Board of Governors of the Federal Reserve System

Yield Curve Flattening or Inversion for U.S. Banks,” which was referenced

Treasury bill rates have declined a little from the peaks reached at the...and considerably larger than can be sustained--as strike curtail- ments

yields has led to some postponements, which have reduced the December ...policy has probably not been completely discounted by the market, and

policy and high Euro-dollar interest rates. On March 25 the Treasury auctioned...concern about inflationary pressures in the economy. Yield increases were

and/or GDP growth, which are usually interpreted as either modal or mean...and, (ii) the consensus Blue Chip forecasts for the Fed funds rate. Indeed

Treasury .............................................................

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

Treasury Secretary Janet Yellen Location: Martin Building-T120 9:30 a.m...Treasury Secretary Janet Yellen Location: Treasury Department 9:15 a.m

And, our data indicate that banks have indeed adopted a range of portfolio...policy. Banks’ preferences regarding their liquid pools—and in particular

gold outflow. To encourage bank credit and monetary expansion while avoiding...and/or longer-term Government securities of any maturity, or to change