DATA for the article by Richard G. Anderson and Robert H. Rasche which appeared in the November/December 1996 REVIEW, "Measuring the Adjusted Monetary Base in an Era of Financial Change", pages 3-37. =============================================================================== Figure 1 Required Clearing Balance Contract Amounts SOURCE: Board of Governors of the Federal Reserve System Date RCB amount (millions) 8002 0.0 8003 0.0 8004 0.0 8005 0.0 8006 0.0 8007 0.0 8008 0.0 8009 0.0 8010 0.0 8011 .60235 8012 .50196 8101 9.3478 8102 9.8581 8103 14.445 8104 17.618 8105 22.767 8106 24.684 8107 31.993 8108 44.025 8109 62.118 8110 77.638 8111 97.884 8112 112.83 8201 127.03 8202 139.89 8203 158.15 8204 173.35 8205 186.73 8206 207.52 8207 221.54 8208 236.93 8209 288.15 8210 340.03 8211 402.65 8212 433.48 8301 469.57 8302 522.93 8303 592.61 8304 640.62 8305 712.41 8306 776.44 8307 815.87 8308 840.16 8309 896.9 8310 944.81 8311 976.27 8312 1015.8 8401 1035.5 8402 1096.7 8403 1133.6 8404 1137 8405 1147.9 8406 1154.7 8407 1143.5 8408 1148.7 8409 1147.2 8410 1163.8 8411 1157.5 8412 1148.8 8501 1187 8502 1228.7 8503 1334.6 8504 1318.7 8505 1375.1 8506 1369.5 8507 1408.4 8508 1420.2 8509 1443.1 8510 1477.6 8511 1491.9 8512 1513.1 8601 1507.6 8602 1527.1 8603 1550.5 8604 1596.5 8605 1585.1 8606 1601.1 8607 1648.6 8608 1667 8609 1708.2 8610 1751.5 8611 1804.5 8612 1806.5 8701 1791.6 8702 1808.7 8703 1810.6 8704 1791.3 8705 1795.7 8706 1772.1 8707 1724.7 8708 1709.2 8709 1717.5 8710 1729.7 8711 1701.4 8712 1683.3 8801 1674.1 8802 1659.6 8803 1671.8 8804 1669.1 8805 1655.3 8806 1647 8807 1636.7 8808 1626.2 8809 1600.1 8810 1637 8811 1603.4 8812 1596.1 8901 1591.9 8902 1612.8 8903 1670.3 8904 1647.1 8905 1637.9 8906 1606 8907 1589.7 8908 1608.7 8909 1613.3 8910 1624.8 8911 1637.3 8912 1629.3 9001 1624.5 9002 1686 9003 1721.5 9004 1742.4 9005 1763.9 9006 1769.6 9007 1763.2 9008 1745.2 9009 1734.8 9010 1731.7 9011 1771.5 9012 1850.1 9101 2151 9102 2382.2 9103 2597.6 9104 2778.8 9105 2956 9106 3019.6 9107 3114.3 9108 3167.5 9109 3178.3 9110 3249.2 9111 3455.4 9112 3868.1 9201 4054.7 9202 4347.1 9203 4413.7 9204 4688.2 9205 4948.9 9206 5168.8 9207 5256.5 9208 5408.5 9209 5536 9210 5603.2 9211 5644.2 9212 5708.6 9301 5854.7 9302 5987.6 9303 5969.2 9304 5958.6 9305 5985 9306 6064.6 9307 5977.7 9308 5911 9309 5959.7 9310 6063.7 9311 6133.3 9312 6240.3 9401 6270.9 9402 6221.2 9403 6151.9 9404 6083.5 