Board of Governors of the Federal Reserve System

Federal Reserve Banks Combined Quarterly Financial Report Unaudited September 30, 2018 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E

best- preserved paper copies, scanning those copies,1 and then making ...the GAF grouping of stores. For the second quarter as a whole, sales were

Comparing periods where the target federal funds rate was held steady ...the “financial headwinds” period) than in the early 2000s (the “deflation

the financial statements). The financial statements have been prepared...and, as such, include some amounts that are based on management judgments

4The Reserve Bank and Fedwire business days include all days except the...key Fedwire participants to minimize or eliminate the need for extensions

for, bank loans to businesses and households over the past three months...price-related terms on C&I loans to large and middle-market firms over

and, perhaps, Italy where some moderation in the rate of inflation is ...price effects of the European drought. (3) In part because of somewhat

key areas of regulation regarding consumer report information. Section

the primary credit rate) and discussed, on a preliminary basis, their ...prices. Page 2 No sentiment was expressed by the Board at today's meeting

Key Background Factors As noted above, our judgment that the underlying...for example, chemicals, and parts of the food, rubber and plastics, and