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ף@3&3b[K@3(44)\(\@4%z&4c+@4)55Q@5ez&5 C@5*66(\(@6&6 WJ"@6+77 7z&7Ny 5@7,88{Gz@8{&8z kQ@8-99 9|&9in'@9.::{Gz@:E|&:`oo?:/;;;|&;<m`@;0<<<%}&<&Ex%I7@<1==ףp= ף@=}&=`C @=2>>= ףp= @>~&>жm۶m۶@>3??GzG@?e~&?ajJ@?4@@RQ@@~&@5!@@5AAp= ףp@A&A%x9/@A6BBQ@B3333333@&B,Mɒ@B7CC{Gz@C@&CDLzF$˄@C8DD\(\@D@&DB!B@D9EE(\@Eg&E@E:FF(\@Ffffffff@&F~-}Ļ@F;GGQ@G3333333@&GEpa@G<HHQQ@H@&H@H=II\(\@Ifffffff@&Ivyy@I>JJQ@J3333333@&JM?b6@J?KK.K@&Kvb'vb'@K@LL{Gz@Li&LDo@LAMM(\(@Mfffffff@&MWP_@MBNN(\½@N@&N'Gjw@NCOOHzG@O@&Olz@ODPP P&P~1l@PEQQQfffffff@&QU4ܔ@QFRR(\@Rk&R^-Ȳ@RGSSGzG@Sfffffff@&SȤxL@SHTTQ@T@&T_=C@TIUU ףp= ף@U3333333@&U]㮶@UJVVGzVl&VD4}a}@VKWWsW&WoLR@WLXXrXm&X0W+@XMYY Y@&YS@YNZZGaZfffffff@&Zx܎!cȭ@ZO[[G[[3333333@&[;u-7?[P\\g`\fffffff@&\Lrv ?\Q]]a]&]Ȧ)kʚ?]R^^G[^@&^00 ?^S__Y_m&_8ʴ*-ν?_T``']`3333333@&``?`Uaa\a&aa?aVbbbfffffff@&bH?bWccXc@&c&M4i?cXddXd@&d8]'?dYeeeo&e`;?eZfff@&f49@@f[ggGdg@&g&u5@g\hhkh@&h|]8@h]ii i3333333@&i't@i^jj j3333333@&j'{@j_kkmk@&kT9J@k`llul@&l@lammwm@&mWH@mbnnnn3333333@&ns\;@ncoogpos&oa0_u@odppglpfffffff@&p@peqqfq3333333@&qf6@qfrrhrfffffff@&rɹ;>C@rgssms3333333@&sN^S@shttqtfffffff@&t*0@tiuuou3333333@&uD+l$Z@ujvvGqv3333333@&vjZ@vkwwsw3333333@&wtYR @wlxxGpx&xh%jWv%@xmyy y3333333@&y 7@ynzzpz&zg'Y@zo{{q{@&{ϑ@{p||e |@&|Q"@|q}}r}@&}^Yr@}r~~u~fffffff@&~HH7@~sr@&"?@tnfffffff@&Xaa@ug@&l.r@vGd3333333@&e@wge3333333@&@xgf3333333@&5F }Dž@y'd@&@zgb}& U@{b@&øe2n@|f@&xqފ@}i3333333@& S"@~gk@&+Pw —@m@&j qV~B@m&X i@j3333333@& 8p@i&UW @#@& C@'o333333@&T'(8@m@&K i{- @h@&+ LO+@e̅@& 7a~W@'eL@&9D:k@'b̆@&mܱ^@geffffff@&~Ü@dffffff@&%mI[@d3333333@&<ѨW@g333333@&FNN@gg@&sK;Æ@bL@&J䢲Љ@_333333@&EmEm@'^@&TJV@\L@&r@".̜@&>FK׫@'Figure 3 - 1994N'The Market Response to Changes in the Fed Funds Target and FOMC Meetings '3 Month'Three-month Treasury Bill '1 Yeare'Market Yield on US Treasury Securities at 1 Year Constant Maturity - quoted on investment basis '10 Yearf'Market Yield on US Treasury Securities at 10 Year Constant Maturity - quoted on investment basis#^Target Change or Meeting Date)^Three Month t-Bill (Discount Basis)^One Year T-Bill^Ten Year T-Bill#^Target Change and Meeting Bar'.'.'.'.'. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '.'.'.'.'.'.'.$+G'.'.%',GG'.'.%-'H'.'.G&'-'H'.'.''.H'.'2/4/1994g(0GJ'.G(/J'.'. G0'K'.'. '0J'.'.(G0I'.'.(0I'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. '. '. '. '. '.!'.!'.!'.!'.!'."'."'."'."'."'.#'.#,#6#P#'.$'.$',$5$P$'.%'.%g+%5%P%'.&'.&+&g6&'Q&'.''.',''7'Q''.('3/22/1994(,('6(P()'.)G+)6)P)'.*'.*'+*6*GR*'.+'.+++6+R+'.,'.,,'7,R,'.-'.