9405 5939.4 9406 5739.3 9407 5607.9 9408 5389.6 9409 4952.7 9410 4698 9411 4428.4 9412 4277.3 9501 4177.3 9502 4089.7 9503 4014.2 9504 3882.6 9505 4010.5 9506 4192.1 9507 4153.1 9508 4401.9 9509 4543.2 9510 4643.6 9511 4811.3 9512 5002.2 9601 5177.3 9602 5415.6 9603 5462.3 9604 5617.8 9605 5826.3 9606 5898.9 9607 5939.9 9608 6090.5 Figure 2 Surplus Vault Cash Surplus Vault Cash = Vault Cash - Applied Vault Cash SOURCE: Board of Governors of the Federal Reserve System DATE SURPLUS Vault Cash (Millions) ---- ----------------------------- 5901 3180.5 5902 2949.6 5903 2901.7 5904 2975.5 5905 2941.5 5906 3061.8 5907 3090.3 5908 3037.2 5909 3140 5910 3123.5 5911 3150.3 5912 3193.8 6001 3076.7 6002 2906.2 6003 2891.8 6004 2884.9 6005 2863.7 6006 2958.1 6007 2927 6008 2854.9 6009 2435.3 6010 2388.9 6011 2127.7 6012 1091.3 6101 1059.2 6102 1041.8 6103 1056 6104 1039.5 6105 1075.6 6106 1144.3 6107 1079.5 6108 1124.4 6109 1093.3 6110 1066.6 6111 1119.4 6112 1137.3 6201 1140.8 6202 1085.9 6203 1094.7 6204 1077 6205 1145.6 6206 1145.5 6207 1135.1 6208 1182.5 6209 1125 6210 1140.2 6211 1188.2 6212 1180.5 6301 1236.4 6302 1149.9 6303 1128.9 6304 1171.2 6305 1220.5 6306 1191.2 6307 1234.2 6308 1236.5 6309 1196.8 6310 1243.8 6311 1199.8 6312 1299.3 6401 1332 6402 1203.3 6403 1175.6 6404 1271.7 6405 1206.9 6406 1240.5 6407 1305.3 6408 1231 6409 1312.7 6410 1325.4 6411 1287.6 6412 1444.9 6501 1398.6 6502 1351.3 6503 1341.5 6504 1395 6505 1307.5 6506 1372.8 6507 1403.3 6508 1354.6 6509 1437.2 6510 1394.4 6511 1420.4 6512 1547.8 6601 1480 6602 1456 6603 1485.9 6604 1463.2 6605 1429.2 6606 1536.6 6607 1480.3 6608 1498 6609 1554.6 6610 1456 6611 1527.1 6612 1605.9 6701 1573.9 6702 1539.1 6703 1591.6 6704 1532.6 6705 1582.4 6706 1681.3 6707 1603.8 6708 1676.5 6709 1627.6 6710 1579.1 6711 1650.7 6712 1645.7 6801 1783.3 6802 1664.8 6803 1598.9 6804 1664.8 6805 1720.3 6806 1699.3 6807 1760.9 6808 1752.5 6809 1701.9 6810 1758.7 6811 1693.4 6812 2016.1 6901 1684 6902 1631.1 6903 1654.8 6904 1810.4 6905 1676.9 6906 1876.5 6907 1859.5 6908 1739 6909 1870.7 6910 1810.4 6911 1787.5 6912 2112.5 7001 1800.4 7002 1744.9 7003 1800.8 7004 1903.7 7005 1816.5 7006 2029.6 7007 1952.4 7008 1937.4 7009 2078.3 7010 1967.3 7011 2056.5 7012 2213.5 7101 2020.1 7102 1963 7103 2062.9 7104 2118.3 7105 2023.9 7106 2258.1 7107 2188.3 7108 2203.5 7109 2253 7110 2163.1 7111 2332.6 7112 2439.6 7201 2314.3 7202 2181.1 7203 2272 7204 