TABLE 5-2 Money Market Instruments Treasury bills-short-term obligations issued by the U.S. government. Federal funds-short-term funds transferred between financial institutions usually for no more than one day. Repurchase agreements-agreements involving the sale of securities by one party to another with a promise to repurchase the securities at a specified date and price. Commercial paper-short-term unsecured promissory notes issued by a company to raise short-term cash. Negotiable certificates of deposit-bank-issued time deposits that specify an interest rate and maturity date and are negotiable (saleable on a secondary market). Banker's acceptances-time drafts payable to a seller of goods, with payment guaranteed by a bank. TABLE 5-3 Money Market Instruments Outstanding, 1990 and 2016 (in billions of dollars) Amount Outstanding Yield 1990 2016 1990 2016 Treasury bills $454 $1.527 7.73% 0.24% Federal funds and repurchase agreements 351 3,749 8.29 0.41 Commercial paper 558 941 8.25 0.41 Negotiable certificates of deposit 547 1,865 8.23 0.08 Banker's acceptances 52 0 8.00 0.50