-+-7-S-'..'..'..'..'..'./'./'./'./'./'.0'.0'.0'.0'.0'.1'.1'.1'.1'.1'.2'.2'.2'.2'.2'.3'.3'.3'.3'.3'.4'.4'.4'.4'.4'.5'.5'.5'.5'.5'.6'.6'.6'.6'.6'.7'.7G,7:7V7'.8'.8,8G:8U8'.9'.9,9:9V9'.:'.:,:;:'W:'.;'.;,;';;'W;'.<'4/18/1994<G.<g=<GY<='.=.===X='.>'.>.>g=>'X>'.?'.?.?<?gV?'.@'.@@G=@V@'.A'.A/Ag=AUA'.B'.B'.B'.B'.B'.C'.C'.C'.C'.C'.D'.D'.D'.D'.D'.E'.E'.E'.E'.E'.F'.F'.F'.F'.F'.G'.G'.G'.G'.G'.H'.H'.H'.H'.H'.I'.I'.I'.I'.I'.J'.J'.J'.J'.J'.K'.K5KDK[K'.L'.L4LEL\L'.M'.M3MDM\M'.N'.N3NCN'[N'.O'.O3OCOZO'.P'5/17/1994P4P'BPWPQ'.Qg4Q'AQWQ'.R'.R3R@RWR'.S'.S3SG@SWS'.T'.T4TBTYT'.U'.U4UBUYU'.V'.V'.V'.V'.V'.W'.W'.W'.W'.W'.X'.X'.X'.X'.X'.Y'.Y'.Y'.Y'.Y'.Z'.Z'.Z'.Z'.Z'.['.['.['.['.['.\'.\'.\'.\'.\'.]'.]'.]'.]'.]'.^'.^'.^'.^'.^'._'._G4_D_Z_'.`'.`3`gD`Z`'.a'.a3aDa[a'.b'.b4bb[b'.c'.c4cDcg[c'.d'7/6/1994d5dGDd[de'.ee'DeG[e'.f'.f6fEf\f'.g'.gg7g'Fgg]g'.h'.h7hgEh\h'.i'.i'7iEi\i'.j'.j'.j'.j'.j'.k'.k'.k'.k'.k'.l'.l'.l'.l'.l'.m'.m'.m'.m'.m'.n'.n'.n'.n'.n'.o'.o'.o'.o'.o'.p'.p'.p'.p'.p'.q'.q'.q'.q'.q'.r'.r'.r'.r'.r'.s'.s7sGFs[s'.t'.t6tEtG[t'.u'.uG6uGFu\u'.v'.v6vFvZv'.w'.w7wFwG[w'.x'8/16/1994x9xGFxYxy'.y'9yEygYy'.z'.zg9zGz[z'.{'.{9{F{Z{'.|'.|8|F|g[|'.}'.}'9}gF}[}'.~'.~'.~'.~'.~'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.9H'^'.'.;I^'.'.;I^'.'.;I^'.'.;I^'.'9/27/1994:I'_'.8I^'.'.G9gJ_'.'.g:JG_'.'.';K_'.'.>KG`'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.GAGP '.'.gAO'd'.'.AOGc'.'.gAc'.'.B'QGc'.'11/15/1994GCQc'.'CgRc'.'.BRgd'.'.BS'd'.'.BSgd'.'.BgS'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.GH[a'.'.GZa'.'.GEXga'.'.EGYa'.'.E'Ya'.'12/20/1994DGXa'.CXa'.'.GDYb'.'.'EZ'b'.'.'EYa'.'.Ea'.'.'.'.'.'.'.'.'.'.'.'Figure 3 - 1995 and 1996N'The Market Response to Changes in the Fed Funds Target and FOMC Meetings '3 Month'Three-month Treasury Bill '1 Yeare'Market Yield on US Treasury Securities at 1 Year Constant Maturity - quoted on investment basis '10 Yearf'Market Yield on US Treasury Securities at 10 Year Constant Maturity - quoted on investment basis#^Target Change or Meeting Date)^Three Month t-Bill (Discount Basis)^One Year T-Bill^Ten Year T-Bill#^Target Change and Meeting Bar'.'.'.'.'. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '. '.'.'.'.'.'.'.'HWa'.'.'HGVa'.'.HGU_'.'.GU_'.'.HU_'.'2/1/1995I'W_'.'IW`'.'.HT]'.'.HT'^'.'.HT^'.'.'HGT'^'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. '. '. '. '. '.!'.!'.!'.!'.!'."'."'."'."'."'.#'.#G#O#Y#'.$'.$G$P$'Z$'.%'.%gG%O%'Z%'.&'.&F&N&X&'.''.'F'gN''X''.('3/28/1995(gG(O(Y()'.)F)gO)Y)'.*'.*GG*gP*Y*'.+'.+GG+'Q+Z+'.,'.,GG,P,GY,'.-'.-G-P-Y-'..'..'..'..'..'