Data which produced FIGURE 1 in William T. Gavin's Article entitled 'The FOMC in 1995: A Step Closer to Inflation Targeting?', Pages 29-47. m1_vel = natural log of M1 Velocity pred1 = predicted values from the regression => m1_vel = C + time (5901 to 8001) forc1 = forecasts to extend the predicted values (8002 - ) SASDATE M1_VEL PRED1 FORC1 01MAR59 3.56177 3.57674 . 01JUN59 3.62455 3.60419 . 01SEP59 3.60050 3.63185 . 01DEC59 3.66299 3.65941 . 01MAR60 3.77012 3.68719 . 01JUN60 3.76911 3.71548 . 01SEP60 3.75476 3.74399 . 01DEC60 3.72025 3.77241 . 01MAR61 3.73189 3.80073 . 01JUN61 3.78011 3.82989 . 01SEP61 3.83264 3.85928 . 01DEC61 3.88810 3.88858 . 01MAR62 3.95075 3.91776 . 01JUN62 3.97523 3.94783 . 01SEP62 4.02838 3.97812 . 01DEC62 4.02575 4.00832 . 01MAR63 4.04775 4.03840 . 01JUN63 4.06816 4.06939 . 01SEP63 4.11138 4.10062 . 01DEC63 4.13130 4.13175 . 01MAR64 4.21223 4.16311 . 01JUN64 4.24120 4.19505 . 01SEP64 4.24100 4.22724 . 01DEC64 4.22373 4.25933 . 01MAR65 4.31950 4.29130 . 01JUN65 4.37231 4.32423 . 01SEP65 4.42451 4.35741 . 01DEC65 4.48138 4.39049 . 01MAR66 4.53972 4.42344 . 01JUN66 4.54612 4.45739 . 01SEP66 4.64023 4.49159 . 01DEC66 4.70544 4.52568 . 01MAR67 4.71616 4.55965 . 01JUN67 4.68609 4.59464 . 01SEP67 4.67343 4.62990 . 01DEC67 4.68997 4.66504 . 01MAR68 4.76701 4.70045 . 01JUN68 4.81216 4.73652 . 01SEP68 4.79788 4.77287 . 01DEC68 4.78639 4.80909 . 01MAR69 4.81534 4.84519 . 01JUN69 4.84585 4.88237 . 01SEP69 4.92140 4.91984 . 01DEC69 4.92499 4.95718 . 01MAR70 4.93032 4.99439 . 01JUN70 4.96722 5.03272 . 01SEP70 4.98864 5.07134 . 01DEC70 4.92532 5.10983 . 01MAR71 5.04812 5.14818 . 01JUN71 5.03442 5.18769 . 01SEP71 5.03904 5.22750 . 01DEC71 5.05306 5.26718 . 01MAR72 5.12453 5.30715 . 01JUN72 5.18384 5.34788 . 01SEP72 5.17799 5.38892 . 01DEC72 5.21692 5.42982 . 01MAR73 5.31166 5.47058 . 01JUN73 5.36835 5.51256 . 01SEP73 5.39537 5.55486 . 01DEC73 5.50025 5.59702 . 01MAR74 5.45344 5.63903 . 01JUN74 5.52862 5.68231 . 01SEP74 5.59259 5.72591 . 01DEC74 5.66734 5.76937 . 01MAR75 5.67094 5.81268 . 01JUN75 5.71889 5.85728 . 01SEP75 5.82633 5.90223 . 01DEC75 5.96041 5.94703 . 01MAR76 6.08232 5.99217 . 01JUN76 6.08535 6.03815 . 01SEP76 6.13290 6.08448 . 01DEC76 6.18284 6.13066 . 01MAR77 6.20927 6.17668 . 01JUN77 6.32950 6.22408 . 01SEP77 6.41620 6.27184 . 01DEC77 6.38191 6.31945 . 01MAR78 6.38895 6.36688 . 01JUN78 6.63104 6.41574 . 01SEP78 6.67141 6.46497 . 01DEC78 6.76942 6.51404 . 01MAR79 6.83912 6.56294 . 01JUN79 6.83083 6.61330 . 01SEP79 6.84744 6.66405 . 01DEC79 6.93409 6.71463 . 01MAR80 7.01475 . 6.7656 01JUN80 7.06782 . 6.8175 01SEP80 6.96791 . 6.8698 01DEC80 7.09005 . 6.9220 01MAR81 7.33432 . 6.9739 01JUN81 7.23376 . 7.0274 01SEP81 7.40566 . 7.0814 01DEC81 7.35754 . 7.1351 01MAR82 7.18882 . 7.1887 01JUN82 7.24342 . 7.2438 01SEP82 7.20647 . 7.2994 01DEC82 7.00043 . 7.3548 01MAR83 6.94492 . 7.4100 01JUN83 6.95749 . 7.4669 01SEP83 6.98171 . 7.5242 01DEC83 7.05545 . 7.5813 01MAR84 7.18649 . 7.6389 01JUN84 7.22689 . 7.6975 01SEP84 7.27564 . 7.7565 01DEC84 7.29139 . 7.8154 01MAR85 7.26060 . 7.8741 01JUN85 7.17985 . 7.9345 01SEP85 7.07718 . 7.9954 01DEC85 6.98627 . 8.0561 01MAR86 6.95576 . 8.1165 01JUN86 6.73522 . 8.1788 01SEP86 6.54168 . 8.2416 01DEC86 6.35242 . 8.3041 01MAR87 6.24143 . 8.3665 01JUN87 6.24001 . 8.4307 01SEP87 6.33550 . 8.4954 01DEC87 6.42097 . 8.5599 01MAR88 6.45583 . 8.6248 01JUN88 6.46934 . 8.6910 01SEP88 6.50591 . 8.7577 01DEC88 6.62677 . 8.8242 01MAR89 6.77890 . 8.8904 01JUN89 6.97476 . 8.9586 01SEP89 7.03559 . 9.0274 01DEC89 7.01228 . 9.0959 01MAR90 7.08948 . 9.1642 01JUN90 7.12583 . 9.2345 01SEP90 7.08604 . 9.3054 01DEC90 7.02874 . 9.3760 01MAR91 6.98792 . 9.4464 01JUN91 6.93063 . 9.5189 01SEP91 6.86677 . 9.5919 01DEC91 6.76114 . 9.6647 01MAR92 6.62294 . 9.7381 01JUN92 6.52504 . 9.8128 01SEP92 6.42878 . 9.8881 01DEC92 6.29047 . 9.9631 01MAR93 6.22645 . 10.0379 01JUN93 6.11194 . 10.1150 01SEP93 6.00353 . 10.1926 01DEC93 5.95903 . 10.2699 01MAR94 5.95773 . 10.3470 01JUN94 6.01539 . 10.4264 01SEP94 6.07287 . 10.5064 01DEC94 6.16310 . 10.5862 01MAR95 6.22342 . 10.6656 01JUN95 6.27247 . 10.7475 01SEP95 6.38472 . 10.8300 01DEC95 6.50418 . 10.9122 01MAR96 6.62016 . 10.9950 Data which produced FIGURE 2 in William T. Gavin's Article entitled 'The FOMC in 1995: A Step Closer to Inflation Targeting?' m2_vel = natural log of M2 Velocity pred2 = predicted values from the regression => m2_vel = C (5901 to 8901) forc2 = forecasts to extend the predicted values (8902 - ) SASDATE M2_VEL PRED2 FORC2 01MAR59 1.72444 1.69941 . 01JUN59 1.74345 1.69941 . 01SEP59 1.72091 1.69941 . 01DEC59 1.72913 1.69941 . 01MAR60 1.76555 1.69941 . 01JUN60 1.74720 1.69941 . 01SEP60 1.72603 1.69941 . 01DEC60 1.68497 1.69941 . 01MAR61 1.66964 1.69941 . 01JUN61 1.67286 1.69941 . 01SEP61 1.67781 1.69941 . 01DEC61 1.68782 1.69941 . 01MAR62 1.69087 1.69941 . 01JUN62 1.67756 1.69941 . 