After months of a steadily tightening money market, economists last week detected some loosening.

One indicator was the Treasury Department securities market. When the Treasury last week offered to exchange twelve-month certificates and 39-month notes for $10.2 billion in securities due in five weeks, it was able to set the interest at 3⅜% and 3½% respectively, both lower rates than would have been possible just a month ago. The market for other Treasury issues has also showed a big improvement lately. The rate on 90-day Treasury bills, most sensitive of all money barometers,...

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