Includes bibliographical references and index.

Funds flows, banks, and money creation -- The instruments in brief -- Discount and interest-bearing securities -- Duration and convexity -- The banks : domestic operations -- The banks : Euro operations -- The treasury and the federal agencies -- The most watched player : the Fed -- The market makers : dealers and others -- The investors : running a short-term portfolio -- The federal funds market -- The repo and reverse markets -- Government and federal agency securities -- Financial futures : bills and euros -- Treasury bond and note futures -- Options : in the fixed-income world -- Euros : cash time deposits and FRAs -- Interest-rate swaps -- Certificates of deposit : domestic, Euro and Yankee -- Bankers' acceptances -- Commercial paper : domestic and Euro -- Bank sales of loan participations -- Medium-term notes -- Municipal notes -- Money market funds.