Board of Governors of the Federal Reserve System

PUBLIC PUBLIC EXHIBIT EXHIBIT VOLUMEVOLUME APPLICATIONAPPLICATION to to tthehe BOARD BOARD OFOF GOVGOVERNORS ERNORS OFOF THETHE FEDERFEDERAL

Treasury Department, the BEP, and the U.S. Secret Service, to ensure that

Treasury Office of Financial Research, email: stacey.schreft@frb.gov. ...Treasury Department. mailto:antonis.kotidis@frb.gov mailto:stacey.schreft

Transfer Person-to-person and money transfer transactions from processors...treasury checks BN TR 0.1 0.14 2,400 0.3 0.5 U.S. treasury checks BN TR

Treasury securities per month, and up to $35 billion in agency mortgage...Treasury yield has risen more than 200 basis points since the beginning

above—the inflation of the 1970s could not have occurred. Furthermore,...doctrine—the underlying mindset or conceptual framework associated, on

Treasury Inflation- Protected Securities (TIPS) have risen more than 4...Treasury securities have widened by roughly 50 basis points and 100 basis

the Covered Company), as required by section 165(d) of the Dodd-Frank ...treasury department and also increased material entities’ input into assumptions

TO: Federal Open Market Committee FROM: Murray Altmann President Black...to a large extent because of the effect of rising interest rates on the

Treasury securities), non-Level 1 HQLA (such as mortgage-backed securities