2420.8 7205 2442 7206 2543.2 7207 2569.7 7208 2584.1 7209 2466.2 7210 2585.6 7211 2656.9 7212 2708.8 7301 2713.9 7302 2436.5 7303 2508.4 7304 2711.9 7305 2744.6 7306 2822.5 7307 2902.3 7308 2824.9 7309 2811.6 7310 2879.1 7311 2864.9 7312 3112.8 7401 2973.9 7402 2776.6 7403 2758.9 7404 3103.3 7405 2985.3 7406 3166.4 7407 3279.2 7408 3110.9 7409 3225.2 7410 3226.2 7411 3119.8 7412 3604 7501 3151.7 7502 3037.9 7503 3068.6 7504 3429.6 7505 3183.4 7506 3486.3 7507 3658.6 7508 3367.2 7509 3589.2 7510 3472 7511 3489.1 7512 4019.8 7601 3545.9 7602 3367.4 7603 3512 7604 3809.8 7605 3481.5 7606 3947.1 7607 3689.6 7608 3784.1 7609 3883.7 7610 3740.5 7611 4025.2 7612 4145.4 7701 3979.4 7702 3610.4 7703 4087.7 7704 4095.3 7705 3927.9 7706 4240.2 7707 4233.9 7708 4410.5 7709 4281.1 7710 4265.4 7711 4495.9 7712 4387.7 7801 4732.9 7802 4175.6 7803 4309.1 7804 4537.6 7805 4624.9 7806 4691.7 7807 4850.4 7808 4739.5 7809 4870.2 7810 4945 7811 5105.6 7812 5080.5 7901 5174.6 7902 4699.4 7903 4804.1 7904 5240.3 7905 5027.7 7906 5250.8 7907 5379.6 7908 5275.9 7909 5386.5 7910 5477 7911 5577.4 7912 5753.7 8001 5673.4 8002 5281.8 8003 5412.4 8004 5757.1 8005 5429.8 8006 5731.9 8007 5879 8008 5788.7 8009 6009 8010 5929.5 8011 5082.8 8012 5381.4 8101 4952.6 8102 4401.8 8103 4259.4 8104 4679.8 8105 4331.6 8106 4577.5 8107 4580.3 8108 4582.8 8109 4124.5 8110 3797.8 8111 4071.4 8112 4041.9 8201 4121.6 8202 3815.9 8203 3693.1 8204 3906 8205 3638.1 8206 4230.2 8207 3957.7 8208 4008.4 8209 3516.6 8210 3249.5 8211 3647.2 8212 3652.1 8301 3990.1 8302 3509.5 8303 3739.7 8304 3767 8305 3753.9 8306 4069.9 8307 3648.8 8308 3971.1 8309 3612.5 8310 3503.3 8311 3969.8 8312 3683 8401 4034.7 8402 3073.9 8403 3797.6 8404 4197.5 8405 4356.2 8406 4195.3 8407 4787.3 8408 3948.1 8409 4406.8 8410 3881.7 8411 4062.9 8412 4317.9 8501 4995.3 8502 2471.8 8503 3380.3 8504 3935.3 8505 3754.9 8506 3849.7 8507 4196.9 8508 3274.1 8509 4092.4 8510 3404.1 8511 3485.4 8512 4658.2 8601 4381 8602 1724 8603 2865.6 8604 3589.5 8605 3291.1 8606 3579.9 8607 4018.7 8608 3058.2 8609 3728.8 8610 2816.8 8611 3295.8 8612 3980.8 8701 3980.3 8702 1460.1 8703 2649.4 8704 3280.2 8705 3163.9 8706 3336.1 8707 3183.2 8708 3168.1 8709 3690.7 8710 2336.9 8711 3440.3 8712 3635 8801 4291.5 8802 1369.3 8803 2268.8 8804 3104.9 8805 2689.1 8806 3692.9 8807 3185.8 8808 2951.7 8809 3443 8810 2692.4 8811 3644.4 8812 3822.7 8901 4705.8 8902 806.91 8903 2595.8 8904 