Board of Governors of the Federal Reserve System

Stable Recently Series: Credit Default Swap Spreads for Morgan Stanley...Stable Series: Credit Default Swap Spreads for Bank of America, Citigroup

remaining resilient and growing at a solid pace. Inflation continues to...remained resilient over the past year. In June, the unemployment rate

yield significantly higher fragmentation effects, highlighting how acute

lower ratio of multinational production to total foreign sales. Full paper...stable over time. The regime switching literature has typically analyzed

remained stable in recent months. Nonfarm payroll employment expanded ...remained relatively stable in recent months. Both the overall CPI and

Treasury yields by 45 and 40 basis points, respectively. This approach...Treasury yields than estimated by the authors. Another approach, especially

lower prices, or decreases in construction activity were noted in many...stable to strong demand. Service activity at auto dealers continued to

yield spreads on corporate bonds across the ratings spectrum have been...yields on nominal and inflation-indexed government debt, have remained

remained stable in aggregate sincethe previous report. The level of total...high-yield bonds, unrated bonds, and leveraged loans minus retirements

lower bound, the Committee has been relying mainly on its forward guidance...lower than they would be otherwise--and so supporting economic growth.8