Federal Reserve Monetary Policy Market Fundamental Values

FEDERAL RESERVE MONETARY POLICY MARKETS FUNDAMENTAL VALUES

Recently announced Fed Funds Target and Discount Rates from the FOMC

Date	Federal Funds Target	Discount Window Borrowing Rate	Discount Window Primary Credit Rate
7/13/1990	8.00%	7.00%
10/29/1990	7.75%	7.00%
11/14/1990	7.50%	7.00%
12/7/1990	7.25%	7.00%
12/18/1990	7.00%	6.50%
1/4/1991	6.75%	6.50%
2/1/1991	6.25%	6.00%
3/8/1991	6.00%	6.00%
4/30/1991	5.75%	5.50%
8/6/1991	5.50%	5.50%
9/13/1991	5.25%	5.00%
10/30/1991	5.00%	5.00%
11/6/1991	4.75%	4.50%
12/20/1991	4.00%	3.50%
4/9/1992	3.75%	3.50%
7/2/1992	3.25%	3.00%
9/4/1992	3.00%	3.00%
1/15/1994	5.50%	4.75%
2/4/1994	3.25%	3.00%
3/22/1994	3.50%	3.00%
4/18/1994	3.75%	3.00%
5/17/1994	4.25%	3.50%
8/16/1994	4.75%	4.00%
2/1/1995	6.00%	5.25%
7/6/1995	5.75%	5.25%
12/19/1995	5.50%	5.25%
1/31/1996	5.25%	5.00%
3/25/1997	5.50%	5.00%
9/29/1998	5.25%	5.00%
10/15/1998	5.00%	4.75%
11/17/1998	4.75%	4.50%
6/24/1999	5.25%	4.75%
6/30/1999	5.00%	4.50%
11/16/1999	5.50%	5.00%
2/2/2000	5.75%	5.25%
3/21/2000	6.00%	5.50%
5/16/2000	6.50%	6.00%
1/3/2001	6.00%	5.75%
1/31/2001	5.50%	5.00%
3/20/2001	5.00%	4.50%
4/18/2001	4.50%	4.00%
5/15/2001	4.00%	3.50%
6/27/2001	3.75%	3.25%
8/21/2001	3.50%	3.00%
9/17/2001	3.00%	2.50%
10/02/2001	2.50%	2.00%
11/06/2001	2.00%	1.50%
12/11/2001	1.75%	1.25%
12/06/2002	1.25%	0.75%
1/09/2003	1.25%	Discontinued	2.25%
6/25/2003	1.00%	.	2.00%
6/30/2003	1.25%	.	2.25%

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