Board of Governors of the Federal Reserve System

SUMMARY Seasonally adjusted 1997=100 Percent change 2002 2002 Dec. '01...Stage-of-process groups Crude 86.5 77.2 88.6 82.1 83.1 82.8 82.9 84.2

SUMMARY Seasonally adjusted 1997=100 Percent change 2003 2003 June '02...Stage-of-process groups Crude 86.4 77.2 88.6 83.3 82.8 82.4 82.6 83.1

SUMMARY Seasonally adjusted 1997=100 Percent change 2003 2003 May '02 ...Stage-of-process groups Crude 86.4 77.2 88.6 83.5 82.5 82.7 82.3 82.6

SUMMARY Seasonally adjusted 1997=100 Percent change 2003 2003 Oct. '02...Stage-of-process groups Crude 86.4 77.2 88.5 82.1 83.9 83.3 84.1 83.5

Economic Advisor, Federal Reserve Bank of Philadelphia Cindy Hull,2 Markets...of, and to have outstanding for- ward contracts to receive or to deliver

economic slowdown was the collapse of the global credit boom and the ensuing...economic downturn. In the period leading up to the crisis, the Federal

summaries of the events have been posted to the Board’s Fed Listens 2025...review-of-monetary- policy-strategy-tools-and-communications-fed-listens-events

economic activity in the second quarter slowed substantially from its ...economic activity in the foreign industrial countries was solid in the

economic and financial developments, and the implementation of monetary...economic activity. Consumer demand was particularly robust and business

Economic Relations SECTION 15—Securities Exempted from Securities Act ...Economic Adjustment Programs SECTION 34 SECTION 35—Dollar-Special Drawing