Board of Governors of the Federal Reserve System

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files

policies already set out the considerations involved in granting these...policy). Specific features of the Payment Account would include the following

expectations, leading many analysts to boost their forecasts of near-term...expectations have not moved much of late, implying that most of the runup

invest- ment appears in prospect in this and coming quarters. Wage rates

expectations would help the market to absorb the large scheduled corporate...expectations. With further rise in personal income since mid-spring, consumer

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files

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policy, the fiscal effects of the tax cut and higher defense spending,...energy-policy, and evidence of accelerating inflation. The Canadian authorities

surrounding the New York financial crisis have continued to dominate. ...policies in September. This is suggested by recent data which show no

Expectations shows that 13% of workers report the job’s location as the...Expectations, discussed above. Second, to pin down the effect of congestion