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The lag of the maximum is exhibited when:
U.S. Government Securities
Financial instruments issued by the United States Department of the Treasury to finance government spending, including bonds, bills, and notes.
Open Market
A freely competitive market in which any buyer or seller may participate and where transactions are not restrictively regulated by government.
Interest Rates
The percentage of a loan that is charged to the borrower as interest, usually presented as an annual rate of the remaining loan balance.
Excess Reserves
Banks' reserves that are greater than the minimum regulatory requirement, not needed to fulfill lending demands.
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