Board of Governors of the Federal Reserve System

FEDERAL RESERVE SYSTEM Cathay Bancorp, Inc. Los Angeles, California Order Approving the Merger of Bank Holding Companies Cathay Bancorp, Inc. (

for, say, a given GNP. But the more one has to go beyond income or transactions...compares recent cyclical experience with earlier postwar cycles. The unusually

price in- flation had been stable over recent months, but head- line inflation...prices and further depreciation of house prices. Measures of consumer

and, at 4.4 percent in June, is 5-1/2 percentage points below its peak...prices, as measured by the price index for personal consumption expenditures

Best practices for balancing risk and rewards in incentive compensation...for:  Senior executives and others who are responsible for oversight

compared to year earlier during quarter a year earlier (percentage of ...compared to year earlier during quarter a year earlier (percentage of

price variables, in particular, reducing uncertainty about the path of

and, as a result, continued to hold up the rate of overall consumer price...the Committee believes that policy accommodation can be removed at a pace

and other asset prices) during this period were driven by changing views...and, on net, left the yield little changed (the dotted line in the middle

for: Purchases of Treasury securities $ — $ — $ — $ 11,679 $ 11,719 $