Board of Governors of the Federal Reserve System

Treasury yields have risen over the past few months but remain low by ...Treasury yields. However, valuations for some assets are elevated relative

stable range, while long-run expected short-term interest rates have fallen...or earlier) to 2022. These decompositions are common in discussions of

stable. Most contacts anticipate that activity will remain slow through...moving some work to Florida or India where they face lower space and personnel

lower delinquency rates on consumer loans, and ongoing tightening in credit...moving in response to the end of concessions on lease renewals. Office

stable. Nonetheless, the second anniversary of the onset of the financial...lower potential output. These estimates are especially difficult to ascertain

remained tight and wage increases were stable. Non-labor input costs picked...remained strong. Conditions in the manufacturing sector remained solid

stable, but rents were flat. The outlook for commercial real estate activity...stable demand. Condominium sales varied from steep declines to strong

yields, which can be volatile over time as conditions change. We don't...reforms—or reforms that may still be to come—I will focus my remarks on

stable financial system and an economy that works for everyone. Much of...lower costs, expand product availability to underserved consumers and

high-yield (HY) corporate bonds and C&I loans largely remained steady.3...Treasury yields, adjusted for term premiums.11 Absent term premiums, a