4 2.7 5.3 5.2 3.4 6.0 6.8 7.9 6.4 3.2 3.2 3.0 4.6 4.1 4.6 .1 -. 1 .3 .3 .4 .3 100.0 4.5 6.1 1.5 3.3 2.7 .1 .5 Memorandum: CPI-W 3 1. Changes are from final month of preceding period to final month of period indicated. 2. Official index for all urban consumers. 3. Index for urban wage earners and clerical workers. RECENT CHANGES IN PRODUCER PRICES 1 (Percentage change; based on seasonally adjusted data) Relative importance Dec. 1990 1991 1991 1989 1990 Q1 Q2 Q3 ----- Annual rate------ Oct. Nov. -Monthly rate- 100.0 23.7 16.8 59.5 36.4 23.1 4.9 5.2 9.5 4.2 4.4 3.8 5.7 2.6 30.7 3.5 3.7 3.4 -3.5 1.0 -35.5 5.4 5.9 4.6 .7 -. 6 .0 1.5 1.2 1.6 .3 -6.3 5.3 1.5 2.4 1.0 .7 .4 1.7 .5 .6 .4 .2 -. 1 .0 .3 .4 .2 2 Intermediate materials Excluding food and energy 95.2 78.5 2.5 .9 4.6 1.9 -9.8 -2.3 -. 7 -1.0 .4 -. 3 -. 1 -. 1 .1 .1 Crude food materials Crude energy Other crude materials 34.4 50.7 14.9 2.8 17.9 -3.6 -4.2 19.1 .6 .0 -54.0 -4.7 -12.5 .5 -13.3 -8.1 .0 -4.0 .1 3.9 -. 5 -.2 1.2 -1.8 Finished goods Consumer foods Consumer energy Other finished goods Consumer goods Capital equipment 1. Changes are from final month of preceding period to final month of period indicated. 2. Excludes materials for food manufacturing and animal feeds. -11MONETARY AGGREGATES (based on seasonally adjusted data unless otherwise noted) 19901 1991 z2 1991 Q3 1991 Sep 1991 Oct 1991 Nov p Growth Q4 90Nov 91p ------------ Percent change at annual rates---------------------1. 2. 3. M1 M2 M3 4.2 3.8 1.7 ----------- 7.3 4.7 1.8 6.8 -0.5 -2.5 5.4 0.0 -2.0 12.6 2.3 1.1 15.2 4.5 2.8 Levels bil. $ Nov 91p Percent change at annual rates------------ Selected components 4. MI-A 5. 6. Currency Demand deposits 4.6 3.9 3.2 11.0 -0.6 3.9 4.5 5.8 1.1 2.6 7. Other checkable deposits 3.5 13.5 13.3 9.8 8. M2 minus M12 3.7 3.9 -3.0 -1.9 9. 10. 11. Overnight RPs and Eurodollars, NSA General purpose and broker/dealer money market mutual fund shares Commercial banks 12. 13. 14. Savings deposits plus MMDAs Small time deposits Thrift institutions S Savings deposits plus MMDAs Small time deposits .M3 18. minus M2 3 Large time deposits 19. 4 At commercial banks, net 20. 21. At thrift institutions Institution-only money market 22. 23. Term RPs, NSA Term Eurodollars, NSA MEMORANDA: 560.8 9.1 14.2 4.1 20.8 265.3 287.5 13.5 19.6 329.4 -1.1 0.7 2518.0 71.4 -7.4 -13.9 -14.1 39.3 36.4 11.0 9.9 7.5 8.0 7.3 16.6 -10.9 6.9 12.9 -11.5 4.4 9.1 -4.4 3.9 14.7 -5.1 0.7 14.4 348.8 1245.1 651.3 12.4 -5.5 -1.8 -2.1 0.8 -10.8 -0.8 -8.4 -7.5 -9.2 -14.0 -4.2 593.8 851.1 -2.2 18.4 9.8 5.6 8.8 13.3 373.7 -7.3 -14.7 -24.5 -18.9 -22.4 -17.8 477.3 -6.4 -10.5 -11.3 -11.0 -4.7 -4.5 -9.5 -7.6 0.2 -34.8 -15.2 -19.8 -24.4 -14.7 -42.2 -19.0 -46.4 -18.0 -13.6 -37.2 460.0 375.6 84.4 37.3 -16.9 -45.2 49.0 -18.7 -20.7 43.2 -6.3 -24.8 161.0 75.5 61.5 billions of dollars---- 20.2 -12.6 -12.1 ----- 5 12.8 3.3 -3.5 -23.9 mutual fund shares 11.8 23.0 -27.8 -32.3 -8.4 -40.8 0.8 -6.6 -4.2 Average monthly change in 742.5 24. Managed liabilities at commercial banks (25+26) 25. Large time deposits, gross 26. Nondeposit funds 27. 