Board of Governors of the Federal Reserve System

for, these firms. As a result of the CCAR, the Federal Reserve has developed...key innovation in the CCAR is the expectation that large bank holding

prices relative to some alternative benchmarks. The key results of our...For producers of commodities, a similar calculation applies to the decision

and/or packaged with wholesale deposits. Unaffiliated creditor claims ...compared against the business volume of CHB in its entirety with reference

ANDERS JAMES H. FOGELSON (1967– 1991) VICTOR GOLDFELD RACHEL B. REISBERG...PRICE CYNTHIA FERNANDEZ DAVID A. KATZ JOSHUA M. HOLMES OF COUNSEL KEVIN

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

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, 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

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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

Remarks by Governor Susan S. Bies Before local business owners, Federal Reserve Bank of New York, Buffalo Branch, Buffalo, New York December