./'./'./'./'./'.0'.0'.0'.0'.0'.1'.1'.1'.1'.1'.2'.2'.2'.2'.2'.3'.3'.3'.3'.3'.4'.4'.4'.4'.4'.5'.5'.5'.5'.5'.6'.6'.6'.6'.6'.7'.7'G7J7'R7'.8'.8G8gJ8Q8'.9'.9'G9'K9R9'.:'.:'G:'K:R:'.;'.;gG;gK;R;'.<'5/23/1995<G<J<'R<='.='G=GI=P='.>'.>F>I>O>'.?'.?F?gI?P?'.@'.@F@H@N@'.A'.AgFAHANA'.B'.B'.B'.B'.B'.C'.C'.C'.C'.C'.D'.D'.D'.D'.D'.E'.E'.E'.E'.E'.F'.F'.F'.F'.F'.G'.G'.G'.G'.G'.H'.H'.H'.H'.H'.I'.I'.I'.I'.I'.J'.J'.J'.J'.J'.K'.KCKEKGLK'.L'.LLHLNL'.M'.MDMFMMM'.N'.NGDNgFNMN'.O'.ODOGFOgMO'.P'7/6/1995P'CPCPKPQ'.QGCQCQKQ'.R'.RCRCRKR'.S'.SgCSgDS'LS'.T'.TGCTDTGLT'.U'.UgCUGDU'LU'.V'.V'.V'.V'.V'.W'.W'.W'.W'.W'.X'.X'.X'.X'.X'.Y'.Y'.Y'.Y'.Y'.Z'.Z'.Z'.Z'.Z'.['.['.['.['.['.\'.\'.\'.\'.\'.]'.]'.]'.]'.]'.^'.^'.^'.^'.^'._'._'D_GI_'R_'.`'.`C`I`Q`'.a'.aDaIa'Ra'.b'.bDbIb'Rb'.c'.c'DcIcQc'.d'8/22/1995dGDdId'Rde'.eCegIeRe'.f'.fCf'Hff'.g'.gBgGGgOg'.h'.hgBhFhGOh'.i'.iBigGiOi'.j'.j'.j'.j'.j'.k'.k'.k'.k'.k'.l'.l'.l'.l'.l'.m'.m'.m'.m'.m'.n'.n'.n'.n'.n'.o'.o'.o'.o'.o'.p'.p'.p'.p'.p'.q'.q'.q'.q'.q'.r'.r'.r'.r'.r'.s'.sAsGEsLs'.t'.t@tEtGLt'.u'.uAuGFuMu'.v'.v@vgFvv'.w'.wAwFwGNw'.x'9/26/1995x'BxgGxNxy'.yAyGGyNy'.z'.zBzGzNz'.{'.{A{F{'M{'.|'.|A|F|L|'.}'.}B}gF}L}'.~'.~'.~'.~'.~'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.CCJ'.'.gCCJ'.'.CgD '.'.CDJ'.'.GCCJ'.'11/15/1995gCgD '.CC'J'.'.BCJ'.'.BC'J'.'.C'DJ'.'.CGD'J'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.CG'.'.A'CG'.'.ABG'.'.AB'.'.AGC'I'.'12/19/1995?BH'. AH'.'.g='B'H'.'.G=AgG'.'.<A'G'.'.G=gAF'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'>>GF'.'.'>G?GG'.'.'>>F'.'. '?'G'.'.g>G>gF'.'1/31/1996g=G=F'.'==gF'.'.<<F'.'.<=GG'.'.<<G'.'.<<F'.'.'.'.'.'.'.'.'.'.'.'Figure 4'Federal Funds Futures>'Actual, 1 month forward, 2 months forward through Mar-96'Description:B'US 30-Day Interest Rate Futures Contracts (Oct-88 to Mar-96),' Traded at the Chicago Board of TradeI' Yield = 100 minus monthly average of overnight federal funds rate 'Source:'Telekurs, NA ^Actual Fed Funds Rate ^Actual Mid Date Value ^1 Month Forward ^2 Months Forward ^3 Months Forward  @ '. '. '. '. '. \ @ '. '. '. '. '.  @ '. '. '. '. '.  @ '. '. '. '. '. @'.'.'.'.'.N @'.'.'.'.'. @'.'.'.'.'. @'.'.'.'.'. @'.'.'.'.'.B @e '.'.'.'. @u  f'.'. @moGnj'. @r'rs "8 @utrrGmp @U {wr  @{{ xs @zz'|y( @'w'w% u  d @sst&| @gpq% r  @ppo gp@n'ommGi -@   j 'm    !K@! !k!i! !Gk"j@"f"f"'h"f"i#@#g#E #e#e#'e$@$g$g$E $d$'d%Ā@%Gg%g%'h%E %c&@&Gf&g&g&h&Gf'@'g'gg'!'g'i(@(5 (5 (gf(f(Gh)>@)e)'d)Gd)e)g*]@*E *'e*b*Gc*ge+{@+ge+ge+Gb+'a+c,@,a,a,c,ga,`-@-g[-^-Ga-b-ga.ׁ@.gV.S.'[.