Board of Governors of the Federal Reserve System

compared with 38.3 in April. The increase in hours worked was widely spread...and, at $344 billion, was less than 1 per cent below its peak in August

and/or save more as a consequence. Understanding the recent weakness of...the fact that, for several years, the Fed has been close to being “the

Key policy assumptions in this budget scenario include: • Recent fiscal...and, in turn, slow the rate of growth in aggregate economic activity.

prices, and strained financing conditions. And, as I’m sure you are only...compared with 2.4 percent in the preceding 12-month period. Labor costs

compared with 4.7 percent in 1995. On inflation, the chain-weighted price...and, to a lesser extent, imports; the price index for gross domestic purchases

best- preserved paper copies, scanning those copies,1 and then making ...prices in January still outnumbered those who paid higher prices, the

the financial statements). The financial statements have been prepared...the “Board”) as described in Note 3 of the financial statements and as

prices and costs, however, are persisting. Since the mid-December firming...and, with the outstanding volume of large denomination CD's declining

prices and costs are persisting. Prospects are for some further slowing...CD's continued to decline sharply, inflows of other time and savings deposits

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