Board of Governors of the Federal Reserve System

NONCONFIDENTIAL // EXTERNAL Meeting Between Vice Chair Jefferson and Staff of the Federal Reserve Board and Economics and Finance Academics July

the introduction of novelties; the alteration of what is established by...key role in the Global Financial Crisis. He famously praised the automated

best arbiter economic 12 structures, I would assert that lack of control

Compared with a year ago, same-store sales for the two months combined...and home nondurables (linens, draperies, etc.) were described as particularly

compared with the last survey, although sales remained high by historical...Prices Wage and price pressures increased slightly in late July and August

the average customer's bill is reported to be up 40 percent from a year...compared with two months ago, while demand for commercial and industrial

prices and rising interest rates. While commercial building continued ...compared to a year ago. High fuel costs remain a concern. However, trucking

Prices Price pressures were mixed. Most energy and construction prices...compared to last year. Contacts were somewhat less optimistic because

price pressures remained subdued. Major retailers report that sales were...Compared to a year earlier, rents were up 3.6 percent in January, versus

price increases in coming months. Meanwhile, "the corn is excellent," ...compared to 1.5 percent the previous 12 months. No marked general acceleration