Board of Governors of the Federal Reserve System

approach, we held the policy rate steady in June, raised it by 25 basis...policy restraint, suggests that further policy tightening will be needed

and passive) in utilizing the interbank market to source or provide funds...Jackson (2014). 6 LSCC is defined as the maximum number of traders that

Approaches that emphasize the underlying determinants of r* also have ...approaches and so cannot speak definitively to movements in r*. 3 One

approached a record nine years. Domestic operating profit margins, after...and, thereby, have engendered major cost reductions and productivity advances

approached a record nine years. Domestic operating profit margins, after...and, thereby, have engendered major cost reductions and productivity advances

policy frameworks, and their experience has informed the approach we are...approach. Perhaps most significantly, neutral interest rates—or r*—appear

policies and how their beliefs affect monetary non-neutrality. We then...approach in New Zealand survey data, we find that informational frictions

and, more generally, the public interest. The Federal Reserve ■ conducts...policy to promote maximum employment and stable prices in the U.S. economy

Policy section: Lara Lylozian, Manager, at (202) 475-6656; and Kevin Chiu...Policy Analyst, at (202) 912-4608. In addition, questions may be sent

policy. Banks’ preferences regarding their liquid pools—and in particular...background information about the LCR and HQLA and describes the data series