Press Release
U.S. Monetary Authorities Do Not Intervene In FX Market during 4Q 1997
January 29, 1998

NEW YORK - The U.S. monetary authorities did not intervene in the foreign exchange markets during the October-December quarter, the Federal Reserve Bank of New York reported to Congress today. It was the ninth consecutive period in which there was no U.S. intervention in the markets.

During the three months that ended December 31, the dollar appreciated 8.3 percent against the Japanese yen and 2.2 percent against the German mark. On a trade-weighted basis against G-10 currencies, the dollar appreciated 2.7 percent.

The report was presented by Peter R. Fisher, executive vice president of the New York Fed and the FOMC's manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.