3251.3 8905 3326.3 8906 3741.1 8907 3802.1 8908 3151 8909 3702.5 8910 2929.8 8911 3664.4 8912 4169.2 9001 4897.3 9002 622.3 9003 2407.2 9004 3320.8 9005 3146.7 9006 3582.9 9007 3695.5 9008 2904.4 9009 3802.5 9010 3015.2 9011 3890.1 9012 4631.9 9101 5921 9102 2836.8 9103 4021.3 9104 4787.2 9105 4683.2 9106 5102.6 9107 5372.3 9108 4113.9 9109 5266.8 9110 4245.6 9111 4757.3 9112 5861.1 9201 5072.5 9202 1881.1 9203 3590.1 9204 4353.9 9205 4693.7 9206 4677.3 9207 4366.4 9208 3990.1 9209 5097.5 9210 3762.5 9211 5291.6 9212 4411 9301 4432.5 9302 3792.3 9303 3865.6 9304 4401 9305 3942 9306 4626.8 9307 4313.5 9308 4255.9 9309 4540.3 9310 4153.6 9311 4663.4 9312 4220.2 9401 4608.3 9402 3879.8 9403 3974.2 9404 4408.7 9405 4476.2 9406 4904.4 9407 4577.3 9408 4736 9409 4676.2 9410 4641 9411 5455.3 9412 4705.4 9501 5357.8 9502 3730.9 9503 4289.4 9504 4877.5 9505 5158.4 9506 4952.3 9507 5303.2 9508 5106.4 9509 5077.2 9510 5240 9511 6040.4 9512 5992.9 9601 7083.6 9602 5025.5 9603 5055.5 9604 5792.8 9605 6121 9606 5834.6 9607 7193.9 9608 6762.1 Figure 3 Number of Institutions included in RAM Data based on RAM calculation made on weekly EDDS data SOURCE: Board of Governors of the Federal Reserve System DATE Number 15JUL81 5059 14JUL82 5325 13JUL83 4491 16JUL84 3704 15JUL85 4753 14JUL86 5132 27JUL87 5295 25JUL88 5507 24JUL89 4514 23JUL90 4427 22JUL91 520 20JUL92 508 19JUL93 507 18JUL94 460 17JUL95 405 Figure 4 Proportions of Deposits in Economically Bound Institutions Delta= Net Transactions Deposits Tau = Time and Savings Deposits DATE DELTA TAU 15JUL81 0.72 0.47 14JUL82 0.72 0.51 13JUL83 0.75 0.58 16JUL84 0.75 0.63 15JUL85 0.79 0.69 14JUL86 0.84 0.75 27JUL87 0.85 0.78 25JUL88 0.87 0.81 24JUL89 0.86 0.81 23JUL90 0.87 0.81 22JUL91 0.65 0.54 20JUL92 0.66 0.55 19JUL93 0.68 0.55 18JUL94 0.67 0.55 17JUL95 0.68 0.56 Figure 5 Rate Spreads on Three- and Six-Month Instruments SOURCE: Board of Governors DATE 3M T-bill 6M T-bill 3M Paper 6M Paper 3M CD 6M CD 01JAN75 6.44 6.66 7.39 7.30 7.48 7.42 01FEB75 5.65 5.86 6.36 6.34 6.41 6.43 01MAR75 5.65 5.86 6.06 6.06 6.18 6.33 01APR75 5.77 6.27 6.11 6.15 6.26 6.75 01MAY75 5.38 5.84 5.70 5.82 5.79 6.30 01JUN75 5.50 5.87 5.67 5.79 5.82 6.25 01JUL75 6.33 6.83 6.32 6.45 6.55 7.06 01AUG75 6.65 7.30 6.59 6.70 6.87 7.61 01SEP75 6.63 7.29 6.79 6.86 7.03 7.89 01OCT75 6.15 6.57 6.35 6.49 6.56 7.23 01NOV75 5.64 6.07 5.78 5.92 6.26 6.84 01DEC75 5.61 6.12 5.88 5.97 6.03 