| June 2007 | June 2008 | |
|---|---|---|
| Federal funds rate | 5.25% | 2.00% |
| One-month certificates of deposit (CDs) | 5.30% | 2.50% |
| Interest-bearing demand deposits | 2.30% | 1.24% |
| Currency | 0 | 0 |
| CDs minus interest-bearing demand deposits (percentage points) | 3.00 | 1.26 |
| CDs minus currency (percentage points) | 5.30 | 2.50 |
| Source: Federal Reserve Bank of St. Louis. | ||