Board of Governors of the Federal Reserve System

Pricing and Equity Premia1 by Mordecai Kurz2 and Maurizio Motolese3 A ...and, ultimately, future economic reality. This idea, which is central

and, in New York, to buying by foreigners whose currencies have strengthened...end-of-the-year rush to take advantage of

for--as we all know-- economic growth lies at the heart of our nation’...price stability, defined as the rate of inflation in the price level of

ther. System holdings of U.S. Government securities increased nearly $1.2...key financial indicators and projections showed a degree of strength that

prices and costs, and in the relative attractiveness of investment opportunities...prices and costs were held stable. While drastic changes in internal or

key categories of equipment spending may be starting to dissipate. Total...the exhaustion rate) has changed little. The staff estimates that productivity

key economic fundamentals, including evidence of a convergence of economic...and, with the Administration anti-inflation program in place, some hope

over-the-counter (OTC) derivatives markets between May 2024 and August...contingencies—for instance, by using VIX options. 5 Vega notional is a

Price inflation continues moderate. Capital expenditures by business continue...prices are expected to remain relatively stable, and carrying costs continue

prices, which appear to be due mostly to passing factors such as refinery...discussion—the 7 Board members and 12 Reserve Bank presidents—submitted