Board of Governors of the Federal Reserve System

compared with 15 percent in the previous Tealbook. Over the full year,...KEY BACKGROUND FACTORS COVID-19 Pandemic and Response The staff’s baseline

KEY BACKGROUND FACTORS COVID-19 Pandemic and Response The staff’s baseline...For more information, see the box “The Uncertain State of the State and

prices have been widespread globally, and, until recently, these developments...for example, they could anticipate greater strength in underlying demand

and, in the event of such stress, how we would respond to avoid failure...compared to our projected net cash outflows over a 30-day period. As shown

the “Resolution Plan”) in accordance with the requirements of Section ...and, together with the Federal Reserve, the “Agencies”). The Resolution

reopened—the Board staff significantly underestimated both the size and...years—for instance, shocks to supply chains and to labor supply—the staff

KEY BACKGROUND FACTORS COVID-19 Pandemic and Response In response to the...Key Background Factors Underlying the Baseline Staff Projection 0 1 2

and, to second order, they depend on the covariance of choice adjustments

reallocation—and liquidity demand—including by intermediaries that support...compared to a framework that also includes fostering supply. 2 The rise

the domestic LISCC firms) as well as Category II and III firms. This manual...the domestic LISCC firms) to submit a plan every other year and the Category