^.'a/@//GN/'S/GY/G]0@0L0'M0M0R0'Y11@1I1gJ1gK1L1R2O@2GH2gH2gI2gK2L3n@3I3H3H3GI3K4@4H4'I4I4'H4I5@5F5F5'I5I5H6ʂ@6'D6GD6'D6I6'K7@7'A7@7B7C7gJ8@8'<8<8?8B8C9%@9g79g99<9A9C:D@:g2:2:6::@;c@;2;G2;1;;:<@<1<2<1<1<G5=@=.=/=2=g1=1>@>/>'/>.>3>1?܃@?/?.?G.??5@@@ @')@.@G.@'/A@AG)A A(A.A.B8@BG(B'&B'B'BG/CV@C&CG'C$CG'C(Du@D&D&D%D'$Dg'E@E$E''Eg(E&E$F@F%F&Fg(F)F'Gф@G%GG&G&G''GG(H@Hg&H&H'&Hg&H I @I%I&I&I'&I&J*@JJG%J%J&Jg&KI@K&K'&K&K%Kg&Lg@LG&L'&L'&L'&L%M@M%M'&Mg&M&MG&N@N&N&NG&N'N'OÅ@Og%OO%OG&Og'P@P%P&P'&P'&P&Q@Q%Q%QG'Q'Qg'R@R'&R%R''Rg(R'S>@S S(SG&S'S'TZ@T)T)T)TG'T(Uy@U,U,U,U*U'V@V'2VG1V/V.V,W@WW5Wg5W'2WG0XԆ@XG5X5Xg6X9XG4Y@Y7Y7Yg8YY'<Z@Z';Z;Zg:Z:Z:[0@[;[;[g<[G=['=\O@\'B\@\?\>\g?]m@]'D]F]'G]C]gA^@^'E^'E^I^H^E_@_J_J_J_GO_K`LJ@`J`gJ`K`'L`Qa@aKa'KaKaLaPb@b'KbGKb'KbgLbGNc#@c c'KcGKcKcMdA@d'IdGIdGIdJdLe`@eGeeGe'HeJf@fHffGfgFfGFg@gHgGgFgGg'Eh@hHhh'GhEhFiڈ@iFiGiGiFiEj@jEjGEjgFjEjgEk@kGAk7AkCk'DkCl5@lgBlgClGAlBlC"^Used to Create Expected Rate"^Used as Futures in the Chart^Fed Funds Futures 1^Fed Funds Futures 2!^Target Rate Before Meeting ^Target Rate After Meeting^Tag Meeting / Change Date^Avg. Actual Fed Funds ^expected ff(1) ^expected ff(2)^expected ff(3)^expected ff(other)^Expected Fed Funds Rate:@'&@ < @     8 8 i@TYPE  lb type  lb typelb;;;'expected ff(1) = =@'&`Q@ < @     > 8 i@TYPE  lb type  lb typelb;;;c' used if date is in DIFFERENT month of meeting or if date is 1st day of the meeting month>@&@333333@ < wwwwwww@      8 iwwwwwww@TYPE  lb type  lb typelb;;;9'((NUMBER OF DAYS IN THE MEETING MONTH*FUTURES RATE)?@'(\@  \ K~K@        8 iK~K@TYPE  lb type  lb typelb;;;8' -(MEETING DAY*TARGET RATE BEFORE MEETING))@@'* )\ 4333333@        8 i4333333@TYPE  lb type  lb typelb;;;A' /(NUMBER OF DAYS IN MEETING MONTH -DAY OF MEETING)A@( N贁@  8 E!u@    i!u@TYPE  lb type  lb typelb;;;D@( \(\@ WUUUUUU@  8 E:[:[@    i:[:[@TYPE  lb type  lb typelb;;;'expected ff(2) =  E@ (     gJC@    8  E I$I$I@          i I$I$I@TYPE   lb  type   lb  type  lb  ;;;M ' used for 2nd day of the month thru, but NOT INCLUDING, meeting day F@ (     W(    8  E K7@          i K7@TYPE   lb  type   lb  type  lb  ;;;9 '((NUMBER OF DAYS IN THE MEETING MONTH*FUTURES RATE) G@       @    8  E +Fڱ@          i +Fڱ@TYPE   lb  type   lb  type  lb  ;;;J ' -((DAY OF THE MONTH - 1)*AVG ACTUAL FED FUNDS RATE FOR MONTH) H@       /$@    8  E b/b@          i b/b@TYPE   lb  type   lb  type  lb  ;;;V ' -((DAY OF THE MEETING - DAY OF THE MONTH +1)*TARGET RATE BEFORE MEETING)) '.A ' /(NUMBER OF DAYS IN MEETING MONTH - DAY OF MEETING)'.h@)@ ףp= @ xZD@\ .@        > ,i .