Board of Governors of the Federal Reserve System

policy tightening now foreseen by investors has been reflected in yields...expectations. (2) Investors appear to have been especially sensitive to

For use at 2:00 p.m., E.D.T. Wednesday July 18, 2012 Summary of Commentary on ____________________ Current Economic Conditions By Federal Reserve

Policy Objectives SECTION 2B—Appearances Before and Reports to the Congress...Policy Changes SECTION 60—Measures to Reduce Military Spending by Developing

policy actions taken by the Federal Open Market Committee at its meeting...POLICY ACTIONS OF THE FEDERAL OPEN MARKET COMMITTEE Meeting held on January

policy actions taken by the Federal Open Market Committee at its meeting...POLICY ACTIONS OF THE FEDERAL OPEN MARKET COMMITTEE Meeting held on January

policy actions taken by the Federal Open Market Committee at its meetings...expectations by such actions was considerably less now than it had been

expectations are little changed. Consistent with its statutory mandate...expectations, and readings on financial and international developments

expectations for fast and convenient service among borrowers and are increasing...investors (for example, Lending Club, Funding Circle); and (3) payment

expectations, while somewhat greater restraint would be acceptable should...expectations about implications for the stance of monetary policy. Short-term

policy actions taken by the Federal Open Market Committee at its meeting...POLICY ACTIONS OF THE FEDERAL OPEN MARKET COMMITTEE Meeting Held on November