01SEP62 1.67186 1.69941 . 01DEC62 1.64737 1.69941 . 01MAR63 1.63678 1.69941 . 01JUN63 1.62510 1.69941 . 01SEP63 1.62604 1.69941 . 01DEC63 1.61827 1.69941 . 01MAR64 1.63360 1.69941 . 01JUN64 1.62833 1.69941 . 01SEP64 1.61848 1.69941 . 01DEC64 1.59991 1.69941 . 01MAR65 1.61623 1.69941 . 01JUN65 1.61850 1.69941 . 01SEP65 1.62543 1.69941 . 01DEC65 1.64035 1.69941 . 01MAR66 1.65843 1.69941 . 01JUN66 1.65897 1.69941 . 01SEP66 1.67799 1.69941 . 01DEC66 1.68945 1.69941 . 01MAR67 1.68273 1.69941 . 01JUN67 1.65561 1.69941 . 01SEP67 1.64300 1.69941 . 01DEC67 1.64105 1.69941 . 01MAR68 1.66083 1.69941 . 01JUN68 1.67821 1.69941 . 01SEP68 1.67365 1.69941 . 01DEC68 1.66690 1.69941 . 01MAR69 1.67862 1.69941 . 01JUN69 1.68781 1.69941 . 01SEP69 1.71102 1.69941 . 01DEC69 1.71114 1.69941 . 01MAR70 1.72525 1.69941 . 01JUN70 1.73915 1.69941 . 01SEP70 1.73075 1.69941 . 01DEC70 1.69352 1.69941 . 01MAR71 1.71012 1.69941 . 01JUN71 1.67673 1.69941 . 01SEP71 1.65786 1.69941 . 01DEC71 1.63380 1.69941 . 01MAR72 1.64007 1.69941 . 01JUN72 1.64494 1.69941 . 01SEP72 1.62272 1.69941 . 01DEC72 1.62130 1.69941 . 01MAR73 1.64429 1.69941 . 01JUN73 1.65467 1.69941 . 01SEP73 1.65890 1.69941 . 01DEC73 1.69058 1.69941 . 01MAR74 1.67298 1.69941 . 01JUN74 1.69145 1.69941 . 01SEP74 1.70800 1.69941 . 01DEC74 1.72513 1.69941 . 01MAR75 1.70376 1.69941 . 01JUN75 1.68233 1.69941 . 01SEP75 1.68497 1.69941 . 01DEC75 1.69597 1.69941 . 01MAR76 1.70037 1.69941 . 01JUN76 1.67887 1.69941 . 01SEP76 1.66559 1.69941 . 01DEC76 1.65085 1.69941 . 01MAR77 1.64143 1.69941 . 01JUN77 1.65865 1.69941 . 01SEP77 1.67092 1.69941 . 01DEC77 1.66285 1.69941 . 01MAR78 1.66658 1.69941 . 01JUN78 1.73659 1.69941 . 01SEP78 1.74858 1.69941 . 01DEC78 1.77194 1.69941 . 01MAR79 1.78595 1.69941 . 01JUN79 1.78668 1.69941 . 01SEP79 1.79248 1.69941 . 01DEC79 1.80434 1.69941 . 01MAR80 1.82297 1.69941 . 01JUN80 1.79528 1.69941 . 01SEP80 1.78222 1.69941 . 01DEC80 1.82452 1.69941 . 01MAR81 1.87616 1.69941 . 01JUN81 1.84555 1.69941 . 01SEP81 1.86546 1.69941 . 01DEC81 1.83028 1.69941 . 01MAR82 1.78769 1.69941 . 01JUN82 1.78096 1.69941 . 01SEP82 1.76063 1.69941 . 01DEC82 1.74087 1.69941 . 01MAR83 1.68325 1.69941 . 01JUN83 1.69505 1.69941 . 01SEP83 1.71392 1.69941 . 01DEC83 1.73132 1.69941 . 01MAR84 1.75402 1.69941 . 01JUN84 1.75639 1.69941 . 01SEP84 1.76150 1.69941 . 01DEC84 1.74571 1.69941 . 01MAR85 1.73167 1.69941 . 01JUN85 1.72400 1.69941 . 01SEP85 1.72346 1.69941 . 01DEC85 1.72418 1.69941 . 01MAR86 1.72812 1.69941 . 01JUN86 1.69423 1.69941 . 01SEP86 1.67388 1.69941 . 01DEC86 1.65921 1.69941 . 01MAR87 1.65717 1.69941 . 01JUN87 1.67216 1.69941 . 01SEP87 1.68893 1.69941 . 01DEC87 1.71026 1.69941 . 01MAR88 1.70174 1.69941 . 01JUN88 1.70453 1.69941 . 01SEP88 1.72029 1.69941 . 01DEC88 1.74199 1.69941 . 01MAR89 1.76972 . 1.69941 01JUN89 1.78924 . 1.69941 01SEP89 1.77951 . 1.69941 01DEC89 1.76124 . 1.69941 01MAR90 1.77553 . 1.69941 01JUN90 1.78810 . 1.69941 01SEP90 1.77884 . 1.69941 01DEC90 1.76557 . 1.69941 01MAR91 1.75677 . 1.69941 01JUN91 1.75837 . 1.69941 01SEP91 1.76906 . 1.69941 01DEC91 1.77818 . 1.69941 01MAR92 1.79726 . 1.69941 01JUN92 1.81849 . 1.69941 01SEP92 1.83720 . 1.69941 01DEC92 1.85674 . 1.69941 01MAR93 1.87773 . 1.69941 01JUN93 1.88589 . 1.69941 01SEP93 1.89698 . 1.69941 01DEC93 1.91753 . 1.69941 01MAR94 1.93395 . 1.69941 01JUN94 1.96235 . 1.69941 01SEP94 1.99344 . 1.69941 01DEC94 2.01898 . 1.69941 01MAR95 2.03307 . 1.69941 01JUN95 2.02782 . 1.69941 01SEP95 2.02150 . 1.69941 01DEC95 2.01353 . 1.69941 01MAR96 2.00763 . 1.69941 Data which produced TABLE 2 and FIGURE 3 and 4 in William T. Gavin's Article entitled 'The FOMC in 1995: A Step Closer to Inflation Targeting?' Source: University of Michigan mich1 = Michigan Survey Forecasts, AGR, lagged by 4 quarters cpig = CPI-U, All Items, YOY Growth Rates error = mich1 - cpig ae = absolute(error) SASDATE MICH1 CPIG ERROR AE 01FEB60 . . . . 01MAY60 . . . . 01AUG60 . . . . 01NOV60 . . . . 01FEB61 1.67 1.3605 0.30946 0.30946 01MAY61 1.56 0.6757 0.88432 0.88432 01AUG61 1.40 1.0135 0.38649 0.38649 01NOV61 1.24 0.6711 0.56886 0.56886 01FEB62 1.88 1.0067 0.87329 0.87329 01MAY62 1.88 1.3423 0.53772 0.53772 01AUG62 1.91 1.3378 0.57221 0.57221 01NOV62 1.94 1.3333 0.60667 0.60667 01FEB63 2.25 1.3289 0.92110 0.92110 01MAY63 1.94 0.9934 0.94662 0.94662 01AUG63 1.73 1.6502 0.07983 0.07983 01NOV63 1.91 1.3158 0.59421 0.59421 01FEB64 2.54 1.3115 1.22852 1.22852 01MAY64 2.40 1.6393 0.76066 0.76066 01AUG64 2.27 0.9740 1.29597 1.29597 01NOV64 2.14 1.2987 0.84130 0.84130 01FEB65 2.46 1.2945 1.16550 1.16550 01MAY65 2.48 1.6129 0.86710 0.86710 01AUG65 2.50 1.6077 0.89228 0.89228 01NOV65 2.52 1.9231 0.59692 0.59692 01FEB66 2.54 2.5559 -0.01591 0.01591 01MAY66 2.61 2.8571 -0.24714 0.24714 01AUG66 2.69 3.4810 -0.79101 0.79101 01NOV66 2.72 3.4591 -0.73912 0.73912 01FEB67 2.63 2.8037 -0.17374 0.17374 