500
500
450
450
400
400
350
350
300
300
250
250
200
200
150
150
100
100
50
50
0 Oct-94
Oct-95
Oct-96 Bills
Oct-97
Oct-98
Notes/Bonds
Oct-99 Agencies
Oct-00
Oct-01 MBS
Oct-02 Corps
0 Oct-03
Outright Transactions ($billions)
Outright Transactions ($billions)
Trading Volume of Primary Dealers 3-Month Moving Average