@TYPE  lb type  lb typelb;;;'expected ff(3) =i@)(\@  ,iOO@TYPE  lb type  lb typelb;;;Z' used for meeting date and subsequent dates, even if meeting is 1st day of monthj@)Q@ \(\@\ d0u@       " > ,id0u@TYPE  lb type  lb typelb;;;2'((NUMBER OF DAYS IN THE MONTH*FUTURES RATE))k@)@ h5h@\ Gy5@       $ > ,iGy5@TYPE  lb type  lb typelb;;;I' -((DAY OF THE MONTH - 1)*AVG ACTUAL FED FUNDS RATE FOR MONTH))n@)@zG@ ^I +@\ qq@       * > ,iqq@TYPE  lb type  lb typelb;;;I' /(NUMBER OF DAYS IN THE MEETING MONTH - DAY OF THE MONTH +1)o@)(\@ @ , > ,Ev&1@    iv&1@TYPE  lb type  lb typelb;;;p@)@ ףp= @ و׈@ . > ,EOO@    iOO@TYPE  lb type  lb typelb;;;'expected ff(other) =q@)(\@ 5*@ 0 > ,EDzG@    iDzG@TYPE  lb type  lb typelb;;;J' used for days after mtg when mtg is within 5 days of end of mthr@)QQ@ @ 2 > ,E) 9@    i) 9@TYPE  lb type  lb typelb;;;8'FUTURES RATE (of contract in the subsequent month)u@)(\@  ij@ 8 > ,E(\(\@    i(\(\@TYPE  lb type  lb typelb;;;v@)@zG@  M!>@ : > ,E6i@    i6i@TYPE  lb type  lb typelb;;;'.'.@(\@Q@/$@\ ˋ%X@        < $iˋ%X@TYPE  lb type  lb typelb;;;@,(\(@Ch0Ch@\ :m@        < $i:m@TYPE  lb type  lb typelb;;;@ףp= @zGz@b/@\ 6i@        < $i6i@TYPE  lb type  lb typelb;;;@@333333@Q@+\ c/b@        < $ic/b@TYPE  lb type  lb typelb;;; @ ףp= @ G4   + 9@\  # ףp= @                   <  $i # ףp= @TYPE   lb  type   lb  type  lb  ;;;!@!`ffffff@!@!!!!K@! $! <! $E!i2e@! !! !! ! i!i2e@TYPE! ! lb! type! ! lb! type!!lb!!;;;"@"`ffffff@"Q@"""BS@" &" <" $E"6i6@" "" "" " i"6i6@TYPE" " lb" type" " lb" type""lb"";;;#@#@ ףp= @#6###\<@# (# <# $E#6_#5@# ## ## # i#6_#5@TYPE# # lb# type# # lb# type##lb##;;;$@$`ffffff@$GzG@$$$K7@$ *$ <$ $E$S㥛@$ $$ $$ $ i$S㥛@TYPE$ $ lb$ type$ $ lb$ type$$lb$$;;;%@%`ffffff@%6%%%]{O@% ,% <% $E%Fy5@% %% %% % i%Fy5@TYPE% % lb% type% % lb% type%%lb%%;;;&@&`ffffff@&@zG@&&&%X%@& 2& <& $E&i6i@& && && & i&i6i@TYPE& & lb& type& & lb& type&&lb&&;;;''.('.)@)2) Q@)))߼xV4@\) ףp= ׋@) )) )) ) )) ) ) ) >) "i) ףp= ׋@TYPE) ) lb) type) ) lb) type))lb));;;*@**p= ףp@***K7A`@\* #d@* ** ** * ** * * * >* "i*#d@TYPE* * lb* type* * lb* type**lb**;;;+@+g1+ףp= כ@+++P@\+ 6g@+ ++ ++ + ++ + + + >+ "i+6g@TYPE+ + lb+ type+ + lb+ type++lb++;;;,@,G1,Q@,,,%X%@\, AAԅ@, ,, ,, , ,, , , , >, "i,AAԅ@TYPE, , lb, type, , lb, type,,lb,,;;;-@-G1----ޖ:&x@\- iȹ. 6@- -- -- - -- - - - >- "i-iȹ. 6@TYPE- - lb- type- - lb- type--lb--;;;.@..p= ףp@....@. ". >. "E.%X%@. .. .. . i.