Board of Governors of the Federal Reserve System

for change) than ever before." In Virginia Beach, Va., a discount store...best, tepid in the earlier part of the year. He reported that several

and, indeed, the entire global community. So I applaud the Research Program...best prepared in their respective countries. We do know that the largest

and probably by more than can be explained by usual business cycle forces...and, even further removed, inflation, implies that if policy actions ar

compared with late spring and early summer. Several Districts noted that...prices remained low and yield prospects dimmed in areas of the Southeast

view—and from that vantage point, we see improvement. But we should also...price stability—two foundations of a strong, stable economy that can improve

2The number of banks also collapsed over this period, from more than 11,000...key findings: (1) Despite the decline in the number of bank branches,

key dates, especially as evidenced by the large values recorded for Canada...and-foreign MPUs and perform basic impulse response and variance decomposition

Price stability: PCE inflation has averaged only 1½ percent since 2012...price stability, longer-run inflation expectations generally proved well

prices were noted in many of the Districts, and, except for the Richmond...prices continued to soften or fall. Median selling prices declined in

key role in determining the behavior of long-term interest rates, theirs...key economies. Chart 1 shows the 10-year government bond yields for five