Chart 2

Short-Term Certificate of Deposit Rates Have Risen Quickly
Date	Federal Funds Rate	1-Year Certificate of Deposit Rate	2-Year Certificate of Deposit Rate
1/2/2004	0.97%	0.97%	1.67%
1/9/2004	0.97%	0.97%	1.65%
1/16/2004	0.97%	0.96%	1.63%
1/23/2004	0.98%	0.95%	1.61%
1/30/2004	1.00%	0.94%	1.57%
2/6/2004	1.00%	0.93%	1.57%
2/13/2004	0.98%	0.92%	1.56%
2/20/2004	0.98%	0.92%	1.58%
2/27/2004	0.98%	0.92%	1.59%
3/5/2004	0.98%	0.92%	1.59%
3/12/2004	1.00%	0.92%	1.58%
3/19/2004	1.00%	0.91%	1.56%
3/26/2004	1.00%	0.90%	1.53%
4/2/2004	1.00%	0.89%	1.49%
4/9/2004	1.00%	0.88%	1.46%
4/16/2004	1.00%	0.89%	1.49%
4/23/2004	1.00%	0.91%	1.55%
4/30/2004	1.00%	0.95%	1.62%
5/7/2004	1.00%	1.00%	1.71%
5/14/2004	1.03%	1.04%	1.79%
5/21/2004	1.03%	1.03%	1.79%
5/28/2004	1.03%	1.08%	1.86%
6/4/2004	1.03%	1.12%	1.92%
6/11/2004	1.00%	1.16%	1.98%
6/18/2004	1.00%	1.26%	2.11%
6/25/2004	1.02%	1.30%	2.16%
7/2/2004	1.08%	1.34%	2.21%
7/9/2004	1.14%	1.36%	2.24%
7/16/2004	1.20%	1.37%	2.26%
7/23/2004	1.25%	1.38%	2.28%
7/30/2004	1.25%	1.39%	2.29%
8/6/2004	1.25%	1.40%	2.29%
8/13/2004	1.31%	1.41%	2.29%
8/20/2004	1.39%	1.42%	2.29%
8/27/2004	1.45%	1.44%	2.30%
9/3/2004	1.50%	1.45%	2.31%
9/10/2004	1.50%	1.46%	2.31%
9/17/2004	1.53%	1.47%	2.33%
9/24/2004	1.59%	1.47%	2.32%
10/1/2004	1.70%	1.47%	2.32%
10/8/2004	1.72%	1.48%	2.32%
10/15/2004	1.73%	1.51%	2.33%
10/22/2004	1.72%	1.53%	2.35%
10/29/2004	1.69%	1.57%	2.36%
11/5/2004	1.73%	1.59%	2.37%
11/12/2004	1.80%	1.64%	2.38%
11/19/2004	1.88%	1.69%	2.40%
11/26/2004	1.92%	1.74%	2.42%
12/3/2004	1.97%	1.82%	2.45%
12/10/2004	2.02%	1.87%	2.47%
12/17/2004	2.06%	1.92%	2.49%
12/24/2004	2.14%	1.95%	2.50%
12/31/2004	2.22%	1.97%	2.51%
1/7/2005	2.23%	2.00%	2.52%
1/14/2005	2.27%	2.04%	2.54%
1/21/2005	2.27%	2.10%	2.56%
Notes: Average yields on retail savings certificates of deposit offered by leading banks from 50 states and Washington, D.C. Four-week moving averages through January 21, 2005. Source: Banxquote.com.