Board of Governors of the Federal Reserve System

lower some excess inventories. Atlanta and San Francisco noted that high...remained vigorous. Reports from the tourism and hospitality industry remained

yields, a desire to increase the duration of their securities portfolios...remaining respondents slightly more reported strength than weakness. Credit

lower than in July 2000. Capacity utilization for total industry was 77.0...remained more than 7 percent below its level in July 2000. The output

or reduced profits. Uncertainty about energy prices has added caution ...lower than a year ago. Stiff global competition continues to force producers

or fuel in consumption. In EMEs, as global price shocks are likely to ...or fuel are indeed necessities in the consumption basket.2 We find clear

Remained basically unchanged 54 81.8 23 71.9 31 91.2 Eased somewhat 12...Remained basically unchanged 56 88.9 25 86.2 31 91.2 Eased somewhat 7

remained exceptionally strong in September. Preliminary reports from Manhattan...lowered prices thus far, but they are no longer raising prices, despite

remained at a high level. Consumer lending was rising, on balance, although...lower priced homes. Some builders indicated that they had recently posted

remain fully effective and enforceable until expressly stayed, modified

remain fully effective and enforceable until expressly stayed, modified