Board of Governors of the Federal Reserve System

Humphrey-Hawkins Report, July 21, 1998 Section 2: Economic and Financial Developments in 1998 The U.S. economy continued to perform well in the

crisis and the recession. To a significant extent, this deterioration

Crisis (GFC) using similar strategies. We estimate the probability of ...responses to the Summary of Economic Projections indicate that the longer-run

response to a high debt-GDP ratio."4 That nicely captures our recent history...pre-crisis levels of perhaps 35 to 40 percent of GDP. That would leave

Crisis, in part because spending for research and development was muted...Crisis have likely altered financial institutions' incentives to provide

crisis. Asset valuations remain somewhat elevated in a number of markets...crisis. International developments. After slowing in 2018, foreign economic

crisis that precipitated it, resulted in massive job losses and falling...crisis, the U.S. economy has made considerable progress across a broad

crisis, how it interacts with the remaining cyclical strength in domestic

crisis has become a minor industry, partially offsetting the impact of...response, and missed some others, as did the much-vaunted market gurus

Response ................................................................Response” (see Event Response section below for more details). The insights