FED BUYS ONE BILLION DLRS OF BILLS FOR CUSTOMER
The Federal Reserve is buying one
billion dlrs of Treasury bills for customer account for
delivery today, a spokesman for the bank said.
    Fed funds were trading at 6-3/16 pct at the time of the
purchase, which came several hours before the Fed normally
transacts business for its customers.
    Economists said the purchase was almost certainly related
to the investment of proceeds from recent central bank
intervention in the foreign exchanges.
    The Bank of Japan alone is estimated to have bought about
six billion dlrs in March in a bid to prop up the dollar.
 Reuter
