Vol. 4, No. 4, 1978

New Six-Month Money Market Certificates — Explanations and Implications
Last Updated: 07/31/78
Banks and savings institutions were authorized to begin issuing on June 1 a new kind of savings certificate with a maturity of six months. What is different about this new certificate is that its maximum issuing rate floats weekly with the average issuing rate on sixmonth Treasury bills established in the weekly T-bill auctions.