01MAY67 3.86 2.1605 1.69951 1.69951 01AUG67 4.78 2.4465 2.33352 2.33352 01NOV67 4.34 3.0395 1.30049 1.30049 01FEB68 3.91 3.6364 0.27364 0.27364 01MAY68 4.28 4.2296 0.05039 0.05039 01AUG68 4.65 4.4776 0.17239 0.17239 01NOV68 5.09 4.4248 0.66522 0.66522 01FEB69 4.78 4.6784 0.10164 0.10164 01MAY69 4.47 5.5072 -1.03725 1.03725 01AUG69 5.11 5.4286 -0.31857 0.31857 01NOV69 3.87 5.9322 -2.06220 2.06220 01FEB70 4.53 6.4246 -1.89458 1.89458 01MAY70 5.48 6.0440 -0.56396 0.56396 01AUG70 5.49 5.6911 -0.20106 0.20106 01NOV70 4.07 5.6000 -1.53000 1.53000 01FEB71 5.51 4.7244 0.78559 0.78559 01MAY71 6.04 4.4041 1.63585 1.63585 01AUG71 4.32 4.3590 -0.03897 0.03897 01NOV71 5.40 3.5354 1.86465 1.86465 01FEB72 5.21 3.7594 1.45060 1.45060 01MAY72 4.65 3.2258 1.42419 1.42419 01AUG72 3.53 2.9484 0.58160 0.58160 01NOV72 4.01 3.4146 0.59537 0.59537 01FEB73 4.18 3.8647 0.31527 0.31527 01MAY73 3.04 5.5288 -2.48885 2.48885 01AUG73 3.87 7.3986 -3.52857 3.52857 01NOV73 3.91 8.2547 -4.34472 4.34472 01FEB74 6.78 10.0000 -3.22000 3.22000 01MAY74 6.11 10.7062 -4.59615 4.59615 01AUG74 7.63 10.8889 -3.25889 3.25889 01NOV74 6.43 12.2004 -5.77044 5.77044 01FEB75 9.97 11.2051 -1.23507 1.23507 01MAY75 9.41 9.2593 0.15074 0.15074 01AUG75 9.26 8.6172 0.64277 0.64277 01NOV75 10.66 7.3786 3.28136 3.28136 01FEB76 5.40 6.2738 -0.87376 0.87376 01MAY76 3.44 6.2147 -2.77469 2.77469 01AUG76 7.81 5.7196 2.09044 2.09044 01NOV76 7.24 5.0633 2.17671 2.17671 01FEB77 5.80 6.0823 -0.28229 0.28229 01MAY77 5.82 6.7376 -0.91759 0.91759 01AUG77 5.40 6.6318 -1.23176 1.23176 01NOV77 4.80 6.7126 -1.91256 1.91256 01FEB78 7.40 6.2395 1.16054 1.16054 01MAY78 6.90 7.1429 -0.24286 0.24286 01AUG78 7.20 7.8560 -0.65597 0.65597 01NOV78 6.90 8.8710 -1.97097 1.97097 01FEB79 7.80 9.8413 -2.04127 2.04127 01MAY79 8.20 10.6977 -2.49767 2.49767 01AUG79 9.80 11.8361 -2.03612 2.03612 01NOV79 8.90 12.5926 -3.69259 3.69259 01FEB80 10.70 14.1618 -3.46185 3.46185 01MAY80 11.40 14.4258 -3.02577 3.02577 01AUG80 10.40 12.8901 -2.49009 2.49009 01NOV80 11.20 12.6316 -1.43158 1.43158 01FEB81 10.70 11.3924 -0.69241 0.69241 01MAY81 8.20 9.7919 -1.59192 1.59192 01AUG81 8.00 10.8173 -2.81731 2.81731 01NOV81 8.70 9.5794 -0.87944 0.87944 01FEB82 8.30 7.6136 0.68636 0.68636 01MAY82 7.60 6.9119 0.68807 0.68807 01AUG82 6.80 5.9653 0.83471 0.83471 01NOV82 7.60 4.4776 3.12239 3.12239 01FEB83 5.50 3.4847 2.01531 2.01531 01MAY83 5.00 3.4411 1.55892 1.55892 01AUG83 6.40 2.4565 3.94350 3.94350 01NOV83 5.40 3.1633 2.23673 2.23673 01FEB84 4.70 4.6939 0.00612 0.00612 01MAY84 4.60 4.3347 0.26532 0.26532 01AUG84 5.00 4.2957 0.70430 0.70430 01NOV84 5.20 4.1543 1.04570 1.04570 01FEB85 5.10 3.6062 1.49376 1.49376 01MAY85 5.30 3.5749 1.72512 1.72512 01AUG85 4.60 3.3525 1.24751 1.24751 01NOV85 5.10 3.5138 1.58623 1.58623 01FEB86 4.80 3.1985 1.60151 1.60151 01MAY86 4.70 1.6791 3.02090 3.02090 01AUG86 3.70 1.5755 2.12447 2.12447 01NOV86 4.50 1.2844 3.21560 3.21560 01FEB87 3.70 2.0055 1.69453 1.69453 01MAY87 3.40 3.7615 -0.36147 0.36147 01AUG87 4.30 4.3796 -0.07956 0.07956 01NOV87 3.60 4.6196 -1.01957 1.01957 01FEB88 4.10 3.8427 0.25728 0.25728 01MAY88 4.70 3.9788 0.72122 0.72122 01AUG88 4.50 4.0210 0.47902 0.47902 01NOV88 3.90 4.2424 -0.34242 0.34242 01FEB89 4.50 4.7332 -0.23322 0.23322 01MAY89 4.90 5.2721 -0.37211 0.37211 01AUG89 5.40 4.7059 0.69412 0.69412 01NOV89 5.40 4.5681 0.83189 0.83189 01FEB90 4.80 5.2588 -0.45883 0.45883 01MAY90 5.80 4.3619 1.43813 1.43813 01AUG90 4.70 5.6982 -0.99823 0.99823 01NOV90 4.70 6.2748 -1.57482 1.57482 01FEB91 5.10 5.3084 -0.20835 0.20835 01MAY91 4.60 5.0310 -0.43096 0.43096 01AUG91 6.10 3.7965 2.30349 2.30349 01NOV91 5.70 3.0643 2.63572 2.63572 01FEB92 4.80 2.7428 2.05723 2.05723 01MAY92 4.60 3.0214 1.57863 1.57863 01AUG92 4.30 3.0724 1.22758 1.22758 01NOV92 4.60 3.1182 1.48180 1.48180 01FEB93 3.50 3.3189 0.18110 0.18110 01MAY93 3.40 3.2189 0.18112 0.18112 01AUG93 4.00 2.8389 1.16111 1.16111 01NOV93 4.60 2.6723 1.92771 1.92771 01FEB94 4.60 2.4441 2.15587 2.15587 01MAY94 4.40 2.2869 2.11310 2.11310 01AUG94 4.90 2.8986 2.00145 2.00145 01NOV94 3.60 2.6712 0.92877 0.92877 01FEB95 3.70 2.8630 0.83701 0.83701 01MAY95 3.90 3.1165 0.78347 0.78347 01AUG95 4.60 2.6157 1.98431 1.98431 01NOV95 4.50 2.6017 1.89827 1.89827 01FEB96 4.00 2.7170 1.28297 1.28297 01MAY96 4.00 2.9566 1.04336 1.04336 Data which produced TABLE 2 in William T. Gavin's Article entitled 'The FOMC in 1995: A Step Closer to Inflation Targeting?' Source: Philadelphia Federal Reserve living = Livingston Survey Forecasts, AGR, lagged by a half year cpig2 = CPI-U, All Items, YOY Growth Rates error = living - cpig ae = absolute(error) SASDATE LIVING CPIG2 ERROR AE 01JUN61 0.7000 0.6757 0.02432 0.02432 01DEC61 0.7000 0.6711 0.02886 0.02886 01JUN62 1.1000 1.3423 -0.24228 0.24228 01DEC62 1.2000 1.3333 -0.13333 0.13333 01JUN63 1.1000 1.3245 -0.22450 0.22450 01DEC63 1.1000 1.6447 -0.54474 0.54474 01JUN64 1.0000 1.3072 -0.30719 0.30719 01DEC64 1.0000 1.2945 -0.29450 0.29450 01JUN65 1.2000 1.9355 -0.73548 0.73548 01DEC65 1.3000 1.9169 -0.61693 0.61693 01JUN66 1.1000 2.5316 -1.43165 1.43165 01DEC66 1.7000 3.1348 -1.43480 1.43480 01JUN67 2.1000 2.7778 -0.67778 0.67778 01DEC67 2.2000 3.3435 -1.14347 1.14347 01JUN68 2.4000 4.2042 -1.80420 1.80420 01DEC68 2.8000 4.7059 -1.90588 1.90588 01JUN69 3.1000 5.4755 -2.37550 2.37550 01DEC69 2.9000 5.8989 -2.99888 2.99888 01JUN70 3.4000 6.0109 -2.61093 2.61093 01DEC70 3.6000 5.5703 -1.97029 1.97029 01JUN71 3.7000 4.3814 -0.68144 0.68144 01DEC71 3.8000 3.2663 0.53367 0.53367 01JUN72 4.1000 2.9630 1.13704 1.13704 01DEC72 3.2000 3.4063 -0.20633 0.20633 01JUN73 3.8000 5.9952 -2.19520 2.19520 01DEC73 3.8000 8.9412 -5.14118 5.14118 01JUN74 4.2000 10.8597 -6.65973 6.65973 01DEC74 5.4000 12.0950 -6.69503 6.69503 01JUN75 6.8000 9.1837 -2.38367 2.38367 01DEC75 7.4000 7.1291 0.27091 0.27091 01JUN76 5.7000 5.9813 -0.28131 0.28131 01DEC76 6.0000 5.0360 0.96403 0.96403 01JUN77 5.9000 6.7019 -0.80194 0.80194 01DEC77 5.4000 6.6781 -1.27808 1.27808 01JUN78 6.0000 7.4380 -1.43802 1.43802 01DEC78 6.3000 8.9888 -2.68876 2.68876 01JUN79 6.6000 11.0769 -4.47692 4.47692 01DEC79 7.1000 13.2548 -6.15479 6.15479 01JUN80 8.5000 14.2659 -5.76593 5.76593 01DEC80 9.6000 12.3537 -2.75371 2.75371 01JUN81 10.1000 9.6970 0.40303 0.40303 01DEC81 10.3000 8.9120 1.38796 1.38796 01JUN82 8.6000 7.1823 1.41768 1.41768 01DEC82 7.2000 3.8257 3.37428 3.37428 01JUN83 5.7000 2.4742 3.22577 3.22577 01DEC83 5.1000 3.7871 1.31290 1.31290 01JUN84 4.9000 4.3260 0.57404 0.57404 01DEC84 5.6000 4.0434 1.55661 1.55661 01JUN85 5.5000 3.6644 1.83558 1.83558 01DEC85 4.8000 3.7915 1.00853 1.00853 01JUN86 4.6000 1.7674 2.83256 2.83256 01DEC86 4.1000 1.1872 2.91279 2.91279 01JUN87 3.5000 3.8391 -0.33912 0.33912 01DEC87 3.6000 4.4224 -0.82238 0.82238 01JUN88 4.4218 3.9613 0.46053 0.46053 01DEC88 4.1700 4.4080 -0.23795 0.23795 01JUN89 4.7000 5.0804 -0.38044 0.38044 01DEC89 4.4000 4.6358 -0.23576 0.23576 01JUN90 5.0841 4.7542 0.32987 0.32987 01DEC90 3.9500 6.2500 -2.30000 2.30000 01JUN91 4.1703 4.6923 -0.52201 0.52201 01DEC91 3.8300 2.9784 0.85159 0.85159 01JUN92 3.8397 3.0860 0.75373 0.75373 01DEC92 3.3600 2.9646 0.39543 0.39543 01JUN93 3.5912 2.9223 0.66889 0.66889 01DEC93 3.3900 2.7388 0.65124 0.65124 01JUN94 3.4400 2.5623 0.87767 0.87767 01DEC94 3.1834 2.6658 0.51764 0.51764 01JUN95 2.9000 3.0385 -0.13849 0.13849 01DEC95 3.5000 2.5965 0.90346 0.90346 01JUN96 3.2000 2.7523 0.44771 0.44771 01DEC96 2.9000 . . . Data which produced FIGURE 5 in William T. Gavin's Article entitled 'The FOMC in 1995: A Step Closer to Inflation Targeting?' Source: Blue Chip Economic Indicators (Jan. - Dec. 1995) ngdp = Quarter 4 over Quarter 4 Growth Rates in Nominal GDP rgdp = Quarter 4 over Quarter 4 Growth Rates in Real GDP cpi = Quarter 4 over Quarter 4 Growth Rates in the CPI unrate = Quarter 4 over Quarter 4 Growth Rates in the Unemployment Rate SASDATE NGDP RGDP CPI UNRATE 01JAN95 5.7 2.5 3.5 5.6 01FEB95 5.5 2.5 3.4 5.5 01MAR95 5.5 2.4 3.4 5.5 01APR95 5.4 2.4 3.4 5.5 01MAY95 5.2 2.4 3.4 5.5 01JUN95 5.0 2.2 3.4 5.7 01JUL95 4.8 2.0 3.4 5.7 01AUG95 4.2 2.0 3.3 5.7 01SEP95 4.4 2.1 3.2 5.7 01OCT95 4.4 2.2 3.0 5.7 01NOV95 4.4 2.7 2.8 5.6 01DEC95 4.3 2.6 2.8 5.6 Data which produced FIGURE 6 in William T. Gavin's article entitled 'The FOMC in 1995: A Step Closer to Inflation Targeting?' m1 = M1, SA m2 = M2, SA m3 = M3, SA debt = Domestic Nonfinancial Debt, SA SASDATE M1 M2 M3 DEBT 01JAN94 1132.2 3499.0 4255.1 12556.4 01FEB94 1137.0 3500.7 4243.0 12608.1 01MAR94 1141.2 3506.5 4251.0 12678.9 01APR94 1143.2 3513.5 4261.4 12740.0 01MAY94 1144.4 3511.6 4260.6 12804.5 01JUN94 1146.1 3500.6 4258.8 12848.8 01JUL94 1151.4 3508.0 4277.8 12871.7 01AUG94 1150.0 3504.1 4276.5 12934.3 01SEP94 1150.4 3503.8 4285.0 12994.3 01OCT94 1148.9 3503.9 4293.8 13044.9 01NOV94 1148.7 3506.8 4304.7 13119.2 01DEC94 1148.7 3509.4 4319.7 13159.3 01JAN95 1149.2 3514.2 4342.4 13208.2 01FEB95 1147.8 3514.1 4352.5 13291.3 01MAR95 1148.7 3519.1 4369.8 13357.7 01APR95 1151.2 3529.2 4391.8 13432.3 01MAY95 1146.2 3543.5 4420.0 13532.7 01JUN95 1144.5 3574.0 4458.4 13595.9 01JUL95 1145.4 3592.7 4486.3 13634.3 01AUG95 1143.8 3612.6 4513.7 13689.4 01SEP95 1140.2 3625.6 4534.0 13734.3 01OCT95 1131.8 3633.1 4549.4 13786.5 01NOV95 1129.0 3645.2 4561.4 13857.3 01DEC95 1124.9 3662.6 4576.0 13894.8 Data which produced FIGURE 7 in William T. Gavin's article entitled 'The FOMC in 1995: A Step Closer to Inflation Targeting?' ffed = Federal Funds Rate target= Fed Funds Target fcm1 = 1 Year Treasury Bill fcm10 = 10 Year Treasury Bill fcm30 = 30 Year Treasury Bill discount = Discount Rate SASDATE FFED TARGET FCM1 FCM10 FCM30 DISCOUNT 03JAN94 3.15 3.00 3.67 5.92 6.41 3.00 04JAN94 3.03 3.00 3.65 5.88 6.37 3.00 05JAN94 3.46 3.00 3.66 5.90 6.40 3.00 06JAN94 3.08 3.00 3.65 5.84 6.36 3.00 07JAN94 2.96 3.00 3.54 5.70 6.24 3.00 10JAN94 3.02 3.00 3.53 5.67 6.24 3.00 11JAN94 2.97 3.00 3.51 5.67 6.25 3.00 12JAN94 2.93 3.00 3.47 5.60 6.17 3.00 13JAN94 2.94 3.00 3.52 5.71 6.26 3.00 14JAN94 2.95 3.00 3.55 5.78 6.30 3.00 17JAN94 . 