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To: pallmer who wrote (8530)	9/4/2003 4:42:16 PM
From: Les H	Read Replies (1) \| Respond to of 29602

M-2 money supply down $ 65 B biz.yahoo.com

To: pallmer who wrote (8530)	9/5/2003 9:30:03 AM
From: Les H	Respond to of 29602

Fed says it will conduct weekly 14-day system repos Thu September 4, 2003 04:42 PM ET NEW YORK, Sept 4 (Reuters) - The Federal Reserve Bank of New York said on Thursday that the open market desk of the Federal Reserve Bank of New York will begin to arrange system repurchase agreements with an original maturity of 14 days, instead of 28 days, at its weekly auctions that typically occur on Thursdays. The change, to start as of Sept. 18, is purely a technical measure to improve the efficiency of the operations that the Fed Bank of New York conducts on behalf of the Federal Reserve System, the Fed Bank of New York said. The transition to weekly operations with an original maturity of 14 days will give the open market desk greater flexibility to address the demand for banking system reserves over the two-week reserve maintenance period, it said.