%X%@TYPE. . lb. type. . lb. type..lb..;;;/@/'2/(\(@///g4Κg@/ $/ >/ "E/Z-o`@/ // // / i/Z-o`@TYPE/ / lb/ type/ / lb/ type//lb//;;;0@00@000,Œ_,@0 &0 >0 "E0W;$@0 00 00 0 i0W;$@TYPE0 0 lb0 type0 0 lb0 type00lb00;;;1@1'21`(\@111=#F@1 (1 >1 "E1@1 11 11 1 i1@TYPE1 1 lb1 type1 1 lb1 type11lb11;;;2@2G22zGz@222VLZŤUL@2 .2 >2 "E2`,Œ_,@2 22 22 2 i2`,Œ_,@TYPE2 2 lb2 type2 2 lb2 type22lb22;;;3@3G23̔@333krAS@3 03 >3 "E34333333@3 33 33 3 i34333333@TYPE3 3 lb3 type3 3 lb3 type33lb33;;;4'.5'.6ц@676 66<6 V-@6 66 66 6 6 86 >6 i6V-@TYPE6 6 lb6 type6 6 lb6 type66lb66;;;7҆@7g77QQ@77<7 jMSt$@7 77 77 7 7 :7 >7 i7jMSt$@TYPE7 7 lb7 type7 7 lb7 type77lb77;;;8ӆ@878@88<8 ^)Ǻ@8 88 88 8 8 <8 >8 i8^)Ǻ@TYPE8 8 lb8 type8 8 lb8 type88lb88;;;9Ԇ@979g?999<9 Q|a2U@9 99 99 9 9 9 >9 i9Q|a2U@TYPE9 9 lb9 type9 9 lb9 type99lb99;;;:؆@:'7:@:::/\: 鷯猐@: :: :: : :: : : : >: i:鷯猐@TYPE: : lb: type: : lb: type::lb::;;;;ن@;6;GzG@;;;;'1; ; >; E;)%5@; ;; ;; ; i;)%5@TYPE; ; lb; type; ; lb; type;;lb;;;;;<چ@<6<Gz@<<<ƒ_,Œ@< < >< E<?٬\m@< << << < i<?٬\m@TYPE< < lb< type< < lb< type<<lb<<;;;=ۆ@='7= Q@===#d@= = >= E=Œ_,Œ@= == == = i=Œ_,Œ@TYPE= = lb= type= = lb= type==lb==;;;>ކ@>'7>G@>>>i|?5^@> > >> E>k)U@> >> >> > i>k)U@TYPE> > lb> type> > lb> type>>lb>>;;;?߆@?g6?ףp= ף@??? k߰@? ? >? E?Gz@? ?? ?? ? i?Gz@TYPE? ? lb? type? ? lb? type??lb??;;;@@@'6@@zG@@@@&X%@@ @ >@ E@~-q@@ @@ @@ @ i@~-q@TYPE@ @ lb@ type@ @ lb@ type@@lb@@;;;A'.B'.C@Cg7C(\(@CCCHzG@\C zPFo@C CC CC C CC C C C >C iCzPFo@TYPEC C lbC typeC C lbC typeCClbCC;;;D@D7D0333333@DDD` ` @\D M~K~@D DD DD D DD D D D >D iDM~K~@TYPED D lbD typeD D lbD typeDDlbDD;;;E@EG7Eףp= ף@EEE㥛 r@\E Dl@E EE EE E EE E E E >E iEDl@TYPEE E lbE typeE E lbE typeEElbEE;;;F@Fg7FQ@FFFG5\F mY@F FF FF F FF F F F >F iFmY@TYPEF F lbF typeF F lbF typeFFlbFF;;;G@G7Gg?GGGTr @\G 3 {ͅ@G GG GG G GG G G G >G iG3 {ͅ@TYPEG G lbG typeG G lbG typeGGlbGG;;;H@Hg8HQ@HHHH~jt@H H >H EH|Gz@H HH HH H iH|Gz@TYPEH H lbH typeH H lbH typeHHlbHH;;;I@II IIIq= ףp@I "I >I EIX9v@I II II I iIX9v@TYPEI I lbI typeI I lbI typeIIlbII;;;J@Jg8JQQ@JJJȔa.ǔ@J $J >J EJP!>@J JJ JJ J iJP!>@TYPEJ J lbJ typeJ J lbJ typeJJlbJJ;;;K@Kg8KQQ@KKKK~K@K &K >K EKoW;$@K KK KK K iKoW;$@TYPEK K lbK typeK K lbK typeKKlbKK;;;L@LLУp= ף@LLLY-o`@L ,L >L EL rh@L LL LL L iL rh@TYPEL L lbL typeL L lbL typeLLlbLL;;;M @MM MMM7}7@M .M >M EM>>>@M MM MM M iM>>>@TYPEM M lbM typeM M lbM typeMMlbMM;;;N'.O'.P%@P;PCPPPâb@\P 贁N@P PP PP P PP P P (P <P 6iP 贁N@TYPEP P lbP typeP P lbP typePPlbPP;;;Q&@Q;Q`ffffff@QQQCl@\Q u= ףp=@Q QQ QQ Q QQ Q Q *Q <Q 6iQu= ףp=@TYPEQ Q lbQ typeQ Q lbQ typeQQlbQQ;;;R'@R;RCRRR&;Y-@\R (\(@R RR RR R RR R R ,R <R 6iR(\(@TYPER R lbR typeR R lbR typeRRlbRR;;;S(@S;SGz@SSSB!4B@\S ףp= ף@S SS SS S SS S S .S <S 6iSףp= ף@TYPES S lbS typeS S lbS typeSSlbSS;;;T+@T;T`ffffff@TTToŏ1@\T Q@T TT TT T TT T T 4T <T 6iTQ@TYPET T lbT typeT T lbT typeTTlbTT;;;U,@UUCUUUUB/B/B@U 6U <U 6EU̜@U UU UU U iU̜@TYPEU U lbU typeU U lbU typeUUlbUU;;;V-@V=VQ@VVVLR]c@V 8V <V 6V(\@ViV(\@TYPEV V lbV typeV V lbV typeVVlbVV;;;W.