Board of Governors of the Federal Reserve System

markets ran its course, financial markets gradually resumed more-normal...markets remained strained. The possibilities that markets could relapse

October—and 0.4 percentage point below its September level. The manufacturing...data—and to seasonal factors for each industry. In addition, the estimation

market participants must be willing to hold it as a store of value. A ...markets, who may want to borrow or invest in a currency or to hedge foreign

and/or declines in asking rents. Significant weakness in the retail leasing...and/or declining in most Districts, although exceptions were noted for

time—and the Equifax/FRBNY Consumer Credit Panel (CCP)—an administrative...market, with FHA and VA loans only partly offsetting the decline in private-label

The views of this paper are solely the responsibility of the authors and...interest—and had very little randomness built in. Nevertheless, given

Market Operations Deposit Facility (6) ECB Open Market Operations and ...Global Equity Prices Source: Bloomberg 0 200 400 600 800 1000 1200 0 500

Market Committee. In conjunction with the Federal Open Market Committee...value—and assumptions about other factors likely to affect economic outcomes

bar-and-line chart showing the implied distribution of the federal funds...market-based expectations correspond to TIIS inflation compensation (the

and/or mixed. Consumer spending was reported to have picked up moderately...markets and construction activity were depicted as very weak and, in many