3.00 . . . . 18JAN94 3.97 3.00 3.53 5.74 6.28 3.00 19JAN94 3.20 3.00 3.52 5.76 6.30 3.00 20JAN94 2.97 3.00 3.47 5.71 6.27 3.00 21JAN94 2.91 3.00 3.50 5.73 6.29 3.00 24JAN94 3.04 3.00 3.50 5.74 6.30 3.00 25JAN94 3.04 3.00 3.51 5.78 6.34 3.00 26JAN94 3.04 3.00 3.53 5.77 6.33 3.00 27JAN94 3.00 3.00 3.52 5.73 6.27 3.00 28JAN94 2.98 3.00 3.49 5.68 6.21 3.00 31JAN94 3.68 3.00 3.53 5.70 6.23 3.00 01FEB94 3.25 3.00 3.60 5.77 6.31 3.00 02FEB94 3.31 3.00 3.61 5.77 6.29 3.00 03FEB94 3.12 3.00 3.73 5.81 6.31 3.00 04FEB94 3.19 3.25 3.84 5.94 6.37 3.00 07FEB94 3.31 3.25 3.83 5.96 6.38 3.00 08FEB94 3.24 3.25 3.86 6.01 6.44 3.00 09FEB94 3.15 3.25 3.85 5.92 6.43 3.00 10FEB94 3.16 3.25 3.86 5.91 6.45 3.00 11FEB94 3.14 3.25 3.84 5.88 6.41 3.00 14FEB94 3.35 3.25 3.85 5.90 6.45 3.00 15FEB94 3.49 3.25 3.85 5.88 6.45 3.00 16FEB94 3.34 3.25 3.86 5.89 6.46 3.00 17FEB94 3.30 3.25 3.89 6.00 6.54 3.00 18FEB94 3.21 3.25 3.93 6.09 6.63 3.00 21FEB94 . 3.25 . . . . 22FEB94 3.33 3.25 3.93 6.05 6.60 3.00 23FEB94 3.25 3.25 4.01 6.13 6.65 3.00 24FEB94 3.25 3.25 4.03 6.22 6.75 3.00 25FEB94 3.23 3.25 4.05 6.21 6.73 3.00 28FEB94 3.49 3.25 4.03 6.15 6.67 3.00 01MAR94 3.31 3.25 4.16 6.28 6.79 3.00 02MAR94 3.24 3.25 4.15 6.30 6.79 3.00 03MAR94 3.26 3.25 4.21 6.35 6.84 3.00 04MAR94 3.25 3.25 4.26 6.38 6.85 3.00 07MAR94 3.29 3.25 4.23 6.32 6.80 3.00 08MAR94 3.24 3.25 4.28 6.38 6.85 3.00 09MAR94 3.22 3.25 4.29 6.38 6.85 3.00 10MAR94 3.22 3.25 4.30 6.48 6.94 3.00 11MAR94 3.17 3.25 4.28 6.46 6.91 3.00 14MAR94 3.30 3.25 4.32 6.50 6.93 3.00 15MAR94 3.25 3.25 4.32 6.47 6.90 3.00 16MAR94 3.05 3.25 4.28 6.40 6.82 3.00 17MAR94 3.24 3.25 4.28 6.40 6.82 3.00 18MAR94 3.22 3.25 4.35 6.49 6.90 3.00 21MAR94 3.36 3.25 4.41 6.55 6.94 3.00 22MAR94 3.44 3.50 4.33 6.44 6.85 3.00 23MAR94 3.47 3.50 4.32 6.44 6.85 3.00 24MAR94 3.49 3.50 4.37 6.58 6.98 3.00 25MAR94 3.53 3.50 4.38 6.61 6.99 3.00 28MAR94 3.53 3.50 4.41 6.63 6.98 3.00 29MAR94 3.45 3.50 4.46 6.71 7.06 3.00 30MAR94 3.36 3.50 4.45 6.78 7.10 3.00 31MAR94 4.18 3.50 4.50 6.77 7.11 3.00 01APR94 3.64 3.50 . . . 3.00 04APR94 3.62 3.50 4.83 7.16 7.43 3.00 05APR94 3.60 3.50 4.72 6.97 7.28 3.00 06APR94 3.48 3.50 4.67 6.93 7.25 3.00 07APR94 3.46 3.50 4.64 6.86 7.21 3.00 08APR94 3.36 3.50 4.68 6.94 7.26 3.00 11APR94 3.41 3.50 4.69 6.92 7.24 3.00 12APR94 3.24 3.50 4.66 6.87 7.20 3.00 13APR94 3.43 3.50 4.69 6.93 7.26 3.00 14APR94 3.49 3.50 4.72 6.97 7.29 3.00 15APR94 3.51 3.50 4.73 6.97 7.29 3.00 18APR94 3.70 3.75 4.91 7.14 7.41 3.00 19APR94 3.71 3.75 4.92 7.10 7.37 3.00 20APR94 3.71 3.75 4.91 7.05 7.33 3.00 21APR94 3.70 3.75 4.87 6.91 7.22 3.00 22APR94 3.70 3.75 4.90 6.93 7.21 3.00 25APR94 3.78 3.75 4.91 6.86 7.14 3.00 26APR94 3.42 3.75 4.93 6.86 7.12 3.00 27APR94 3.15 3.75 . . . . 28APR94 3.66 3.75 5.05 7.04 7.29 3.00 29APR94 3.73 3.75 5.07 7.06 7.31 3.00 02MAY94 3.86 3.75 5.12 7.09 7.33 3.00 03MAY94 3.81 3.75 5.19 7.13 7.35 3.00 04MAY94 3.78 3.75 5.22 7.14 7.35 3.00 05MAY94 3.77 3.75 5.21 7.11 7.33 3.00 06MAY94 3.78 3.75 5.40 7.35 7.53 3.00 09MAY94 3.77 3.75 5.55 7.49 7.63 3.00 10MAY94 3.58 3.75 5.48 7.33 7.50 3.00 11MAY94 3.42 3.75 5.52 7.40 7.60 3.00 12MAY94 3.78 3.75 5.48 7.36 7.57 3.00 13MAY94 3.84 3.75 5.41 7.29 7.50 3.00 16MAY94 4.29 3.75 5.41 7.24 7.46 3.00 17MAY94 4.27 4.25 5.29 7.03 7.27 3.50 18MAY94 4.26 4.25 5.21 7.03 7.27 3.50 19MAY94 4.23 4.25 5.12 6.96 7.24 3.50 20MAY94 4.21 4.25 5.14 7.02 7.30 3.50 23MAY94 4.28 4.25 5.28 7.19 7.44 3.50 24MAY94 4.19 4.25 5.28 7.17 7.41 3.50 25MAY94 4.24 4.25 5.28 7.14 7.37 3.50 26MAY94 4.23 4.25 5.28 7.09 7.37 3.50 27MAY94 4.19 4.25 5.35 7.12 7.40 3.50 30MAY94 . 4.25 . . . . 31MAY94 4.60 4.25 5.38 7.17 7.44 3.50 01JUN94 4.33 4.25 5.36 7.12 7.39 3.50 02JUN94 4.25 4.25 5.29 7.07 7.35 3.50 03JUN94 4.16 4.25 5.22 6.98 7.26 3.50 06JUN94 4.17 4.25 5.15 6.91 7.21 3.50 07JUN94 4.03 4.25 5.16 6.95 7.26 3.50 08JUN94 4.00 4.25 5.13 6.96 7.28 3.50 09JUN94 4.17 4.25 5.15 6.98 7.28 3.50 10JUN94 4.18 4.25 5.20 7.03 7.32 3.50 13JUN94 4.24 4.25 5.22 7.07 7.36 3.50 14JUN94 4.23 4.25 5.14 7.00 7.31 3.50 15JUN94 4.30 4.25 5.19 7.10 7.41 3.50 16JUN94 4.26 4.25 5.15 7.07 7.38 3.50 17JUN94 4.17 4.25 5.20 7.14 7.45 3.50 20JUN94 4.24 4.25 5.24 7.16 7.46 3.50 21JUN94 4.14 4.25 5.31 7.22 7.51 3.50 22JUN94 4.18 4.25 5.28 7.13 7.41 3.50 23JUN94 4.18 4.25 5.29 7.10 7.40 3.50 24JUN94 4.17 4.25 5.37 7.22 7.52 3.50 27JUN94 4.29 4.25 5.37 7.18 7.46 3.50 28JUN94 4.21 4.25 5.48 7.26 7.53 3.50 29JUN94 4.15 4.25 5.47 7.24 7.51 3.50 30JUN94 5.96 4.25 5.51 7.34 7.63 3.50 01JUL94 3.82 4.25 5.50 7.34 7.62 3.50 04JUL94 . 4.25 . . . . 