@W>WPQ@WWWꠖ@W :W <W 6WRQ@WiWRQ@TYPEW W lbW typeW W lbW typeWWlbWW;;;X/@X'>XXXXףp= ף@X <X <X 6X= ףp= @XiX= ףp= @TYPEX X lbX typeX X lbX typeXXlbXX;;;Y2@Y>YGzG@YYY Y <Y 6YQQ@YiYQQ@TYPEY Y lbY typeY Y lbY typeYYlbYY;;;Z3@Z>Z@ZZZ Z <Z 6Zףp= ף@ZiZףp= ף@TYPEZ Z lbZ typeZ Z lbZ typeZZlbZZ;;;['.\'.]V@]G?]0\(\@]]]jyc@\] $۲VǬ@] ]] ]] ] ]] ] ] ] <] i]$۲VǬ@TYPE] ] lb] type] ] lb] type]]lb]];;;^W@^'?^PQ@^^^W:\^ ,@5@^ ^^ ^^ ^ ^^ ^ ^ ^ <^ i^,@5@TYPE^ ^ lb^ type^ ^ lb^ type^^lb^^;;;_X@_G?_0\(\@___wwwwwww@\_ (\(@_ __ __ _ __ _ _ _ <_ i_(\(@TYPE_ _ lb_ type_ _ lb_ type__lb__;;;`Y@`?`Gz@```|?5^I@\` rh@` `` `` ` `` ` ` ` <` i` rh@TYPE` ` lb` type` ` lb` type``lb``;;;a\@a?aPQ@aaa0Ml@\a Zd;O@a aa aa a aa a a a <a iaZd;O@TYPEa a lba typea a lba typeaalbaa;;;b]@b@bGzG@bbbb<b b <b EbQQ@b bb bb b ibQQ@TYPEb b lbb typeb b lbb typebblbbb;;;c^@c@cQ@cccd @c c <c Ec\HRq@c cc cc c ic\HRq@TYPEc c lbc typec c lbc typecclbcc;;;d_@d@d`(\@dddQQ@d "d <d Ed`@d dd dd d id`@TYPEd d lbd typed d lbd typeddlbdd;;;e`@e@e`(\@eee`-`@e $e <e Eer׮@e ee ee e ier׮@TYPEe e lbe typee e lbe typeeelbee;;;fc@f@f`(\@fffK7@f *f <f Ef6^I +@f ff ff f if6^I +@TYPEf f lbf typef f lbf typefflbff;;;gd@g@gQ@ggg5Z5Z5@g ,g <g Egqq@g gg gg g igqq@TYPEg g lbg typeg g lbg typegglbgg;;;h'.i'.jy@jgGjGz@jjjwwwwwww@\j Q@j jj jj j jj j j j >j (ijQ@TYPEj j lbj typej j lbj typejjlbjj;;;kz@kFkףp= @kkk{`AI@\k ,,@k kk kk k kk k k k >k (ik,,@TYPEk k lbk typek k lbk typekklbkk;;;l{@lFl(\@lll M!>@\l c9vc@l ll ll l ll l l l >l (ilc9vc@TYPEl l lbl typel l lbl typelllbll;;;m|@mFm(\@mmmr!iJه@\m *&b*@m mm mm m mm m m m >m (im*&b*@TYPEm m lbm typem m lbm typemmlbmm;;;n@ngFn0\(\@nnnll@\n (\½@n nn nn n nn n n &n >n (in(\½@TYPEn n lbn typen n lbn typennlbnn;;;o@oEo`ffffff@ooooo@o (o >o (EoGDDDDDD@o oo oo o ioGDDDDDD@TYPEo o lbo typeo o lbo typeoolboo;;;p@pEpp= ףp@ppp'Dp *p >p (EpQQ@p pp pp p ipQQ@TYPEp p lbp typep p lbp typepplbpp;;;q@qFqqqq4g@q ,q >q (Eq|?5^@q qq qq q iq|?5^@TYPEq q lbq typeq q lbq typeqqlbqq;;;r@r'FrУp= ף@rrr ` @r .r >r (Er܂-؂-غ@r rr rr r ir܂-؂-غ@TYPEr r lbr typer r lbr typerrlbrr;;;s@sEsGz@sss@s 6s >s (Es r@s ss ss s is r@TYPEs s lbs types s lbs typesslbss;;;t@tEtQQ@tttOO@t 8t >t (EtGzG@t tt tt t itGzG@TYPEt t lbt typet t lbt typettlbtt;;;u'.v'.w@wJw0333333@ww <w 'Tkט@w ww ww w w 2w 8w iw'Tkט@TYPEw w lbw typew w lbw typewwlbww;;;x@xJx'Rxx <x 'Tkט@x xx xx x x 4x 8x ix'Tkט@TYPEx x lbx typex x lbx typexxlbxx;;;y@ygJy@ ףp= @yy <y @y yy yy y y 6y 8y iy@TYPEy y lby typey y lby typeyylbyy;;;z@zGJzgPzz <z @z zz zz z z <z 8z iz@TYPEz z lbz typez z lbz typezzlbzz;;;{@{J{Q@{{ <{ !