Board of Governors of the Federal Reserve System

Fiscal policy is still quite stimulative, although much of the stimulus...policy is reasonable. However, if there is to be any shading of policy

concerns over economic and political stability in the Soviet Union and...Treasury market, yields on Treasury coupon issues due out to about three

concern recently that economic indicators may be signalling a pause in...concern appears to stem largely from the recent easing in consumer demand

gold markets became more active. The balance of payments con tinued its...concern was expressed about the U. S. international financial situation

gold stock and an increase of about $1 billion in currency in circulation...concern was expressed over the persistence of relatively large unemployment

gold to the United States Treasury by the International Monetary Fund,...and, although monetary policy could not appropriately be used to restore

and, perhaps not coincidentally, bank lending declined during much of ...concerns about bank soundness reemerged. 55 of 179 2 of 6Authorized for

fiscal reality in which the Board operates, the Plan includes a key pillar...Treasury and mortgage- backed security (MBS) data from financial institutions

Treasury, called the Bank Term Funding Program (BTFP), which accepts U.S...policy rate vary widely, and, as the shift in financial conditions since

Treasury yield has risen 30 basis points since we closed the December ...Treasury yield BBB corporate yield 2006 2007 2008 2009 2010 2011 2 3 4