05JUL94 4.37 4.25 5.48 7.31 7.60 3.50 06JUL94 5.02 4.25 5.46 7.32 7.61 3.50 07JUL94 4.36 4.25 5.45 7.30 7.60 3.50 08JUL94 4.32 4.25 5.58 7.42 7.70 3.50 11JUL94 4.31 4.25 5.61 7.47 7.73 3.50 12JUL94 4.23 4.25 5.55 7.43 7.69 3.50 13JUL94 4.22 4.25 5.52 7.41 7.68 3.50 14JUL94 4.22 4.25 5.38 7.25 7.54 3.50 15JUL94 4.22 4.25 5.37 7.25 7.55 3.50 18JUL94 4.23 4.25 5.34 7.20 7.51 3.50 19JUL94 4.19 4.25 5.30 7.15 7.47 3.50 20JUL94 4.78 4.25 5.40 7.25 7.55 3.50 21JUL94 4.30 4.25 5.50 7.27 7.55 3.50 22JUL94 4.26 4.25 5.53 7.29 7.56 3.50 25JUL94 4.32 4.25 5.53 7.27 7.53 3.50 26JUL94 4.26 4.25 5.53 7.28 7.55 3.50 27JUL94 4.28 4.25 5.57 7.34 7.60 3.50 28JUL94 4.30 4.25 5.56 7.29 7.55 3.50 29JUL94 4.29 4.25 5.37 7.12 7.39 3.50 01AUG94 4.34 4.25 5.40 7.13 7.41 3.50 02AUG94 4.21 4.25 5.35 7.11 7.40 3.50 03AUG94 4.25 4.25 5.34 7.09 7.38 3.50 04AUG94 4.28 4.25 5.36 7.12 7.40 3.50 05AUG94 4.28 4.25 5.59 7.28 7.54 3.50 08AUG94 4.30 4.25 5.60 7.28 7.53 3.50 09AUG94 4.23 4.25 5.62 7.33 7.57 3.50 10AUG94 4.19 4.25 5.58 7.30 7.58 3.50 11AUG94 4.22 4.25 5.62 7.36 7.56 3.50 12AUG94 4.22 4.25 5.60 7.27 7.48 3.50 15AUG94 4.50 4.25 5.64 7.30 7.51 3.50 16AUG94 4.35 4.75 5.62 7.19 7.39 4.00 17AUG94 4.72 4.75 5.56 7.15 7.39 4.00 18AUG94 4.70 4.75 5.68 7.28 7.50 4.00 19AUG94 4.64 4.75 5.64 7.27 7.50 4.00 22AUG94 4.69 4.75 5.66 7.31 7.56 4.00 23AUG94 4.64 4.75 5.63 7.28 7.54 4.00 24AUG94 4.64 4.75 5.57 7.22 7.47 4.00 25AUG94 4.75 4.75 5.59 7.29 7.55 4.00 26AUG94 4.71 4.75 5.58 7.24 7.49 4.00 29AUG94 4.78 4.75 5.58 7.24 7.50 4.00 30AUG94 4.67 4.75 5.56 7.20 7.47 4.00 31AUG94 4.70 4.75 5.56 7.19 7.46 4.00 01SEP94 4.76 4.75 5.56 7.19 7.46 4.00 02SEP94 4.72 4.75 5.55 7.21 7.50 4.00 05SEP94 . 4.75 . . . . 06SEP94 4.81 4.75 5.58 7.27 7.55 4.00 07SEP94 4.74 4.75 5.60 7.29 7.58 4.00 08SEP94 4.72 4.75 5.59 7.30 7.58 4.00 09SEP94 4.68 4.75 5.70 7.44 7.71 4.00 12SEP94 4.73 4.75 5.72 7.46 7.72 4.00 13SEP94 4.64 4.75 5.70 7.44 7.70 4.00 14SEP94 4.78 4.75 5.68 7.41 7.68 4.00 15SEP94 4.79 4.75 5.69 7.35 7.64 4.00 16SEP94 4.68 4.75 5.79 7.52 7.78 4.00 19SEP94 4.71 4.75 5.78 7.49 7.75 4.00 20SEP94 4.70 4.75 5.82 7.53 7.78 4.00 21SEP94 4.87 4.75 5.90 7.56 7.80 4.00 22SEP94 4.78 4.75 5.88 7.56 7.79 4.00 23SEP94 4.71 4.75 5.89 7.57 7.80 4.00 26SEP94 4.78 4.75 5.91 7.57 7.80 4.00 27SEP94 4.29 4.75 5.89 7.61 7.85 4.00 28SEP94 4.61 4.75 5.88 7.57 7.81 4.00 29SEP94 4.77 4.75 5.95 7.64 7.86 4.00 30SEP94 5.44 4.75 5.96 7.62 7.82 4.00 03OCT94 4.83 4.75 6.06 7.66 7.86 4.00 04OCT94 4.78 4.75 6.06 7.70 7.89 4.00 05OCT94 4.77 4.75 6.10 7.77 7.95 4.00 06OCT94 4.77 4.75 6.10 7.78 7.95 4.00 07OCT94 4.57 4.75 6.01 7.70 7.91 4.00 10OCT94 . 4.75 . . . . 11OCT94 4.71 4.75 6.01 7.65 7.86 4.00 12OCT94 4.56 4.75 6.05 7.69 7.89 4.00 13OCT94 4.71 4.75 6.07 7.64 7.84 4.00 14OCT94 4.71 4.75 6.01 7.61 7.83 4.00 17OCT94 4.78 4.75 6.04 7.62 7.83 4.00 18OCT94 4.71 4.75 6.04 7.64 7.86 4.00 19OCT94 4.69 4.75 6.07 7.68 7.90 4.00 20OCT94 4.70 4.75 6.18 7.80 8.00 4.00 21OCT94 4.68 4.75 6.19 7.81 7.99 4.00 24OCT94 4.72 4.75 6.24 7.86 8.04 4.00 25OCT94 4.67 4.75 6.25 7.88 8.06 4.00 26OCT94 4.88 4.75 6.23 7.88 8.06 4.00 27OCT94 4.77 4.75 6.23 7.88 8.05 4.00 28OCT94 4.76 4.75 6.17 7.82 7.96 4.00 31OCT94 4.90 4.75 6.18 7.81 7.97 4.00 01NOV94 4.76 4.75 6.25 7.91 8.06 4.00 02NOV94 4.67 4.75 6.28 7.96 8.09 4.00 03NOV94 4.71 4.75 6.31 7.96 8.11 4.00 04NOV94 4.66 4.75 6.39 8.04 8.16 4.00 07NOV94 4.69 4.75 6.42 8.05 8.16 4.00 08NOV94 4.51 4.75 6.39 8.01 8.12 4.00 09NOV94 5.28 4.75 6.37 7.94 8.09 4.00 10NOV94 4.99 4.75 6.50 7.98 8.15 4.00 11NOV94 . 4.75 . . . . 14NOV94 5.48 4.75 6.49 7.94 8.09 4.00 15NOV94 5.59 5.50 6.55 7.92 8.05 4.75 16NOV94 5.53 5.50 6.59 7.97 8.09 4.75 17NOV94 5.51 5.50 6.62 8.03 8.14 4.75 18NOV94 5.43 5.50 6.64 8.01 8.14 4.75 21NOV94 5.49 5.50 6.68 8.03 8.14 4.75 22NOV94 5.43 5.50 6.67 8.00 8.11 4.75 23NOV94 6.00 5.50 6.57 7.81 7.96 4.75 24NOV94 . 5.50 . . . . 25NOV94 6.03 5.50 6.58 7.80 7.94 4.75 28NOV94 5.67 5.50 6.74 7.88 7.99 4.75 29NOV94 5.54 5.50 6.85 7.95 8.05 4.75 30NOV94 5.66 5.50 6.91 7.91 7.99 4.75 01DEC94 5.49 5.50 6.94 7.92 8.02 4.75 02DEC94 5.42 5.50 7.01 7.81 7.92 4.75 05DEC94 5.40 5.50 7.15 7.83 7.94 4.75 06DEC94 5.07 5.50 7.01 7.73 7.84 4.75 07DEC94 6.09 5.50 7.01 7.81 7.90 4.75 08DEC94 5.53 5.50 7.17 7.79 7.88 4.75 09DEC94 5.48 5.50 7.15 7.79 7.86 4.75 12DEC94 5.52 5.50 7.24 7.85 7.92 4.75 13DEC94 5.41 5.50 7.32 7.83 7.86 4.75 14DEC94 5.46 5.50 7.20 7.80 7.86 4.75 15DEC94 5.61 5.50 7.09 7.79 7.86 4.75 16DEC94 5.34 5.50 7.14 7.81 7.86 4.75 19DEC94 5.27 5.50 7.13 7.81 7.84 4.75 20DEC94 5.43 5.50 7.06 7.81 7.85 4.75 21DEC94 6.56 5.50 7.04 7.80 7.84 4.75 22DEC94 5.80 5.50 7.17 7.84 7.87 4.75 23DEC94 5.31 5.50 7.20 7.85 7.85 4.75 26DEC94 . 5.50 . . . . 27DEC94 5.60 5.50 7.18 7.76 7.76 4.75 28DEC94 5.48 5.50 7.25 7.80 7.83 4.75 29DEC94 5.49 5.50 7.20 7.82 7.85 4.75 30DEC94 4.94 5.50 7.20 7.84 7.89 4.75 02JAN95 . 5.50 . . . . 