Board of Governors of the Federal Reserve System

from a year ago, but most software and IT companies say demand is down...from last year. Continuing price pressure from the client side and escalating

from a year earlier--a bit stronger than in recent months. Construction...from a year earlier--about the same as in recent months. Leasing activity

from the strong conditions reported at the beginning of the year, although...from a $3.3 billion surplus that was projected in early December. A recent

from rising material and energy prices remained high, while wage pressures...from higher costs from credit card transaction fees. Wage pressures remained

from businesses and other contacts outside the Federal Reserve and is ...from the twelve Federal Reserve Districts indicated that economic conditions

from depressed levels. Industrial production had been boosted by developments...from some manufacturers. Sales of apparel, furniture and appliances, and

from the Federal Reserve Bank of Cleveland to serve until the next election...from its September level and from its average rate for the third quarter

from its own account is acting as principal. A lender institution offering...from a decline in collateral values or from occasional inadvertent delays

from the experience and to consider what this grand experiment implies...from which I have quoted above.2 As you know, Mundell argued that, ideally

from January and up moderately from March 2003. One contact reported importing...from imports has been limited by a weak dollar and heavy demand from China