6.56 01JAN76 5.01 5.36 5.16 5.27 5.14 5.57 01FEB76 5.02 5.43 5.13 5.23 5.18 5.68 01MAR76 5.13 5.67 5.25 5.37 5.34 5.87 01APR76 4.99 5.39 5.09 5.23 5.12 5.52 01MAY76 5.34 5.86 5.44 5.55 5.56 6.11 01JUN76 5.56 6.02 5.83 5.94 5.84 6.31 01JUL76 5.37 5.76 5.54 5.67 5.52 5.90 01AUG76 5.28 5.63 5.36 5.47 5.39 5.70 01SEP76 5.22 5.52 5.33 5.45 5.33 5.58 01OCT76 5.05 5.27 5.10 5.22 5.12 5.30 01NOV76 4.88 5.07 4.98 5.05 5.01 5.19 01DEC76 4.46 4.68 4.66 4.70 4.67 4.76 01JAN77 4.74 5.01 4.72 4.75 4.83 5.11 01FEB77 4.79 5.09 4.76 4.82 4.83 5.15 01MAR77 4.72 5.07 4.75 4.87 4.84 5.16 01APR77 4.65 4.99 4.75 4.87 4.80 5.05 01MAY77 5.09 5.41 5.26 5.35 5.36 5.73 01JUN77 5.15 5.43 5.42 5.49 5.42 5.64 01JUL77 5.33 5.63 5.39 5.41 5.46 5.70 01AUG77 5.64 6.08 5.76 5.84 5.90 6.20 01SEP77 5.97 6.31 6.10 6.17 6.19 6.45 01OCT77 6.34 6.73 6.51 6.56 6.67 6.96 01NOV77 6.28 6.71 6.54 6.59 6.68 6.93 01DEC77 6.24 6.70 6.61 6.64 6.71 6.95 01JAN78 6.64 7.03 6.75 6.79 6.94 7.25 01FEB78 6.64 7.07 6.76 6.80 6.90 7.25 01MAR78 6.48 6.96 6.75 6.80 6.86 7.18 01APR78 6.48 7.07 6.82 6.86 7.03 7.38 01MAY78 6.60 7.38 7.06 7.11 7.40 7.84 01JUN78 6.94 7.61 7.59 7.63 7.83 8.24 01JUL78 7.24 7.84 7.85 7.91 8.12 8.56 01AUG78 7.30 7.76 7.83 7.90 8.06 8.44 01SEP78 8.11 8.44 8.39 8.44 8.64 8.96 01OCT78 8.27 9.00 8.98 9.03 9.44 9.84 01NOV78 8.96 9.82 10.14 10.23 10.72 11.15 01DEC78 9.41 9.96 10.37 10.43 10.72 11.28 01JAN79 9.69 10.07 10.25 10.32 10.51 11.09 01FEB79 9.68 10.01 9.95 10.01 10.19 10.62 01MAR79 9.87 10.10 9.90 9.96 10.13 10.47 01APR79 9.85 10.13 9.85 9.87 10.06 10.34 01MAY79 10.01 10.18 9.95 9.98 10.16 10.44 01JUN79 9.42 9.65 9.76 9.71 9.95 9.98 01JUL79 9.61 9.84 9.87 9.82 10.11 10.23 01AUG79 9.91 10.13 10.42 10.39 10.71 10.86 01SEP79 10.69 10.93 11.63 11.60 11.89 12.01 01OCT79 12.25 12.54 13.23 13.23 13.66 13.83 01NOV79 12.35 12.74 13.57 13.26 13.90 13.97 01DEC79 12.61 12.80 13.24 12.80 13.43 13.42 01JAN80 12.57 12.80 13.04 12.66 13.39 13.48 01FEB80 13.50 13.98 13.78 13.60 14.30 14.58 01MAR80 16.02 16.48 16.81 16.50 17.57 17.74 01APR80 13.85 13.97 15.78 14.93 16.14 15.80 01MAY80 8.89 9.17 9.49 9.29 9.79 9.78 01JUN80 7.30 7.69 8.27 8.03 8.49 8.33 01JUL80 8.33 8.52 8.41 8.29 8.65 8.73 01AUG80 9.47 10.02 9.57 9.61 9.91 10.29 01SEP80 10.69 11.30 10.97 11.04 11.29 11.73 01OCT80 12.13 12.53 12.52 12.32 12.94 12.99 01NOV80 14.41 14.68 15.18 14.73 15.68 15.36 01DEC80 16.32 16.01 18.07 16.49 18.65 17.10 01JAN81 15.82 15.35 16.58 