03JAN95 5.98 5.50 7.23 7.88 7.93 4.75 04JAN95 6.59 5.50 7.15 7.82 7.85 4.75 05JAN95 5.72 5.50 7.32 7.88 7.91 4.75 06JAN95 5.52 5.50 7.26 7.87 7.87 4.75 09JAN95 5.52 5.50 7.27 7.89 7.90 4.75 10JAN95 5.44 5.50 7.21 7.84 7.87 4.75 11JAN95 5.44 5.50 7.13 7.79 7.85 4.75 12JAN95 5.50 5.50 7.08 7.80 7.88 4.75 13JAN95 5.47 5.50 6.89 7.69 7.80 4.75 16JAN95 . 5.50 . . . . 17JAN95 5.69 5.50 6.99 7.70 7.78 4.75 18JAN95 5.06 5.50 7.03 7.71 7.78 4.75 19JAN95 5.44 5.50 7.03 7.74 7.82 4.75 20JAN95 5.37 5.50 7.04 7.82 7.90 4.75 23JAN95 5.47 5.50 7.02 7.83 7.91 4.75 24JAN95 5.45 5.50 7.04 7.86 7.93 4.75 25JAN95 5.46 5.50 6.96 7.80 7.88 4.75 26JAN95 5.53 5.50 6.90 7.76 7.85 4.75 27JAN95 5.67 5.50 6.82 7.66 7.75 4.75 30JAN95 5.76 5.50 6.80 7.65 7.76 4.75 31JAN95 5.86 5.50 6.84 7.60 7.71 4.75 01FEB95 5.25 6.00 6.97 7.66 7.75 5.25 02FEB95 5.98 6.00 7.01 7.68 7.76 5.25 03FEB95 5.94 6.00 6.77 7.49 7.61 5.25 06FEB95 5.99 6.00 6.79 7.53 7.64 5.25 07FEB95 5.94 6.00 6.78 7.52 7.65 5.25 08FEB95 5.93 6.00 6.74 7.53 7.66 5.25 09FEB95 5.95 6.00 6.79 7.58 7.65 5.25 10FEB95 5.94 6.00 6.85 7.62 7.68 5.25 13FEB95 6.00 6.00 6.85 7.61 7.67 5.25 14FEB95 5.82 6.00 6.77 7.51 7.61 5.25 15FEB95 5.95 6.00 6.68 7.45 7.58 5.25 16FEB95 5.96 6.00 6.58 7.40 7.57 5.25 17FEB95 5.93 6.00 6.62 7.43 7.59 5.25 20FEB95 . 6.00 . . . . 21FEB95 5.99 6.00 6.66 7.44 7.61 5.25 22FEB95 5.90 6.00 6.49 7.34 7.54 5.25 23FEB95 5.91 6.00 6.52 7.34 7.56 5.25 24FEB95 5.87 6.00 6.50 7.33 7.54 5.25 27FEB95 5.99 6.00 6.43 7.24 7.49 5.25 28FEB95 6.10 6.00 6.44 7.22 7.46 5.25 01MAR95 5.56 6.00 6.44 7.23 7.45 5.25 02MAR95 5.94 6.00 6.53 7.30 7.50 5.25 03MAR95 5.93 6.00 6.53 7.36 7.56 5.25 06MAR95 5.95 6.00 6.59 7.41 7.59 5.25 07MAR95 5.93 6.00 6.60 7.44 7.64 5.25 08MAR95 5.91 6.00 6.56 7.36 7.56 5.25 09MAR95 5.92 6.00 6.47 7.30 7.53 5.25 10MAR95 5.90 6.00 6.49 7.23 7.46 5.25 13MAR95 5.96 6.00 6.44 7.19 7.45 5.25 14MAR95 5.93 6.00 6.39 7.09 7.35 5.25 15MAR95 6.06 6.00 6.41 7.09 7.36 5.25 16MAR95 5.97 6.00 6.35 7.05 7.33 5.25 17MAR95 5.95 6.00 6.37 7.12 7.37 5.25 20MAR95 6.00 6.00 6.37 7.12 7.40 5.25 21MAR95 5.97 6.00 6.38 7.16 7.43 5.25 22MAR95 5.97 6.00 6.40 7.21 7.46 5.25 23MAR95 6.01 6.00 6.38 7.21 7.47 5.25 24MAR95 6.03 6.00 6.31 7.09 7.38 5.25 27MAR95 6.13 6.00 6.27 7.05 7.33 5.25 28MAR95 6.10 6.00 6.38 7.16 7.41 5.25 29MAR95 6.07 6.00 6.35 7.16 7.40 5.25 30MAR95 6.16 6.00 6.43 7.18 7.43 5.25 31MAR95 6.30 6.00 6.49 7.20 7.44 5.25 03APR95 6.28 6.00 6.45 7.14 7.39 5.25 04APR95 6.08 6.00 6.40 7.12 7.38 5.25 05APR95 5.98 6.00 6.38 7.12 7.38 5.25 06APR95 5.95 6.00 6.33 7.09 7.36 5.25 07APR95 5.94 6.00 6.33 7.11 7.39 5.25 10APR95 6.00 6.00 6.33 7.12 7.39 5.25 11APR95 5.91 6.00 6.31 7.09 7.37 5.25 12APR95 6.17 6.00 6.28 7.06 7.36 5.25 13APR95 6.17 6.00 6.19 7.03 7.34 5.25 14APR95 6.09 6.00 . . . . 17APR95 6.14 6.00 6.19 7.04 7.39 5.25 18APR95 5.98 6.00 6.17 7.04 7.40 5.25 19APR95 5.92 6.00 6.20 7.06 7.37 5.25 20APR95 5.96 6.00 6.15 7.02 7.35 5.25 21APR95 5.93 6.00 6.15 7.01 7.34 5.25 24APR95 5.98 6.00 6.17 7.01 7.32 5.25 25APR95 5.97 6.00 6.19 7.01 7.33 5.25 26APR95 6.23 6.00 6.21 7.01 7.32 5.25 27APR95 6.04 6.00 6.30 7.04 7.33 5.25 28APR95 6.06 6.00 6.32 7.07 7.34 5.25 01MAY95 6.10 6.00 6.32 7.09 7.35 5.25 02MAY95 6.01 6.00 6.26 7.04 7.33 5.25 03MAY95 6.00 6.00 6.16 6.96 7.25 5.25 04MAY95 6.01 6.00 6.10 6.85 7.15 5.25 05MAY95 5.98 6.00 5.96 6.69 7.02 5.25 08MAY95 6.04 6.00 6.01 6.70 7.02 5.25 09MAY95 5.95 6.00 5.96 6.61 6.94 5.25 10MAY95 6.03 6.00 5.96 6.66 6.97 5.25 11MAY95 6.00 6.00 6.02 6.68 6.99 5.25 12MAY95 5.99 6.00 6.03 6.67 7.00 5.25 15MAY95 6.17 6.00 5.99 6.62 6.95 5.25 16MAY95 6.01 6.00 5.96 6.57 6.87 5.25 17MAY95 5.97 6.00 5.95 6.53 6.86 5.25 18MAY95 5.98 6.00 6.01 6.61 6.91 5.25 19MAY95 5.94 6.00 6.01 6.61 6.91 5.25 22MAY95 6.00 6.00 6.03 6.63 6.92 5.25 23MAY95 5.96 6.00 5.97 6.57 6.87 5.25 24MAY95 6.16 6.00 5.86 6.44 6.77 5.25 25MAY95 6.04 6.00 5.89 6.39 6.73 5.25 26MAY95 5.97 6.00 5.87 6.40 6.75 5.25 29MAY95 . 6.00 . . . . 30MAY95 6.07 6.00 5.83 6.30 6.67 5.25 31MAY95 6.17 6.00 5.80 6.30 6.67 5.25 01JUN95 6.04 6.00 5.68 6.20 6.61 5.25 02JUN95 6.02 6.00 5.51 6.10 6.52 5.25 05JUN95 5.99 6.00 5.52 6.08 6.51 5.25 06JUN95 5.96 6.00 5.56 6.08 6.51 5.25 07JUN95 6.15 6.00 5.71 6.20 6.53 5.25 08JUN95 6.08 6.00 5.78 6.22 6.57 5.25 09JUN95 6.02 6.00 5.89 6.40 6.72 5.25 12JUN95 6.02 6.00 5.83 6.37 6.71 5.25 13JUN95 5.97 6.00 5.57 6.14 6.56 5.25 14JUN95 5.99 6.00 5.60 6.15 6.57 5.25 15JUN95 6.10 6.00 5.65 6.18 6.61 5.25 16JUN95 6.02 6.00 5.66 6.21 6.62 5.25 19JUN95 6.05 6.00 5.59 6.13 6.56 5.25 20JUN95 6.01 6.00 5.64 6.16 6.57 5.25 21JUN95 5.77 6.00 5.62 6.13 6.55 5.25 22JUN95 5.99 6.00 5.53 6.04 6.48 5.25 23JUN95 5.94 6.00 5.56 6.06 6.51 5.25 26JUN95 5.99 6.00 5.60 6.11 6.54 5.25 27JUN95 5.94 6.00 5.64 6.15 6.56 5.25 28JUN95 5.92 6.00 5.58 6.10 6.52 5.25 29JUN95 5.96 6.00 5.76 6.28 6.65 5.25 30JUN95 6.11 6.00 5.65 6.21 6.63 5.25 03JUL95 5.89 6.00 5.63 6.21 6.63 5.25 04JUL95 . 