# LOOSE CHANGE

## LOOSE CHANGE

The Federal Reserve and U.S. Treasury report that there were no interventions by the U.S. monetary authorities during the November 1, 1993 through January 31, 1994 period. The same period a year ago was the last quarter in which the authorities did not intervene in the market. Cumulative valuation gains on outstanding foreign currency balances at the Fed were flat in a year-over-year comparison, at $2.87 billion, and were up from$1.75 billion for the Treasury's Exchange Stabilisation Fund (