2. TAF TSLF PDCF Discount Rate

3. Target Rate Federal Fund Rate Discount Rate

5. TAF TSLF PDCF Discount Rate

6. million

7. million

8. million

9. million

10. million

12. Time FOMC Discount Required Required Interest on Required Reserve Balances and Excess Balances

13. 2007.08~2008.04: 利率調降階段 2008.04~2008.10: 利率穩定階段 2008.10~2008.12: 景氣再度衰退

14. 106 66 76 86 96 2007/09/02 2007/10/14 2007/11/25 2008/01/06 2008/03/09 國際油品價格週比較趨勢圖 ( 美金 / 桶 )(2007.8.1~2008.3.18)

15. 國際油品價格週比較趨勢圖 ( 美金 / 桶 )(2008.7.1~2008.12.31) 149 129 29 49 69 89 109 2008/07/16 2008/08 2008/12/17 2008/11/17 2008/10/16 2008/09/16

16. 注資 ( 中長期公債，公司債 ) 定期拍賣工具 TALF 短期資產擔保融資

17. Expanded Discount Window 1.TAF 28/84 2.PDCF overnight Fed 3.TSLF Currency Collateral Bank Treasury

18. ABCP MMI ABCP+$ Fed MKT CP ABCP SPV CPFF MMIFF AMLF

20. Demand Supply Demand Supply

21. APJ Asia 486 127 -838 FSU 70 88 -123

22. EMEA/LATAM Latin America 321 256 -5 Africa 94 117 29 Middle East 300 474 174 Europe -373 -97 -165

23. North America North America 109 -1243 -1021 Global Demand Growth (mb/d) 2007 1.01 1.2% 2008 -0.28 -0.3% 2009 -2.40 -2.8%

26. History, tells us…

29. Nominal Anchor… π or M Implicit