With less than 12 months to go, computer users around the world are scrambling to prepare for Year 2000. The problem? Software designed to save storage costs by using only two digits in year-date fields will have trouble interpreting “00.” That software unfortunately survived much longer than expected, and reprogramming now will cost billions. September 9 may be a Y2K dress rehearsal because some older programs use “9-9-99” as a code for invalid or missing data. February 29, 2000 (a leap day) also may confuse older programs.
Suggested citation: "Y2K Readiness," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-01, pp. 17, 01.01.1999.