Board of Governors of the Federal Reserve System

policy as of July 2011) Questions 1-6 ask about commercial and industrial...policies as changes in policies. 1. Over the past three months, how have

Expectations for the near-term outlook remained modestly favorable across...policy uncertainties continued. Labor markets were strong and wages rose

policy reaction function, and is no longer constrained to be consistent...expectations. For the sake of comparison, the tables include the April

expectations have been fairly steady. The extent of the downturn and the...policy actions taken at all levels of government to provide relief and

expectations in financial markets; the latter assumption implies that ...policy, including the possibility of influencing current expectations

expectations appear to remain well anchored, as reflected in a broad range...expectations of higher inflation will become entrenched. The Fed’s monetary

expectations if a reserve target had in fact been achieved, assuming no...investors might, over time, lead to lessen day-to-day fluctuation in short-term

policy. In 2017, the continued normalization of monetary policy induces...expectations will remain stable over the medium term and that declines

Policy Uncertainty Index (RHS) *Simple average of standardized VIX, DM...Policy Uncertainty Index -12 -10 -8 -6 -4 -2 0 2 CNY JPM EM FX Index EUR

policy, interest rates, international finance, and the Fed's macroeconomic...policy are not only little understood, but also quite close. No economy