Board of Governors of the Federal Reserve System

1 INDEPENDENT AUDITORS' REPORT Pages 2-3 FINANCIAL STATEMENTS AS OF AND...1 216 589 1300 Fax: +1 216 589 1369 www.deloitte.com I N D E P E N D E

1) own, operate, or invest in facilities for the extraction, transportation...1 capital. Bank of America also has established and maintained policies

M1 data noted in the Greenbook now have been completed and the resulting...1.1 -1.5 -. 9 -. 1 .8 .5p 9.6p 13.5p - 6 - INTEREST RATES 1971 Highs Lows

data on labor market activity, also suggested some slowing in the rate...data for the nominal U.S. merchandise trade deficit in August showed a

1 1 1998...... 0 0 1 0 1 1999...... 0 1 0 0 1 2000...... 0 0 0 0 0 2001...Data exclude banks assisted to prevent failure. Industrial banks and mutual

data as they may have been revised since then. Attachment RECORD OF POLICY...data suggested that in the February-March period growth in M1 would exceed

1. Within 60 days of this Agreement, the board of directors of the Bank...1); (b) the establishment by the board of directors of the Bank of appropriate

1/ Vice Chairman Mr. Balles Mr. Black Mr. Ford Mr. Gramley Mr. Partee ...1/ Entered the meeting following the approval of the minutes of actions

data suggested that the nominal U.S. merchandise trade deficit was essentially...data for recent months indicate some adjustment, especially for Japan.

1) producing stronger regulations to reduce the probability of default....1 The United States has been a leader in this regard, and I hope that