Board of Governors of the Federal Reserve System

2.47 percent, close to its intended level of 2-1/2 percent, and intraday...2 FOMC meeting. Nov Jan Mar May Jul Sep Nov Jan 2001 2002 2003 2.0 2.5

2.6 -3,2 -2.8 -4.0 -7.6 -5.7 2443.3 1.8 15.1 2.7 -19.2 -17.9 6.6 73.2 ...1.2 0.5 -2.9 0.2 239.0 -0.5 -0.2 -1.2 -0.3 5.2 -2.0 23.6 1. Amounts shown

0.2 percentage point to 2.9 percent; the median edged down 0.1 percentage...2.6 percent. Producer Prices Producer prices for finished goods rose 0.2

23.2 2.3 0.3 2.0 Feb. 4.9 23.0 2.0 -0.1 2.1 Mar. 4.7 22.6 2.0 -0.9 2.9...2.7 -19.0 -4.0 -16.5 1.3 -2.5 -0.2 -2.9 -14.0 -4.3 -0.2 -2.1 4.1 -2.7

8.2 11.6 10.7 11.1 10.2 9.9 8.7 14.5 11.4 12.0 8.1 8.2 11.6 10.7 11.1 ...1.2 -1.2 6.1 -1.1 -1.2 7.2 -. 4 1/ Actual. I-7 CONFIDENTIAL - FR CLASS

.2 Though a stringent quality assurance process was employed, some imperfections...2-1/2 percent against the mark and 2 percent against the yen, but appreciated

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

the2 permission of respondents. Such choice-based sampling could provide...Others2 can observe only the traces reflected in the data, including the

2 (2) As indicated in the upper left panel of Chart 1, just prior to the...M2 rose at a 4 percent rate and M3 at a 2-1/2 percent rate over March

2 to 3-1/2 percent on balance since mid- December, though daily price ...M2 .9 2.4 9.8 6.1 5.9 M3 4.9 2.1 8.3 5.2 5.7 Domestic nonfinancial debt