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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (723)	9/28/1998 7:30:00 PM
From: N	Respond to of 3536

I know, Stephen, either it was a typo or the author [cbot staff] was speaking of prices rather than yields...but strange, no fed intervention, even though all the 'chattering classes...' expect something tomorrow We will get to learn something yet again, one more time, how this all works...if only the opportunity of a glimpse behind the great door Here's something interesting on currency speculation...if only there were time, this could become such a good discussion! bog.frb.fed.us Nancy

To: Stephen O who wrote (723)	9/29/1998 8:25:00 AM
From: N	Read Replies (1) \| Respond to of 3536

What fun to fed watch today: Most recent auction results: 13-Week 26-Week Applications $24,789,211,000 $22,724,634,000 Accepted bids $8,007,423,000 $8,020,864,000 Accepted at low price 80% 1% Accepted noncompet'ly $1,216,137,000 $1,154,231,000 Average price (Rate) 98.880 (4.430%) 97.748 (4.455%) High price (Rate) 98.890 (4.390%) 97.781 (4.390%) Low price (Rate) 98.875 (4.450%) 97.735 (4.480%) Coupon equivalent 4.543% 4.620% Cusip number 912795AW1 912795BV2 Hmm, the spread between fed funds and 90 day rate on last 13 week bill auction ff - r90 = 5.625 - 4.543 = 1.082 Nancy