28. Net due to related foreign institutions 6 Other -0.1 -2.6 2.5 -3.4 0.3 -2.7 -2.7 1.8 -3.3 4.9 -8.8 0.0 -2.6 703.1 432.5 -3.7 -0.1 5.1 13.7 2.6 270.6 2.2 0.3 -3.6 -0.1 0.2 -0.3 2.8 2.3 10.9 2.8 2.0 0.6 32.8 237.8 0.3 -3.5 -0.4 -1.9 9.2 6.3 37.4 29. U.S. government deposits at commercial banks 7 Amounts shown are from fourth quarter to fourth quarter. Nontransactions M2 is seasonally adjusted as a whole. The non-M2 component of M3 is seasonally adjusted as a whole. Net of large denomination time deposits held by money market mutual funds and thrift institutions. Dollar amounts shown under memoranda are calculated on an end-month-of-quarter basis. Consists of borrowing from other than commercial banks in the form of federal funds purchased, securities sold under agreements to repurchase, and other liabilities for borrowed money (including borrowing from the Federal Reserve and unaffiliated foreign banks, loan RPs and other minor items). Data are partially estimated. 'onsists of Treasury demand deposits and note balances at commercial banks. )reliminary -12COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDIATE-TERM BUSINESS CREDIT 1 (Percentage change at annual rate, based on seasonally adjusted data) Category Dec. 1989 to Dec. 1990 1991 Q2 1991 Q3 1991 Sep. 1991 1991 Oct. Nov. p Level (billions of dollars) 1991 Nov. p -------------- Commercial bank credit -------------1. Total loans and securities at banks 2. Securities 5.3 1.7 0.8 8.6 11.9 14.7 18.5 22.2 3. U.S. government 13.9 19.8 21.7 4. Other -3.1 -9.3 -5.3 4.3 -1.5 -3.6 -6.8 -4.2 5. Loans 6. Business 1.9 7. Real estate 9.5 8. Consumer 9. Security 10. Other 3.2 6.4 -1.8 6.2 5.3 -2.8 -0.7 1.2 -3.2 -7.2 -11.7 4.4 -5.2 58.5 -2.4 -9.1 -10.2 36.6 -22.1 6.3 2,799.1 30.3 18.6 721.4 37.0 24.3 549.1 6.8 9.8 0.7 172.3 -1.1 2.0 2,077.6 0.0 -3.9 1.1 620.1 3.1 856.4 -8.5 -3.6 361.6 -2.7 71.2 46.4 0.0 12.5 193.2 ---- Short- and intermediate-term business credit---11. 12. Business loans net of bankers acceptances Loans at foreign branches 2 1.9 19.3 -6.8 -4.4 -35.7 -3.4 -4.3 6.5 21.0 7.2 -5.1 613.9 40.5 24.5 -3.2 638.4 -22.9 18.0 135.6 0.5 0.8 20.6 13. Sum of lines 11 and 12 2.5 -7.9 14. Commercial paper .issued by nonfinancial firms 12.2 -9.4 15. Sum of lines 13 and 14 4.2 -8.2 -8.4 -4.5 -2.9 16. Bankers acceptances, 3 U.S. trade-related -9.6 -22.0 -20.5 -8.6 4.3 n.a. 27.85 Finance company 4 loans to business 13.1 4.6 11.6 14.7 11.4 n.a. 309.25 5.8 -5.2 -3.4 0.6 1.2 17. 18. Total (sum of lines 15, 16, and 17) -26.3 -56.3 1.3 n.a. 774.0 1,112.55 -- -- -----'~ -- -- --- ~----------~----- -- -- --1. Average of Wednesdays. 