15.10 17.19 15.92 01FEB81 15.56 15.33 15.49 14.87 16.14 16.00 01MAR81 14.01 13.89 13.94 13.59 14.43 14.48 01APR81 14.32 14.63 14.56 14.17 15.08 15.12 01MAY81 17.23 16.78 17.56 16.66 18.27 17.66 01JUN81 15.50 15.36 16.32 15.22 16.90 16.09 01JUL81 15.69 16.13 17.00 16.09 17.76 17.40 01AUG81 16.35 17.05 17.23 16.62 17.96 17.98 01SEP81 15.47 16.34 16.09 15.93 16.84 17.19 01OCT81 14.21 15.05 14.85 14.72 15.39 15.71 01NOV81 11.31 12.14 12.16 11.96 12.48 12.65 01DEC81 11.30 12.40 12.12 12.14 12.49 13.07 01JAN82 12.84 13.90 13.09 13.35 13.51 14.25 01FEB82 14.14 14.81 14.53 14.27 15.00 15.12 01MAR82 13.27 13.83 13.80 13.47 14.21 14.25 01APR82 13.30 13.78 14.06 13.64 14.44 14.42 01MAY82 12.63 13.14 13.42 13.02 13.80 13.77 01JUN82 13.04 13.81 13.96 13.79 14.46 14.66 01JUL82 11.87 12.77 12.94 13.00 13.44 13.80 01AUG82 9.00 10.54 10.15 10.80 10.61 11.53 01SEP82 8.19 9.97 10.36 10.86 10.66 11.46 01OCT82 7.97 8.77 9.20 9.21 9.51 9.67 01NOV82 8.34 8.82 8.69 8.72 8.95 9.13 01DEC82 8.21 8.62 8.51 8.50 8.66 8.80 01JAN83 8.12 8.37 8.17 8.15 8.36 8.46 01FEB83 8.39 8.70 8.34 8.39 8.54 8.77 01MAR83 8.67 8.88 8.52 8.48 8.69 8.80 01APR83 8.52 8.80 8.53 8.48 8.63 8.76 01MAY83 8.50 8.71 8.33 8.31 8.49 8.62 01JUN83 9.14 9.46 9.00 9.03 9.20 9.45 01JUL83 9.44 9.87 9.25 9.36 9.50 9.91 01AUG83 9.72 10.15 9.54 9.68 9.77 10.17 01SEP83 9.35 9.74 9.24 9.28 9.39 9.64 01OCT83 8.92 9.39 8.99 8.98 9.18 9.31 01NOV83 9.11 9.50 9.10 9.09 9.36 9.51 01DEC83 9.35 9.77 9.53 9.50 9.69 9.85 01JAN84 9.26 9.60 9.20 9.18 9.42 9.56 01FEB84 9.45 9.78 9.32 9.31 9.54 9.73 01MAR84 9.88 10.28 9.83 9.86 10.08 10.37 01APR84 10.07 10.49 10.18 10.22 10.41 10.73 01MAY84 10.22 11.02 10.65 10.87 11.11 11.64 01JUN84 10.26 11.24 10.98 11.23 11.34 11.96 01JUL84 10.52 11.26 11.19 11.34 11.56 12.08 01AUG84 10.89 11.36 11.18 11.16 11.47 11.71 01SEP84 10.79 11.20 11.04 10.94 11.29 11.46 01OCT84 10.12 10.52 10.12 10.16 10.38 10.63 01NOV84 8.92 9.34 9.03 9.06 9.18 9.39 01DEC84 8.34 8.76 8.44 8.55 8.60 8.85 01JAN85 8.02 8.45 8.03 8.15 8.14 8.45 01FEB85 8.55 8.85 8.54 8.69 8.69 9.04 01MAR85 8.82 9.44 8.90 9.23 9.02 9.60 01APR85 8.22 8.71 8.37 8.47 8.49 8.75 01MAY85 7.73 8.06 7.83 7.88 7.92 8.08 01JUN85 7.17 7.46 7.35 7.38 7.44 7.58 01JUL85 7.31 7.57 7.56 7.57 7.64 7.80 01AUG85 7.36 7.70 7.72 7.74 7.81 7.97 01SEP85 7.33 7.64 7.83 7.86 7.93 8.09 01OCT85 7.39 7.71 7.80 7.79 7.88 7.97 01NOV85 7.47 7.68 7.77 7.69 7.81 7.82 01DEC85 7.33 7.50 7.75 7.62 7.80 