Board of Governors of the Federal Reserve System

Credit Aggregates Ml 10.7 -2.1 3.5 4.0 7.1 6.3 M2 10.0 10.5 5.4 8.7 9.6...14.5 6.1 10.2 10.4 10.3 M3 11.9 10.7 8.2 10.3 9.7 9.7 Bank credit 9.3

2.5 2003:Q1 2.9 3.2 2.8 3.0 2.7 2.5 Q2 2.1 2.6 2.2 3.1 2.7 2.5 Q3 2.2 ...2.5 Q4 1.9 3.0 2.6 3.1 2.8 2.5 2004:Q1 1.8 3.1 2.7 3.4 2.9 2.5 Q2 2.9

credit and short- and intermediate-term business credit..................sites declined 20,000 last month after a large January rise; unusually

credit demand weak and with banks writing down problem credits, bank loans...5, www.federalreserve.gov/newsevents/press/bcreg/20100205a.htm. 3 The

5.36 5.33 5.31 4.96 4.72 4.56 4.26 3.84 3.60 3.53 4.20 4.26 4.42 4.46 ...credit demands, the expansion in bank credit also reflects a relatively

U.S. interest rates continued to ease; and, when movements in other countries...credit. In these circumstances, market participants have an incentive

credit ....................................... 17 Tables Monetary aggregates...credit....................................... 16 Consumer interest rates

com- pared to a $6-1/2 billion rate of decline in the third quarter. Manufacturers...5 per cent above their March low) or in contracts for commercial and industrial

credited. Using machine learning techniques and bibliometric data on articles...5%. COMMENTS Conference on Diversity and Inclusion in Economics, Finance

McArthur, Page Conkling, Greg Frischmann, and Kirin Walsh (Federal Reserve...s reasonably expected near term customer demand. In particular, these