Board of Governors of the Federal Reserve System

and/or spatial extents unprecedented in the observational record will ...price changes can lead to financial - 4 - instability when they interact

and, as such, sets out an objective or policy to be attained but gives...compared with the recommended scope of effective resolution regimes by

Compared to the December policy survey, there is more dispersion of policy...compared to the January 2008 policy survey. Dealers on average expect

Low-For-Long" Interest Rates and Portfolio Shifts in Advanced Foreign

requirements—and what their cumulative effect is on safety and soundness...key contributors to this crisis. 7 Among other things, in the period leading

for. What other information is available? The Federal Reserve System conducts...price growth remained key challenges for most firms. Firms’ expectations

and/or economic methods. In the remainder of this memo, we will refer ...and/or inflation. In turn, these findings can help inform discussions

and their substitutes). 4. Drafts of record of policy actions and action

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551-0001 TO: Federal Open Market Committee FROM: Normand Bernard/ , DATE:

terminology—the real interest rate consistent with price stability. But...one-for-one when inflation exceeds target (the Taylor principle). And,