7.80 01JAN86 7.30 7.53 7.71 7.62 7.82 7.83 01FEB86 7.29 7.47 7.63 7.54 7.69 7.70 01MAR86 6.76 6.89 7.20 7.08 7.24 7.23 01APR86 6.23 6.36 6.60 6.47 6.60 6.57 01MAY86 6.33 6.47 6.62 6.53 6.65 6.64 01JUN86 6.39 6.56 6.71 6.63 6.73 6.72 01JUL86 6.00 6.12 6.33 6.24 6.37 6.36 01AUG86 5.68 5.79 5.92 5.83 5.92 5.92 01SEP86 5.35 5.58 5.68 5.61 5.71 5.71 01OCT86 5.32 5.48 5.68 5.61 5.69 5.70 01NOV86 5.50 5.64 5.76 5.69 5.76 5.76 01DEC86 5.68 5.78 6.10 5.88 6.04 5.95 01JAN87 5.58 5.67 5.84 5.76 5.87 5.85 01FEB87 5.75 5.83 6.05 5.99 6.10 6.10 01MAR87 5.76 5.86 6.16 6.10 6.17 6.18 01APR87 5.81 6.18 6.45 6.50 6.52 6.65 01MAY87 5.84 6.34 6.93 7.04 6.99 7.24 01JUN87 5.85 6.28 6.92 7.00 6.94 7.15 01JUL87 5.87 6.03 6.65 6.72 6.70 6.87 01AUG87 6.23 6.45 6.71 6.81 6.75 7.02 01SEP87 6.61 6.98 7.37 7.55 7.37 7.74 01OCT87 6.33 7.04 7.89 7.96 8.02 8.19 01NOV87 5.87 6.49 7.17 7.17 7.24 7.31 01DEC87 5.95 6.68 7.61 7.49 7.66 7.67 01JAN88 6.00 6.56 6.87 6.92 6.92 7.10 01FEB88 5.84 6.21 6.58 6.58 6.60 6.69 01MAR88 5.87 6.17 6.62 6.64 6.63 6.78 01APR88 6.08 6.50 6.86 6.92 6.92 7.14 01MAY88 6.45 6.88 7.19 7.31 7.24 7.52 01JUN88 6.66 7.04 7.49 7.53 7.51 7.69 01JUL88 6.94 7.35 7.82 7.90 7.94 8.18 01AUG88 7.29 7.78 8.26 8.36 8.35 8.66 01SEP88 7.47 7.82 8.17 8.23 8.23 8.50 01OCT88 7.59 7.90 8.24 8.24 8.36 8.48 01NOV88 8.02 8.30 8.66 8.55 8.78 8.81 01DEC88 8.34 8.70 9.11 8.97 9.25 9.28 01JAN89 8.55 8.85 9.04 9.02 9.20 9.36 01FEB89 8.84 9.05 9.37 9.35 9.51 9.71 01MAR89 9.14 9.39 9.95 9.97 10.09 10.40 01APR89 8.96 9.17 9.81 9.78 9.94 10.13 01MAY89 8.73 8.91 9.47 9.29 9.59 9.60 01JUN89 8.44 8.38 9.11 8.80 9.20 9.09 01JUL89 8.15 8.02 8.68 8.35 8.76 8.59 01AUG89 8.17 8.17 8.57 8.32 8.64 8.56 01SEP89 8.01 8.16 8.70 8.50 8.78 8.75 01OCT89 7.89 8.03 8.53 8.24 8.60 8.45 01NOV89 7.94 7.89 8.35 8.00 8.39 8.21 01DEC89 7.88 7.81 8.29 7.93 8.32 8.12 01JAN90 7.90 7.96 8.10 7.96 8.16 8.17 01FEB90 8.00 8.12 8.14 8.04 8.22 8.26 01MAR90 8.17 8.28 8.28 8.23 8.35 8.48 01APR90 8.04 8.27 8.30 8.29 8.42 8.57 01MAY90 8.00 8.19 8.25 8.23 8.35 8.48 01JUN90 7.98 8.05 8.14 8.06 8.23 8.28 01JUL90 7.87 7.92 7.99 7.90 8.10 8.12 01AUG90 7.69 7.77 7.88 7.77 7.97 7.99 01SEP90 7.60 7.70 7.96 7.83 8.06 8.06 01OCT90 7.40 7.53 7.98 7.81 8.06 8.05 01NOV90 7.29 7.39 7.91 7.74 8.03 7.95 01DEC90 6.95 7.03 7.80 7.49 7.82 7.64 01JAN91 6.41 6.58 7.10 7.02 7.17 7.17 01FEB91 6.11 6.18 6.49 6.41 6.52 6.51 01MAR91 6.09 6.19 6.41 6.36 6.45 6.50 01APR91 5.82 