Board of Governors of the Federal Reserve System

policy actions taken by the Federal Open Market Committee at its meeting...expectations--that the shortfall would have only a relatively small carryover

expectations of accelerated expansion in final sales of goods and services...expectations that the expansion in business capital outlays would be sustained

expectations.) 2 Policy Expectations In addition to marking down the expected...policy over the intermeeting period, investors became more confident about

Expectations, Wages, Productivity, Disinflation, Monetary Policy, Liquidity...investors to postpone their expenditure plans. A vicious circle of lower

Finance and Economics Discussion Series Federal Reserve Board, Washington, D.C. ISSN 1936-2854 (Print) ISSN 2767-3898 (Online) Consumers and Guaranteed

surrounding the dollar and the pound, reversal of year-end flows, and

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Central

policy is thought to work via an expectations channel; when the Fed cuts...policy works by moving term premiums, as opposed to moving expectations

investors, which reduces their funding and transaction costs. The benefits

Warsh, Governor Duke, Governor Tarullo, and Governor Raskin Council members...policy concern is reflected, in part, in Section 904 of the EFTA, which