2. Loans at foreign branches are loans made to U.S. firms by foreign branches of domestically chartered banks. 3..Consists of acceptances that finance U.S. imports, U.S. exports, and domestic shipment and storage of goods. Based on average of data for current and preceding ends of month. 4. Based on average of data for current and preceding ends of month. 5. October 1991 data. p--Preliminary. n.a.--Not available. -131 SELECTED FINANCIAL MARKET QUOTATIONS (percent) 1989 1990 March high 1991 July 13 Change from: FOMG Nov 5 Dec 12 Mar 89 1990 highs July 13 FOMC Nov 5 Short-term rates Federal funds 2 9.85 8.31 5.17 4.62 -5.23 -3.69 -0.55 9.10 9.11 9.05 7.60 7.51 7.36 4.76 4.81 4.80 4.15 4.16 4.24 -4.95 -4.95 -4.81 -3.45 -3.35 -3.12 -0.61 -0.65 -0.56 10.05 10.15 8.17 8.05 5.05 5.06 4.91 4.60 -5.14 -5.55 -3.26 -3.45 -0.14 -0.46 10.07 10.32 10.08 8.16 8.17 8.19 4.99 5.03 5.01 4.80 4.46 4.39 -5.27 -5.86 -5.69 -3.36 -3.71 -3.80 -0.19 -0.57 -0.62 10.19 10.50 8.13 8.13 4.94 5.06 4.81 4.44 -5.38 -6.06 -3.32 -3.69 0.13 -0.62 11.50 10.00 8.00 7.50 -4.00 -2.50 -0.50 U.S. Treasury (constant maturity) 3-year 9.88 8.25 10-year 9.53 8.45 30-year 9.31 8.46 6.04 7.56 8.02 5.43 7.19 7.77 -4.45 -2.34 -1.54 -2.82 -1.26 -0.69 -0.61 0.37 -0.25 Municipal revenue (Bond Buyer) Treasury bills 3-month 6-month 1-year 3 Commercial paper 1-month 3-month Large negotiable CDs 1-month 3-month 6-month Eurodollar deposits 1-month 3-month 3 4 Bank prime rate Intermediate- and long-term rates Corporate--A utility recently offered Home mortgage rates FHLMC 30-yr. FRM FHLMC 1-yr. ARM 7.95 7.40 6.86 6.90 -1.05 -0.50 0.04 10.47 9.94 9.07 8.79 -1.68 -1.15 -0.28 11.22 9.31 10.11 8.45 8.78 6.58 8.62 6.29 -2.60 -3.02 -1.49 -2.16 -0.16 -0.29 6 1989 Record highs Date Lows Jan 3 1991 FOMC Nov 5 Dec Percent change 12 Record highs from: 1989 lows FOMC Nov 5 34.99 36.65 19.95 41.59 36.17 -4.49 -1.98 -4.89 -0.52 -1.90 Stock prices Dow-Jones Industrial NYSE Composite AMEX Composite NASDAQ (OTC) Wilshire 3077,15 219.37 397.47 556.17 3862.46 10/18/91 11/13/91 11/18/91 11/13/91 11/13/91 2144.64 3031.31 2895.13 154.00 214.68 210.44 305.24 384.94 366.13 378.56 538.82 536.02 2718.59 3773.53 3701.97 1/ One-day quotes except as noted. 2/ Average for two-week reserve maintenance period closest to date shown. Last observation is average for maintenance period ending December 11, 1991. -5.92 4.07 -7.88 -3.62 -4.16 3/ Secondary market. 4/ Bid rates for Eurodollar deposits at 11 a.m. London time. 5/ Based on one-day Thursday quotes and futures market index changes. 6/ Quotes for week ending Friday closest to date shown. 

Federal Reserve (1991, December 16). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19911217_part1

@misc{wtfs_greenbook_19911217_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1991},
  month = {Dec},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19911217_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}