6.00 . . . . 05JUL95 7.41 6.00 5.62 6.19 6.61 5.25 06JUL95 6.06 5.75 5.43 6.05 6.51 5.25 07JUL95 5.77 5.75 5.42 6.04 6.52 5.25 10JUL95 5.78 5.75 5.43 6.04 6.51 5.25 11JUL95 5.75 5.75 5.47 6.09 6.57 5.25 12JUL95 5.74 5.75 5.44 6.10 6.55 5.25 13JUL95 5.75 5.75 5.46 6.09 6.55 5.25 14JUL95 5.68 5.75 5.53 6.15 6.60 5.25 17JUL95 5.76 5.75 5.55 6.22 6.67 5.25 18JUL95 5.67 5.75 5.57 6.25 6.73 5.25 19JUL95 5.82 5.75 5.60 6.43 6.89 5.25 20JUL95 5.80 5.75 5.71 6.43 6.87 5.25 21JUL95 5.74 5.75 5.75 6.53 6.96 5.25 24JUL95 5.75 5.75 5.75 6.46 6.90 5.25 25JUL95 5.73 5.75 5.75 6.43 6.84 5.25 26JUL95 5.76 5.75 5.75 6.48 6.90 5.25 27JUL95 5.78 5.75 5.66 6.43 6.84 5.25 28JUL95 5.77 5.75 5.69 6.49 6.91 5.25 31JUL95 5.97 5.75 5.67 6.45 6.86 5.25 01AUG95 5.55 5.75 5.71 6.50 6.92 5.25 02AUG95 6.21 5.75 5.66 6.44 6.86 5.25 03AUG95 5.79 5.75 5.70 6.53 6.93 5.25 04AUG95 5.72 5.75 5.68 6.50 6.90 5.25 07AUG95 5.76 5.75 5.67 6.48 6.89 5.25 08AUG95 5.70 5.75 5.68 6.47 6.89 5.25 09AUG95 5.67 5.75 5.69 6.47 6.93 5.25 10AUG95 5.68 5.75 5.70 6.51 6.90 5.25 11AUG95 5.67 5.75 5.80 6.59 6.98 5.25 14AUG95 5.76 5.75 5.81 6.59 6.96 5.25 15AUG95 5.90 5.75 5.86 6.57 6.92 5.25 16AUG95 5.86 5.75 5.84 6.54 6.89 5.25 17AUG95 5.76 5.75 5.89 6.57 6.90 5.25 18AUG95 5.68 5.75 5.88 6.57 6.91 5.25 21AUG95 5.71 5.75 5.84 6.54 6.87 5.25 22AUG95 5.68 5.75 5.88 6.57 6.89 5.25 23AUG95 5.68 5.75 5.87 6.60 6.92 5.25 24AUG95 5.71 5.75 5.77 6.50 6.84 5.25 25AUG95 5.71 5.75 5.70 6.38 6.72 5.25 28AUG95 5.72 5.75 5.66 6.34 6.70 5.25 29AUG95 5.48 5.75 5.71 6.36 6.72 5.25 30AUG95 5.90 5.75 5.66 6.33 6.70 5.25 31AUG95 5.93 5.75 5.65 6.28 6.65 5.25 01SEP95 5.72 5.75 5.60 6.22 6.61 5.25 04SEP95 . 5.75 . . . . 05SEP95 5.86 5.75 5.60 6.18 6.57 5.25 06SEP95 5.75 5.75 5.60 6.17 6.57 5.25 07SEP95 5.74 5.75 5.65 6.21 6.60 5.25 08SEP95 5.67 5.75 5.67 6.24 6.60 5.25 11SEP95 5.73 5.75 5.67 6.24 6.60 5.25 12SEP95 5.65 5.75 5.61 6.16 6.51 5.25 13SEP95 5.96 5.75 5.63 6.18 6.52 5.25 14SEP95 5.88 5.75 5.51 6.08 6.45 5.25 15SEP95 5.80 5.75 5.55 6.11 6.47 5.25 18SEP95 5.76 5.75 5.56 6.17 6.53 5.25 19SEP95 5.73 5.75 5.54 6.14 6.49 5.25 20SEP95 5.72 5.75 5.52 6.10 6.46 5.25 21SEP95 5.71 5.75 5.62 6.21 6.56 5.25 22SEP95 5.66 5.75 5.63 6.25 6.59 5.25 25SEP95 5.75 5.75 5.65 6.26 6.58 5.25 26SEP95 5.73 5.75 5.71 6.28 6.58 5.25 27SEP95 6.45 5.75 5.70 6.30 6.61 5.25 28SEP95 6.05 5.75 5.73 6.28 6.59 5.25 29SEP95 6.20 5.75 5.65 6.17 6.49 5.25 02OCT95 5.93 5.75 5.65 6.15 6.48 5.25 03OCT95 5.75 5.75 5.63 6.13 6.46 5.25 04OCT95 5.69 5.75 5.60 6.12 6.44 5.25 05OCT95 5.69 5.75 5.59 6.06 6.43 5.25 06OCT95 5.65 5.75 5.59 6.06 6.43 5.25 09OCT95 . 5.75 . . . . 10OCT95 5.74 5.75 5.61 6.07 6.43 5.25 11OCT95 6.01 5.75 5.61 6.09 6.44 5.25 12OCT95 5.80 5.75 5.61 6.07 6.41 5.25 13OCT95 5.70 5.75 5.58 5.97 6.30 5.25 16OCT95 5.74 5.75 5.59 5.97 6.32 5.25 17OCT95 5.66 5.75 5.57 5.97 6.30 5.25 18OCT95 5.65 5.75 5.58 5.99 6.32 5.25 19OCT95 5.70 5.75 5.58 5.98 6.31 5.25 20OCT95 5.70 5.75 5.62 6.04 6.35 5.25 23OCT95 5.74 5.75 5.65 6.07 6.38 5.25 24OCT95 5.70 5.75 5.60 6.02 6.33 5.25 25OCT95 6.09 5.75 5.56 6.00 6.32 5.25 26OCT95 5.76 5.75 5.52 6.06 6.38 5.25 27OCT95 5.68 5.75 5.56 6.05 6.35 5.25 30OCT95 5.78 5.75 5.55 6.04 6.35 5.25 31OCT95 5.97 5.75 5.55 6.03 6.34 5.25 01NOV95 5.76 5.75 5.46 5.98 6.29 5.25 02NOV95 5.72 5.75 5.41 5.92 6.25 5.25 03NOV95 5.66 5.75 5.43 5.94 6.28 5.25 06NOV95 5.71 5.75 5.46 5.96 6.29 5.25 07NOV95 5.65 5.75 5.48 5.99 6.31 5.25 08NOV95 5.93 5.75 5.41 5.92 6.25 5.25 09NOV95 5.74 5.75 5.43 5.97 6.29 5.25 10NOV95 5.68 5.75 5.47 6.00 6.33 5.25 13NOV95 5.74 5.75 5.44 5.98 6.28 5.25 14NOV95 5.71 5.75 5.43 5.97 6.30 5.25 15NOV95 5.94 5.75 5.47 6.00 6.30 5.25 16NOV95 5.84 5.75 5.42 5.93 6.24 5.25 17NOV95 5.70 5.75 5.40 5.92 6.23 5.25 20NOV95 5.73 5.75 5.41 5.93 6.25 5.25 21NOV95 5.68 5.75 5.45 5.92 6.27 5.25 22NOV95 6.31 5.75 5.46 5.93 6.28 5.25 23NOV95 . 5.75 . . . . 24NOV95 5.97 5.75 5.43 5.91 6.25 5.25 27NOV95 5.77 5.75 5.41 5.88 6.23 5.25 28NOV95 5.69 5.75 5.44 5.88 6.24 5.25 29NOV95 5.72 5.75 5.42 5.85 6.22 5.25 30NOV95 6.11 5.75 5.36 5.76 6.14 5.25 01DEC95 5.56 5.75 5.33 5.71 6.10 5.25 04DEC95 5.74 5.75 5.32 5.63 6.01 5.25 05DEC95 5.72 5.75 5.33 5.65 6.04 5.25 06DEC95 5.99 5.75 5.34 5.67 6.03 5.25 07DEC95 5.82 5.75 5.35 5.72 6.07 5.25 08DEC95 5.73 5.75 5.39 5.73 6.06 5.25 11DEC95 5.73 5.75 5.35 5.71 6.04 5.25 12DEC95 5.69 5.75 5.36 5.72 6.05 5.25 13DEC95 5.70 5.75 5.37 5.74 6.07 5.25 14DEC95 5.82 5.75 5.35 5.74 6.08 5.25 15DEC95 5.78 5.75 5.32 5.75 6.09 5.25 18DEC95 5.76 5.75 5.38 5.85 6.20 5.25 19DEC95 5.63 5.50 5.28 5.81 6.14 5.25 20DEC95 6.74 5.50 5.27 5.76 6.11 5.25 21DEC95 5.74 5.50 5.29 5.77 6.11 5.25 22DEC95 5.44 5.50 5.26 5.71 6.06 5.25 25DEC95 . 5.50 . . . . 26DEC95 5.50 5.50 5.26 5.69 6.04 5.25 27DEC95 5.39 5.50 5.23 5.66 6.01 5.25 28DEC95 5.53 5.50 5.18 5.63 5.98 5.25 29DEC95 4.73 5.50 5.18 5.58 5.96 5.25