Board of Governors of the Federal Reserve System

The Non-Bank Credit Cycle,” Finance and Economics Discussion Se- ries ...and vice versa in good times). There is less consensus on the cyclicality

best be accomplished through specialized credit agencies established by...and/or to complicate the effective implementation of open market policy

expansion—the longest in our recorded history—and was generally in a strong...have—for now—substantially muted the normal 1 See Update on the Economic

and, as a consequence, in stimulating economic activity. In addition, ...3For financial institutions borrowing from the Fed using ten year government

The views expressed in this paper are our own and do not reflect the views

best- preserved paper copies, scanning those copies,1 and then making ...KEY INTEREST RATES 1969 Lows Highs AuP 11 Spptq- 4 Short-Term Rates Federal

best- preserved paper copies, scanning those copies,1 and then making ...compared with normal move- ments in such yields; these rates had in recent

price. Figures exclude secondary offerings, employee stock plans, investment

and, certainly, is in the best shape that it has been in since the crisis...the lowest level, outside of a period from 1999 to 2000, since the 1960s

best- preserved paper copies, scanning those copies,1 and then making ...for release Friday p.m.). Consumer goods, business equipment, and defense