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Money and Financial Markets

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After declining strongly from late 2000 to mid-2003, interest rates on three- and six-month Treasury bills have remained nearly constant at values close to the federal funds rate. One-year Treasury bills continue to have a premium of nearly 30 basis points (bp) over 90-day Treasury bills. Since late December, the spread between 90-day commercial paper and the three-month Treasury bill rate has fallen about 13 bp. Despite low commercial paper rates, the amount of domestic nonfinancial commercial paper outstanding has contracted by more than two-thirds since it peaked in November 2000.

Suggested citation: "Money and Financial Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-03, pp. 06-07, 03.01.2004.

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