Board of Governors of the Federal Reserve System

stable inflation.4 In contrast, the first-difference rule prescribes how...lower than rules that use the current inflation gap. The purpose of this

remaining 11 Reserve Bank presidents, who serve one-year terms on a rotating...or to any of its customers) at an interest rate lower than the rate that

Treasury yields or to any notable deterioration in Treasury market functioning...lower the level of reserve balances, either prior to or concurrently with

remained low. Over the first half of 2004, the available information increasingly...lower rate of productivity growth in the context of relatively stable

lower. Thus, in light of the effective lower bound (ELB), creating more...lower federal funds rate. However, there is a great deal of uncertainty

Treasury Yields Series: 2-Year Treasury Yield and 10-Year Treasury Yield...Treasury Yields* A line chart plots the two- and ten-year Treasury yields

stable prices in the U.S. economy; ■ promotes the stability of the financial...Treasury yield curve, their institutions’ expecta- tions for the path

lower than at the beginning. Nonetheless, core PCE price inflation for...lower demand and excessive inventories, homebuilders began to cut back

remain eerily calm, as domestic competition, productivity gains and the...remain strong, sales of passenger cars are either flat or down. The Richmond

remained stable across Districts. Overall price increases remained subdued...yields were above average in the northern portions of the Kansas City