Board of Governors of the Federal Reserve System

.2 Though a stringent quality assurance process was employed, some imperfections...2-1/2 percent annual rate, about the same pace as in the third quarter

2-1/2 percent in the third quarter. Meanwhile, inflation has slowed, in...2-1/2 percent (annual rate) in the first half of the year. From its recent

.2 Though a stringent quality assurance process was employed, some imperfections...2-1/2 percent pace--just a shade above the staff's 2.3 percent point estimate

2-1/2 to 6-1/2 percent. The growth of M3 in 1991 is projected at around...Q2 Q3 Real GNP -1.6 -2.8 .2 4.8 (May Greenbook) -1.6 -2.8 -.2 4.1 Real

2.99 percent. (2) Most short-term interest rates fell 20 to 25 basis points....2 M2 declined at about a 2 percent annual rate over December and January

1.2 2.3 2.4 1.7 2.5 Previous 1.6 2 2 2.5 2.0 2 6 Civilian unemployment...4.2 3.2 3.2 Previous 3.4 2.4 4.0 3.3 3.1 1. Averages for final quarter

2 in table 2 and footnote 2 in table 3.) 3 Seasonally adjusted, break-adjusted...2, column 1) less unadjusted required reserves (table 2, column 3). 5

.2 Though a stringent quality assurance process was employed, some imperfections...2 A two-step process was used. An advanced optimal character recognition

.2 Though a stringent quality assurance process was employed, some imperfections...4.2 percent, about 1/2 percentage point faster than in 1986, with marked

FORTY-EIGHTH Annua{ Report OF'IHE BOARD OF GOVERNORS of the Federal Reserve System COVERING OPERATIONS FOR THE YEAR 1961 ANNUAL REPORT OF BOARD OF