Board of Governors of the Federal Reserve System

Options for Continuation of Open-Ended Asset Purchases in 20131 Introduction and Summary As background for the Committee’s policy discussion at the

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files

credit union), a U.S. branch or agency of a foreign bank, a U.S. bank ...Credit Facility, or the Municipal Liquidity Facility; and 12. has not

credit union), a U.S. branch or agency of a foreign bank, a U.S. bank ...Credit Facility, or the Municipal Liquidity Facility; and 12. has not

Credit . . . . . . . . . . . . . . . . . . . . . . . . . 15 Supplemental...2.6 3.0 -.5 Semiconductors4 3.0 19.6 22.1 14.1 -.7 1.5 4.2 Motor vehicles

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files

Credit Markets F.1 1 L.1 50 Credit Market Borrowing by Nonfinancial Sectors...Credit Market Borrowing by Financial Sectors F.3 2 L.3 51 Credit Market

credit risk of the borrowing bank. During the global financial crisis,...credit risk component of LIBOR fluctuated dramatically, which meant that

credit aggregates or interest rates. 2. Draft directives. 3. Final directive

26 22 25 18 14 19 12 Services 119 107 142 116 98 143 71 Total government...2.6 percent.3 In the nonfinancial corporate sector, 2. The National Federation