Board of Governors of the Federal Reserve System

April 13, 2020 Record of Meeting, CAC and Board of Governors 1 Record of Meeting Federal Reserve Governors’ Special COVID-19 Meeting with Community

moving quickly to profitable opportunities at the time of shocks, resulting...lower ratings, and that sell herding is generally stronger than buy herding

remained low. Although growth of household spending appears to have picked...lower the target range for the federal funds rate by 25 basis points.

J14 6.1 6 6 J19 6.1 6 12 J100 6.1 6 18 J101 6.1 6 24 J102 6.1 6 30 J103 6.1 6 36 J104 6.1 6 42 J105 6.1 6 48 J106 6.1 6 54 J107 6.1 6 60 J108

Lower uncertainty in the rest of the world, in particular in Europe, more...or that the equity premium declined. We start therefore by constructing

Treasury yields has risen substantially, recently nearing some of the ...yields and duration-matched Treasury yields (figure 1, bottom panel).

remaining principal balance of the securities. 5. Reflects the premium...remaining principal balance of the securities. 3. Includes non-marketable

lower homeownership rates than those without such debt. However, due to...lower overall debt burdens but potentially also by other factors that

lower levels than in 2000. Growth in homebuilding slowed. Housing units...lower prices for drywall. Prices for framing lumber were down almost 20

lower than 2001. Manufacturing Manufacturing activity was slightly up....lower hog prices. Meanwhile, crop producers received firm prices, and