Board of Governors of the Federal Reserve System

prices, however,--although other factors were also at work there-- with...compared with $600 million just before the last meeting. Finally, I should

best that could be worked out. In connection with a discussion of the ...price of the long est-term restricted Treasury bonds to decline below

and, like Class B directors, are selected with "due but not exclusive

for credit) or presented by the Reserve Banks (for debit).5 Credits associated

compared with 147 a year earlier and with the narrow range of 143-146 ...prices were reflecting advances in services and meat prices. In the financial

and/or longer-term U. S. Government securities of any maturity, or to ...compared with a low of 102 in February 1961 and a prerecession level of

market—and these pressures must be monitored closely. Allowing inflationary...and, over time, mov- ing toward price stability. Monetary Policy, Financial

and, in the event of default, the mortgage is turned over to a CMBS special...8For example, defeasance, the most common prepayment practice, requires

The action following the December 1990 FOMC is an exception to this general...prices, and moderate long-term interest rates" (Section 2A, 1977). Current

compared with a decline at a rate of about 2 percent in the first quarter...compared with rates of about 1-3/4 percent and 4-3/4 percent in the first