Board of Governors of the Federal Reserve System

investors. Instead, I use the terms second home buyers or nonprimary residence...expectations could have attracted second home buyers investing in real

Policy Objectives SECTION 2B—Appearances Before and Reports to the Congress...Policy Changes SECTION 60—Measures to Reduce Military Spending by Developing

Policy Objectives SECTION 2B—Appearances Before and Reports to the Congress...Policy Changes SECTION 60—Measures to Reduce Military Spending by Developing

Policy* *Dots scaled by percent of respondents from the June and Dec. ...policy change differs between Treasury and MBS, earlier is taken. Source

policy. Longer-run projections represent each participant’s assessment...policy, December 2012 2 3 13 1 Appropriate timing of policy firming Number

investors and regulations enforcing “no adverse selection” in constructing...investors having little information on the quality of the underlying loans

Warsh Ms. Yellen Mr. Bullard, Ms. Cumming, Mr. Hoenig, Ms. Pia- nalto,...expectations. Some meeting participants noted that the announced decrease

Warsh Ms. Yellen Mr. Bullard, Ms. Cumming, Mr. Hoenig, Ms. Pia- nalto,...expectations. Some meeting participants noted that the announced decrease

policy. Since September, the U.S. economy has continued to perform well...expectations. The economy has been adding jobs at a pace that will continue

Policy Rating Average *Based on all responses from the March Surveys of...Policy Action Interest Rate Changes: • 5 bps cuts to refinancing operation