-C@{ {{ {{ { { >{ 8{ i{ !-C@TYPE{ { lb{ type{ { lb{ type{{lb{{;;;|@|'K|`ffffff@|| ||| | 8| E|QQ@| || || | i|QQ@TYPE| | lb| type| | lb| type||lb||;;;}@} }@ ףp= @}} }} } 8} E}88@} }} }} } i}88@TYPE} } lb} type} } lb} type}}lb}};;;~@~ ~Q@~~ ~7F~ ~ 8~ E~&5@~ ~~ ~~ ~ i~&5@TYPE~ ~ lb~ type~ ~ lb~ type~~lb~~;;;@J`(\@ H  8 E´@    i´@TYPE  lb type  lb typelb;;;@JO I  8 E4P5@    i4P5@TYPE  lb type  lb typelb;;;@JQ@ 1NV@  8 ES @    iS @TYPE  lb type  lb typelb;;;'.'.ۇ@JPQ@  Zd;O@\ K~@       * > 8iK~@TYPE  lb type  lb typelb;;;܇@gJ@ ףp= @  ĦҐs@\ P贁N@       , > 8iP贁N@TYPE  lb type  lb typelb;;;݇@J@ ףp= @  @\ @       . > 8i@TYPE  lb type  lb typelb;;;އ@JGM  $>ͽ@\ u:m@       0 > 8iu:m@TYPE  lb type  lb typelb;;;@J@  U*@\ 5Œ_,@       6 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F ? < <!@!'.!GG!?!=!<"@"'."G">"<"<#@#'.#F#>#<#<$@$'.$F$>$<$;% @%'.%F%G>%G<%;&#@&'.&'F&=&<&<'$@''.'E''=';';(%@('.(GF(g=(<(<)&@)'.)GG)=)<);*'@*'.*H*>*<*;++@+'.+'K+GB+?+g<,,@,'.,J,GB,'?,G<--@-'.-J-gA-g>-'<..@.'..J.'B.>.g</1@/'./'K/B/'?/<02@0'.0K0C0@0=13@1'.1gL1D1GA1=24@2'.2L2E2gA2'=35@3'.3J3C3g?3<48@4'.4J4B4>4'=59@5'.5J5C5g?5'=6:@6'.6K6D6'@6G=7;@7'.7K7'E7G@7G=8<@8'.8'P8I8gC8=9?@9'.9'O9GI9GC9>:@@:'.:O:J:C:>;A@;'.;gO;GI;gC;><B@<'.<O<I<GC<G>=C@='.=P='K=D=>>F@>'.>gP>GK>D>>?G@?'.?'P?J?gD?'?@H@@'.@GO@GI@C@>AI@A'.ANAHACA=BJ@B'.BOB'IBCB'>CM@C'.CGNCHCGCC=DN@D'.DDHDGCD EO@E'.EGOE'JE'DE>FP@F'.F'PFJFDF'?GQ@G'.GGOGIGCG 'Figure 7 :'Fed Funds Futures Market Implied Expected Funds Rate'Chart Data^Target Before 1/31/96^Target After 1/31/96^Expected Rate 1/30/96^Expected Rate 1/31/96^Expected Rate 3/8/96 'Jan@@fffffff@q= ףp=@`'%. 'Feb@@HzG@ףp= ף@j'&. 'Mar@@@Gz@{Gz@' 'Apr @ @ zGz@ q= ףp=@ Gz@( 'May @ @  q= ףp=@ @  )\(\@) 'June @ @! {Gz@ Q@! = ףp= @* 'July @ @" \(\@ QQ@" Gz@+-'Federal Funds Futures Settlement Yields'January 30, 1996'Contract 'Price 'Yield 'Target 'Janټ@E 'FebQQ@B 'MarevGB 'AprRQ@G@ 'May)\(ܽ@g? 'JuneQ@= 'July ףp= W@g<'January 31, 1996'Contract 'Price 'Yield 'Target 'Jan)\(ܼ@E 'Feb(\u@A 'MarQ@A 'Apr)\(ܽ@g? 'May     !'June!GzG@!<! "'July"zGz@";"#'March 8, 1996$'Contract $'Price $'Yield $'Target %'Jan%'.%'.%'. &'Feb&'.&'.&'. ''Mar'Q^@'wB' ('Apr(Q@(A( )'May)= ףp=@)gA) *'June*\(\@*GA* +'July+Q@+A+ ,'Aug,^,, -'Sept-QQ@-B--W_  Arial MT Arial MT Arial MTTimesNewRomanPSTimesNewRomanPSTimesNewRomanPSTimesNewRomanPSSymbol    O&dWFM3FM3 PropertyWK3WK3 Property   5ߪ ۪5Ϊ ʪCMHdr