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Distortion-rate theory is used to derive absolute performance bounds and encoding guidelines for direct fixed-rate minimum mean-square error data compression of the discrete Fourier transform (DFT) of a stationary real or circularly complex sequence. Both real-part-imaginary-part and magnitude-phase-angle encoding are treated. General source coding theorems are proved in order to justify using the optimal test channel transition probability distribution for allocating the information rate among the DFT coefficients and for calculating arbitrary performance measures on actual optimal codes. This technique has yielded a theoretical measure of the relative importance of phase angle over the magnitude in magnitude-phase-angle data compression. The result is that the phase angle must be encoded with 0.954 nats, or 1.37 bits, more rate than the magnitude for rates exceeding 3.0 nats per complex element. This result and the optimal error bounds are compared to empirical results for efficient quantization schemes.