Board of Governors of the Federal Reserve System

Policy Summit April 30, 2015 On numerous occasions over the last year,...policies. Second, I will turn to the implementation of those objectives

expectations--following a small decline in January on average. Most of...expectations. Growth in private demand deposits in February was somewhat

investor interest on other recent offerings and unsold bal- ances still...invest- ment abroad, the authorities will use stiffer criteria of the

policy approved at the meeting of the Committee on November 27, 1950. ...policy, i.e., that the longest-term restricted bond would not be allowed

Meeting Between Staff of the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation

policy assumptions. The staff now assumes that personal income taxes will...invest- ment goods. Housing activity is expected to remain at depressed

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

policy. No further easing actions on the part of the System are assumed

Expectations..................................................10 Labor...expectations: Weaker-than-expected estimates of real net exports and government

POLICY ALTERNATIVES Prepared for the Federal Open Market Committee By ...surrounding 1/ The substantial differential between the rates of growth