5.98 6.07 6.07 6.06 6.16 01MAY91 5.63 5.87 5.92 5.94 5.91 6.03 01JUN91 5.74 6.02 6.11 6.16 6.07 6.26 01JUL91 5.75 5.97 6.05 6.14 5.98 6.25 01AUG91 5.50 5.63 5.72 5.76 5.65 5.79 01SEP91 5.37 5.48 5.57 5.59 5.47 5.60 01OCT91 5.14 5.26 5.35 5.33 5.33 5.32 01NOV91 4.69 4.80 4.98 4.93 4.94 4.92 01DEC91 4.18 4.26 4.61 4.49 4.47 4.41 01JAN92 3.90 4.01 4.07 4.06 4.05 4.07 01FEB92 3.95 4.07 4.11 4.13 4.07 4.13 01MAR92 4.14 4.32 4.30 4.38 4.25 4.42 01APR92 3.84 4.00 4.04 4.13 4.00 4.13 01MAY92 3.72 3.88 3.88 3.97 3.82 3.96 01JUN92 3.74 3.89 3.92 3.99 3.86 3.97 01JUL92 3.28 3.38 3.44 3.53 3.37 3.50 01AUG92 3.19 3.30 3.38 3.44 3.31 3.40 01SEP92 2.97 3.05 3.24 3.26 3.13 3.17 01OCT92 2.92 3.13 3.33 3.33 3.26 3.27 01NOV92 3.20 3.44 3.66 3.67 3.58 3.60 01DEC92 3.29 3.47 3.67 3.70 3.48 3.55 01JAN93 3.07 3.24 3.25 3.35 3.19 3.33 01FEB93 2.99 3.16 3.18 3.27 3.12 3.22 01MAR93 3.01 3.14 3.17 3.24 3.11 3.20 01APR93 2.93 3.06 3.14 3.19 3.09 3.16 01MAY93 3.02 3.16 3.14 3.20 3.10 3.20 01JUN93 3.14 3.29 3.25 3.38 3.21 3.36 01JUL93 3.10 3.25 3.20 3.35 3.16 3.34 01AUG93 3.08 3.23 3.18 3.33 3.14 3.32 01SEP93 3.01 3.15 3.16 3.25 3.12 3.24 01OCT93 3.08 3.21 3.26 3.27 3.24 3.25 01NOV93 3.17 3.36 3.40 3.43 3.35 3.39 01DEC93 3.13 3.33 3.36 3.40 3.26 3.35 01JAN94 3.04 3.25 3.19 3.30 3.15 3.29 01FEB94 3.32 3.54 3.49 3.62 3.43 3.62 01MAR94 3.58 3.91 3.85 4.08 3.77 4.03 01APR94 3.76 4.23 4.05 4.40 4.01 4.38 01MAY94 4.24 4.77 4.57 4.92 4.51 4.90 01JUN94 4.24 4.72 4.57 4.86 4.52 4.85 01JUL94 4.44 4.93 4.75 5.13 4.73 5.15 01AUG94 4.59 5.07 4.84 5.19 4.81 5.17 01SEP94 4.74 5.24 5.02 5.32 5.03 5.40 01OCT94 5.08 5.61 5.51 5.70 5.51 5.79 01NOV94 5.43 5.98 5.81 6.01 5.79 6.11 01DEC94 5.75 6.50 6.26 6.62 6.29 6.78 01JAN95 5.87 6.50 6.22 6.63 6.24 6.71 01FEB95 5.93 6.31 6.15 6.38 6.16 6.44 01MAR95 5.91 6.17 6.15 6.30 6.15 6.34 01APR95 5.83 6.04 6.12 6.19 6.11 6.27 01MAY95 5.84 5.93 6.06 6.07 6.02 6.07 01JUN95 5.64 5.67 5.94 5.79 5.90 5.80 01JUL95 5.59 5.61 5.79 5.68 5.77 5.73 01AUG95 5.56 5.65 5.82 5.75 5.77 5.79 01SEP95 5.44 5.54 5.74 5.66 5.73 5.73 01OCT95 5.44 5.56 5.82 5.71 5.79 5.76 01NOV95 5.52 5.51 5.74 5.59 5.74 5.64 01DEC95 5.30 5.35 5.64 5.43 5.62 5.49 01JAN96 5.14 5.13 5.40 5.23 5.39 5.28 01FEB96 4.96 4.97 5.15 4.99 5.15 5.03 01MAR96 5.09 5.16 5.31 5.26 5.29 5.30 01APR96 5.08 5.26 5.39 5.38 5.36 5.42 01MAY96 5.15 5.33 5.39 5.42 5.36 5.47 01JUN96 5.23 5.46 5.49 5.57 5.46 5.64 01JUL96 5.30 5.52 5.53 5.67 5.53 5.75