Year. Quarter 1990-1 1990-2 1990-3 19904 1991-1 1991-2 1991-3 19914 Real GDP Growth 4.4% 1.5% 0.3% -3.6% -1.9% 3.2% 2.0% 1.4% unemploy- ment Rate 5.3% 5.3% 5.7% 6.1% 6.6% 6.8% 6.9% 7.1% CPI Inflation Ra te 5.2% 4.6% 5.6% 6.3% 5.3% 4.8% 3.9% 3.0% BAA-AAA I nterest Rate Spread 0.90% 0.91% 1.01% 1.30% 1.27% 1.01% 0.90% 0.95% Federal Budget Bal % of GDP -3.4% -3.5% -3.3% -3.4% -3.1% -4.0% -4.4% 4.60/0 Federal Funds Rate 8.3% 8.2% 8.2% 7.7% 6.4% 5.9% 5.6% 4.8%